GLOBAL MARKETS-Asian shares stutter ahead of U.S. presidential debate, oil dips

* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asian shares barely moved; Nikkei rises
* Oil prices lower on rising virus cases

By Swati Pandey
SYDNEY, Sept 28 (Reuters) - Asian shares were on the
defensive, while oil prices edged lower on Monday as investors
were cautious ahead of a U.S. Presidential debate and as
coronavirus cases spike again in a blow to global economic
recovery hopes.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS added 0.04% to 547.79, not too far from a
two-month low of 543.66 hit last week.
The index is set to end the month deep in the red after
three straight monthly gains as the pandemic continues to wreak
economic havoc around the world and raises investor anxiety
about sky-high valuations.
Particularly worrying is a resurgence of COVID-19 cases in
Europe, dousing earlier hopes that authorities might have
started to exert some control on the outbreak and raising
further strains on businesses already grappling with losses.
Japan's Nikkei .N225 rose 0.65%, partly on a lower yen,
while South Korea's KOSPI index .KS11 gained 0.8%.
Australia's main share index .AXJO slipped 0.2% as
investors were cautious despite positive news on the coronavirus
front with new infections in the country's second-most populous
state of Victoria down sharply and allowing authorities to ease
some of the mobility restrictions. New Zealand's benchmark index .NZ50 was 0.6% weaker.
"Clouds have started to gather over the developed world as
political uncertainty increases in the U.S. and Europe grapples
with a resurgence in COVID-19 cases," Kerry Craig, Global Market
Strategist, J.P. Morgan Asset Management.
COVID-19 cases are edging closer to 33 million around the
globe with 992,470 reportedly dead with Europe seeing a surge in
new infections. "While governments are loathe to re-introduce nationwide
lockdowns, localised and sector based restrictions may last for
some time, restraining economic activity," Craig added.
Encouragingly, data over the weekend showed profits at
China's industrial firms grew for the fourth straight month in
August buoyed in part by a rebound in commodities prices and
equipment manufacturing. Investor focus will next be on the first debate between U.S.
President Donald Trump and rival Joe Biden on Tuesday ahead of
the November election.
A strong performance in Tuesday's debate by Biden, who
currently has a modest lead in betting odds and polls, might
boost stocks related to global trade and renewable energy, while
a perceived victory by Trump could benefit fossil fuel and
defense companies. Market focus will also be on progress on a new fiscal
support package in the United States while investors will also
be closely watching UK-Europe post-Brexit trade talks as they
continue this week.
In currencies, the dollar was hovering near a two-week high
against the Japanese yen JPY= at 105.56.
The euro EUR= was last at $1.1631, not far from a
two-month trough of $.1611 touched on Friday.
The British pound GBP rose 0.1% to $1.2760.
The risk sensitive Australian dollar AUD=D3 held at
$0.7041 after falling for six consecutive sessions as odds
narrowed over the prospect of further monetary policy easing in
the country. The kiwi NZD=D3 was barely changed at $0.6552.
In commodities, oil prices were under pressure as renewed
mobility curbs in various countries to contain a resurgence of
coronavirus cases cloud the outlook on fuel demand recovery.
U.S. Brent crude LCOc1 slipped 11 cents to $41.81 a barrel
while U.S. light crude CLc1 was down 20 cents at $40.05. O/R
Gold XAU= held at $1,860.5, still some way off an all-time
peak of above $2,000 an ounce touched in August. GOL/

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(Editing by Shri Navaratnam)