Asia-Pacific markets are largely higher after U.S. President Joe Biden signed into law a debt ceiling bill that allowed the U.S. to avert defaulting on its financial obligations over the weekend.
The compromise debt ceiling bill passed the Senate by a 63-36 margin Thursday evening, winning enough support from both parties to overcome the chamber’s 60-vote threshold to avoid a filibuster. On Wednesday, it moved through the House after about 72 hours, passing 314-117.
In Japan, the Nikkei 225 surged 2.2% above the 32,000 mark for the first time since 1990 to close at 32,217.43. The Topix was 1.7% higher and closed at 2,219.97.
Oil futures also surged as the Organization of the Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia’s decision to cut oil production by another million barrels per day.
South Korea Kospi inched up 0.54%, ending the day at 2,615.41 and extending its Friday rally. The Kosdaq gained 0.26% to finish at 870.28.
Australia’s S&P/ASX 200 was up 1%, ending at 7,216.3 and recording its third straight day of gains, ahead of the country’s central bank rate decision tomorrow.
Hong Kong’s Hang Seng index saw a 0.88% gain on Monday, extending its rally from the 4% gain recorded in Friday’s session. Mainland China markets were more mixed, with the Shanghai Composite up marginally to end at 3,232.44 and the Shenzhen Component declining 0.48% to end at 10,946.08.
In the U.S. on Friday, all three major indexes gained over 1%, with the Dow Jones Industrial Average jumping 2.12% for its best day since January.
The S&P 500 climbed 1.45%, while the Nasdaq Composite advanced 1.07%, reaching its highest level since April 2022 during the session.
This article was originally published by CNBC.