Australian Market

Australia’s S&P/ASX 200 closed 0.1% higher amid strength in commodity stocks. New Zealand’s NZX-50 closed flat. The benchmark index continued, on a technical level at least, the recent uncertainty in the lead up to the federal government’s budget announcement later this week.

US Market 

U.S. stocks edged higher as investors monitored debt-ceiling negotiations, coming off two consecutive losing weeks for the S&P 500. The S&P 500 added 0.3%. The Dow Jones Industrial Average ticked up 0.1%, and the tech-heavy Nasdaq Composite Index rose 0.7%. “Everyone is on tenterhooks with regard to the debt ceiling,” said Jon Maier, chief investment officer at Global X ETFs. “There seems to be rays of hope, but there’s still no clear path to avoid technical default.”

Commodities

Meanwhile, gold prices finished higher as investors looked to debt-ceiling talks this week that may or may not yield a resolution. June gold climbed by 0.1% to settle at $2,022.70 an ounce on Comex, FactSet data show. “Focus this week is on the U.S. debt-limit extension talks between the White House and Congress,” said Jim Wyckoff, senior analyst at Kitco.com.

Oil Futures

Oil futures ended higher on the heels of three consecutive session declines and a fourth-straight weekly loss for U.S. and global benchmark crude prices. West Texas Intermediate crude for June delivery rose 1.5% to settle at $71.11 a barrel on the New York Mercantile Exchange. July Brent crude, the global benchmark, rose 1.4% to finish at $75.23 a barrel on ICE Futures Europe.

Analysts said optimism over a potential deal to raise the U.S. federal government’s debt limit and avoid a first-ever default, the potential for the Biden administration to soon repurchase oil for the U.S. Strategic Petroleum Reserve, and the continued shutdown of a key Middle East oil pipeline helped to buoy oil.

Asian Markets

In Asian trading, Japan’s Nikkei Stock Average rose 0.8%, with gains relatively broad-based. Chinese shares ended higher ahead of key economic data for April. The Shanghai Composite Index and the Shenzhen Composite Index each ended 1.2% higher and the ChiNext Price Index advanced 2.1%.