Monday, August 8, 2022

Global stocks advance after Biden inauguration

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Stocks in Asia-Pacific rose after Joe Biden inauguration As America’s 46th president, the prospect of nearly $ 2 billion in stimulus spending helped push Wall Street stocks to an all-time high.

Japan’s Topix index rose 0.8% early in Thursday, while Australia’s S & P / ASX 200 gained 0.7% and South Korea’s Kospi climbed 0, 4%. Mainland China’s CSI 300 of shares listed in Shanghai and Shenzhen rose 0.8 percent and Hong Kong’s Hang Seng fell 0.2 percent.

Overnight, the Wall Street S&P 500 Index closed 1.4% higher while the tech-focused Nasdaq rose 2%, with both benchmarks reaching records. Investors are hopeful that the Biden administration’s spending plans could boost a global economy hit by the coronavirus pandemic.

“The first day of President Biden’s presidency has received broad market approval,” said Robert Carnell, regional head of Asia-Pacific research at ING.

Futures on the S&P 500 rose 0.2% during trading in Asia, while those on London’s FTSE 100 rose 0.6%.

In Hong Kong, Alibaba shares slipped 2.6% per day after the reappearance of founder Jack Ma, which had been out of public view for three months, increased the Chinese e-commerce group’s stock.

Shares of China Mobile and China Unicom fell 0.6% and 0.8% respectively, while China Telecom added 0.4% after the three state-controlled telecom groups said they wrote to the stock exchange. New York to ask the stock exchange to review its delisting decision their.

The US dollar index, which measures the greenback against a basket of its peers, fell 0.1% and 0.5% this week.

Mr. Biden’s stimulus program Inflation is expected to accelerate and weigh on the dollar, but investors see little chance that the US Federal Reserve will respond by raising interest rates this year.

“As the US dollar index fell to 2018 lows, we see room for further weakness given the prospect of rising US deficit spending following the Democratic sweep in Washington,” Solita Marcelli said , Director of Investments for the Americas at UBS Financial Services.


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