Global stocks, oil up as Biden takes office
- Date: 21-Jan-2021
- Source: Gulf Today
- Sector:Financial Markets
- Country:Middle East
Global stocks, oil up as Biden takes office
A man walks by an electronic stock board of a securities firm in Tokyo on Wednesday. Associated Press
Global equity benchmarks and oil prices rose while US Treasury bonds dipped on Wednesday as investors weighed the likelihood of further US stimulus under the incoming Biden administration against worsening coronavirus outbreaks in China and the United States.
US Treasury Secretary nominee Janet Yellen urged lawmakers to “act big” to save the economy and worry about debt later at a confirmation hearing on Tuesday.
Pandemic relief would take priority over tax increases, she said, while calling for corporations and the wealthy - both winners from Republican tax cuts in 2017 - to “pay their fair share”.
Investors in European equities welcomed the comments, with the Euro STOXX 600 climbing 0.5.% Luxury stocks gave the biggest boost, with Richemont quarterly sales climbing 5%, led by strong growth at its jewellery brands
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