Sky News Business Editor Edward Boyd says local markets are up of about a point seven of a per cent in early trade after Wall Street finished higher overnight.

“It’s all thanks to Wall Street, and specifically the US Senate, which has raised the debt ceiling in the United States,” Mr Boyd said.

“There were fears the US government was going to default on its loans unless this debt ceiling was raised so overnight, the debt ceiling was raised by about half a trillion dollars.

“So, in America, the debt ceiling is now US$28.9 trillion, which is a phenomenal amount, and that will only let them pay off their bills by the 3rd of December, so they’re going to need to raise their debt ceiling again within the next month or so to continue paying off their debts.”

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