Stock market today: Global shares mostly rise after House approves debt ceiling deal
CTV
Global benchmarks were mostly higher Thursday after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis.
Global benchmarks were mostly higher Thursday after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis.
France's CAC 40 gained 0.9% in early trading to 7,163.56, while Germany's DAX jumped 1.1% to 15,833.44. Britain's FTSE 100 edged up 0.7% to 7,495.59. U.S. shares were set to drift higher with Dow futures inching up nearly 0.1% to 32,994.00. S&P 500 futures rose 0.2% to 4,197.00. Oil prices rose.
Investor enthusiasm was muted by worries about the Chinese economy after disappointing recent data on a recovery in the world's second largest economy, and a key driver of regional growth.
"Following recent disappointing economic data from China, the real economy levered stocks are likely to underperform. If economic data from China continues to miss expectations, more participants could start to forecast a lower China GDP for the quarters ahead," Anderson Alves at ActivTrades said.
Japan's benchmark Nikkei 225 rose 0.8% to finish at 31,148.01. Australia's S&P/ASX 200 gained 0.3% to 7,110.80. South Korea's Kospi quickly lost early gains to dip 0.3% to 2,569.17. Hong Kong's Hang Seng declined 0.1% to 18,216.91, while the Shanghai Composite was little changed at 3,204.63.
If the debt deal also passes in the Senate, government checks will continue to go out and it would prevent financial upheaval at home and abroad ahead of the Monday deadline when the Treasury said the U.S. would run out of money to pay its debts.
Wall Street stocks pared their losses in the afternoon after a Federal Reserve official hinted the central bank may hold rates steady at its next meeting in two weeks.
