Asian stocks sink before US Congress votes on deal to avoid debt default

Asian stock markets are lower ahead of a vote by Congress on a deal to avert a government debt default while China factory activity weakened. Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices declined. Wall Street’s benchmark S&P 500 index edged up less than 0.1% as President Joe Biden and House Speaker Kevin McCarthy tried to line up votes in support of their deal to allow the government to borrow more. Officials warn the government will run out of money as soon as next week, which would roil the economy and financial markets. An official survey showed China’s downturn in factory activity deepened in May.