STEVE INSKEEP, host: NPR's business news starts with global markets and the debt deal.</s>STEVE INSKEEP, host: Okay, financial markets are up on the news that President Obama reached a deal with congressional leaders to end the impasse over the U.S. debt ceiling. Asian stock markets closed higher. European markets are up today, and the dollar is stronger against the yen.</s>STEVE INSKEEP, host: But the markets' relief that the United States will be able to pay the obligations it's run up over the years and not default may be temporary. Congress still has to approve this deal, and even if it does, some analysts say the U.S. and its debt are likely to be downgraded by credit agencies, anyway, in part because of the state of the economy.</s>RENEE MONTAGNE, host: Meanwhile, Honda is putting some positive spin on a rough quarter. The Japanese carmaker was severely affected by production delays after the March earthquake and tsunami in Japan. Today, Honda said profits for the recent quarter plunged nearly 90 percent. But the company added that production is recovering more quickly than expected, and it raised its full year outlook for sales and profits.
Financial markets were up Monday on the news that President Obama reached a deal with congressional leaders to end the impasse over the U.S. debt ceiling. But the markets' relief that the U.S. will be able to pay on its debts and not default may be temporary. Congress still has to approve the deal. Honda meanwhile is putting some positive spin on a rough quarter.