Markets Are Down After Last-Minute Deal

As expected,
Congress passed and President Obama signeda deal to end the government shutdown and raise the debt ceiling.

While the deal is a relief, it appears largely priced into the markets, which are mostly down around the world.

Britain’s FTSE is down 0.1%.

France’s CAC 40 is is down 0.2%.

Germany’s DAX is down 0.2%.

Italy’s FTSE MIB is is down 0.4%%

Spain’s IBEX is is down 0.2%.

Japan’s Nikkei closed up 0.8%.

Meanwhile U.S. futures are down slightly.

It’s worth noting that the deal only delayed problems rather than ending them.

“In testimony to the efficiency of the US government, the Congress avoided a default with hours to spare (well, more than one hour to spare),” said UBS’s Paul Donovan. “There was the dull clunk of the can hitting the road sometime in January (shutdown) or February (debt ceiling) but we must not expect too much.”

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