Consumers enjoy themselves at the Nanjing Road Pedestrian Street, the busiest business and tourism landmark in Shanghai, China, May 5, 2023.
Chief Financial Officer | Future Publishing | Getty Images
Asia-Pacific markets were sharply higher after U.S. President Joe Biden signed a debt ceiling bill that would allow the U.S. to avoid defaulting on its financial obligations over the weekend.
The compromise debt ceiling bill passed the Senate in a 63-36 margin Thursday night, winning enough support from both parties to overcome the 60-vote threshold in the Senate and avoid a filibuster. On Wednesday, it passed the House in about 72 hours, by a vote of 314-117.
in Japan, Nikkei 225 Index It gained further after leading gains among global peers in May, rising 0.97 percent, while the Topix opened 1.16 percent higher.
The next level investors will be watching will be 32,644, which would break the highest level since July 1990. South Korea’s Kospi edged up 0.44%, but the Kosdaq edged lower.Australian S&P/ASX 200 It was up 0.99% ahead of the country’s central bank rate decision tomorrow.
Oil futures also surged after OPEC’s mainstay, Saudi Arabia, decided to cut output by another million barrels per day. Brent crude rose 2.35% to $77.94, while West Texas Intermediate rose 2.43% to $72.48.
Hong Kong’s Hang Seng Index is expected to continue its rebound on Friday, with futures at 19,099, compared with a close of 18,949.94.
In the US on Friday, all three major indexes rose more than 1%, with the Dow Jones Industrial Average up 2.12%, its best day since January.
The S&P 500 rose 1.45% and the Nasdaq Composite rose 1.07%, hitting its highest level since April 2022 during the session.
— CNBC’s Samantha Subin and Alex Harring contributed to this report