Marcus Today Pre-Market Podcast – Tuesday 30th May

The US markets and London were closed overnight for Memorial Day holiday and Spring Bank Holiday. The US debt ceiling deal is now facing potential challenges as some members of the Republican party have expressed opposition to raising the US debt ceiling, which currently stands at $31.4 trillion, dampening optimism. Despite this, US equity futures showed modest gains, with cautious optimism prevailing that a default will be avoided.

In European markets, there was a general decline, primarily driven by the underperformance of tech and bank stocks. The STOXX 600 Index dipped by 0.1% after experiencing its strongest one-day gain in nearly two months on Friday.

Nvidia made an announcement on Monday regarding its plans to construct Israel's most powerful AI computer. This decision is in response to the increasing customer demand for AI applications. The new system is anticipated to become one of the fastest supercomputers worldwide.

HEADLINES

• European stocks slip as tech and banks drag.
• PwC Australia puts nine partners on leave, overhauls board amid tax leak scandal.
• Republicans speak out against US debt-ceiling deal.
• Biden says final US debt ceiling deal ready to move to Congress for vote.
• North Korea says it will launch its first military spy satellite in June.
• China rejects US request for a meeting between defense chiefs.
• Cathay Pacific nears Boeing 777-8F freighter order.
• GM Secures Financial Support for an EV Battery Plant in Quebec.

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