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☆ Oil prices ease on caution over U.S. debt ceiling talks
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging nearly 3% in the previous session on optimism over U.S. fuel demand. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. "Crude needs a clear signal that the U.S. economy will avoid economic catastrophe or that China's recovery is picking up steam," he said. Also weighing on prices was the increased probability of an interest rate hike by the U.S. Federal Reserve. The strength of April economic data in the U.S., in addition to improving optimism about the debt ceiling negotiations and the health of regional banking stocks overnight have strengthened market expectations of a further hike, ANZ Research said in a note on Thursday.

☆ Gold listless as U.S. debt talks dominate market mood
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: +2 min

Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. Gold prices were little changed on Thursday as the dollar held firm and optimism over U.S. debt-ceiling talks chipped away at the metal's safe-haven appeal. The dollar index traded near a seven-week high reached in the previous session, making gold less affordable for overseas investors. U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The decline in silver so far this month "could be closer to some tentative stabilization," Wong added.

☆ Wall St rallies on debt ceiling optimism, regional bank rise
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 10.19% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) shot up 7.28% to notch its biggest one-day percentage gain since Jan. 6, 2021 to close at its highest level since May 1. The S&P 500 banks index also surged 4.46% for its biggest daily percentage gain since Nov. 10. "It is optimism over the debt ceiling.

Summary U.S. crude stockpiles rise 5 mln bbl -EIAReuters poll forecast 900,000 bbl U.S. crude drawdownIEA predicts demand will outpace supply by 2 mln barrels per dayTOKYO, May 17 (Reuters) - Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60% of oil demand growth in 2023. Markets are in a "wait-and-watch mode" over the outcome of the debt ceiling negotiations, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

☆ Wall St rallies on debt ceiling hopes, regional bank rebound
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the federal debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 12.12% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) index was up 6.86% and on track for its biggest one-day percentage gain since Jan. 6, 2021 after touching its highest intraday level since May 3. "It is optimism over the debt ceiling it. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates.

WASHINGTON, May 17 (Reuters) - President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. Asked by reporters at the Capitol whether it's possible to reach a debt ceiling deal by the time Biden returns from Asia on Sunday, McCarthy replied, "It's doable." On Tuesday, Biden and McCarthy met for about an hour at the White House with Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries. Biden plans a news conference in Hiroshima on Sunday before leaving to return to Washington, a White House official said. WORK REQUIREMENTSNegotiations are continuing over the longevity of any deal, work requirements for aid programs for the poor, including food subsidies, and spending caps.

WASHINGTON, May 17 (Reuters) - President Joe Biden and top U.S. congressional Republican Kevin McCarthy said on Wednesday they aimed to reach a deal by Sunday to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. "We're going to come together because there's no alternative," Biden told reporters at the White House. Asked by reporters at the Capitol whether it's possible to reach a debt ceiling deal by the time Biden returns from a trip to Asia on Sunday, McCarthy replied, "It's doable. On Tuesday, Biden and McCarthy met for about an hour at the White House with Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries. Asked on CNN if Biden wanted the debt limit agreement to last through 2025, White House spokesperson Karinne Jean-Pierre declined to answer.

Wall Street's main indexes climbed to session highs by early afternoon trading as shares of Tesla Inc (TSLA.O) extended gains to rise 3.9% after its annual shareholder meeting on Tuesday. U.S. regional banks rose, led by a 14.0% rise in Western Alliance Bancorp (WAL.N) as the lender's deposit growth exceeded $2 billion and brokerage Bank of America Global Research resumed coverage of the bank with a "buy" rating. The KBW Regional Banking Index (.KRX) jumped 5.4% after losing 1.8% in the previous session, while S&P 500 banks (.SPXBK) added 3.4%. The S&P 500 retail index (.SPXRT) rose 1.3%. The S&P index recorded 12 new 52-week highs and 14 new lows, while the Nasdaq recorded 46 new highs and 99 new lows.

☆ Futures edge higher as debt ceiling talks grind on, Target results eyed
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Wall Street's main indexes closed lower on Tuesday after weak results from Home Depot (HD.N) and a reading on U.S. April retail sales that missed expectations highlighted the impact of higher prices and interest rates on consumers. The company is also seen reporting a rise in first-quarter revenue, helped by steady demand from cost-conscious consumers. Democratic President Joe Biden and top congressional Republican Kevin McCarthy on Tuesday made progress in talks to determine whether to increase the U.S. debt limit. After an hour of talks, however, McCarthy told reporters the two sides remained far apart on an agreement. ET, Dow e-minis were up 85 points, or 0.26%, S&P 500 e-minis were up 9.25 points, or 0.22%, and Nasdaq 100 e-minis were up 16.25 points, or 0.12%.

