Asia markets rise as Wall Street lifted by hopes of debt ceiling deal

Asia-Pacific markets are set to rise on hopes of U.S President Joe Biden and congressional leaders inching closer to a deal to raise the U.S. debt ceiling and avoid a default.

House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.” Biden shortened his trip to Asia to focus on the negotiations, the White House said.

In Japan, the Nikkei 225 is expected to maintain levels above the 30,000 mark, with the futures contract in Chicago at 30,505, and its counterpart in Osaka at 30,520 against its last close at 30093.59. Japan’s trade balance for April will be released later in the day.

Stocks in Australia were also set to rise, with futures for the S&P/ASX 200 at 7,260, compared to the index’s last close of 7,199.2. The economy will publish its unemployment figures for April. Economists polled by Reuters expect the country’s unemployment rate to hold steady at 3.5%.