Debt ceiling resolution boosts Asian markets and oil prices.

Asia-Pacific markets rise after U.S. President Joe Biden signed a debt ceiling bill, allowing the U.S. to avert defaulting on its financial obligations. Oil prices surge after OPEC kingpin Saudi Arabia decided to cut production by another million barrels per day. The U.S. payrolls report for May shows strong job gains in the professional and business services sector, as well as a jump in government employment. Fitch says the U.S. is not out of the fiscal doghouse despite the debt ceiling deal, citing a "steady deterioration in governance over the last 15 years" as reasons for its pessimistic outlook.