Trump Derails “Santa rally”, Brexit Deal Hopes Lift Pound

Trump Derails “Santa rally”, Brexit Deal Hopes Lift Pound

Via Reuters:

European stocks also got a lift from the Brexit deal hopes, rising 0.35%, though Britain’s internationally-focused FTSE 100 index was down 0.15%.

Oil prices dropped after an industry report showed an unexpected rise in U.S. crude oil inventories. [O/R]

In a video posted on Twitter, Trump said a stimulus bill, agreed after months of wrangling in Congress, was “a disgrace” and that he wanted to increase “ridiculously low” $600 checks for individuals to $2,000.

“Trump has derailed U.S. fiscal hopes, refusing to sign the $900 billion pandemic relief bill that was passed after a long-drawn stalemate between Democrats and Republicans,” analysts at Mizuho wrote in a note to clients.

“And so, hopes for an unambiguous “Santa rally” have been tragically hijacked.”

Some traders said Trump’s push for higher stimulus could lead to a spending increase.

 

The bill could be amended if the congressional leadership wants to do so, and if they don’t, Trump’s choices are to sign the bill into law, veto it, or do nothing and let it become law.

The stimulus funds are needed as the U.S. recovery stalls and hospitals struggle to cope with a nationwide spike in coronavirus infections at the same time as an even more contagious variant of the disease spreads quickly in Britain.

The possibility of a delay to such long-awaited and hard-fought spending plans sent S&P 500 futures down as far as 1% below the index’s Tuesday close, but they recovered to trade 0.22% higher.

The MSCI world stock index rose 0.23%, though it was trading more than 1% below record highs struck last week. The index is eyeing gains of over 12% for 2020, as trillions of dollars in stimulus have outweighed pandemic pain this year.

MSCI’s broadest index of Asia-Pacific shares outside Japan snapped three days of declines with a 0.6% rise, led by a jump in electric vehicle stocks in South Korea and China after LG Electronics announced a production deal.

Tech and healthcare stocks pushed Japan’s Nikkei 0.3% higher and Australian shares rose 0.7%, though volumes were light. [.T][.AX]

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