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- Asian stocks climbed on Thursday as progress on the US debt ceiling deadlock boosted Wall Street equities. As traders anticipate vital American jobs data, the dollar remained stronger while treasuries fell.
- As Hong Kong surged, MSCI's index of Asia Pacific stocks was on course for its highest increase since August 31st. In Japan and South Korea, stocks rose. The S&P 500 and the Nasdaq 100 both overcame losses of more than 1% to conclude with gains on a probable deal to extend the debt ceiling past December. That would avert a default in the short term, but it would stoke political tensions in Washington.
- Biden plans to virtually meet with Chinese President Xi Jinping before the end of the year, while Russia has volunteered to help Europe with its energy crisis. In the meantime, the European Central Bank is studying a new bond-buying program to avoid market disruption when emergency purchases are tapered off.
- The yield on the 10-year Treasury note in the United States increased somewhat. Investors are continuing to balance the economic rebound against the danger of inflation from rising energy prices. The ADP employment statistics outperformed forecasts, and a strong nonfarm payrolls report on Friday might solidify predictions that the Federal Reserve will start reducing stimulus next month.
