Proactive Investors - The FTSE 100 is expected to open a touch higher on Tuesday as markets in the UK and the US return after the long weekend.
Spread betting companies are calling London’s lead index up by around 5 points.
In the US, Republican and Democratic leaders are looking to secure congressional support for the debt ceiling deal brokered over the weekend aimed at avoiding a catastrophic US debt default.
The bill, finalised on Sunday by US President Joe Biden and House Speaker Kevin McCarthy after weeks of frantic talks, faces opposition from the progressive and hard-right wings of their respective parties.
Biden told reporters on Monday that he felt “very good” about the deal’s prospects in Congress. “I’m confident that we’ll get a vote in both houses, and we’ll see,” he said.
In the UK, shop price inflation accelerated in May to a new peak, although food price inflation decelerated despite remaining at an elevated level.
According to the latest British Retail Consortium-NielsenIQ tracker, shop price inflation increased to 9.0% in May, on an annual basis, up slightly from 8.8% in April. This is above the three-month average rate of 8.9% and takes shop price growth to a fresh high.
In Asia on Tuesday, the Nikkei 225 index was up 0.3%. In China, the Shanghai Composite was down 0.6%, while the Hang Seng index in Hong Kong was down 0.4%.