Stock market today: World shares decline on worries over US debt; Germany slips into recession

Shares are mostly lower in Europe and Asia as investors watch for signs of progress on a deal to avert a default on U.S. government debt. Germany slipped into recession as its economy contracted 0.3% in the first quarter of the year. U.S. futures were mixed and oil declined. Tokyo was one of the few markets that advanced, as investors bet on higher returns from Japanese companies. On Wednesday, the S&P 500 lost 0.7% after House Speaker Kevin McCarthy said Republicans and Democrats remain far apart in talks on raising the debt ceiling to prevent the once-unthinkable prospect of a default on the U.S. government’s debt.