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World Democrats' sweep lifts markets on hopes for even more US stimulus

06:10  07 january  2021
06:10  07 january  2021 Source:   msn.com

Georgia Senate Runoff Dems Attack GOP Incumbents for Opposing $2,000 Stimulus Checks

  Georgia Senate Runoff Dems Attack GOP Incumbents for Opposing $2,000 Stimulus Checks Senator "David Perdue didn't even want the first round of stimulus checks," tweeted Georgia Democrat Senate candidate Jon Ossoff on Monday.Trump indicated on Wednesday that he would not sign the $900 billion stimulus bill if the amount of direct payments were not increased from $600 to $2,000. Loeffler and Perdue had used the passage of the bill as a campaign talking point. Despite his continued attacks on the "measly $600" stimulus checks, Trump signed the bill as written on Sunday. The House of Representatives is expected to vote on the $2,000 stimulus checks on Monday.

Most Asian markets rallied Thursday as election wins in Georgia handed the Democrats control of the US Congress, paving the way for Joe Biden to push ahead with his legislative agenda that includes another huge stimulus package. It also took attention away from soaring coronavirus cases around the world that are forcing governments to impose fresh lockdowns, with traders optimistic that the rollout of vaccines, though slower than hoped , will eventually allow life to get back to normal. Analysts said there had been some concern that a clean sweep for the Democrats -- taking the White House and

Most Asian markets rallied Thursday as election wins in Georgia handed the Democrats control of the US Congress, paving the way for Joe Biden to push ahead with his legislative agenda that includes another huge stimulus package. It also took attention away from soaring coronavirus cases around the world that are forcing governments to impose fresh lockdowns, with traders optimistic that the rollout of vaccines, though slower than hoped , will eventually allow life to get back to normal. Analysts said there had been some concern that a clean sweep for the Democrats —taking the White House and

Most Asian markets rallied Thursday as election wins in Georgia handed the Democrats control of the US Congress, paving the way for Joe Biden to push ahead with his legislative agenda that includes another huge stimulus package.

Investors brushed off the storming of the US Capitol Building by pro-Trump supporters, who delayed by a few hours the certification of Joe Biden as president © SAUL LOEB Investors brushed off the storming of the US Capitol Building by pro-Trump supporters, who delayed by a few hours the certification of Joe Biden as president

The news allowed investors to look past extraordinary events in Washington, where pro-Donald Trump protesters stormed the Capitol Building and delayed the ratification of Biden's November victory.

US stocks slide from new highs as hope for expanded stimulus fades

  US stocks slide from new highs as hope for expanded stimulus fades US stocks pulled back from record highs on Tuesday as hopes for $US2,000 direct stimulus payments faded. Senate Majority Leader Mitch McConnell blocked an attempt by Democrats to hold a vote on the $US2,000 checks but said that the Senate would "begin a process" of considering a proposal to send the checks. Intel soared 8% on Tuesday after Daniel Loeb's activist hedge fund Third Point sent a letter to the chipmaker urging it to explore strategic alternatives, according to Reuters. Goldman Sachs said Snapchat's parent company Snap Inc. will surge 45% as its product developments drive faster than expected revenue growth.

Most Asian markets rallied Thursday as election wins in Georgia handed the Democrats control of the US Congress, paving the way for Joe Biden to push ahead with his legislative agenda that includes another huge stimulus package. The news allowed investors to look past extraordinary events in The Dow and S&P 500 both ended at new records on Wall Street, though the Nasdaq reversed earlier gains on worries about possible Democrat -led regulation of big tech firms. Asia followed suit, with Tokyo piling on 1.8 percent, Sydney jumping 1.7 percent and Seoul surging more than two percent.

We spoke to investing experts on what the Democrats ' razor-thin majority actually means for markets and stimulus , and how you should play them. However, this would be a focus in the second half of 2021 at the earliest, and even then, with the need for bipartisanship, it may take longer to pass, according to a note by PIMCO on Friday, including head of US public policy Libby Cantrill. The package would include national broadband network, green energy, and school investment which has "the potential to have more lasting economic benefits than targeted aid, and could increase productivity

"These political events rarely have a lasting impact on the direction of the economy," Steven Wieting, at Citi Private Bank, told Bloomberg TV. Lawmakers later resumed their debate after the building was secured.

It also took attention away from soaring coronavirus cases around the world that are forcing governments to impose fresh lockdowns, with traders optimistic that the rollout of vaccines, though slower than hoped, will eventually allow life to get back to normal.

Analysts said there had been some concern that a clean sweep for the Democrats -- taking the White House and both houses of Congress -- would lead to higher taxes and regulation.

"But the markets are slowly coming to terms that this might be the best-case... outcome via a stimulus perspective complemented by a growing understanding that a Biden administration could make a big difference in coordinating and pushing out a national vaccination strategy that will bring herd immunity in the US much quicker than anticipated," said Axi strategist Stephen Innes.

Global stocks rise after Mnuchin says $600 stimulus checks will begin arriving this week

  Global stocks rise after Mnuchin says $600 stimulus checks will begin arriving this week Global stocks rose on Wednesday after Treasury Secretary Steven Mnuchin said US stimulus payments could begin arriving in people's bank accounts as early as Tuesday night. The $US600 stimulus checks are considered meager, but could provide a boost to the US economy, which has been slammed by the COVID-19 pandemic. "Risk sentiment remains buoyant, with vaccine roll-out hopes providing confidence despite growing COVID-19 case numbers," a chief market strategist said. Britain on Wednesday became the first nation to authorise emergency use of Oxford and AstraZeneca's COVID-19 vaccine.

