Wednesday, February 1, 2023

Approval of Trump’s US COVID Aid Bill Raises Inventories | News on the coronavirus pandemic

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Coronavirus vaccine deployments reinforce hope that global economies could begin to normalize next year.

Global stocks rose on Monday after US President Donald Trump enacted a $ 2.3 trillion pandemic aid and spending law he had so far refused to sign.

US S&P 500 stock index futures last traded up 0.4%.

Futures previously wrote off losses after a cryptic tweet from Trump – “Good news on Covid Relief Bill. News to follow ”- helped alleviate concerns about a further delay in stimulus spending.

The Japanese Nikkei 225 index edged up 0.4%. The largest MSCI index of Asia-Pacific stocks outside of Japan rose 0.2%, although trading is slow with many markets still closed for the holidays.

“It is positive for the markets that we no longer have chaos on the stimulus, given that there was a chance of a partial government shutdown,” said Masahiro Ichikawa, chief strategist at Sumitomo Mitsui DS Asset Management.

“But on the other hand, the markets have been talking about this stimulus for a long time and I would say most of it has already been taken into account.”

Trump had refused to sign into law the government spending and pandemic aid program that Congress passed, demanding an increase in stimulus checks for struggling Americans.

Trump’s threat not to sign the package had already ended an emergency unemployment assistance program and threatened a partial shutdown of the federal government by midnight Monday.

Is optimism rising?

US bond yields edged up on their first trade after Christmas, as the yield on 10-year US Treasuries rose 0.6 basis points to 0.930%.


Rising bond yields indicate growing economic optimism among investors.

The rollout of COVID-19 vaccines also bolsters hopes for more economical normalization next year, with Europe launching a mass vaccination campaign on Sunday.

This offset alarms over a new, highly infectious variant of the virus that has raged through south-east England and was confirmed in many other countries, including Japan, France and Canada, over the weekend. .

The world’s major currencies have changed little.

The euro traded at $ 1.2204, slightly below its two-and-a-half-year high of $ 1.22735, while the Japanese yen changed hands at 103.56 to the dollar.

The British pound traded at $ 1.3565, not far from a two-and-a-half-year high of $ 1.3625 reached earlier this month after the UK and European Union reached an agreement on a trade framework after Brexit.

Bitcoin extended its gains over the weekend to hit a new high of $ 28,377.94 before falling back to $ 26,457.32, bringing the total value of the cryptocurrency in circulation to over $ 500 billion.

Oil prices edged down as US crude futures fell 0.8% to $ 47.85 a barrel.


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