- Markets in Asia varied on Thursday as the House enacted a debt-ceiling deal to avoid default, and investors considered the possibility of the Federal Reserve pausing rate hikes this month.
- Japanese and Australian stocks soared, although South Korean equities fell slightly, and US equity futures gained somewhat after the agreement was approved by the House. China's benchmarks opened lower, underscoring continued concerns about growth. Industrial activity in China is expected to shrink more, according to data due later.
- The picture for US futures followed Wednesday's falls, indicating that investors were paying closer attention to Fed officials who supported the likelihood of keeping rates unchanged at the next meeting.
- Fed's Jefferson stated that the central bank is likely to hold interest rates unchanged in June in order to examine the economic outlook. Fed's Harker reiterated his sentiments, saying, I think we can take a bit of a skip for a meeting.
- The S&P 500 finished 0.6% lower on Wednesday, holding to a modest gain for May and three consecutive monthly gains. The Nasdaq 100 index lost 0.7%, driven down by a drop in Nvidia shares following a fast gain in the stock this year.
