European shares rose on Thursday, as investors kept close watch on a barrage of earnings reports from companies and on progress in stimulus measures in the United States for clues on the pace of business recovery.
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(Reuters) - Geneva-based Pictet Group’s asset management arm expects the S&P 500 to rise 10% from its current levels, with improving economic growth and easy monetary policy helping to extend its rally.
FILE PHOTO: People walk past the New York Stock Exchange (NYSE) amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., February 3, 2021. REUTERS/Carlo Allegri/Files
The S&P 500 has risen around 21% from its October lows, and closed on Wednesday at 3909.88 points.
“There is a risk of a melt up in a way, in the U.S. especially, and you don’t want to stand against it,” Luca Paolini, chief strategist at Pictet Asset Management, told the Reuters Global Markets Forum on Wednesday.
GLOBAL BUSINESS
A man walks past stack of shipping containers in Singapore. Photo: Reuters/file
Reuters
Reuters
The Regional Cooperation Economic Partnership (RCEP) is unlikely to bring immediate significant benefits for its developing member countries in terms of flow of goods and services or major infrastructure investments, analysts and economists said.
The pact needs to be ratified by all countries, which may take time, and has different levels of tariff reductions for each country and product, the experts told the Reuters Global Markets Forum.
That means labour-intensive countries may get more imports than exports, particularly during the pandemic, over the short-term.
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(Reuters) - Sino-U.S. ties will stay tense as U.S. President Joe Biden is unlikely to rush into new deals with the world’s second largest economy or reduce tariffs on China, even if he is willing to re-engage with multilateral trade, economists and strategists said.
U.S. President Joe Biden salutes while boarding Air Force One as he departs for Washington from Newcastle, Delaware, U.S., February 8, 2021. REUTERS/Joshua Roberts
Following former president Donald Trump’s “America First” stance, the Biden administration has a “Buy American” policy for federal procurement.
That means continued tensions, Rashmi Banga, senior economist at the United Nations Conference on Trade and Development, told the Reuters Global Market Forum.
Sino-US ties will stay tense as US President Joe Biden is unlikely to rush into new deals with the world s second largest economy or reduce tariffs on China, even if he is willing to re-engage with multilateral trade, economists and strategists said. Following former president Donald Trump s America First stance, the Biden administration has a Buy American policy for federal procurement. That means continued tensions, Rashmi Banga, senior economist at the United Nations Conference on Trade and Development, told the Reuters Global Market Forum. She predicted the United States would not change its policies in the ongoing tech rivalry with China, which has a large global footprint in digital technology and services.