Shares set for a cautious start; Wall Street rallies; ASIC issues stop order for Humm BNPL; Fisher & Paykel profit slumps; Nvidia upbeat AI outlook; RBNZ eases lending rules; $A at seven-month lows; retail sales ahead.
U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government’s $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.
The deal would specify the total amount the government could spend on discretionary programs like housing and education, according to a person familiar with the talks, but not break that down into individual categories. The two sides are just $70 billion apart on a total figure that would be well over $1 trillion, according to another source.
The two sides met virtually on Thursday, the White House said. Biden said they still disagreed where the cuts should fall. It is unclear precisely how much time Congress has left to act. The Treasury Department was warned that it could be unable to cover all its obligations as soon as June 1, but on Thursday said it would sell $119 billion worth of debt that will come due on that date, suggesting to some market watchers that it was not an iron-clad deadline.
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