A majority of investors and business owners have faith in Biden's economic boom, new UBS survey finds
- About 64% of investors and
business ownerssee Biden's policies aiding the global recovery.
- A majority also said Biden's measures will support global
markets, according to a UBS survey.
- The optimism comes as Biden preps another $4.1 trillion in spending to boost the
The Biden boom is in full swing and people like what they see.
Investors and business owners around the world are largely optimistic that the
Roughly 57% of investors and business owners said the Biden administration has benefitted their personal finances, and 54% of business owners said the policies benefitted their companies.
In just the first 100 days of his time in office,
To be sure, President Joe Biden's policies aren't the only cause for optimism. New COVID-19 cases in the US sit at their lowest seven-day average since October, and state and local governments have been slowly rolling back lockdown measures for weeks. And while the vaccination rate has slowed, it still sits at an average 2.5 million doses per day. At the current rate, the US will reach herd immunity over the next three months, according to Bloomberg data.
In the US specifically, seven in 10 investors expressed hope about the path of the economy. That compares to just 52% three months ago and makes US investors the most positive globally, UBS said.
The share of US investors growing positive toward stocks rose to 71% from 59%. The shift underscores a broader move toward riskier assets as investors ditch the safe havens they held at the start of the pandemic and position for a swift recovery.
The responses join other sentiment gauges that have turned stronger in recent months. The University of Michigan's consumer sentiment index rose to a fresh pandemic-era high in April, according to a Friday release. That level is the highest since March 2020. Separately, the Conference Board's consumer confidence measure rose to its highest level since February 2020 as the healing labor market and latest round of stimulus checks boosted outlooks.
UBS interviewed 2,850 investors and 1,150 business owners around the world from March 30 to April 18. Responses were sourced from 14 markets including the US, the UK, Mexico, mainland China, Japan, Italy, Brazil, and Mexico.
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