Today’s Announcements & News
After President Joe Biden signed a debt ceiling bill into law over the weekend, which prevented the United States from going into default on its financial obligations, markets in Asia-Pacific are expected to expand.
Thursday evening, the Senate approved the compromise debt ceiling bill by a vote of 63 to 36, receiving enough support from both parties to get past the 60 votes needed to avoid a filibuster. After approximately 72 hours, it passed the House on Wednesday, 314 to 117.
After leading its global peers for the month of May, the Nikkei 225 in Japan is expected to rise, with the Chicago futures contract at 31,970 and the Osaka counterpart at the same level, compared to its last close of 3,524.22. Investors should keep an eye on the 32,644 level, which would be higher than its highest point since July 1990.
Oil prospects additionally flooded as the Association of the Oil Trading Nations (OPEC) head honcho Saudi Arabia’s choice to cut oil creation by another million barrels each day. Brent crude was up 2.35 percent at 77.94, and West Texas Intermediates was up 2.43 percent at 72.48.
After a broad-based rally last week that saw the S&P 500 reach its best week since March and its highest level since August, U.S. equity futures were little changed Sunday evening.
The Dow Jones Industrial Average futures gained 75 points. Nasdaq-100 futures remained below the flat line, while S&P 500 futures were up 0.09 percent.
The Dow rose 701.19 points, or 2.12%, for its best day since January, ending the week at 33,762.76, as stocks rallied on Friday in response to positive jobs data for May. The Nasdaq Composite posted its sixth consecutive weekly advance, climbing 1.07 percent to 13,240.77, while the S&P 500 gained 1.45 percent to 4,282.37.
The debt ceiling bill was signed into law over the weekend by President Joe Biden, preventing a potentially devastating default by the United States government.
Financial backer opinion was high Friday following the victory nonfarm payrolls development in May announced by the Work Division. Payrolls in the public and private sectors went up by 339,000 in May, compared to the Dow Jones estimate of 190,000. Meanwhile, average hourly earnings went up by 4.3% annually, which was a little less than economists anticipated, and the average work week went down a little bit. Concerns about the impending recession were allayed by the report.
After the U.S. Congress approved a debt ceiling agreement that prevented a government default in the world’s largest oil consumer, oil prices increased by more than 2% on Friday. Additionally, employment data raised hopes for a possible pause in interest rate increases ahead of an OPEC and its allies meeting this weekend.
Brent futures closed at $76.13 a barrel, up 2.49 percent. West Texas Intermediate (WTI) crude in the United States rose to $71.74 by 2.34 percent.
Gold fell on Friday as Treasury yields rose on stronger-than-expected employment data and hopes that the Federal Reserve would halt interest rate increases—which had put bullion on track for a weekly gain—remained alive.
Gold settled down 1.3% at $1,969.6 per ounce nd close up 1.3% for the week for its most memorable positive week in four and its best week by week execution since April.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.