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Biden Assures Debt Limit Will Be Met, Dismisses China’s Victory Over Canceled Trip

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Advertisement President Joe Biden speaks Wednesday about debt-ceiling negotiations in the Roosevelt Room of the White House. Biden said he is “confident” a deal can be reached with Republicans leaders to avert a potentially catastrophic default, which could come as early as June 1. AFP via Getty Images Email icon Facebook icon Twitter icon Linkedin icon Flipboard icon Print icon Resize icon Referenced Symbols Advertisement SPX +1.19% DJIA +1.24% President Joe Biden sounded upbeat Wednesday as a divided Washington continued to work on achieving a bipartisan deal that raises the ceiling for federal borrowing and avoids a market-shaking default.

“I’m confident that we’ll get the agreement on the budget, and America will not default,” Biden said during a brief speech at the White House.

“We’re going to continue these discussions with congressional leaders in the coming days until we reach an agreement, and I’ll have more to say about that on Sunday,” the president also said, adding that he planned to hold a news conference on Sunday.

Biden’s remarks came shortly before his departure for a Group of Seven summit in Japan, and after both the president and House Speaker Kevin McCarthy sounded positive about their second debt-limit meeting, which took place Tuesday.

Biden said on Wednesday that he’s cutting his Asia trip short to be there for final negotiations and to be able to sign a deal. He promised to be “in constant contact” with his staff while he’s at the G-7 summit and “in close touch” with McCarthy and the other top U.S. lawmakers.

In addition, the president said he didn’t think the curtailing of the upcoming trip was a win for China.

“We’re still meeting. We still have four good allies,” he told reporters, referring to his plans to talk to members of the Quad — meaning the leaders of Australia, India, Japan and the U.S. — during the G-7 summit.

Biden said he plans to speak or meet with Chinese President Xi Jinping at some point, saying that will happen “whether it’s soon or not.”

Earlier Wednesday, McCarthy told CNBC, “I think at the end of the day we do not have a debt default.”

On Tuesday, the California Republican said the “structure of how we negotiate has improved,” because the president has appointed White House staff to talk with the speaker’s team, rather than involving all four top U.S. lawmakers.

Biden remarked on that development Wednesday.

“We narrowed the group to meet and hammer out our differences,” he said. “In fact, they met last night. They’re going to be meeting again today.”

U.S. stocks SPX, +1.19% DJIA, +1.24% traded higher Wednesday, as investors remained focused on the debt-ceiling talks.

MarketWatch’s Robert Schroeder contributed to this report.

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Harry and Meghan’s Near-Disastrous New York Car Chase

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Prince Harry and Meghan Markle were involved in a car chase while being followed by photographers in New York. The couple’s office said the chase resulted in multiple near collisions involving other drivers, pedestrians, and two NYPD officers. They called the incident “near catastrophic” and said it should never come at the cost of anyone’s safety. The incident brings to mind the tragic death of Harry’s mother, Princess Diana, who died in a car crash in 1997 while being pursued by paparazzi in Paris. The couple is set to appear at the One World Trade observatory in New York in September 2021.

Cisco Systems Earnings Beat, But Share Price Falls on Weak Enterprise Orders; Analysts Worry About Real Demand

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Cisco Systems (NASDAQ:CSCO) reported better-than-expected third quarter results, but shares fell 2% in pre-market trading. The company posted an EPS of $1.00, beating the consensus estimate of $0.97, and revenue grew 14% year-over-year to $14.6 billion, beating the consensus estimate of $14.4B. Product orders declined 23% year-over-year, however, and total software revenue grew 18%.

Total annualized recurring revenue (ARR) increased 6% year-over-year to $23.8B, with product ARR up 10%. Remaining performance obligations (RPO) increased 6% year-over-year to $32.1B, with product RPO up 9%.

For Q4/23, the company expects EPS in the range of $1.05-$1.07, compared to the consensus of $1.04. Revenue growth is expected in the range of 14%-16% year-over-year, which implies sales of $15.07B at the midpoint of the guidance. For the full year, Cisco raised its EPS guidance to the range of $3.80–$3.82, from the prior $3.72-3.78 range.

Some analysts were disappointed that Cisco didn’t raise the revenue growth ceiling outlook. Goldman Sachs analysts said orders miss creates uncertainty into underlying demand. Rosenblatt analysts commented that Cisco is not the networking stock they want to own, but they expect Cisco’s order performance to improve from -23% y/y in 3Q23.

Overall, Cisco’s Q3 results were better than expected, but investors remain cautious about the company’s outlook for the future.

European Markets Rise on U.S. Debt Ceiling Hopes; BT Group Shares Drop

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European stock markets traded higher Thursday, with investors optimistic of a deal to lift the U.S. debt ceiling while awaiting comments from ECB chief Christine Lagarde. Investors have been buoyed by the apparent determination of President Joe Biden and top U.S. congressional Republican Kevin McCarthy to reach an agreement soon. The drama has been unfolding for weeks, since the government officially hit the ceiling of $31.4 trillion in January.

In the corporate sector, BT Group (LON:BT) stock slumped 8% after the telecoms giant announced plans to cut between 40,000 and 55,000 jobs by the end of the decade. Burberry (LON:BRBY) stock fell 6.6% with investors taking profits even after the luxury fashion brand reported an increase in full-year revenue and sales. Deutsche Bank (ETR:DBKGn) stock rose 0.7% after the German lender agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein.

