SYDNEY : Asian shares and U.S. stock futures rose on Monday, buoyed by a weekend deal by U.S. President Joe Biden and congressional Republican Kevin McCarthy to suspend the government's debt ceiling, ending a months-long stalemate and angst for investors.After weeks of negotiations, McCarthy and Biden for
SYDNEY : Asian shares and U.S. stock futures rose on Monday, buoyed by a weekend deal by U.S. President Joe Biden and congressional Republican Kevin McCarthy to suspend the government's debt ceiling, ending a months-long stalemate and angst for investors.
The positive news lifted S&P 500 futures 0.4 per cent in early trade while Nasdaq futures firmed 0.6 per cent. Nikkei surged 1.9 per cent to a fresh 33-year high and Australia's resources heavy shares gained 0.6 per cent."Asian markets should start the week on the front foot, but for the U.S. equity markets... futures have opened stronger this morning but we need to see the deal being passed for the next leg higher," said Tony Sycamore, market analyst at IG.
Cash U.S. Treasuries were untraded in Asia on Monday, owing to the Memorial Day holiday, while futures were broadly steady. Ten-year futures' implied yield was 3.84 per cent. In Turkey, the lira hovered at 20.04 against the dollar, just a touch above its record low of 20.06 hit on Friday, after President Tayyip Erdogan secured victory in the country's presidential election, extending his increasingly authoritarian rule into a third decade.
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