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HomeBusinessUS Senate reaches deal, averting government shutdown - Live news update.

US Senate reaches deal, averting government shutdown – Live news update.

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In Asia today, the Dubai Financial Market is hosting its third international investor roadshow in Singapore. The exchange aims to tap into the growing capital markets in Dubai and attract global investors. Meanwhile, the ABS Asia conference in Hong Kong will feature Howard Lee, the deputy chief executive of the Hong Kong Monetary Authority, as a keynote speaker. Additionally, the two-day Fintech Festival will open in Bangkok, and economic data including Australian inflation figures, Chinese industrial profits, and Japanese machine tool orders will be released.

In the US, the Senate has reached a funding deal to avoid a government shutdown, which would keep the government funded until mid-November. The agreement includes funding for the Ukraine war effort and disaster relief for areas affected by wildfires and floods. However, the measure still needs approval from the Republican-controlled House of Representatives. On the retail front, Costco has stated that retail theft is not a major issue for the company and emphasized its low levels of shrink. This comes as Target announces the closure of nine stores due to high levels of theft and organized retail crime.

In legal news, a New York judge has ruled that Donald Trump, his sons, and his business organization are liable for inflating the value of properties and golf courses, calling their activity fraud. The ruling was issued ahead of a trial brought by the New York attorney-general. Finally, global equities experienced a sell-off as investors prepared for the likelihood of prolonged high interest rates. The S&P 500 and Nasdaq Composite both closed at their lowest levels since June, with traders adjusting their expectations for future rate cuts by the Federal Reserve.

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