Friday, October 27, 2023

US Debt Ceiling Hopes Boost Global Stocks to Monthly Highs


Global shares reached a one-month high on Friday as markets expressed optimism about a potential US debt ceiling deal that could prevent a disastrous default. The STOXX 600 in Europe rose 0.7%, while e-mini futures for the S&P 500 increased 0.2%. MSCI’s global shares index hit its strongest point since mid-April, up 0.2%, and on track for its largest weekly gain since late March. The dollar remained steady against a basket of currencies, while the euro reached its lowest level in almost two months before recovering. The moves came after Democratic negotiators informed President Joe Biden they were making “steady progress” on a deal to lift the US debt ceiling and avoid a default by the world’s largest economy.

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