The markets have one less concern with the Democratic-controlled US House of Representatives giving final approval to a Senate-passed bill. This is a temporary measure that will raise the government's borrowing limit to $28.9 trillion, putting off the risk of default at least until early December.

Meanwhile, the Democrats, who narrowly control the House, maintained party discipline to pass the hard-fought, $480 billion debt limit increase by 219-206, Reuters reported.

''The vote was along party lines, with every yes from Democrats and every no from Republicans.''

''President Joe Biden is expected to sign the measure into law this week, before Oct. 18, when the Treasury Department has estimated it would no longer be able to pay the nation's debts without congressional action.''

Market implications

This was a widely expected outcome and the bill would be thought to be treated as a matter of priority in the White House. However, while there has been no direct reflection on markets in the outcome, it is a relief and this should help dampen some of the storms that are coming in thick and fast from elsewhere.

Evergrande contagion has gathered pace in recent days at the same time inflation concerns amount to worries over the prospects of stagflation, a conundrum fro central banks seeking to taper their COVID-19 QE programmes with the onset of bottle neck supply lines and soaring global energy prices.