President Joe Biden and House Speaker Kevin McCarthy reached an agreement to lift the US debt ceiling, bringing relief to Asian markets 

The agreement suspends the debt ceiling until January 1, 2025, and includes some curbs on federal spending 

Market sentiment improved with the news, leading to positive movements in Wall Street and Asian markets 

However, concerns persist as the agreement may face opposition from Democrats and Republicans 

Avoiding a US debt default is a significant relief for the global economy, preventing market turmoil 

The compromise agreement falls short of substantial spending cuts desired by conservatives and progressives