Investors React to a Surprising Deal on the U.S. Debt Ceiling
This is what you need to know before the bell:
1. Global markets were given a surprise slice of support late Wednesday in the form of a three-month agreement on the U.S. debt ceiling between President Donald Trump and Democratic lawmakers. If passed by the Republican-controlled House of Representatives, it would suspend the ceiling until December 15 and avoid an unprecedented default on U.S. Treasury bonds, as well as a broader government shutdown.
2. The city of Miami is preparing for its largest evacuation in more than a decade Thursday as the U.S. National Hurricane Cents warned that Irma, potentially the most powerful storm to hit the American mainland since 1992, is maintaining its category 5 wind speed as it bears down on the south Florida coast.
3. European investors are setting up for the September rate decision and press conference from the ECB later today in Frankfurt amid some speculation that President Mario Draghi could offer the first definitive signal of a wind-down in the Bank's €60 billion program of quantitative easing.
4. U.S. equity futures are suggesting a pullback from yesterday's closing levels, perhaps linked to the looming human and economic damage that a triple-threat of Hurricanes, including the category 5 Irma, could bring to the southeast United States later this week as they bear down on the Florida and south Texas coasts.
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