Asian shares rise amid relief over unexpected deal on US debt ceiling
Tokyo — Asian shares bounced back on Thursday after US President Donald Trump and congressional leaders unexpectedly agreed to raise the government debt limit until December, eliminating the near-term risk of a government shutdown. The euro maintained this week’s slim gains ahead of the European Central Bank’s (ECB’s) policy meeting later in the day while oil prices were supported as US Gulf Coast refineries restart in the wake of Hurricane Harvey. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5% while Japan’s Nikkei rose 0.4%. In New York on Wednesday the S&P 500 gained 7.69 points, or 0.31%, led by gains in energy sector due to a rise in oil prices. Trump forged a surprising deal with Democrats in Congress to raise the US debt limit and provide government funding until December 15, embracing his political adversaries and blindsiding fellow Republicans in a rare bipartisan accord. "The deadline on the debt ceiling has been extended just by three months so it w...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.