SYDNEY : Asian stocks and Wall Street futures struggled on Monday as U.S. debt ceiling negotiations approached crunch time after stalling last week, while lingering banking fears and fresh geopolitical worries also capped sentiment.
"In the art of brinkmanship, it feels that to get a deal we must see greater market volatility," said Chris Weston, head of research at Pepperstone. "Only a 1-month long impasse post the X-date is likely to cause a tightening of financing conditions sharp enough that it causes the dollar to rally strongly," said Pingle.
The Fed chief also flagged that after a year of aggressive rate increases, officials can afford to make"careful assessments" of the impact of rate hikes on the economic outlook, a stance that was viewed as dovish by markets. Meanwhile, regional U.S. bank shares continued to fall on Friday, as Treasury Secretary Janet Yellen reportedly warned that more mergers may be necessary after a series of bank failures.
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