FirstFT: US House passes debt ceiling bill

The US Home of Representatives introduced the nation nearer to averting a default final evening after it accredited an important invoice to lift the debt ceiling.

In a significant victory for Republican Home Speaker Kevin McCarthy, the Home voted 314-117 in favour of the invoice, after 165 Democrats sided with 149 Republicans and allowed him to see off a revolt from some members of his personal celebration.

Ultimately, 71 Republicans voted in opposition to the measure, a lot of them members of the hardline Home Freedom Caucus.

The invoice will now be despatched to the Senate, which can even must approve the measure to ensure that it to be signed into legislation by President Joe Biden and go into impact forward of a June 5 deadline.

Listed below are two analyses I like to recommend on what the bipartisan deal means for the 2 males who crafted it:

Kevin McCarthy: When he gained the speakership in January, there have been doubts over whether or not he may management his celebration. Yesterday, McCarthy defied his critics, writes James Politi.

Joe Biden: The drama has barely dented the president’s agenda, writes Edward Luce, with Republicans popping out of the fiscal brinkmanship with little to indicate for it.

Right here’s what else I’m conserving tabs on immediately:

Conferences on Ukraine: International ministers in Nato meet in Oslo to debate the conflict, whereas almost 50 leaders are in Moldova, simply 8km from a Russian-controlled separatist enclave, for the European Political Neighborhood summit.

European Central Financial institution: President Christine Lagarde speaks at a convention in Hanover, and the financial institution publishes accounts of final month’s coverage assembly. The ECB additionally marks its twenty fifth 12 months because it changed the European Financial Institute.

Financial knowledge: S&P World publishes its manufacturing buying managers’ indices for the EU, UK and US, and eurozone inflation is predicted to chill when figures are launched immediately.

Outcomes: Auto Dealer, Broadcom, Dell Applied sciences, Greenback Normal, Dr Martens, Macy’s, Pennon and Rémy Cointreau report.

5 extra high tales

1. Unique: The EU is engaged on a four-year multibillion euro financing plan for Ukraine after allies final 12 months criticised the bloc’s haphazard and unpredictable monetary help for Kyiv, the place public funds are underneath immense pressure due to Russia’s conflict. Learn the complete story.

2. Unique: A C$400bn Canadian pension fund has stopped making non-public offers in China and is closing its Shanghai workplace, following different giant traders in dialling again exercise on this planet’s second-largest financial system. Learn extra concerning the transfer by Caisse de dépôt et placement du Québec.

The FT View: China’s rebound is faltering, however the structural challenges its financial system faces are far deeper and longer-term, writes the Monetary Occasions editorial board.

3. Opec has barred a number of main media teams from attending its essential manufacturing assembly, with reporters from Reuters, Bloomberg Information and The Wall Avenue Journal denied invites to the occasion on the oil group’s headquarters in Vienna. The transfer is uncommon for Opec, with headlines from its conferences having the potential to maneuver oil costs.

4. A future UK authorities ought to undertake a “basic coverage” of aligning with EU guidelines to enhance post-Brexit commerce, an unbiased cross-party enterprise group has mentioned. The advice was one among 114 proposals made in a report by the UK Commerce and Enterprise Fee yesterday.

5. The earth is already previous secure limits for people as temperature rise, water system disruption and destruction of pure habitats have reached boundaries, a research by a gaggle of the world’s foremost scientists has discovered. Listed below are extra particulars from the analysis revealed in Nature yesterday.

The Massive Learn

Over the previous 5 many years, the tempo of progress within the expertise trade and merchandise such because the iPhone have been made doable solely as a result of semiconductors have been capable of get tinier and tinier. However consultants warn that this steady feat will quickly run into the elemental limits of physics, elevating an enormous query: how small can chips get?

We’re additionally studying . . . 

Chart of the day

Regardless of considerations over rising rates of interest and the well being of the world’s largest financial system, the $1.4tn US junk bond market is trying surprisingly resilient. Central to its relative power is the shortage of provide.

Take a break from the information

Meet the lady dressing Gen Z. Sofia Prantera created streetwear label Aries as a transfer into denim with a extra high-fashion providing. Vogue author Kate Finnigan explains how Aries gained a cult following with younger individuals.

Further contributions by Emily Goldberg and Ben Wilhelm