Separately, the market has been expecting a stimulus package of .5 trillion or more aimed at helping businesses, the unemployed and state and local governments, hurt by the coronavirus and economic shutdowns. But Trump raised doubts about that fiscal package when he said talks with Democrats are off until after the election. " We 've got trillions on the table," said Greg Faranello, head of U . S . rates at AmeriVet Securities. He said he ultimately expects a roughly .5 trillion or more fiscal stimulus package even with a setback, and then another big package from Biden, if he wins.

While Democratic leaders vocally support more stimulus checks, they have not yet said whether they’ll seek to include the provision in a bigger stimulus deal or try to pass it as a standalone legislation. Even after the lockdown at the Capitol was lifted at around 3.30pm, congressional staffers were still being told to stay in buildings and not go outside. “The external security threat located at all of the US Capitol campus buildings has been neutralized but [Capitol police are] continuing to investigate out of an abundance of caution and there is still no entry or exit permitted at this time

He added that while the new president could undo a lot of Trump's tax cuts for the wealthy and corporations, he is unlikely to look at those until he has dealt with the virus and got the economy back up and running.

- Alibaba tumbles -

The Dow and S&P 500 both ended at new records on Wall Street, though the Nasdaq reversed earlier gains on worries about possible Democrat-led regulation of big tech firms.

Asia followed suit, with Tokyo piling on 1.8 percent, Sydney jumping 1.7 percent and Seoul surging more than two percent. Singapore and Wellington were up more than one percent, while there also gains in Shanghai, Taipei, Manila and Jakarta.

Hong Kong was in the red, however, with market heavyweight Alibaba tumbling more than five percent and Tencent diving four percent following a report that the Trump administration is considering barring investment in their New York shares.

White House economic advisor breaks with Trump and says he's 'not so sure we need this massive stimulus bill'

  White House economic advisor breaks with Trump and says he's 'not so sure we need this massive stimulus bill' Economic advisor Stephen Moore said he's "not so sure we need this massive stimulus bill" with $US2,000 checks on the line. After Congress finally passed the second coronavirus stimulus relief package, which included $US600 checks, President Donald Trump urged lawmakers to reach a deal on $US2,000 checks for Americans. Economic recovery is not dependent on the stimulus, Moore suggested. "We just need to get the vaccine out there," he said. "And we need to get the businesses open in New York City and Los Angeles and Chicago and San Francisco." Visit Business Insider's homepage for more stories.

The market comeback gained steam in morning trading with the Dow jumping more than 1,400 points. The California Democrat has critiqued versions of the GOP's developing legislation for what she Major stock averages opened Tuesday's session in the green on hopes for a massive fiscal stimulus deal. Neither of us think they are in any way going to get in the way of a final agreement."

Democrats ' sweep lifts markets on hopes for even more US stimulus . SA stocks extend record as stimulus hopes boost miners. Next on Fin24. Tokyo's Nikkei closes up 1.6%. equities markets china stocks. Paid content. Tragedy hits late UDM leader Mncedisi Filtane family as four more die of Covid-19.

The Wall Street Journal said the State Department, Department of Defense and Treasury were holding talks on the move and considering what the effect would be on capital markets.


Video: Dow, S&P 500 close higher, but pro-Trump protests weigh on gains (Reuters)

Telecom firms also took a hit after the New York Stock Exchange reversed course for a second time Wednesday, saying it would delist them following a Trump order barring investment in firms with ties to the Chinese military.

The exchange had said it would remove them at the weekend, before doing a U-turn Tuesday but then changed course again after Treasury Secretary Steven Mnuchin disagreed with the move.

China Unicom fell more than eight percent, while China Mobile and China Telecom dropped more than six percent.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 1.8 percent at 27,553.09 (break)

Hong Kong - Hang Seng: DOWN 0.1 percent at 27,656.32

Shanghai - Composite: UP 0.1 percent at 3,556.02

Euro/dollar: UP at $1.2328 from $1.2325 at 2200 GMT

Dollar/yen: UP at 103.19 yen from 102.99 yen

Pound/dollar: DOWN at $1.3587 from $1.3607

Euro/pound: UP at 90.71 pence from 90.55 pence

West Texas Intermediate: UP 0.5 percent at $50.86 per barrel

Brent North Sea crude: UP 0.4 percent at $54.52 per barrel

New York - Dow: UP 1.4 percent at 30,829.40 (close)

London - FTSE 100: UP 3.5 percent at 6,841.86 (close)

dan/qan

US stocks slide as biggest jobless-claims surge since March outweighs stimulus expectations .
US stocks ended Thursday lower as investors digested a surge in weekly jobless claims. The reading of 965,000 new unemployment filings represented the biggest increase since March and the highest level since August. The weak jobs report could give fuel to Democrats passing a massive stimulus bill once President-elect biden is inaugurated. Sign up here for our daily newsletter 10 Things Before the Opening Bell. US stocks ended Thursday lower as investors digested a surge in weekly jobless claims.

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