Benzinga | Oct 17, 2013 09:29AM ET
Congress made a last minute deal with just hours to go before the budget deadline and avoided a sovereign default.
The US government agreed to a bill which will reopen the Federal government until January 15 and extend the nation’s borrowing authority until February 7, meaning markets may be dealing with another budget battle in just a few months.
Asian markets cheered the deal, but US stock index futures slipped after investors seemingly bought on the rumor and sold on the fact.
Most of the attention has shifted away from the deal itself and onto the backlog of US data which will flood the markets now that the shutdown has been lifted. Several important economic indicators, including September payrolls, will be eagerly anticipated for a clearer picture of the US’ economic health.
Top News
In other news around the markets:
Asian Markets
Asian markets were higher on the US budget deal, the Japanese NIKKEI was up 0.83 percent and Indonesia’s JSX composited gained 0.50 percent. The NZ50 was up 0.36 percent and the ASX 200 gained 0.38 percent.
European Markets
Europe’s markets got off to a rough start on Thursday, the UK’s FTSE was down 0.56 percent and the eurozone’s STOXX 600 lost 0.49 percent. The German DAX lost 0.76 percent and Italy’s MIB was down 0.86 percent.
Commodities
Brent futures were up 0.82 percent and WTI futures were down 0.45 percent. Gold and silver were little changed and industrial metals were mixed with copper down 0.67 percent and aluminum up 0.11 percent.
Currencies
The dollar slipped on Thursday, the euro gained 0.69 percent against the American currency and the pound was up 0.73 percent against the dollar. The yen also gained against the greenback, up 0.80 percent.
Earnings
Notable earnings released on Wednesday included:
Pre-Market Movers
Stocks moving in the pre-market included:
Earnings
Earnings reports expected on Thursday include:
Economics
Economic releases expected on Thursday include US housing starts, British retail sales and the eurozone’s current account.
By Laura Brodbeck
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