{"id":123076,"date":"2021-04-29T10:04:51","date_gmt":"2021-04-29T10:04:51","guid":{"rendered":"https:\/\/precoinnews.com\/?p=123076"},"modified":"2021-04-29T10:04:51","modified_gmt":"2021-04-29T10:04:51","slug":"global-shares-gain-lift-from-fed-bidens-stimulus","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/global-shares-gain-lift-from-fed-bidens-stimulus\/","title":{"rendered":"Global shares gain lift from Fed, Biden's stimulus"},"content":{"rendered":"

LONDON\/HONG KONG (Reuters) – Global shares extended gains on Thursday after the Federal Reserve said it was too early to consider rolling back emergency support for the economy, and U.S. President Joe Biden proposed a $1.8 trillion stimulus package.<\/p>

FILE PHOTO: A man wearing a face mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a novel coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS\/Aly Song<\/figcaption>

The MSCI world equity index, which tracks shares in 49 countries, was 0.2% higher, on course for its best month since November.<\/p>\n

The pan-European STOXX 600 opened 0.4% firmer, while E-mini futures for the S&P 500 index rose 0.4% and Nasdaq futures advanced 0.6%.<\/p>\n

U.S. Treasury yields advanced 1.8 basis points to 1.6486, still short of Wednesday\u2019s two-week high, while euro zone government bond yields remained below two-month highs.<\/p>\n

Fed Chair Jerome Powell said on Wednesday that \u201cit is not time yet\u201d to begin discussing any change in policy after the U.S. central bank left interest rates and its bond-buying programme unchanged, despite taking a more optimistic view of the country\u2019s economic recovery.<\/p>\n

The Fed\u2019s stance, strong U.S. corporate earnings and the notion that Biden is going big on infrastructure were all supportive for markets, said Fran\u00e7ois Savary, chief investment officer at Swiss wealth manager Prime Partners.<\/p>\n

\u201cThe Fed confirmed the roadmap for any change in policy, which is a reassuring factor,\u201d he said. \u201cIt looks like tapering won\u2019t materialise until 2022 and that has induced weakness for the dollar, is supportive of market liquidity and means less pressure on emerging markets.\u201d<\/p>\n

HUGE STIMULUS<\/h2>\n

Biden proposed the sweeping new $1.8 trillion plan in a speech to a joint session of Congress on Wednesday, pleading with Republican lawmakers to work with him on divisive issues and to meet the stiff competition posed by China.<\/p>\n

He also made an impassioned plea to raise taxes on corporations and rich Americans to help pay for what he called the \u201cAmerican Families Plan\u201d in his maiden speech to Congress.<\/p>\n

He has also proposed nearly doubling the tax on investment income, which knocked stock markets last week.<\/p>\n

Stephen Dover, Franklin Templeton\u2019s chief market strategist in California, said the effect of the tax package on markets is hard to measure for now.<\/p>\n

\u201cIf it passes, I think it will have an impact on individual stocks that will pay a higher rate of tax or companies with founders who will pay capital gains and could sell stocks,\u201d he said.<\/p>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan built on early gains and added 0.48%.<\/p>\n

Australia\u2019s S&P\/ASX 200 edged up 0.25%, as strong oil prices lifted energy stocks, closing at their highest level in nearly 14 months.<\/p>\n

China\u2019s blue-chip CSI300 index was 0.88% higher.<\/p>\n

Markets in Japan were closed for a holiday but Nikkei futures rose 0.48%.<\/p>\n

For the rest of the day, investors will focus on the first estimate of U.S. GDP for the first quarter, which is expected at 13:30 GMT.<\/p>\n

DOLLAR IN DOLDRUMS<\/h2>\n

The Fed\u2019s doggedly dovish outlook and the White House\u2019s spending plans hampered the dollar, which traded just off nine-week lows.<\/p>\n

Against a basket of currencies, the greenback was at 90.622, and a long way from the rally peak of 93.439 hit at the end of March.<\/p>\n

The euro hit its highest since late February at $1.2150, before steadying at $1.2121.<\/p>\n

Oil prices extended gains on Thursday as bullish forecasts for a demand recovery this summer offset concerns of rising COVID-19 cases in India, Japan and Brazil.<\/p>\n

Brent crude for June rose 0.39% to $67.53 a barrel, while U.S. West Texas Intermediate crude for June was at $64.06 a barrel, up 0.31%.<\/p>\n

Spot gold added 0.1% to $1,779.63 an ounce.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON\/HONG KONG (Reuters) – Global shares extended<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nGlobal shares gain lift from Fed, Biden's stimulus - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/global-shares-gain-lift-from-fed-bidens-stimulus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global shares gain lift from Fed, Biden's stimulus - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON\/HONG KONG (Reuters) – Global shares extended\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/global-shares-gain-lift-from-fed-bidens-stimulus\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-29T10:04:51+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/global-shares-gain-lift-from-fed-bidens-stimulus\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/global-shares-gain-lift-from-fed-bidens-stimulus\/\",\"name\":\"Global shares gain lift from Fed, Biden's stimulus - 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