SINGAPORE, May 17 (Reuters) - The dollar rose on Wednesday, benefiting from its status as a safe-haven amid the risk of a U.S. debt default and as traders trimmed bets on imminent Federal Reserve rate cuts following solid consumer spending data in the United States. Against a basket of peers, including the euro, yen and sterling, the dollar index rose 0.3% to 102.96, to its highest since early April. Expectations for U.S. interest rate cuts any time soon were dampened by the solid increase in April consumer spending, and by comments from Fed officials. "A rate hike is possible this year, though the hurdle is high." The New Zealand dollar was broadly steady at $0.6232, with investors looking ahead to a 25 bp interest rate hike next week and perhaps one more after that.

☆ U.S. debt drama and data hoist dollar
▼ + stars: | 2023-05-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The dollar hit a two-week peak of 136.69 yen overnight and hovered just below that at 136.54 in the Asia day. Expectations for U.S. interest rate cuts any time soon were dampened by the solid increase in April consumer spending, and by hawkish comments from Federal Reserve officials. "We expect some modest further increases in the dollar as markets continue to take out pricing for rate cuts," said Commonwealth Bank of Australia strategist Joe Capurso. "A rate hike is possible this year, though the hurdle is high." The New Zealand dollar was broadly steady at $0.6244, with investors looking ahead to a 25 bp interest rate hike next week and perhaps one more after that.

☆ Asian shares muted, US debt ceiling talks weigh on risk appetite
▼ + stars: | 2023-05-17 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, May 17 (Reuters) - Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.09% in choppy trading, with Australia's S&P/ASX 200 index (.AXJO) down 0.45%. Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming U.S. debt default Tuesday. After an hour of talks, McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement to lift the debt ceiling. Against a basket of currencies, the dollar rose 0.01% to 102.61, inching closer to the five-week high of 102.75 it touched on Monday.

☆ Morning Bid: Are we there yet? Market holds breath for debt ceiling deal
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Ankur BanerjeeNervousness in the market over the looming U.S. debt ceiling deadline prevailed through the Asian hours and will remain the main focus for investors as Europe wakes up. McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement. But he said, "It is possible to get a deal by the end of the week. European markets are set for a lower open, with traders waiting for April inflation data for the eurozone. Japan's economy emerged from recession and grew faster than expected in the first quarter as a post-pandemic consumption rebound offset global headwind.

☆ Asian shares tentative, US debt ceiling talks weigh on risk appetite
▼ + stars: | 2023-05-17 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, May 17 (Reuters) - Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.20% lower, while Australia's S&P/ASX 200 index (.AXJO) was down 0.56%. U.S. stock indexes closed down overnight, hamstrung by dour forecast from Home Depot and April U.S. retail sales data that underscored softer consumer spending. "These actually came in on the lower end of expectations though the news was mixed, with a lower headline but higher core sales figures muddying the message." Recent economic data indicates slowing in the U.S. economy following a string of rate hikes by the Federal Reserve to fight high inflation.

☆ Data and debt ceiling hoist dollar
▼ + stars: | 2023-05-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Data showed U.S. consumer spending appeared to have increased solidly in April, which together with hawkish remarks from Federal Reserve officials weighed on bonds and against expectations that interest rate cuts are coming soon. Interest rate futures pricing implies no chance of a rate cut in June, down from about a 17% chance seen a month ago. "Market participants continue to lower pricing for near term rate cuts by the FOMC," said Commonwealth Bank of Australia strategist Joe Capurso. "We expect some modest further increases in the dollar as markets continue to take out pricing for rate cuts. The New Zealand dollar was broadly steady at $0.6239, with investors looking ahead to a 25 bp interest rate next week and perhaps one more after that.

☆ Morning bid: Fed rates to stay higher for longer, debt drama goes on
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Chicago Federal Reserve President Austan Goolsbee told Bloomberg on Tuesday that it was "too premature" to be discussing interest rate cuts. Loretta Mester, the President at the Cleveland Fed, said they're not at the point where rates can be kept on hold. The chance of a rate cut as early as June has also disappeared, according to the pricing of interest rate futures, having stood at almost 20% a month ago. DEBT CEILING OPTIMISMWith just over two weeks until a possible U.S. debt default unless Congress votes to raise the debt ceiling past its $31.3 trillion limit, talks appear to be heading toward a positive outcome. Biden, who will be travelling to Japan on Wednesday, is set to cut his trip short and skip stops in Australia and Papua New Guinea amid the debt ceiling stand-off.

