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European stocks rise as Congress passes debt ceiling bill

Investors were buoyed by the U.S. Congress’ passage of a deal to raise the U.S. debt ceiling and by suggestions from Federal Reserve officials that the central bank would stop raising rates on Friday. European stock markets rose.

The European region-wide Stoxx 600 rose 0.5%, widening its gains from the previous day, while France’s Cac 40 and Germany’s Dax rose 0.7% and 0.7%, respectively, in morning trading.

The move was announced after the US Senate on Thursday approved the transaction A deal was struck between the White House and Republicans in Congress to lift the $31.4 trillion debt ceiling for two years in exchange for cuts in government spending.

The deal ended weeks of political tensions that threatened to trigger an unprecedented debt default in the world’s largest economy. The benchmark S&P 500 hit a nine-month high overnight.

“We can start making progress in terms of concentrating on other things that matter . Chief Investment Officer Georgios Leontalis said.

Asian markets rebounded. Hong Kong’s Hang Seng Index rose 3.9% to lead the region, while China’s CSI300 index, which consists of listed stocks in Shanghai and Shenzhen, rose 1.4%. Korea’s KOSPI rose 1.3%, while Japan’s TOPIX rose 1.6%.

Investors will be watching the U.S. unemployment report, which is due before Wall Street opens, and will provide clues as to the direction of central bank monetary policy.

Nonfarm payrolls are expected to rise by 190,000 in May, according to U.S. Labor Department data, according to Reuters consensus forecasts.

Many Fed officials have signaled over the past week that they would hold off on tightening further at the next central bank meeting as the chance of a rate hike in June dwindled to 30%.

Contracts tracking the Wall Street benchmark S&P 500 and tech-heavy Nasdaq 100 rose 0.3% ahead of the New York trade. The move comes a day after both indices closed at their highest since August 2022.

The debt ceiling resolution also pushed oil prices higher, with US benchmark West Texas Intermediate rising 1.2% to trade at $70.97 a barrel and international benchmark Brent crude rising 1.2% to $75.22. became.

The dollar fell 0.1% against a basket of six other currencies.

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Investors were buoyed by the U.S. Congress’ passage of a deal to raise the U.S. debt ceiling and by suggestions from Federal Reserve officials that the central bank would stop raising rates on Friday. European stock markets rose.The European region-wide Stoxx 600 rose 0.5%, widening its gains from the previous day, while France’s Cac 40 and Germany’s Dax rose 0.7% and 0.7%, respectively, in morning trading.The move was announced after the US Senate on Thursday approved the transaction A deal was struck between the White House and Republicans in Congress to lift the $31.4 trillion debt ceiling for two years in exchange for cuts in government spending.The deal ended weeks of political tensions that threatened to trigger an unprecedented debt default in the world’s largest economy. The benchmark S&P 500 hit a nine-month high overnight.“We can start making progress in terms of concentrating on other things that matter . Chief Investment Officer Georgios Leontalis said.Asian markets rebounded. Hong Kong’s Hang Seng Index rose 3.9% to lead the region, while China’s CSI300 index, which consists of listed stocks in Shanghai and Shenzhen, rose 1.4%. Korea’s KOSPI rose 1.3%, while Japan’s TOPIX rose 1.6%.Investors will be watching the U.S. unemployment report, which is due before Wall Street opens, and will provide clues as to the direction of central bank monetary policy.Nonfarm payrolls are expected to rise by 190,000 in May, according to U.S. Labor Department data, according to Reuters consensus forecasts.Many Fed officials have signaled over the past week that they would hold off on tightening further at the next central bank meeting as the chance of a rate hike in June dwindled to 30%.Contracts tracking the Wall Street benchmark S&P 500 and tech-heavy Nasdaq 100 rose 0.3% ahead of the New York trade. The move comes a day after both indices closed at their highest since August 2022.The debt ceiling resolution also pushed oil prices higher, with US benchmark West Texas Intermediate rising 1.2% to trade at $70.97 a barrel and international benchmark Brent crude rising 1.2% to $75.22. became.The dollar fell 0.1% against a basket of six other currencies.
https://www.ft.com/content/b131c2f6-ccdd-4e2f-845b-2940e2ecacae European stocks rise as Congress passes debt ceiling bill

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