With Default Threatening and a Wall Street Tech Surge, US Debt Ceiling Deal Looms: ASX Prepares for a Decreased Start.

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Tech News Summary:

  • The US government is closer to raising the debt ceiling after negotiations between President Joe Biden and Speaker of the House of Representatives Kevin McCarthy
  • Tech stocks performed well on Wall Street, led by Nvidia’s positive quarterly revenue forecast and increased supply for AI chips
  • The ASX is expected to open lower for its last trading session of the week, with a watch on how other markets around the world will perform

In the US, negotiations to raise the debt ceiling are reaching a critical point as the country faces a potential default on its debt. Democratic and Republican leaders have been in talks to find a solution to lift the debt limit, which was reached in July. The Treasury Department has warned that if the limit is not raised by October 18th, the US could face a catastrophic default. Meanwhile, Wall Street is experiencing a surge in tech stocks as investors continue to show confidence in the sector. This bullish sentiment is expected to continue on the Australian Securities Exchange (ASX), although experts are predicting a lower open due to uncertainty surrounding the debt ceiling negotiations. Investors are advised to monitor developments closely as they could have significant impacts on the global economy.

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