Far East stocks are up on news that China's economy is stabilizing. This positive activity is viewed in those markets as being 'capped' by the US budget impasse.
The so-called 'world' market is dependent on what the US does or doesn't do. The fact is that China is a oligarchy based on the Communist Party. They don't care what the US does other than what damage the US can do to them. China is not a slave to the illusions that the West chooses to live by. This doesn't predict an outcome over the long term, only a sign post to read.