{"id":15101,"date":"2023-05-29T01:12:29","date_gmt":"2023-05-29T05:12:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-mostly-higher-after-biden-mccarthy-reach-deal-to-avoid-u-s-default\/"},"modified":"2023-05-29T01:12:30","modified_gmt":"2023-05-29T05:12:30","slug":"asian-markets-mostly-higher-after-biden-mccarthy-reach-deal-to-avoid-u-s-default","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15101","title":{"rendered":"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default"},"content":{"rendered":"
\n

Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the U.S. national debt ceiling.<\/p>\n

Tokyo\u2019s Nikkei 225 index
\n NIK,
\n +1.09%<\/bg-quote>
\n jumped about 2% in early trading but was trading up 1.3% by midday. The S&P\/ASX 200
\n XJO,
\n +0.97%<\/bg-quote>
\n in Sydney gained 1%. The Shanghai Composite index
\n SHCOMP,
\n +0.15%<\/bg-quote>
\n edged 0.2% higher while in Hong Kong, the Hang Seng
\n HSI,
\n -0.27%<\/bg-quote>
\n slipped 0.4%. Stocks rose in Singapore
\n STI,
\n +0.19%<\/bg-quote>
\n and Taiwan
\n Y9999,
\n +0.78%<\/bg-quote>,<\/span>
\n but slipped in Indonesia
\n JAKIDX,
\n -0.68%<\/bg-quote>.<\/span>\n <\/p>\n

\n

Markets in Seoul were closed for a holiday.<\/p>\n

U.S. markets will be closed for a holiday on Monday. Investors have another busy week of U.S. economic updates ahead, including data on consumer confidence and employment.<\/p>\n

The agreement on the U.S. debt eased what had been a potentially huge threat to markets worldwide. Biden and\u00a0McCarthy\u00a0worked over the weekend to ensure enough\u00a0support in Congress\u00a0to pass the measure before a June 5 deadline and avert a disruptive\u00a0federal default.<\/p>\n

\u201cMarkets are so far reacting cautiously. Buoyed, but cautious,\u201d Clifford Bennett, chief economist at ACY Securities, said in a commentary.<\/p>\n

\u201cThis agreement merely rolls the issue to potentially more politically friendly times post the Presidential election in two years. Nothing is certain in this regard, and it is possible resolution will be even more difficult then, than it has been on this occasion,\u201d Bennett said.<\/p>\n

On Friday, technology stocks powered solid gains for Wall Street after chipmaker Marvell Technology
\n MRVL,
\n +32.42%<\/bg-quote>
\n surged a record-setting 32.4% after the chipmaker said it expects AI revenue in fiscal 2024 to at least double from the prior year. That follows Thursday\u2019s report from fellow chipmaker Nvidia
\n NVDA,
\n +2.54%<\/bg-quote>,<\/span>
\n which gave a big forecast for upcoming sales related to AI.<\/p>\n

The upbeat finish to the week for major U.S. indexes comes amid lingering anxiety over persistently high inflation and broadly weak corporate earnings.<\/p>\n

The S&P 500
\n SPX,
\n +1.30%<\/bg-quote>
\n rose 1.3% to close at 4,205.45. The Dow Jones Industrial Average
\n DJIA,
\n +1.00%<\/bg-quote>
\n gained 1% to 33,093.34. The tech-heavy Nasdaq
\n COMP,
\n +2.19%<\/bg-quote>
\n notched the biggest gains, surging 2.2% to 12,975.69. The index rose 2.5% for the week as artificial intelligence became a big focus for investors.<\/p>\n

The revolutionary AI field has become a hot issue. Critics warn that it is a potential bubble, but supporters supporters say it could be the latest revolution to reshape the global economy. The nation\u2019s financial watchdog, the\u00a0Consumer Finance Protection Bureau, said it\u2019s working to ensure\u00a0that companies follow the law when they\u2019re using AI.<\/p>\n

Wall Street and the broader economy already had a full roster of concerns before the threat of the U.S. defaulting on its debt became sharply highlighted on the list.<\/p>\n

A\u00a0key measure of inflation\u00a0that is closely watched by the Federal Reserve ticked higher than economists expected in April.<\/p>\n

The persistent pressure from inflation complicates the Fed\u2019s fight against high prices. The central bank has been aggressively raising interest rates since 2022, but recently signaled it will likely forgo a rate hike when it meets in mid-June. The latest government report on inflation is raising concerns about the Fed\u2019s next move.<\/p>\n

The latest inflation data also highlighted the continued resilience of consumer spending, which has been a key bulwark, along with the strong jobs market, against a recession. The economy grew at a sluggish 1.3% annual rate from January through March and it is projected to accelerate to a 2% pace in the current April-June quarter.<\/p>\n

The impact from inflation and worries about a recession on the horizon have been hitting corporate profits and forecasts. The latest round of company earnings is nearing a close with the profits for companies in the S&P 500 contracting about 2%.<\/p>\n

In other trading Monday, U.S. benchmark crude oil
\n CLN23,
\n +0.89%<\/bg-quote>
\n added 81 cents to $73.48 per barrel in electronic trading on the New York Mercantile Exchange. It picked up 84 cents to $72.67 per barrel on Friday.<\/p>\n

The dollar
\n USDJPY,
\n -0.17%<\/bg-quote>
\n slipped to 140.44 Japanese yen from 140.59 yen. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the U.S. national debt ceiling. Tokyo\u2019s Nikkei 225 index NIK, +1.09% jumped about 2% in early trading but was trading up 1.3% by midday. The S&P\/ASX 200 XJO, +0.97% in Sydney gained […]<\/p>\n","protected":false},"author":1,"featured_media":15102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-15101","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=15101\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=15101\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-29T05:12:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-29T05:12:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1685337149_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=15101#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=15101\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default\",\"datePublished\":\"2023-05-29T05:12:29+00:00\",\"dateModified\":\"2023-05-29T05:12:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=15101\"},\"wordCount\":674,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=15101#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=15101\",\"url\":\"https:\/\/ifintechworld.com\/?p=15101\",\"name\":\"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-29T05:12:29+00:00\",\"dateModified\":\"2023-05-29T05:12:30+00:00\",\"description\":\"Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=15101#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=15101\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=15101#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default | iFintechWorld","description":"Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=15101","og_locale":"en_US","og_type":"article","og_title":"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default | iFintechWorld","og_description":"Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the","og_url":"https:\/\/ifintechworld.com\/?p=15101","og_site_name":"iFintechWorld","article_published_time":"2023-05-29T05:12:29+00:00","article_modified_time":"2023-05-29T05:12:30+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1685337149_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=15101#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=15101"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default","datePublished":"2023-05-29T05:12:29+00:00","dateModified":"2023-05-29T05:12:30+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=15101"},"wordCount":674,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=15101#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=15101","url":"https:\/\/ifintechworld.com\/?p=15101","name":"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-29T05:12:29+00:00","dateModified":"2023-05-29T05:12:30+00:00","description":"Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a\u00a0final agreement\u00a0on a deal to raise the","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=15101#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=15101"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=15101#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Asian markets mostly higher after Biden, McCarthy reach deal to avoid U.S. default"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/15101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15101"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/15101\/revisions"}],"predecessor-version":[{"id":15103,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/15101\/revisions\/15103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/15102"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}