Highlights

Affin Hwang Capital Research Highlights

Author: kltrader   |   Latest post: Tue, 2 Mar 2021, 5:43 PM

 

Global News 21 January 2021

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Stocks Rise to Record on Hope for New Aid Bill

US stocks rallied to all-time highs as investors grew optimistic that recent federal spending will revive growth and bolster corporate earnings. Treasuries were little changed while the dollar weakened. The S&P 500 rose by 1.39% to 3,851.85 while Dow Jones was up 257.38 points (0.83%) to 31,188.38.

Biden Moves Swiftly to Unwind Trump Immigration, Health Policies

President Joe Biden plans to begin immediately unwinding his predecessor’s policies on immigration, climate and other issues with at least 15 executive actions, including moves to reverse US withdrawals from the Paris Agreement and the World Health Organization, and stop construction of a border wall. He said that some of his directives would “help change the course of the Covid crisis” and that his actions on racial equity “are all starting points.”

In Final Hour, Trump Eases Metal Tariffs on One More Nation

Former President Donald Trump issued a proclamation exempting one additional nation from metals tariffs. The order exempted the United Arab Emirates -- which accounted for about a tenth of US aluminum imports last year -- from 10% tariffs the Trump administration implemented in 2018, and instead placed quotas on the nation, saying imports would have to remain close to historical levels without meaningful increases.

UK Inflation Subdued During Brief Respite From Lockdown

Britain’s inflation rate picked up in December after shoppers were allowed back into stores between lockdowns, but held well below the Bank of England’s target. Consumer prices rose 0.6% from a year earlier, up from 0.3% the previous month, the Office for National Statistics said. The headline rate has now remained less than half the BOE’s 2% goal since April.

Sunak Plans Extension of Pandemic Job Support in UK Budget

Chancellor of the Exchequer Rishi Sunak is drawing up plans to extend support for UK jobs in the months ahead as the pandemic lockdown continues to damage businesses and threaten a surge in unemployment, according to people familiar with the matter. The government’s flagship 60 billion-pound (US$82 billion) furlough program, paying as much as 80% of workers’ wages, is due to expire at the end of April.

Canadian Inflation Slowed to 0.7% in December; Core Falls

Price pressures in Canada unexpectedly slowed in December, as the nation entered a new wave of lockdowns. Annual inflation decelerated to 0.7%, from 1% in November, Statistics Canada reported. Core inflation, a better measure of underlying pressure, dropped to 1.57%, down 10 basis points from the prior month.

Indonesia to Cut Foreign Ownership Curbs to Add Jobs, Lure Funds

Indonesia is set to remove energy, communications and tourism from a list of sectors restricted to foreigners in a bid to boost investments and create jobs. The list of industries limited to foreign investment has been cut to just 48, from more than 300, according to a draft of the presidential decree. The government is set to remove restrictions for sectors such as communications, information and technology, energy, tourism and creative economy, although they may still be subject to other regulations.

Oil Erases Gains With Industry Report Showing Rising US Supply

Oil erased its increase after an industry report showed US stockpiles grew last week, heightening concerns over lackluster consumption. Brent crude for March settlement rose US$0.18 to US$56.08 per barrel.

Source: Affin Hwang Research - 21 Jan 2021

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