White House and Republican negotiators have reached a tentative deal to raise the US debt ceiling and avert a default that threatened to send tremors through the global economy.

The bill has been lined up for a vote on Wednesday. How are Asian markets reacting to this news?

Treasury Secretary Janet Yellen has warned, though, that an extension must be finalised by June 5 to avoid a historic default that would send borrowing costs soaring. What would the worst-case scenario would be if that happens?

Hongbin Jeong speaks to Sani Hamid, Director for Wealth Management, Financial Alliance, to find out more.