January 19, 2021SharePrint
Crude prices rally
Crude prices are rallying following a weaker dollar but are nothing to brag about considering the slide seen at the end of last week. COVID new variants from the UK and Denmark have the energy markets nervous that the short-term outlook could get a lot worse. Both new variants are more infectious than the original virus and that could lead to the tightening of restrictions across the globe over the next couple of weeks.
Crude demand forecasts will see many updates over the first half of the year as no one can get a handle on when the tightening of virus restrictions will end. The IEA monthly report trimmed their 2021 global oil demand forecast by 0.3 million barrels, bringing the recovery a 5.5 million barrel per day boost to 96.6 million this year. Vaccine rollouts have mostly disappointed across the globe and new virus variant risks will hurt the recovery in the first quarter.
Stocks bounce back, Yellen testimony eyed, BAC earnings, euro holds gains after ZEW
January 19, 2021SharePrint
Wall Street shows gains
US stocks are off to a strong start as investors focus on President-elect Biden’s COVID relief bill and as earnings season heats up. The US will see more stimulus in Biden’s first 100 days, but the question is will some Republicans in the Senate play ball with the Democrats. It is very unclear how life after President Trump will be, but some Republicans up for re-election in 2022 could take Biden’s USD1.9 trillion plan as an opportunity to distance themselves from the Trump administration. The headline figure will likely come down a bit but if Republicans show a willingness to coordinate with Democrats, risk appetite has not priced that in. Biden’s cabinet appointees grilling in the Senate and the Trump impeachment proceedings will garner much attention, but many political insiders will look to see if some Republicans don’t immedi
Yellen will need to sell a package that includes a minimum-wage hike and substantial expansion in family and medical leave social safety-net programs that have already triggered Republican opposition
Updated Jan 15, 2021 | 10:03 IST
The relief package, announced on Thursday, includes $415 billion focused on combating the pandemic, over USD 1 trillion in direct aid to individuals and families and $ 440 billion in assistance to businesses President-elect Biden announces $1.9 trillion Covid-19 stimulus plan to revive US economy.
Washington: US President-elect Joe Biden has announced a USD 1.9 trillion coronavirus relief package to tackle the economic fallout from the pandemic, including direct financial aid to average Americans, support to businesses and to provide a boost to the national vaccination programme.
The relief package, announced on Thursday, includes USD 415 billion focused on combating the COVID-19 pandemic, over USD 1 trillion in direct aid to individuals and families and USD 440 billion in assistance to businesses.
Global shares edge up on news Trump signs aid bill
Reuters
TOKYO |
Updated on
× Global shares ticked up on Monday as a source said US President Donald Trump signed into law a $2.3 trillion pandemic aid and spending package he had until now refused to sign. US S&P futures last traded up 0.4 per cent.
The futures had earlier reversed losses after a cryptic tweet by Trump - Good news on Covid Relief Bill. Information to follow - helped offset worries about further delay in stimulus spendings. A source later said he had approved the bill.
Japan s Nikkei inched up 0.4 per cent. MSCI s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, though trade is slow with many markets still closed for holiday. “It is positive for markets that we no longer have a chaos over stimulus, considering there was a chance of a partialgovernment shutdown,” said Masahiro Ichikawa, chief strategistat Sumimoto Mitsui DS Asset Management.