Global markets are primed for a relief rally after US negotiators agreed to a tentative deal over the weekend to resolve a debt crisis that has battered risk sentiment in recent weeks.
President Joe Biden and House Speaker Kevin McCarthy voiced confidence that their tentative debt-ceiling deal will pass Congress and reach the president’s desk for signature, averting a historic US default.
With President Recep Tayyip Erdogan sealing a comfortable reelection victory on Sunday, investors’ focus now shifts to appointment of a new cabinet that could signal revisions to an economic policy mix many view as unsustainable.
Getting a US debt-limit deal is one thing. Overcoming entrenched political divisions and time-consuming procedural hurdles to pass the legislation before a June 5 default deadline is another challenge altogether.
Turkish President Recep Tayyip Erdogan sealed an election victory that appeared unlikely just weeks ago, raising the prospect of more friction with Western governments and more uncertainty for investors.
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