Good Morning Traders! We are kicking this week off with a quiet one, with UK, French, German and US bank holiday in effect.
Here is what to expect from the session.
As part of their debt-limit agreement, President Joe Biden and House Speaker Kevin McCarthy reached a compromise on hotly contentious issues relating to government spending and aid to the poor. They now have to persuade parliamentarians from both parties to approve the arrangement.
The US economy already faces challenges from the highest interest rates in decades and restricted access to credit, in addition to the limits on government expenditure included in Washington's agreement to raise the federal debt ceiling.
After securing a convincing reelection victory on Sunday, President Recep Tayyip Erdogan's focus now switches to the choice of a new government, which could herald changes to an economic policy mix that many believe is unsustainable.
Oil prices increased after President Joe Biden and House Speaker Kevin McCarthy tentatively agreed to raise the US debt ceiling over the weekend, potentially preventing a disastrous default.
In the first four months of the year, profits at Chinese industrial companies continued to decline, highlighting cooled demand and worsening factory-gate deflation in the second-largest economy in the world.
Good Luck Today Traders!