Biden’s spending spree and strong PMI data overshadows Covid concerns
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FTSE, European indices rise
European stocks have plenty of cheer on the final day of a short trading week, with the Dax and EuroStoxx 50 hitting a fresh all-time high, successfully shrugging off Covid concerns.
News that President Biden is ready to inject a further USD2 trillion into the US economy has been well received. The world’s largest economy will see the huge injection of cash improve roads, railways, broadband and clean energy, while being offset by a rise in corporate taxes. Investors are already pricing in the read-across effect, and a boost to the US economy is good news for the global economy.
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Winter layoffs show early signs of easing
The number of available jobs rose slightly and layoffs fell, according to the Labor Department’s report
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Sarah Chaney Cambon
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The labor market is offering signs the economy is starting to mend from a steep winter slowdown.
Worker filings for unemployment benefits while still high decreased to 793,000 last week, well below an early January peak that exceeded 900,000. Employers resumed hiring in January after payrolls fell at the end of 2020, and job openings picked up, driven by growth in industries that have weathered the pandemic relatively well.