P K Basu, Daiwa Capital Markets
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US debt deal good news for Asia

A long awaited agreement on US debt has been agreed in Washington.

President Barack Obama has announced that Democrat and Republican leaders have agreed to reduce the US deficit by almost $1tn over 10 years to avoid default. In exchange, long term spending will be cut by $2tn.

P K Basu of Daiwa Capital Markets said the move is definitely good news for Asian markets.