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World Today: Key News Highlights for the Day

Asian Stock Markets Rise as US Debt Ceiling Agreement Reached

Asian stock markets opened on a positive note today, with the Nikkei index in Tokyo leading the gains with an opening increase of more than 2%. The surge came after US President Joe Biden and Speaker of the US House of Representatives, Kevin McCarthy, reached a final agreement to raise the debt ceiling. This crucial step paves the way for the debt ceiling increase bill to move forward in Congress before the impending US government debt default deadline, known as the X-date, set for June 5.

President Biden and Speaker McCarthy expressed confidence that Congress will approve the deal to raise the debt ceiling in a vote scheduled for Wednesday, May 31, and subsequently be signed into law by President Biden. This agreement aims to avert a historic default on US debt.

Preliminary Results Show President Erdogan’s Victory in Turkish Presidential Election

Initial results of the Turkish presidential election indicate that President Recep Tayyip Erdogan has secured a victory, leading over his competitor Kemal Kilikdaroglu from the opposition party.

US Markets Closed for National Martyrs Day

US stock markets, as well as oil, gold, and commodity markets, remained closed today (May 29) in observance of National Martyrs Day, also known as Memorial Day.

China’s Tablet Shipments Surge by 38% in Q1 2023

According to data from technology market research firm Canalys, China experienced a significant increase in tablet shipments during the first quarter of 2023. Shipments rose by 38% year-on-year to reach 6.5 million units. Apple Inc. emerged as the market leader, more than doubling its shipments to 2.5 million units, while Chinese tech giant Huawei secured the second position with a 23% increase in shipments, reaching 1.1 million units. On the other hand, personal computer (PC) shipments in the same period recorded a decline of 24% year-on-year, totaling 8.9 million units, with major PC shipments dropping by 24% to 3.3 million units.

Ford Stock Surges After Deal with Tesla on Car Charging Stations

Shares of Ford Motor Company and Tesla Inc surged by over 7% on Friday following Ford’s announcement of a deal allowing owners of Ford electric vehicles (EVs) to use Tesla’s car charging stations, known as Superchargers, across North America. Ford CEO Jim Farley stated that Tesla’s Supercharger network could become the standard for EV charging in the United States.

US Economy Projected to Grow 1.9% in Q2 2023

The Federal Reserve Bank of Atlanta’s latest GDPNow forecast model indicates that the US economy is expected to grow by 1.9% in the second quarter of 2023. This follows an expansion of 1.1% in the first quarter. The Atlanta Fed will release an updated GDPNow forecast on June 1.

Key US Economic Data in Focus

Investors are closely monitoring significant US economic data this week, including the Federal Reserve’s Beige Book summary of economic conditions, April job openings and labor turnover (JOLTS) figures, May private payrolls figures from ADP, and non-farm payrolls figures for May. These indicators will provide valuable insights into the current state and trajectory of the US economy.

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