CAPITAL MARKETS

ASX likely to open lower

Debt ceiling negotiations in the US the focus for investors

Staff reporter

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Australian futures were down 11 points after the S&P 500 slid by more than 0.1%.

Debt ceiling negotiations continue to be the focus as the US negotiates to avoid defaulting on its debt.

According to Bloomberg, a "catastrophic default" could come as soon as June 1, while Treasury secretary Janet Yellen was quoted as saying the chances the US could pay its bills by mid-June was "quite low".

Gold rose on Friday to US$1981.60 an ounce. Palladium was the big mover in the precious metals space, jumping by more than 5%.

Base metals rose, with lead leading the charge with a 2.1% gain.

The MySteel 62% Australian iron ore fines price was down 1.4% to $107.75 per tonne.

Updated: 22-05-2023

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