Wall Street rallied again, still riding on yesterday’s news that the US would not default on the debt ceiling negotiations.
The issue has seen President Joe Biden pull out of Australia’s Quad meeting in Sydney next week, with the possibility for negotiations to be resolved within a matter of days.
Mr Biden stated that defaulting on the debt “is not an option.”
The S&P climbed nearly one per cent. The NASDAQ shot up more than 1.5 per cent – the strongest closes for both since August last year. Australian shares are expected to follow the upwards trend.
Meanwhile, new research shows the value of mergers and acquisition deals in the Asia Pacific region has dropped 28 per cent to $105.9 billion during the first quarter of 2023.
Back home, Australians are now required to earn more per year before paying off student loans. The Federal Government lodged the official Help repayment thresholds for the new financial year on Thursday, increasing the minimum repayment sum.
Graduates will now be required to earn a $51,500 salary before starting to pay off student loans – up from $48,000.
The Australian dollar saw a marginal dip. One Aussie dollar is buying 53 British pence and 66 US cents. The greenback hit a seven-week high.
And in commodities, oil and metals fell. Crude oil slid over one per cent to $72 US dollars per barrel. Gold also dropped a per cent.