Today’s News

A new debt-limit deal was struck by President Joe Biden and House Speaker Kevin McCarthy, clearing the crucial early hurdle before a catastrophic US default which was due on June 1, 2023. The House Rules committee, which controls floor debate, voted 7-6 to advance the bill. All Democrats on the committee voted against advancing the deal.

Yen Stays Ahead Of Dollar

Turbulent currency markets with the dollar hitting a 10-week high and a 6-month top against the yen has retreated after Japanese officials giving a nudge to the yen.

Japan is closely monitoring the currency market and will respond accordingly, claimed the country’s top currency diplomat after financial authorities rallied in response to a weakening yen, the softest in six months as opposed to the dollar.

First Fall In 3 Months For UK Business Confidence

UK business confidence fell for the first time in three months as unexpected inflation figures weighed on firms’ sentiment about the economy, as indicated by a survey by Lloyds Banking Group Plc.

Lloyds Bank’s Business Barometer showed that business confidence fell by 5 points in May from the previous month to 28% as the net balance of companies are expected to raise prices in the next year dipped 1 point to 56%, well above the pre-pandemic average.

Oil On The Rise After Steep Losses Prior To Debt Ceiling Deal

Oil prices edged up after market plunge in the previous session as a result of the awaited vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling.

Since its 4% fall on Tuesday, brent crude futures for August delivery rose by 11 cents to $73.82 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude (WTI) gained 8 cents to $69.54 a barrel. Both fell more than 4% on Tuesday.