Both
voiced confidence the agreement would reach the President’s desk for signature before the June 5 deadline.
The agreement would suspend the debt limit through January 1, 2025, beyond the 2024 presidential election.
When markets reopen they are expected to respond to respond from the boost to investor sentiment following the US debt limit deal.
Commodities
Brent Oil is currently trading up 0.1 per cent at US$77.00 a barrel, while gold is trading down 0.1 per cent to US1943.47 per ounce.
Bitcoin rose 0.3 per cent after the debt ceiling news, to US$27,462.80.
New Zealand
The NZX 50 rose 0.9 per cent yesterday.
SkyCity Entertainment Group provided an update on SkyCity Adelaide.
The South Australian Liquor and Gambling Commissioner has directed SkyCity Adelaide to appoint an independent expert to review anti-money laundering and counter-terrorism financing and host responsibility programs.
SkyCity Entertainment Group rose 1.3 per cent yesterday.
Contact Energy held its Capital Markets Day yesterday.
Contact outlined that performance for the year to date in financial year 2023 has reflected soft wholesale market conditions driven by unprecedented hydro inflows.
These conditions have led to lower wholesale spot prices than anticipated by futures pricing at the start of the year, lower thermal generation, and higher price separation between North and South Islands.
Strategic themes in the presentation included ‘Grow demand’, ‘Grow renewable development’, ‘Decarbonise our portfolio’, and ‘Create outstanding customer experiences’. Contact Energy increased 0.5 per cent.
Ryman Healthcare announced Dean Hamilton will join the board commencing on June 1 and will subsequently take over as Board Chair on July 31, following the AGM. Ryman Healthcare gained 1.8 per cent.
Australia
The ASX 200 traded up 0.9 per cent responding in part to positive sentiment from US leaders striking the provisional debt deal on the weekend.
The major miners climbed following an increase in iron ore prices late last week, lifting the material sector 1.1 per cent (ASX 200 Materials Index). Fortescue Metals Group rose 1.2 per cent and BHP added 1.4 per cent.
IDP Education declined 15.9 per cent after Canada’s decision to allow competitors to enter the Student-Direct-Stream (SDS) component of student visas, impacting IDP’s market share.
IDP Education said the decision is not expected to have a material impact on the company’s financial year 2023 revenue or earnings.
Mining services company ALS dropped 4.2 per cent after reporting its underlying continuing net profit after tax jumped 23.4 per cent in FY23 to AU$321 million.
Coming up today
US: Conference Board Consumer Confidence.
Eurozone: Consumer Confidence/Economic Confidence.
Australia: Building Approvals, Wesfarmers Strategy Briefing Day, Qantas Investor Day, Challenger Investor Day, Atlas Arteria AGM.
NZ: Building Permits, Arvida FY Earnings.
For more information on the latest market moves, get in touch with Jarden.
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