Futures on the Standard & Poor's 500 Index gained 1.5 per cent today, snapping a seven-day losing streak. Obama announced that leaders of both parties in the US House and Senate had reached a tentative bipartisan agreement to raise the debt ceiling, preparing to sell the deal to skeptical Republicans and Democrats ahead of possible on Aug. 2.
"The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default," Obama said in a speech from Washington.
In New York, the S&P 500 fell 0.7 per cent to 1292.28 on July 29 as economic growth trailed forecasts and investors awaited the outcome of negotiations to avoid a debt default.
A Chinese manufacturing index was higher than economists estimated in July, signaling the world's second-biggest economy is withstanding increased interest rates and tightened credit. The Purchasing Managers' Index was at 50.7 for July compared with 50.9 in June, the China Federation of Logistics and Purchasing said in a statement today. That was more than every forecast in a Bloomberg News survey of 13 economists. The median estimate was for a reading of 50.2.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.