SGGPO
World and US stocks rose after the debt ceiling bill was passed in the US House of Representatives and sent to the Senate. According to Reuters, the bill is expected to be passed by the Senate on June 2.
 |
| Mr. Chuck Schumer, Democratic majority leader in the US Senate Photo: Reuters |
According to Chuck Schumer, the Democratic majority leader in the Senate, if the bill is passed in the Senate, it will quickly be sent to US President Joe Biden to sign into law.
The MSCI World Equity Index, which tracks stocks in nearly 50 countries, rose 1%; the pan-European STOXX 600 index rose 0.78%. On Wall Street in New York, the Dow Jones Industrial Average rose 0.56%; the S&P 500 rose 0.81% and the Nasdaq Composite rose 0.94%.
Meanwhile, US Treasury yields fell after data released by the Labor Department showed a decline in labor productivity in the first quarter of 2023 and signs of a tightening labor market, reducing the possibility of the US Federal Reserve (FED) raising interest rates at its upcoming policy meeting. The US 10-year Treasury yield fell to 3.605%, while the 30-year Treasury yield fell to 3.8348%.
According to CME Group's FedWatch tool, there is a nearly 70% chance that the Fed will continue to keep interest rate policy unchanged at the upcoming meeting.
Source
Comment (0)