OpenAI CEO Sam Altman said on Friday that the corporation is not planning on leaving Europe and areas of the European Union, contrasting a threat made earlier in the week to exit the region if it becomes difficult to comply with stringent artificial intelligence laws. The European Union is drafting a first set of global rules to govern artificial intelligence and Altman believes that the current draft is “over-regulating”.

MACROECONOMIC DATA ANALYSIS

U.S. President Joe Biden and top Congress Republican Kevin McCarthy have reached a tentative deal to suspend the federal government’s debt ceiling of $31.4 trillion, which has put an end to a stalemate which lasted for months. “"I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we've come to an agreement in principle that is worthy of the American people,” tweeted McCarthy.

Poland is intending to raise the minimum wage twice in 2024 to aid the European nation’s people in coping with high inflation, according to statements made by Family and Social Policy Minister Marlena Malag. Cost of living in Poland has been growing significantly during the past several months, with inflation hitting 18.4% in February on a year-on-year basis, which represents the highest point in more than a quarter of a century.

CURRENCIES

The U.S. dollar remained steady on Friday and has recorded its third consecutive weekly gain as market participants and speculators become more certain that the Federal Reserve will hike interest rates once again to tame inflation and economic hardship. The dollar index, which tracks the greenback against other major currencies, inched 0.01% lower to 104.165.

GOLD

Gold prices remained robust on Friday’s trading session, despite a strong dollar greenback which typically weighs down on the bullion, recording a third consecutive weekly loss. Investors and traders are expecting more Federal Reserve interest hikes, boosting gold futures by 0.12% to $1,946 per ounce.

OIL

Oil prices rocketed on Friday, ending the week on a high note after U.S. President Joe Biden and top Congress Republican Kevin McCarthy reached a tentative deal on scrapping the $31.4 trillion U.S. debt ceiling. Brent futures surged 1.13% to $77.12 a barrel, while WTI futures soared 1.45% to $72.87 per barrel.

INDICES

USA: S&P500 +1.30%, Dow Jones Industrial Average +1.00%, Nasdaq Composite +2.58%

Europe: FTSE 100 +0.74%, DAX +1.20% CAC 40 +1.24%

Asia: Nikkei 225 +0.37%, Hang Seng -1.93%, CSI 300 +0.01%, Nifty 50 +0.97%