Asian shares are mostly higher after President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the U.S. national debt ceiling, though the measure requires approval by Congress.
Tokyo, Sydney and Shanghai advanced while Hong Kong fell. Markets in Seoul were closed for a holiday.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.
Tokyo's Nikkei 225 index jumped about 2% in early trading but closed 1% higher, at 31,333.54. The S&P/ASX 200 in Sydney jumped 1% to 7,223.70. The Shanghai Composite index edged 0.2% higher to 3,219.41.Taiwan's benchmark gained 0.8% while that for India added 0.7%. The S&P 500 rose 1.3% to close at 4,205.45. The Dow Jones Industrial Average gained 1% to 33,093.34. The tech-heavy Nasdaq notched the biggest gains, surging 2.2% to 12,975.69. The index rose 2.5% for the week.
A key measure of inflation that is closely watched by the Federal Reserve ticked higher than economists expected in April. 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%.
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