Following a battering for his PSOE party in regional and municipal elections, Spanish Prime Minister Pedro Sanchez calls a snap election for 23rd July. The U.S. debt ceiling agreement is due to face its first test today when it comes up against the House Rules Committee. President Biden says he is confident the bill will pass despite signs of resistance from some GOP lawmakers. Asia markets are mixed with oil slipping as investors await Wall Street’s reaction to the debt deal following the Memorial Day weekend. In the UK, shop price inflation shows no signs of abating, hitting 9 per cent – its highest level in 18 years. 

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