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NEW YORK (Reuters) - As Joe Biden takes over the presidency, investors are trying to determine how much fuel is left in trades betting on his policies, which have sparked outsized rallies in everything from cyclical stocks to shares of solar-powered companies.
FILE PHOTO:The boot on the statue of George Washington, the first president of the United States, is seen across from the New York Stock Exchange (NYSE) following Election Day in Manhattan, New York City, U.S., November 4, 2020. REUTERS/Andrew Kelly
Overall, the broad S&P 500 has rallied nearly 13% since the Nov. 3 presidential election, with gains concentrated in sectors expected to benefit the most from policy shifts expected under a Biden administration.
The Australian and New Zealand dollars edged higher on Wednesday as the prospect of aggressive fiscal stimulus in the United States bolstered the global outlook, while economic news at home remained mostly positive.
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NEW YORK/LONDON/HONG KONG/ZURICH (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri
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FOUR LEGS GOOD. If bad debts were an animal, what would they be? Perhaps a dragon that may rear its head, or a dog that might bark. Bank of America boss Brian Moynihan picked a different analogy as he delivered the U.S. bank’s fourth-quarter earnings on Tuesday: non-performing loans during Covid-19 have, he said, been like a mouse passing through a snake. In other words, they swelled, but only a little, then eased.
Germany's extended shutdown to curb the spread of the coronavirus will weigh on Europe's largest economy but not choke it off, with economic institute Ifo forecasting quarterly growth of 3% in the second quarter.
Investors in Asian markets were poised for gains on Wednesday after Wall Street indexes rose on the back of U.S. Treasury Secretary nominee Janet Yellen's push for a sizable fiscal relief package in response to the COVID-19 pandemic.