Noise cancelling headsets
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The tail chasing noise is already deafening this week. Having spent the first part of the week in doom and gloom mode as the market ran short of bullish excuses to buy everything, equity markets staged a sharp rebound overnight. The cyclical Russell 2000 seeing most of the action, despite the three heavyweight indexes recording decent gains.
Economic recovery and post-Covid bliss were the reasons du jour for the overnight equity rally, which spilt over into gold and catalytic converting palladium. Currency markets were almost unchanged, though, but oil markets retreated as speculative bullish momentum continues to wane ahead of OPEC+’s increasing production starting in May.
German parliament approves new law on coronavirus rules
German President Frank-Walter Steinmeier on Thursday signed into law new legislation designed to tackle high coronavirus infection numbers across the country.
The national emergency brake grants the federal government extra powers if caseloads exceed certain levels, and includes measures such as a nighttime curfew and limits on social contacts.
The new legislation was passed by the German lower house of parliament on Wednesday, before receiving final approval from the upper house where Germany s 16 states are represented earlier on Thursday.
The changes to the Infectious Diseases Protection Act is aiming to have some impact on Germany s fight against the third wave of coronavirus infections.
Germany s top court clears way for EU recovery fund
Today, 07:05
Germany s Constitutional Court gave the green light to approve legislation ratifying the European Union s recovery fund, as it dismissed legal challenges against the debt-financed investment plan, Deutsche Welle writes. The decision is key to launching the bloc s €750bn recovery spending to mitigate the consequences of the coronavirus pandemic. However, the ruling does not mark final approval in the case, as the court still has to make a definitive judgment.
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EU economy on crutches, warns ECB chief Christine Lagarde
Christine Lagarde has said Europe s monetary authority plans to keep interest rates and coronavirus stimulus unchanged. She urged EU members to get their coronavirus recovery fund operational with haste.
Any moves to reduce the European Central Bank s emergency coronavirus stimulus
would be premature, Lagarde says
European Central Bank chief Christine Lagarde on Thursday said the bloc s economy was still on crutches and in need of support from both the central bank and government spending as the eurozone undergoes extended coronavirus lockdowns.
Lagarde said while the bank sees an eventual rebound this year, any steps to phase out its anti-pandemic emergency monetary plan would be premature.