Overview
- Senators approved a stopgap that extends current funding to the end of January, and the House was scheduled to vote on the measure Wednesday night.
- If the bill clears the House, the shutdown of more than 40 days would end once the president signs it.
- Equities rallied on the expected resolution, with Paris’ CAC 40 setting an intraday record at 8,280.97 and the Stoxx Europe 600, London and Madrid also reaching highs.
- Investors rotated out of large technology names into banks, leisure, energy and luxury, and anticipate the return of delayed U.S. data that would improve policy visibility.
- The shutdown has delayed official statistics, left over one million federal employees unpaid, disrupted services and flights, and is estimated to have cost about $18 billion.