{"id":15356,"date":"2023-05-29T16:37:14","date_gmt":"2023-05-29T20:37:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/global-stock-markets-breathe-a-sigh-of-relief-over-biden-mccarthy-pact-to-avert-u-s-debt-default\/"},"modified":"2023-05-29T16:37:16","modified_gmt":"2023-05-29T20:37:16","slug":"global-stock-markets-breathe-a-sigh-of-relief-over-biden-mccarthy-pact-to-avert-u-s-debt-default","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15356","title":{"rendered":"Global stock markets breathe a sigh of relief over Biden-McCarthy pact to avert U.S. debt default"},"content":{"rendered":"

Paris, Frankfurt, Tokyo, Sydney and Shanghai advanced, while Hong Kong fell. <\/p>\n

\n

Markets in London and Seoul were closed for a holiday, and the U.S. markets are closed Monday for Memorial Day.<\/p>\n

The agreement on the U.S. debt eased what had been a potentially huge threat to markets worldwide. Biden and McCarthy worked over the weekend to try to ensure enough support in Congress to pass the measure before a June 5 deadline and avert a disruptive federal 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

See:<\/strong> Debt-ceiling deal: Here\u2019s what\u2019s in and what\u2019s out of the agreement<\/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

Germany\u2019s DAX
\n DAX00,
\n -0.01%<\/bg-quote>
\n rose 0.2% to 16,010.98 and the CAC40
\n PX1,
\n -0.21%<\/bg-quote>
\n in Paris edged 0.1% higher. The futures for the Dow Jones Industrial Average
\n YM00,
\n +0.17%<\/bg-quote>
\n and the S&P 500
\n ES00,
\n +0.27%<\/bg-quote>
\n were 0.3% higher.<\/p>\n

In Asian trading, Tokyo\u2019s Nikkei 225 index
\n NIY00,
\n -0.62%<\/bg-quote>
\n jumped about 2% early on but closed 1% higher, at 31,233.54. The S&P\/ASX 200 in Sydney jumped 0.9% to 7,217.40. The Shanghai Composite index
\n SHCOMP,
\n +0.28%<\/bg-quote>
\n added 0.3% to 3,221.45.<\/p>\n

In Hong Kong, the Hang Seng
\n HSI,
\n -1.04%<\/bg-quote>
\n slipped 1% to 18,551.11.<\/p>\n

Taiwan\u2019s benchmark gained 0.8% while India\u2019s added 0.5%.<\/p>\n

Investors have another busy week of U.S. economic updates ahead, including data on consumer confidence and employment.<\/p>\n

On Friday, technology stocks powered solid gains for Wall Street. Chip manufacturer 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. On Thursday, fellow chip company Nvidia
\n NVDA,
\n +2.54%<\/bg-quote>
\n soared when it forecast huge upcoming sales related to AI.<\/p>\n

Don\u2019t miss:<\/strong> Wall Street tech darling Nvidia unveils more AI products \u2014 including a new supercomputer<\/p>\n

The S&P 500
\n SPX,
\n +1.30%<\/bg-quote>
\n rose 1.3% and the Dow industrials
\n DJIA,
\n +1.00%<\/bg-quote>
\n gained 1%. The tech-heavy Nasdaq
\n COMP,
\n +2.19%<\/bg-quote>
\n notched the biggest gains, surging 2.2%. The index rose 2.5% for the week.<\/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 Consumer Finance Protection Bureau, said it\u2019s working to ensure that companies follow the law when they\u2019re using AI.<\/p>\n

Opinion:<\/strong> Did Nvidia just help create an AI-fueled stock bubble?<\/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.
A key measure of inflation that 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

See: <\/strong>\u2018The economy is still too hot for the Fed\u2019: Chance of June rate hike rises further above 50% after inflation data<\/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%.
In other trading Monday, U.S. benchmark crude oil
\n CL00,
\n +0.48%<\/bg-quote>
\n added 14 cents to $72.81 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

Brent crude
\n BRN00,
\n <\/bg-quote>,<\/span>
\n the standard for international trading, advanced 5 cents to $77.03 per barrel.<\/p>\n

The dollar
\n USDJPY,
\n -0.15%<\/bg-quote>
\n slipped to 140.26 Japanese yen from 140.59 yen. The euro
\n EURUSD,
\n -0.15%<\/bg-quote>
\n fell to $1.0717 from $1.0724.<\/p>\n<\/p><\/div>\n

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

Paris, Frankfurt, Tokyo, Sydney and Shanghai advanced, while Hong Kong fell. Markets in London and Seoul were closed for a holiday, and the U.S. markets are closed Monday for Memorial Day. The agreement on the U.S. debt eased what had been a potentially huge threat to markets worldwide. Biden and McCarthy worked over the weekend […]<\/p>\n","protected":false},"author":1,"featured_media":15357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-15356","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGlobal stock markets breathe a sigh of relief over Biden-McCarthy pact to avert U.S. debt default | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Paris, Frankfurt, Tokyo, Sydney and Shanghai advanced, while Hong Kong fell. 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