Global market: Asian shares rise, US stock futures gain on ‘productive’ debt talks
2 min read 23 May 2023, 07:02 AM ISTThe negotiations between US President Joe Biden and House Speaker Kevin McCarthy on how to raise the US government's $31.4 trillion debt ceiling failed to reach an agreement and concluded without a deal, but they vowed to continue the talks.

Asian markets traded higher Tuesday following mixed cues from the US stocks after President Joe Biden and House Speaker Kevin McCarthy said they had a “productive talk" on the debt ceiling.
The negotiations between US President Joe Biden and House Speaker Kevin McCarthy on how to raise the US government's $31.4 trillion debt ceiling failed to reach an agreement and concluded without a deal, but they vowed to continue the talks.
Investors remained cautious amid mildly positive signs that both the leaders agreed default was off the table in ongoing talks.
The US stock futures climbed with the S&P 500 contracts and the Nasdaq 100 contracts rising about 0.3% while Asian markets also gained in the early morning trade.
US Markets
The three major US indices ended mixed overnight. The S&P 500 gained 0.02%, or 0.65 points, to 4,192.63, while the Dow Jones Industrial Average fell 0.42%, or 140.05 points, to 33,286.58. The Nasdaq Composite rose 0.5%, or 62.88 points, to end at 12,720.78.
Asian Markets
Asian markets opened higher following mixed cues overnight from the US shares.
In Japan, the Nikkei 225 traded 0.72% higher, while the Topix rose 0.39%.
Japan’s Nikkei 225 hit a fresh 33-year high as optimism over a debt ceiling deal in the US improved sentiment. A weaker yen further supported the Japanese share index. The Nikkei rose 0.64% to 31,286.70 before entering the midday break. The index has risen for the ninth consecutive session.
South Korea’s Kospi climbed 0.4% and the Kosdaq gained 0.47%.
Hong Kong’s Hang Seng index traded 1,17% higher, while Singapore’s FTSE Straits Times Index inched 0.18% lower. Shares in Mainland China rose as the Shanghai Composite Index was trading 0.39% higher.
In Australia, the S&P/ASX 200 was 0.22% higher in early trade.
Meanwhile, The SGX Nifty traded 0.09% higher at 18,352.5.
Europe
European stocks ended mixed on Monday, with the pan-European STOXX 600 index largely unchanged at the close.
Britain’s FTSE 100 gained 0.2% at 7,770.99. Germany’s DAX fell 0.3% at 16,223.99. France’s CAC 40 lost 0.2% at 7,478.16.
Energy
Crude oil prices rose amid further developments in the US debt ceiling talks.
West Texas Intermediate for July rose above $72 a barrel after that contract gained 0.5% on Monday.
Bullion
Gold prices were steady in early Asian trade as investors focused on the US debt ceiling talks.
Spot gold gained 0.1% to $1,971.09 per ounce. US gold futures eased 0.3% to $1,972.10.
Currencies
The dollar touched a six-month high against the yen as expectations grew that US rates will remain higher for longer and as the debt ceiling impasse kept risk sentiment fragile.
The US dollar steadied at 103.27 against a basket of currencies. The Aussie rose 0.05% to $0.6656, while the kiwi gained 0.07% to $0.6290.
The euro slipped 0.05% to $1.0808 and Sterling gained 0.02% to $1.2440.
(With inputs from Reuters)