Approval of the US stimulus package 2020-12-30T08:25:59 News Stock Market News US stimulus package Approval of the US stimulus package supports the markets Approval of the US stimulus : This week maintains its calm and stability amid the celebrations of Christmas and the beginning of the New Year, as trading rates are witnessing some weakness at this time of the year. After a long wait, the House of Representatives of the US Congress voted to approve the US stimulus package after the amendment that Trump requested to raise the amount that will be given to citizens to ease the burden of the epidemic, from $ 600 to $ 2000. Markets reacted quickly to the news, as the dollar weakened while oil and gold rose slightly. Equity markets across continents were the biggest beneficiaries. Evest follows up how the approval affected today’s trading markets. Oil is supported by the US stimulus package Oil prices rose today, amid optimism about the new stimulus measures in the United States. February’s Brent crude futures rose in London Futures Exchange by $ 0.26, by the rate of 0.51%, to $ 51.12 a barrel. February’s futures rose for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) by $ 0.25 by the rate of 0.52%, to $ 47.87 a barrel. During the previous session, Brent crude fell by $ 0.43, by the rate of 0.84%, to $ 50.86 a barrel, while US West Texas crude futures fell $ 0.61, by the rate of 1.26%, to $ 47.62 a barrel. This rise comes after the US House of Representatives approved to increase the stimulus package payments of Covid-19 from $ 600 to 2.000 yesterday, according to the request of President Donald Trump, which was approved by 275 votes against 134. The measure is expected to face opposition in the Senate. Trump has signed the country’s $ 2.3 trillion fiscal budget for 2021, which includes a $ 900 billion package of measures to support the economy during the pandemic. Oil began to recover after it was consumed by the news of the emergence of a new strain of Corona virus in a number of countries such as UK, which started in until it reached other countries such as France, Canada, Japan and Norway. Still, there are fears of the severe travel restrictions related to Covid-19 around the world, which may help to reduce the possibility of a rise in oil prices. With the state of uncertainty surrounding the uneven distribution of vaccines, the emergence of the new strain and the more stringent measures which will lead to an uncertainty about the outlook for oil demand, at a time, oil prices struggle to maintain the gains they have made so far. According to Bloomberg, the prospects of gradual introducing vaccines and the passing of the US stimulus package led to a significant rise of 45% in WTI prices at the early start of November till mid-December, but oil has lost some of these gains recently. Invest In OIL Gold is in a cross wide range Gold which is one of other beneficiaries of the stimulus package is trading in a slight bullish consolidation range, as it has so far been unable to achieve a strong rally. Today, gold has started trading at $1.876 an ounce, and up to the time of issue by Evest, an ounce reached only $ 1.879, a rise of only $ 3. Despite the dollar’s decline after the vote to approve the US stimulus package by the US Congress, the precious commodity has not managed to the strong rally so far, as sentiments are high now, which makes traders accept risky assets and move away from the safe haven. Invest In Gold Nikkei is at its highest level through 3 decades… The US market is booming Equities across Asia-Pacific markets rose strongly alongside with the US markets. This reflects optimism about an economic recovery with the help of fiscal stimulus and the launch of vaccines. According to Reuters, today, Japan’s Nikkei closed at its highest level in more than 3 decades, as risk appetite improved in addition to the support of the long-awaited stimulus package. Nikkei recorded 27.292.37 points, after rising at the rate of 1.63%, the highest level since 6 August 1990. With this increase, it recorded the largest daily gain since last mid-June. On the other hand, the broader Topix index rose by 1.74%, recording 1.819.18 points, the highest level through more than 2 years. The Australian S&P/ASX 200 Index increased by 0.5%, the Shanghai Composite Index rose by the same percentage while South Korean Kospi Index rose 0.4%, but Hong Kong Hang Seng Index rose by 0.9%. In the United States of America, Standard & Poor’s 500 Index rose by 0.5%, recording 3774 points through Monday’s session. Dow Jones rose by the same percentage recording 30.462 points, while Nasdaq rose by 0.41%, recording 12.885.50 points. Invest In NIKKIE Dollar is weak against a basket of currencies …Bitcoin fell from its highest levels In foreign exchange market, Euro rose 0.2% against US dollar, recording 1.2250 points, as it hovers around its highest level in two and a half years at 1.2273 points. Also, The Sterling rose against the green currency at the same percentage, recording 1.3484, after a decline during the last 2 sessions. The US dollar settled against Japanese Yen recording 103.695, while Australian dollar rose against its US counterpart by 0.2%, recording 75.927 points. New Zeeland dollar rose against its US counterpart by 0.3%, recording 71.19. In China, the Chinese Yuan rose by 0.2%, to hit the dollar at the rate of 6.5192. In the Crypto currencies market, Bitcoin fell from its highest levels at all to record $ 82.377.94 on last Sunday, as it fell to 2.4% to reach $ 26.367, which means that it is still at record levels as well.