U.S. futures rose while oil prices were little changed. Markets in Japan and China were closed Wednesday for holidays.As worries over struggling banks and a slowing economy pile up, a political stalemate has left the U.S. edging ever closer to what would be a catastrophic default on government debt.
In European trading, Germany's DAX climbed 0.6% to 7,425.17 and the CAC 40 in Paris advanced 0.5% to 7,425.17. Britain's FTSE 100 gained 0.5% to 7,813.37. The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.2% higher. Regulators seized First Republic Bank at the start of this week and sold most of it to JPMorgan Chase, which had raised hopes that the turmoil could ease.
Adding to the gloom, Treasury Secretary Janet Yellen said late Monday that the U.S. government could default on its debt as early as June 1 unless a divided Congress allows it to borrow more. That's an earlier "X-date" than previously thought.
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