Asia stocks rise amid Fed pause talk, debt bill passage

📆 01/06/2023 07:45:00
📰 Reuters

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Most Asia-Pacific stock markets rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling.

A divided House passed a bill to suspend the $31.4 trillion debt ceiling - and avert a catastrophic default - with majority support from both Democrats and Republicans, stoking optimism that it can move through the Senate before the weekend.

Money markets currently lay about 38% odds for a hike from the Fed on June 14, swinging back from about 70% earlier in the day, after some unexpectedly hot jobs numbers. "It's been a fairly strong retracement in terms of the market's expectations for the June meeting, and it's come contrary to the data," said Tony Sycamore, a market analyst at IG Markets.

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Asia stocks gain as Fed hike bets recede, debt vote eases nervesMost Asia-Pacific stock markets rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage of the U.S. debt ceiling bill through the House.
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