Equity markets were steady and Treasury yields held near two-month high as investors waited for further news on whether U.S. lawmakers will manage to reach a debt agreement.
Yields on two-year Treasury notes were at 4.49 per cent and S&P 500 futures traded little changed. European shares flatlined after early gains from mining stocks fizzled out.
Marvell Technology Inc. soared 17 per cent in U.S. premarket trading after the chipmaker projected a big increase in revenue from artificial intelligence technologies. Other tech names such as Salesforce Inc., Advanced Micro Devices Inc. and Intel Corp. rose more than one per cent. “The market remains very much focused on the U.S. debt ceiling talks, even though we have been in this situation a number of times in the recent past,” said Stuart Cole, head macro economist at brokerage at Equiti Capital UK Ltd. “The recovery seen yesterday following the better sales forecast from Nvidia suggests that as soon as an opportunity arises, the worries over the debt talks are quickly forgotten.
Republican and White House negotiators are moving closer to an agreement to raise the debt limit and cap federal spending for two years, according to people familiar with the matter. The two sides have narrowed differences in talks over recent days, according to the people, though the details agreed to are tentative and a final accord is still not in hand.
The tech rally also rippled across Asia, lifting companies such as Japan's Screen Holdings Co., South Korea's SK Hynix Inc. and Taiwan Semiconductor Manufacturing Co. In Britain, the pound strengthened after a strong reading of U.K. retail sales bolstered expectations that interest rates will continue to rise. U.S.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bruce Murray's Top Picks: May 24, 2023 - BNN BloombergTop picks from Bruce Murray, CEO and CIO, The Murray Wealth Group.
Read more »
Copper slides below US$8,000 on disappointing China recovery - BNN BloombergCopper fell below US$8,000 a ton for the first time in six months as prospects for a quick rebound in China’s economy recede.
Read more »
Cirque du Soleil plans metaverse game on Roblox - BNN BloombergCirque du Soleil Entertainment Group is developing a virtual experience to run on online game platform Roblox.
Read more »
Deputy finance minister tapped as next Hydro-Quebec CEO: Sources - BNN BloombergQuebec’s government has chosen former pension fund head Michael Sabia as the next chief executive officer of Hydro-Quebec, according to people familiar with the matter.
Read more »
Toronto mayoral candidates debate housing supply, affordability solutions - BNN BloombergToronto mayoral hopefuls squared off Wednesday in a debate over their proposed solutions to the city’s housing supply and affordability challenges, with candidates clashing over the government’s role in getting more homes built.
Read more »
CPPIB CEO says global growth to be 'challenging' over long-term - BNN BloombergThe head of Canada’s largest pension fund said there are still 'outstanding questions' about how the global economy will grow over the long-term and cautioned his fund is unlikely to record the same double-digit returns it booked over the past decade.
Read more »