European stock markets were mixed Monday after U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation’s debt ceiling. Germany’s DAX and France’s CAC 40 shed early gains to trade 0.3% lower by early afternoon. Sectors were mostly close to the flatline, with oil and gas stocks up 0.2% as banks fell 0.8%. U.K. markets are closed on Monday for a bank holiday. U.S. markets are closed for Memorial Day. European stocks are coming off the back of a choppy week in which the Stoxx 600 index fell to an eight-week low before clawing back some losses Friday as tech stocks rallied on Nvidia’s blockbuster results. Asia-Pacific markets were mixed after U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend. The bill is expected to be voted on later this week. In Japan, the Nikkei 225 closed 1.03% higher at 31,233.54, after an early surge saw the index jump as much as 2.04% on Monday. The Topix also gained 0.69% to snap a four day losing streak and close at 2,160.65 In Australia, the S&P/ASX 200 climbed 0.87% to end at 7,217.4 and continue a rally that started on Friday, while South Korea was closed Monday for a holiday. Hong Kong’s Hang Seng index continued sliding to new lows this year, falling 0.92% in its final hour of trade. In mainland China, the Shanghai Composite rose 0.2% to end at 3,221.45 to record a second straight session of gains, but the Shenzhen Component fell 0.8% to close at 10,822.09, its lowest level since Nov 1, 2022. Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Brent crude futures climbed 66 cents, or 0.9%, to $77.61 a barrel by 0247 GMT, while U.S. West Texas Intermediate crude was at $73.42 a barrel, up 75 cents, or 1%. Trade is expected to be subdued on Monday because of U.K. and U.S. holidays. Gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal. Spot gold was down 0.1% at $1,944.09 per ounce by 0252 GMT, hovering near two-month lows hit on Friday. U.S. gold futures were listless at $1,943.30.
Roodeweg 222, Willemstad, Curaçao