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Global Markets: Asian Stocks Trade Flat, Wall Street Futures Drop as US Debt Ceiling Talks Hit Crisis


Asian markets traded flat, while Wall Street futures fell Monday as debt ceiling negotiations approached their critical juncture, while new geopolitical concerns dampened investor sentiment.

US President Joe Biden and Republican Speaker of the House Kevin McCarthy will meet Monday to discuss the debt ceiling. The meeting comes less than two weeks before the June 1 deadline, after which the Treasury Department expects the federal government will struggle to pay its debts, Reuters reported.

S&P 500 futures fell 0.1%, while Nasdaq futures traded flat in early trading Monday.

US markets fell on Friday on reports that debt ceiling negotiations had reached a deadlock.

Meanwhile, Federal Reserve Chairman Jerome Powell hinted that interest rates may not need to rise as much given tighter credit conditions brought on by the banking crisis.

Bank shares in the US continued to fall Friday, as Treasury Secretary Janet Yellen reportedly warned that more mergers may be needed following a series of bank failures.


MSCI’s broadest index of Asia-Pacific stocks outside of Japan was last flat. Japan’s Nikkei also remained broadly unchanged and Australia’s commodity-heavy stocks fell 0.2%. South Korea gained 0.6%.


Oil prices moved higher in early trading, with US crude futures rising 0.1% to $71.6 a barrel, while Brent crude futures rose 0.2% to $75.75 a barrel.

Precious metal

The gold price was 0.2% higher at $1,980.10 an ounce.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.