Shares and crude oil spin as US debt deal faces first test by right-wing Congress    

Shares in the US and Europe — including in Frankfurt, London, and Dublin — went into sharp reversal after the $31.4tn US debt deal looked like failing its first test

US president Joe Biden at aq ceremony at Veterans Memorial Park at the Delaware Memorial Bridge in New Castle, Delaware. The days-old debt deal that the White House struck with the right-wing Congress may come unstuck. Picture: Patrick Semansky /AP

Global stock markets were sent into a spin late yesterday as a much-touted deal between US president Joe Biden and Republican leaders in Congress over the US government debt ceiling appeared to be heading for an impasse ahead of a deadline later this week.

Shares in the US and across Europe — including in Frankfurt, London, and Dublin — went into sharp reversal, and the price of crude oil plummeted, after the days-old $31.4tn US debt deal looked like failing its first test in the right-wing Congress.