European stock markets are expected to open cautiously on Monday as negotiations surrounding the potential raising of the U.S. debt ceiling continue. President Joe Biden is due to meet House Republican Speaker Kevin McCarthy later in the day in an attempt to get discussions back on track. U.S. Treasury Secretary Janet Yellen has repeated that June 1 remains a “hard deadline” for raising the federal debt limit.
Positive news emerged from the G7 summit in Japan over the weekend, as Biden said he expects relations between the U.S. and Beijing to improve “very shortly.” Data showed that foreign investment in Germany remained stable in 2022 despite the difficult economic situation.
Oil prices retreated Monday, handing back some of last week’s gains amid caution over the ongoing U.S. debt ceiling talks. Gold futures fell 0.3% to $1,976.05/oz, while EUR/USD traded 0.1% higher at 1.0814. Ryanair posted a near-record profit in the year to end-March and the Irish airline said it was cautiously optimistic that profits would rise modestly in the next 12 months.