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Consumers enjoy themselves at Nanjing Road Pedestrian Street, the busiest commercial tourist landmark in Shanghai, China, May 5, 2023.
CFOTO | Future Publishing | Getty Images
Asia-Pacific markets are set to rise after U.S. President Joe Biden signed into law a debt ceiling bill that allowed the U.S. to avert defaulting on its financial obligations over the weekend.
The compromise debt ceiling bill passed the Senate by a 63-36 margin Thursday evening, winning enough support from both parties to overcome the chamber’s 60-vote threshold to avoid a filibuster. On Wednesday, it moved through the House after about 72 hours, passing 314-117.
In Japan, the Nikkei 225 is set to rise after leading its global peers for the month of May, with the futures contract in Chicago at 31,970, and its counterpart in Osaka at the same level against its last close of 3,524.22. The next level to watch for investors will be the 32,644 mark which would breach its highest since July 1990.
Oil futures also surged as the Organization of the Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia’s decision to cut oil production by another million barrels per day. Prices of Brent crude were 2.35% up at 77.94, while West Texas Intermediates was up 2.43% at 72.48.
In Australia, futures for the S&P/ASX 200 were at 7,229, higher than the index’s last close of 7,145.1.
Hong Kong’s Hang Seng index looks to continue its rebound on Friday, with futures at 19,099 compared to the HSI’s close of 18,949.94.
In the U.S. on Friday, all three major indexes gained over 1%, with the Dow Jones Industrial Average jumping 2.12% for its best day since January.
The S&P 500 climbed 1.45%, while the Nasdaq Composite advanced 1.07%, reaching its highest level since April 2022 during the session.
— CNBC’s Samantha Subin and Alex Harring contributed to this report
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