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(Bloomberg) — The rally in global stocks on optimism about ending the record-long US government shutdown paused in Asia. Chinese shares underperformed.

MSCI’s regional stock gauge fell 0.3%, erasing earlier gains of up to 0.5%, with financials leading losses. Sony Group Corp. jumped more than 5% after raising its profit outlook. China’s main stock benchmark declined 0.7%.

US equity-index futures dropped 0.1% after the S&P 500 Index rallied Monday on signs a deal to end the government shutdown was close. European stock futures also pared gains. Separately, President Donald Trump floated the idea of paying a $2,000 tariff “dividend” to American citizens.

The pause in the rally came after cross-asset investors had returned to riskier areas of the market after the recent selling in technology stocks, driven by concerns over lofty valuations. Many were betting that reopening the US government will restore the flow of key economic data on jobs and inflation, providing greater clarity on the Federal Reserve’s policy path.

“Conviction remains tentative,” said Hebe Chen, an analyst at Vantage Markets in Melbourne. “While investors welcome the ‘back-to-business’ tone, a month-long data blackout means the next wave of US economic releases could deliver fresh surprises — keeping markets on alert, even amid the optimism.”

A record-setting 41-day US government shutdown is on a path to end as soon as Wednesday after the Senate passed a temporary funding measure backed by a group of eight centrist Democrats. The Senate’s 60-40 vote Monday came amid escalating flight disruptions, food aid delays and frustrations in a federal workforce that has mostly gone without pay for more than a month.

While investors piled in the riskier corners of the market, bonds declined Monday. Treasuries are also facing a demand test from this week’s auctions totaling $125 billion. The US bond market is closed worldwide Tuesday for Veterans Day.

Monday’s optimism in equities had spilled over into other asset classes, with a gauge of commodity prices climbing to its highest level since August 2022. Gold and Bitcoin extended gains, while a gauge of the dollar inched higher.

Aluminum advanced alongside copper and other industrial metals. Aluminum, which reached a three-year high a week ago, has been one of the strongest performers on the London Metal Exchange in recent months, with investors weighing the impact of Chinese capacity curbs at a time of resilient demand.

Gold rose for a third day to trade above $4,130 an ounce on expectations that the Fed will reduce interest rates further. Brent crude was little changed near $64 a barrel.

Elsewhere, Japan’s 30-year government bond auction Tuesday saw demand that was weaker than the 12-month average, as renewed concerns about Prime Minister Sanae Takaichi’s fiscal policy drove investor caution. Takaichi had earlier said she aims to use her first stimulus package to jump-start the economy and initiate a new growth strategy through investment in key industries.

Shares in India edged lower even as Trump indicated he would reduce the tariff rate on the country’s exports “at some point,” and that the US was “pretty close” to a trade deal with New Delhi.

Corporate News:

Warren Buffett, the billionaire investor who turned an aging textile mill into a conglomerate, said he’s “going quiet,” marking the end of an era for one of the business world’s most-watched investing gurus. CoreWeave Inc. lowered its annual revenue forecast after suffering a delay fulfilling a customer contract, marking a setback for a company that is racing to keep up with the artificial intelligence boom. The European Commission is exploring ways to force European Union member states to phase out Huawei Technologies Co. and ZTE Corp. from their telecommunications networks. Xpeng Inc. shares surged to their highest level in eight months, amid growing optimism over the Chinese electric carmaker’s progress in technologies including humanoid robots. Shares of SoftBank Group Corp. rose in Japan ahead of the company’s earnings. The company is expected to log its third straight quarterly profit when it announces earnings later Tuesday. Some of the main moves in markets:

Stocks

S&P 500 futures fell 0.1% as of 2:17 p.m. Tokyo time Nikkei 225 futures (OSE) fell 0.6% Japan’s Topix fell 0.2% Australia’s S&P/ASX 200 fell 0.2% Hong Kong’s Hang Seng fell 0.4% The Shanghai Composite fell 0.4% Euro Stoxx 50 futures rose 0.4% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1563 The Japanese yen was little changed at 154.24 per dollar The offshore yuan was little changed at 7.1247 per dollar Cryptocurrencies

Bitcoin fell 0.2% to $105,374.89 Ether rose 0.6% to $3,562.94 Bonds

The yield on 10-year Treasuries was little changed at 4.12% Japan’s 10-year yield declined one basis point to 1.685% Australia’s 10-year yield declined one basis point to 4.39% Commodities

West Texas Intermediate crude fell 0.3% to $59.95 a barrel Spot gold rose 0.6% to $4,140.84 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Abhishek Vishnoi and Winnie Hsu.

©2025 Bloomberg L.P.

SINGAPORE, Nov 11 (Reuters) – Chinese provincial government-backed refiner Yanchang Petroleum is avoiding Russian oil in its latest crude oil tender for deliveries between December and mid-February，two traders with knowledge of the matter said on Tuesday.

Yanchang, located in the landlocked northern province of Shaanxi, has been a regular buyer of Russian oil, typically taking in one shipment per month, usually Far East export grade ESPO blend or Sokol, one of the traders said.

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Yanchang did not immediately respond to a request for comment.

China and India are Russia’s top oil export markets.

Yanchang, which can process 348,000 barrels of crude per day, is one of the largest refiners in inland China and is entitled to an annual import quota of 3.6 million metric tons or 26 million barrels.

The refiner typically receives imported crude from Tianjin port, near Beijing, where the oil is shipped to it by rail.

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