Oil prices retreated Thursday, handing back some of the previous session’s solid gains as markets awaited more news on the potential lifting of the U.S. debt ceiling. Crude prices rallied over 3% on Wednesday on optimism that a deal on raising the U.S. debt limit could shortly be reached. By 04:10 ET, U.S. crude futures traded 0.5% lower at $72.47 a barrel, while the Brent contract dropped 0.5% to $76.60. Additionally, gold futures fell 0.4% to $1,975.35/oz, while EUR/USD traded 0.2% lower at 1.0814.

Debt Restructuring Not a Cure-All for Chinese Developers as Difficulties Loom

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Chinese private developers are facing a difficult road ahead as they attempt to restructure their debt and revive their fortunes. A shrinking land bank and sluggish property demand are likely to hamper their plans, according to five developers and restructuring advisers. This could necessitate a second round of debt restructuring eventually at some of the developers.

The crisis has drained developers’ liquidity, resulting in many defaults. More are expected to announce their offshore debt restructuring terms in the coming months, which will include longer maturity extensions, lower coupons, and converting some debt into equity.

The revival, however, seems to be uncertain as both the broader economy and the property sector are stumbling. Moreover, the private developers are staring at lower potential future revenues as they are unable to build on their land banks due to their precarious financial positions.

Creditors prefer to swap part of the debt into equity in such deals, but this means the company’s debt will not be lowered to a meaningful level to run a healthy future business. A higher equity base will also raise the risk of developers falling into negative equity.

Despite all the uncertainties and concerns, developers and creditors said they would like to close the restructuring chapter soon and move on. Only by completing a restructuring, they can talk to clients and banks and pretend things are back to normal.

Equities in North Asia to Benefit from China’s Reopening and Earnings Recovery – Investors

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North Asian equity markets are expected to outperform the broader region this year, driven by China’s reopening and a post-pandemic recovery-led earnings rebound. Liquidity from easing monetary and fiscal policy, along with Asian central banks’ early victory on inflation, is expected to defend against an incoming downtrend, keeping North Asian equities resilient.

Grace Tam, chief investment officer-Asia at BNP Paribas Wealth Management, expects North Asia to outperform this year. Abigail Yoder, U.S. equity strategist at J.P. Morgan Private Bank, is positive on Chinese equities, and expects returns to more likely come from corporate earnings than valuations. Goldman Sachs sees the north versus south disparity in Asia as a top investment theme in 2023.

North Asia will also benefit from the U.S. and EU economies holding up better than was feared 12 months ago, alongside the rise of artificial intelligence. Herald van der Linde, head of equity research at HSBC, said many firms in Korea and Taiwan benefit from increased demand for chips and cloud services.

Overall, North Asian equity markets are expected to remain resilient and outperform the broader region this year, driven by China’s reopening and a post-pandemic recovery-led earnings rebound.

White Fang 1937 Czech Radio Adaptation Restored for 100th Anniversary

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Twelve years ago, Miloslav Turek made a remarkable discovery in the radio archives: recordings of a 1937 dramatization of the novel White Fang. The recordings were bent out of shape from years of being stored incorrectly, but miraculously, they evened out over time, allowing the recording to be played once again.

The recordings look like gramophone records, but are played from the middle to the outer edge. After being re-wound, put together and edited, the recording has now been digitised and will be available for people to listen to on the Czech Radio website.

This 1937 dramatization is the oldest surviving radio play in Czechia. Although the first radio plays were recorded in the 1920s, none of these have survived. And, says Mr Turek, no older ones are likely ever to be found.

What makes this recording even more special is that it was broadcast live. It premiered in 1937, on 4 December at 8.15pm and was recorded from a live broadcast on a total of 14 sides, so roughly 3 minutes on each side.

This remarkable discovery is a unique piece of history that will be treasured for years to come.

Request from BIS for Authorization to Interrogate Former Office Director

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The Czech counterintelligence service BIS has asked President Petr Pavel to allow the former head of the presidential office, Vratislav Mynář, to be released from his obligation of confidentiality. This request comes after the leaking of confidential information from BIS to the presidential office.

Former president Miloš Zeman was already questioned in connection with this case at the end of January. However, he refused to sign the same request from the counterintelligence service asking for Mr Mynář to be released from his obligation of confidentiality shortly before the end of his tenure as president.

If the president signs off on this request, Mr Mynář will likely be questioned about the leaking of confidential information. It remains to be seen if President Petr Pavel will grant the request from the counterintelligence service.

Soňa Červená, Noted Czech Opera Vocalist, Passes Away at 97

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Czech mezzosopranist Soňa Červená has passed away at the age of 97. Born in 1925, Červená began her career in the interwar avant-garde Prague Free Theatre period, performing alongside Jiří Voskovec and Jan Werich. She went on to work at the National Theatre in Prague during the 1950s, before emigrating to Berlin in 1958.

Červená worked as a performer at the Berlin State Opera and the opera house in Frankfurt until the 1990s, and also performed regularly in the United States. She received the prestigious Thalia Award in 2004 and performed at the National Theatre in Prague as late as 2010.

Červená’s family was persecuted by both the Nazis and the Communists, yet she persevered and achieved great success in her career. She will be remembered as a great artist and a symbol of resilience.

ing the Storm Riding Out the Tempest

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Tuesday is set to be a beautiful day with plenty of sunshine and mild temperatures. According to the forecast, the day will be largely sunny with temperatures reaching up to 17 degrees Celsius.

This is the perfect weather for outdoor activities such as going for a walk, having a picnic, or playing sports. It’s also a great opportunity to get some fresh air and soak up some Vitamin D.

If you’re looking for something to do, why not take advantage of the sunny weather and plan an outdoor activity? Whether it’s a hike, a bike ride, or a game of frisbee, you’re sure to have a great time.

So, make the most of Tuesday’s sunny weather and get outside! Enjoy the sunshine and the mild temperatures while they last.