US political leaders hurry to pass debt ceiling bill before June 5 | InterPrac

US political leaders hurry to pass debt ceiling bill before June 5

US political leaders hurry to pass debt ceiling bill before June 5


US equity markets and the FTSE 100 were closed overnight.

However European stock markets were mixed Monday after US President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation’s debt ceiling.

US political leaders must now gather enough bipartisan support to pass the debt ceiling bill in Congress before the June 5 deadline to avoid a federal default.

With negotiators hurriedly drafting the wording, the US House of Representatives could vote as soon as Wednesday, followed by the Senate later in the week.

While the debt ceiling deal is likely to calm market jitters, and with a strong earnings season out of the way, investors now turn their attention to the economic outlook and path of interest rates.

While the Federal Reserve, European Central Bank and Bank of England had been widely expected to pause rate hikes and look at when to pivot, recent data has complicated the picture for all three.
In the US post the Nvidia result all eyes are on AI.

Nvidia’s chief executive hailed a new era of computing in which “everyone is a programmer”, as the world’s most valuable semiconductor group unveiled a new supercomputer platform to stay at the forefront of the artificial intelligence revolution. “We have reached the tipping point of a new computing era,” Jensen Huang said on Monday, arguing that AI now enabled individuals to create programmes simply by plugging in commands. “Everyone is a programmer now. You just have to say something to the computer,”

This came days just after Nvidia revealed forecasts of rapid sales growth, fuelling a share price surge that put it on course to become the world’s first trillion-dollar semiconductor stock.

Solar investment is set to surpass oil production in attracting over $1 billion a day in 2023, according to the International Energy Agency, indicating a growing shift towards clean energy despite ongoing significant investment in fossil fuels.

The SPI futures are pointing to a 0.2 per cent fall.


One Australian dollar at 7:10 AM is buying 65.40 US cents.


Iron ore futures are pointing to a 1.05 per cent gain.

Gold shed 0.10 per cent. Silver lost 0.21 per cent. Copper fell 0.26 per cent and oil rose 0.51 per cent.

Figures around the globe

Across the Atlantic, European markets closed lower. London’s FTSE was closed, Frankfurt fell 0.20 per cent while Paris closed 0.21 per cent lower.

In Asian markets, Tokyo’s Nikkei added 1.03 per cent, Hong Kong’s Hang Seng fell 1.04 per cent while China’s Shanghai Composite closed 0.28 per cent higher.

Yesterday, the Australian sharemarket closed 0.88 per cent higher at 7217.

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap. Ex-dividends

Gryphon Capital Income Trust (ASX:GCI) is paying 1.405 cents unfranked
Kkr Credit Income Fund (ASX:KKC) is paying 1.0938 cents unfranked
Perpetual Credit Income Trust (ASX:PCI) is paying 0.7 cents unfranked
360 Capital Enhanced Income Fund (ASX:TCF) is paying3.5 cents unfranked


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