Stocks rise on US debt ceiling deal but China drags

"We always thought there was going to be a resolution, and now we have got that, so that removes some of the uncertainty for markets. But when we get past that, when the votes get passed and when we come back from Memorial Day, the question becomes what next?" said Tony Sycamore, market analyst at IG.

The Fed's preferred inflation gauge - the personal consumption expenditures price index - came in stronger than expected on Friday. Taken together with strong U.S. consumer spending, markets are now leaning towards a quarter-point hike from the Fed next month and see rates staying there for the rest of the year. .

In Turkey, the lira hovered at 20.05 against the dollar , just a touch above its record low of 20.06 hit on Friday, aftersecured victory in the country's presidential election, extending his increasingly authoritarian rule into a third decade.

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