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US Government Shuts Down For First Time In 17 Years

US Government shuts down for first time in 17 Years…and Euro just a step to test a yearly high…

Asian shares: Japan's Nikkei 0.20%, Hong Kong's Hang Seng -1.50%(07:00 GMT), Korea's Kospi 0.10%, Australia's ASX 200 -0.22% and China's Shanghai 0.68%.

The U.S. government began a partial shutdown at midnight for the first time in 17 years, putting as many as 800,000 federal employees out of work today, closing national parks and halting some government services after Congress failed to break a partisan deadlock. No further negotiations were immediately planned, raising concerns among some lawmakers that the shutdown could bleed into a fight economists consider even more consequential: how to raise the nation's debt limit to avoid a first-ever default after Oct. 17.

Fitch: The potential collapse of Italy's ruling coalition government puts the sovereign's short- and medium-term fiscal policy targets at risk and creates uncertainty at a crucial period when the 2014 budget should be finalized.

Japan's Prime Minister Shinzo Abe will take a step on Tuesday that none of his predecessors has tried in more than 15 years - making a dent in the government's runaway debt. Abe, riding a wave of popularity with economic policies that have begun to stir the economy out of years of lethargy, will announce that the government will raise the national sales tax to 8 percent in April from 5 percent.

A bubble forming in the Japanese government bond market risks further expansion as central bank purchases shield the notes from a global rout, according to Bank of America Merrill Lynch and Mizuho Securities Co. The Bloomberg Japan Sovereign Bond Index climbed 1.45 percent in the quarter ended Sept. 30, the biggest gain among Group of 10 countries after the 1.54 percent increase in Italy's debt. Benchmark 10-year JGB yields were the lowest in the world at 0.67 percent today and compared with 2.65 percent for similar-maturity U.S. Treasuries.

Japan Manufacturer Confidence rose to the highest since the early stages of the global credit crisis in 2007. The quarterly Tankan index for big manufacturers rose to 12 in September from 4 in June.

Japan Unemployment Rate jumps to 4.1%. That missed forecasts for an increase of 3.8 percent.

Australia's central bank left its benchmark interest rate unchanged at a record low as accelerating housing prices outweighed a rebounding currency. Governor Glenn Stevens kept the overnight cash-rate target at 2.5 percent.

Australian home prices surged to a record in September, driven by dwelling values at all-time highs in Sydney, Melbourne and Brisbane. The RP Data-Rismark capital city index jumped 5.5 percent from a year earlier across Australia's major cities, 0.7 percent above the previous record in October 2010.

RBA Commodity Prices: Preliminary estimates for September indicate that the index fell by 0.5 per cent (on a monthly average basis), after rising by 0.4 per cent in August (revised). The largest contributor to the fall in September was the decline in the price of iron ore. The prices of base metals also fell, while the prices of coking coal and many rural commodities increased in the month.

Watch today: EU jobless, UK and US manufacturing indices.

By Zulutrade

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