Oil prices rose over 2% on Friday (June 2) after the US Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fuelled hopes for a possible pause in Federal Reserve interest rate hikes.

Oil up over 2% after US debt deal and jobs data; focus turns to Opec+

US stocks closed higher on Friday (June 2) after a labour market report showing moderating wage growth in May indicated the Federal Reserve may skip a rate hike in two weeks, while investors welcomed a Washington deal that avoided a catastrophic debt default.

Wall Street ends up on jobs data, debt default averted

US stock indexes rose on Friday after jobs data showed a moderation in wage growth, boosting bets that the Federal Reserve will skip hiking rates this month, while investors cheered the country averting a catastrophic debt default.

The tech-heavy Nasdaq index touched its highest intraday level in over 13 months and headed for its sixth straight week of gains, its best streak since January 2020.

Wall St rises after jobs data; debt default averted

A weekly round-up of tanker and dry bulk market (June 2, 2023)

Baltic Exchange shipping updates: June 2, 2023

Shares of Verizon Communications Inc, AT&T Inc and T-Mobile US Inc declined on Friday after a report said Amazon.com Inc was in talks with the US telecom firms to offer low-cost wireless services to its Prime members.

Bloomberg News reported that Amazon was negotiating to get the lowest possible wholesale prices and could offer wireless plans for US$10 a month or lower to Prime members through these partnerships.

US telecom stocks fall on report Amazon in talks for wireless services

While a US default on its debt has been averted, the possibility of another credit rating downgrade still remains, as eleventh-hour debt ceiling negotiations have become an almost regular feature in recent US history.

The US Senate on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government's US$31.4 trillion debt ceiling, following months of bickering between Democrats and Republicans.

Risk of US downgrade still on the cards despite debt deal

JPMorgan Chase & Co's President and Chief Operating Officer Daniel Pinto said loan demand is declining at a time when regional and small banks are also tightening credit.

"There is no doubt that regional banks and smaller banks are building up liquidity, building capital, so they are lending a bit less," Pinto told investors on Friday. "I don't think that the big banks have really changed their lending standards...there is not a huge amount of loan demand in the first place."

JPMorgan president says loan demand declining, US economic slowdown weighs

The United States' "AAA" credit rating will remain on negative watch, despite a debt limit agreement that will allow the government to meet its obligations, Fitch Ratings said on Friday.

Fitch keeps US credit rating on negative watch despite debt limit deal

Argentina has signed a deal to renew and potentially expand its currency swap line with China, the South American country's central bank said in a statement on Friday, a boost to the indebted nation's dwindling foreign currency reserves.

The bank said that the two countries had agreed to renew the total 130 billion yuan (US$18.36 billion) swap line for three more years, and could double the freely accessible part of the swap from 35 billion yuan now to 70 billion yuan, some US$10 billion.

Argentina to renew, expand China currency swap line

CIA director William Burns visited China last month for talks with Chinese counterparts, a US official said on Friday as the Biden administration seeks to boost communications with Beijing.

CIA head visited China in May, met counterparts — US official

The new leader of the World Bank said the lender needs to speed up project-approval times that now stretch for two to three years as it works to address trillion-dollar global challenges such as climate change and inequality.

World Bank’s new chief Banga urges faster approvals and focus on climate change

Australian Prime Minister Anthony Albanese on Friday (June 2) called for greater engagement between the US and China, saying a breakdown in dialogue between the superpowers could have devastating consequences for the world.

Australia PM says breakdown in US-China relations would be devastating

Ukraine called on the European Union (EU) to stop a ban on exports of its crops to several Eastern European neighbours, arguing that the restrictions are a boon for Russia.

Ukraine urges EU to stop ban on crop exports to neighbours

General Motors Co and South Korea's Posco Future M said they will invest more to expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment in the plant to over US$1 billion RM4.58 billion).

GM, Posco Future M to boost investment at Canada battery materials plant

Double cover: EPF dispels impression it’s a rich man’s club + MAHB on making KLIA great again

Halal certification by Jakim does not cover animal feed

Anwar hopes conglomerates will support development of the arts

IOI Properties, Sime Darby Plantation, MAB, YTL Power, MR DIY, Southern Score Builders, SMTrack, Rex Industry, Bumi Armada, Yinson, Careplus, Citaglobal and Crest Builder

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