global stocks diverge amid scepticism over us deal
Last Updated : GMT 02:09:47
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Global stocks diverge amid scepticism over US deal

Arab Today, arab today

Arab Today, arab today Global stocks diverge amid scepticism over US deal

Washington - AFP

Stock markets fell in Europe but mostly rose in Asia on Thursday as sceptical investors weighed up a last-gasp deal to raise the US debt ceiling and avert a disastrous default. The dollar lost ground against the euro, but the yield on US Treasury 10-year bonds edged down. In late morning deals, London\'s FTSE 100 index dropped 0.44 percent to 6,542.43 points. Frankfurt\'s DAX 30 slid 0.69 percent to 8,784.70 points and the CAC 40 in Paris reversed 0.75 percent to 4,211.97 compared with Wednesday\'s closing values. However, Asian shares mostly rose after US lawmakers passed a last-minute bill to reopen the government and lift the country\'s borrowing limit, avoiding a devastating default that threatened to spark another global recession. Some investors breathed a sigh of relief as Republican and Democratic senators found a compromise after weeks of bitter rows on Capitol Hill that called into question Washington\'s credibility. However, the optimism was tempered by worries that the agreement -- which extends the US Treasury\'s borrowing authority until February 7 -- is only a temporary measure and problems could resurface within months. \"European equities are trading down this morning after a disappointing resolution to the US debt limit,\" Spreadex trader Alex Conroy told AFP. \"The initial euphoric surge in the markets in anticipation of and after the announcement has today lead to speculators closing out their positions while they can.\" Weighing damage to US economy CMC Markets analyst Michael Hewson said investors were reflecting \"on what damage has been done to the US economy and the effect on growth as well as company earnings on what has been a rather costly exercise\". The interest rate or yield on benchmark 10-year Treasury bonds was at 2.643 percent, down from 2.663 percent late on Wednesday in trading on the secondary market for debt already issued. The three-month rate, which had risen markedly as the deadlock dragged on into the last hours before a deadline for the agreement, also eased slightly to 0.09 percent from 0.11 percent before the settlement. The price of safe-haven gold meanwhile hit a one-week high point at $1,321.38 an ounce on the London Bullion Market, driven also by the weaker dollar which made the precious metal cheaper for holders of rival currencies. In foreign exchange activity, the European single currency rallied to $1.3646. That was the highest level since October 3 and compared with $1.3560 late in New York on Wednesday. Asian equities were broadly positive, with Tokyo closing up 0.83 percent, Seoul adding 0.29 percent and Sydney climbing 0.38 percent in value. But Hong Kong lost 0.57 percent and Shanghai closed down 0.21 percent as dealers also awaited Friday\'s release of China\'s third-quarter economic growth data. Global markets had been on tenterhooks over the US government impasse, which saw Democrats refuse to give in to Republican demands for a new budget to include cuts to President Barack Obama\'s flagship healthcare bill. But with just hours to go before a Thursday deadline to raise the debt ceiling, Senate party leaders reached an agreement to reopen a government that was shut down on October 1, while extending the debt ceiling until the new year. Congress passed the bill with cross-party support before it was signed by Obama in the early hours. Soon after the deal was announced Obama said: \"Once this agreement arrives on my desk, I will sign it immediately. \"We\'ll begin reopening our government immediately, and we can begin to lift this cloud of uncertainty and unease from our businesses and from the American people.\"

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