CAPITAL MARKETS

ASX likely to open lower

Debt ceiling negotiations in the US the focus for investors

Staff reporter
ASX likely to open lower

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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