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Growing confidence Congress will pass a debt ceiling bill and avert a potentially calamitous default sent US shares broadly higher Thursday, with the S&P 500 and Nasdaq Composite indices both ending at their highest levels since mid-August. Fresh ISM data showed manufacturing activity contracted for the 5th consecutive month and price pressures eased significantly, reinforcing bets the Fed will pause the tightening cycle this month. As a result, Treasury yields fell, and tech shares got a boost. Attention is now likely to shift to the release of employment data on Friday that could influence the Federal Reserve’s next interest rate moves. Meantime, European equities rebounded from Wednesday’s two-month lows, with the Euro Stoxx 50 up 0.9% after data showed that inflation in the region cooled more than expected in May, raising hopes for a less hawkish ECB.
Summary for 01.06.2023
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