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Morning Market Update: Ceiling Talks Fans Gains

Overnight, US markets began where they left off last week, eking out a modest gain amid hopes for a budget deal in Washington.

Stocks had opened with deep losses but staged a strong recovery on reports the US Senate was nearing a deal that would extend the debt ceiling until February.

A deal would still require the approval of House Republicans who could yet scuttle any agreement, which must be sealed in the next few days otherwise the US is likely to default.

The Dow rose 64 points (+0.4%) to 15301, the S&P500 climbed seven points (+0.4%) to 1710 and the Nasdaq put on 23 points (+0.6%) to 3815.

Most commodities recorded modest gains, with oil riding higher alongside equities on speculation US politicians will eventually raise the debt ceiling. Oil futures added 0.4% to US$102.41 a barrel.

The greenback weakened slightly versus some of its rivals, including the Aussie and euro. The shared currency found strength from data showing a surprise rise in eurozone industrial production during August.

Our dollar could push through 95 US cents today depending on how dovish the tone of this morning’s RBA October minutes are.

The minutes and new motor vehicle sales data are both due for release at 11:30am, AEDT.


Morning Market Update: Ceiling Talks Fans Gains is a post from: Australian Stock Report Market Pulse Blog

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