Asian markets, particularly China's, will be hoping this sparks a recovery from Wednesday's decline following yet another batch of sub-par Chinese economic indicators. The Chinese yuan fell below 7.00 per dollar for the first time in nearly six months and with GDP forecasts being slashed, analysts reckon the yuan could be poised for more weakness. Citi's Chinese economic surprises index had its biggest fall in two years and one of the steepest on record. Economists polled by Reuters expect the unemployment rate to hold steady at 3.5% and net new job growth to slow to 25,000. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Gold holds ground amid U.S. debt-ceiling jitters
▼ + stars: | 2023-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Wednesday, as investors fretted over prolonged U.S. debt-limit negotiations, with a firmer dollar keeping prices in check. Spot gold ticked up 0.1% to $1,991.35 per ounce by 0455 GMT. Rival safe-haven dollar, meanwhile, held firm on the day, making gold less appealing for overseas buyers. "Any inflation-fighting rhetoric from Fed officials between now and the June meeting would hinder the gold price," Waterer further said, adding, the prevailing dollar strength was capping gold's upside for the time being. Spot silver rose 0.1% to $23.76 per ounce after hitting a six weeks low in the previous session.

☆ Reaction to Biden-McCarthy debt ceiling meeting
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +7 min

"There was an overwhelming consensus, I think, in today's meeting with the congressional leaders, that defaulting on the debt is simply not an option. We've got to find a way that we can curb our spending, raise our debt limit and also grow our economy. The president agreed to appoint a couple of people from his administration to sit down and negotiate directly with my team." NEIL BRADLEY, CHIEF POLICY OFFICER, U.S. CHAMBER OF COMMERCE"With just two weeks to go before hitting the debt limit, we are pleased to see the scope and structure of the negotiations narrow. We believe there is a path forward on a bipartisan deal that lifts the debt limit and makes important reforms to improve our nation's fiscal health."

Democrats were not as positive about a quick time frame, but the White House called the meetings "productive and direct." Republicans have refused to vote to lift the debt ceiling past its $31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. Going forward, the talks will be narrowed for more engagement between House Republicans and the White House, McCarthy said. White House adviser Steve Ricchetti and budget director Shalanda Young will lead discussions for the administration. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

Biden sat down in the Oval Office with House of Representatives Speaker McCarthy, Senate Majority Leader Chuck Schumer, House Democratic leader Hakeem Jeffries and Senate Republican leader Mitch McConnell. "We're just getting started," Biden told reporters just after 3 p.m. EDT (2000 GMT), before ushering them out the door so the meeting could begin. Biden is trying to reach a debt ceiling deal by June 1 to lift the threat of economic calamity. The White House announced Biden may be forced to skip a stop in Australia during an Asia trip due to the debt limit drama. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

☆ S&P 500, Dow fall, dragged by Home Depot outlook, US retail sales
▼ + stars: | 2023-05-16 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Home Depot (HD.N) shed 1.73%, the biggest drag on the Dow Industrials and among the heaviest weights on the S&P 500 after the home improvement retailer cut its annual sales forecast and projected a steeper-than-expected decline in profit. The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. The S&P 500 posted 10 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 42 new highs and 163 new lows.

WASHINGTON, May 16 (Reuters) - Democratic President Joe Biden and top congressional Republican Kevin McCarthy are expected to discuss new work requirements for benefits programs for low-income Americans during Tuesday's debt ceiling negotiations, sources familiar with the talks said. Expanding the work requirements has been a key demand of Republicans, who are also pushing for spending cuts in exchange for their votes to raise the debt limit. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters. The current deadlock has rattled investors, sending the cost of insuring exposure to U.S. government debt to record highs. 2 Senate Republican John Thune told reporters the talks appear to have "too many cooks."

WASHINGTON, May 16 (Reuters) - Democratic President Joe Biden and top congressional Republican Kevin McCarthy will sit down on Tuesday to try to make progress on a deal to raise the U.S. government's $31.4 trillion debt ceiling and avert an economically catastrophic default. House of Representatives Speaker McCarthy on Tuesday told reporters that his party, which controls the chamber by a 222-213 margin, would only agree to a deal that cuts spending. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters. Tuesday's White House meeting, which will include Biden, McCarthy, Democratic Senate Majority Leader Chuck Schumer, top Senate Republican Mitch McConnell and top House Democrat Hakeem Jeffries, is due to begin at 3 p.m. EDT (1900 GMT). 2 Senate Republican John Thune told reporters that the talks appear to have "too many cooks."

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