Except for the Chinese markets, most Asian equities opened higher on Friday after a surge in Wall Street technology sectors, while negotiations in the United States toward a debt ceiling deal advanced with only one week left before the country might potentially default.
As of 9:35 a.m. Bangkok time, Japan’s Nikkei 225 rose by 0.91%, taking it above the 31,000 threshold. Excluding the price of fresh food and gasoline, Tokyo’s core-core inflation increased by 3.9%, the highest rate since 1982. Inflation in Japan’s capital slowed to 3.2% in May from 3.5% in April.
South Korea’s Kospi rose 0.36%, while the S&P/ASX 200 in Australia was 0.11% higher.
Mainland Chinese markets bucked the trend and fell, with the Shanghai Composite 0.33% lower.
Hong Kong’s Hang Seng index is closed for a holiday.
The major U.S. stock indices finished with a mixed performance last night. The Dow Jones Industrial Average fell 0.11% while the tech-heavy Nasdaq Composite rose 1.71% and the S&P 500 gained 0.88%.
Reuters reports that lawmakers in Congress and President Joe Biden came very close to a preliminary agreement to lift the debt ceiling on Thursday.
According to the source, $70 billion in discretionary spending is the key to progress between Biden and House Speaker Kevin McCarthy.
Meanwhile, Boston Federal Reserve President Susan Collins anticipates that the Fed will halt its rate hikes.
Collins told Thursday’s CCRI graduating class that she is seeing “signs of moderation” in inflation that may prevent further rate increases in her address.
