Global stocks trade at record highs on vaccine hopes and chances of fresh US stimulus
stockswere trading at record highs on Tuesday, driven by hopes for economic recovery.
- Equity indices set new records around the world on the vaccine rollout and chances of US
- Oil prices rose as a deep freeze in parts of the US took some production offline and closed refineries.
Global stocks were trading at record highs on Tuesday, thanks to optimism over the
Speaker Nancy Pelosi hopes to get the stimulus legislation approved in Congress by the end of February, in time to offset the March 14th deadline when some unemployment benefits will expire.Read More: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them - and the group has already nearly doubled over the past 3 months
daily coronavirus cases in the UK dropped below 10,000 for the first time since October 2. Prime Minister Boris Johnson is expected to reveal a roadmap to ease lockdown restrictions next week. Sterling benefited from the UK's successful vaccine rollout, trading around $1.39 for the first time since April 2018. The European Union is in talks with US pharmaceutical group Moderna to secure an additional 150 million vaccine doses, on top of the 160 million already booked. These could be delivered by June, according to Reuters.
"While the rally in Asia may be more measured from here on, we still see another 10% upside for Asia ex-Japan equities by the year-end," said Mark Haefele, chief investment officer at UBS Global Wealth Management. UBS favors reasonably priced quality cyclical names, especially in the internet, memory, and media sectors and sees catch-up opportunities in select industrials, financials, materials, and energy.A deep freeze in the US is raising concerns over disruption to oil supply. Texas, the largest crude-producing state in the country, is currently seeing its coldest temperatures in decades. A series of rolling blackouts took around 1 million barrels of oil production offline and closed refineries in the state.
- JEE Mains entrance exam postponed amid surge in COVID-19 cases
- Delhi CM Arvind Kejriwal says COVID-19 positivity rate has gone up to 30%, only 100 ICU beds left
- India records highest single-day rise of 2,61,500 COVID-19 cases and 1,501 deaths
- Odisha halts COVID-19 vaccination drive in 1,035 sites due to its acute shortage
- All Migrant workers coming to Uttar Pradesh to be quarantined