Stock market today: Asian stocks follow Wall St higher on hopes for US debt deal

Asian stock markets have followed Wall Street higher on hopes U.S. political leaders can reach agreement to avoid a potentially disastrous default on government debt. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices edged lower. Wall Street rallied after President Joe Biden expressed confidence “America will not default” despite lack of agreement between Republicans and Democrats in Congress on raising the total amount the government is allowed to borrow. Speaker Kevin McCarthy of the House of Representatives said the two sides were far apart but could reach a deal by the end of the week.