a look at the day ahead in european and global markets from vidya ranganathan the week draws to a close with pretty much the same buzz around artificial intelligence and us debt diplomacy that it kicked off with stock markets were getting a breather after the excitement over the blowout forecast from chipmaker nvidia corp nvdao and the followthrough rally in airelated companies which powered the nasdaqs best day in three weeks japans nikkei n225 maintained its momentum however after data showed inflation again well above policy targets and as foreign money poured into the market but all eyes are on the us debt ceiling debate where it looks like president joe biden and top republican lawmaker kevin mccarthy are just 70 billion apart on discretionary spending according to a person familiar with the talks the deals going down to the wire which itself is a moving target treasurys announcement of a slate of bill auctions for early next week had some market participants suggesting the debt ceilings socalled xdate when the government runs out of cash may not in fact be june 1 figures on thursday showed that treasurys cash balance is down to just 4947 billion the deal is not final and work requirements for antipoverty programs are a sticking point as is funding for the internal revenue service to hire more auditors and target wealthy americans but funding for discretionary spending on military and veterans is on as per sources meanwhile markets are growing less confident that the federal reserve will keep rates on hold in june the cme fedwatch tool now puts the chances of a quarterpoint rate rise to 525550 on june 14 at more than 50 main economic indicators on friday include the us commerce departments personal consumption expenditures pce price index figures for april which could show a small rise similar to march key developments that could influence markets on friday us pce price index ecbs philip lane and croatian central bank governor boris vujcic speak at events