Asian Markets Perk Up as U.S. Nears Possible Debt Deal

Bourses across the continent were encouraged as Washington appeared poised to avert a debt crisis

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Yuya Shino / Reuters

A pedestrian holding an umbrella walks past a stock quotation board displaying various countries' share prices outside a brokerage in Tokyo October 11, 2013.

Markets rallied across Asia on Friday following talks in Washington that hinted that Republican and Democrat lawmakers might be inching closer to a possible deal that would avert a self-inflicted global economic crisis.

According to a report in the AP, Japan’s Nikkei 225 stock average was up 1.6%, while Hong Kong’s Hang Seng climbed by 1.3% and China’s Shanghai Composite Index rose 1.2%.

(MORE: After Meeting, Obama and Republicans to Continue Talks)

While congressman talked of positive steps made during their Thursday meeting with President Barack Obama, the U.S. government has less than a week to overcome its budgetary impasse and extend the federal debt ceiling to prevent a default on the country’s sovereign borrowings.