Positivity it likely to drift into the market today as Democrat and Republican Senate leaders made progress in talks on a deal to postpone the debt ceiling limit. The agreement is set to suspend the debt limit through February 2014, funding the government to January and require a House-Senate budget conference in December.
Asian stocks rose on the news with the regional index heading for a five-month high after Senate leaders said they’re optimistic they will forge a deal before the 17th October deadline. Gold swung between gains and losses as investors digested the likelihood of a deal being reached.
Brent crude continued its decline for a third day as talks continued with Iran on the country’s nuclear program which could help ease sanctions that have restrained oil exports from the Persian Gulf producer.