Key Global Events

Negotiations continue between President Biden and Kevin McCarthy to avert a disaster over the U.S. debt ceiling. 
Goldman Sachs has estimated that U.S. liquidity levels may fall below $30 billion, the minimum threshold to meet debt obligations. Secretary Janet Yellen in the event of no agreement by June 1 will have to decide which spending items not to pay.
Minneapolis Fed President Nell Kashari told the Wall Street Journal that she is open to pausing to raise interest rates next June meeting. At the last meeting, the FED raised rates to 5.25 percent, the highest level in 16 years.
Today's "Dividend day" in Piazza Affari. The Milan index partially recovers this morning's slide by trading at -0.90%. Paris' CAC -0.35%, Madrid's IBEX +0.51%, London's FTSE -0.08%. Wall Street futures are also trading mixed. U.S. markets are expected to open cautiously with the Dow Jones +0.4%, S&P500 the +0.05% and the Nasdaq -0.05%.

Forex & Commodities

The euro and the pound regain ground against the U.S. dollar. The EURUSD cross trades above parity at +0.12% at 1.0821. The Cable (GBPUSD) trades around +0.17% at 1.2461. I recover from this morning's slide, trading around parity at 0.06% to $71.76 per barrel. Gold trades at $1976 (-0.25%).

Index

Markets in Asia traded upward with investors' eyes turned to the new meeting between Biden and Republican Speaker McCarthy to try to reach an agreement. The benchmark index, Tokyo's Nikkei touches highs since 1990 and closes up 0.90 percent. China's Hang Seng index trades at 19,678 gaining +1.17%. Wall Street futures also trade mixed. U.S. markets are expected to open cautiously with the Dow Jones +0.4%, S&P500 the +0.05% and the Nasdaq -0.05%.