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Markets are preparing for Biden’s inauguration with positive trance

Markets are preparing for Biden’s inauguration with positive trance

Markets are preparing for Biden’s inauguration: Yesterday, we saw a holiday in the United States of America
as markets were closed to celebrate Martin Luther King’s Day.

Today, just one day before the US president officially takes office,
final preparations are being made in Washington for the inauguration ceremony of Joe Biden,
which will be held on January 20, amid tight security measures due to fears of a
possible disruption of the ceremony by supporters of Donald Trump.

 

All eyes are on the preparations for handover between Donald Trump and Joe Biden,
which will take place in Washington on Wednesday.

The outgoing president will leave the political landscape in a catastrophic failure that still seemed unlikely a year ago.

 

According to the latest Gallup poll which was done yesterday, Trump’s approval rating has reached only 34%,
to find himself at the end of the list of postwar US presidents, along with George W.
Bush and Jimmy Carter,
both of whom suffered from a severe recession at the end of their terms.

Barack Obama had left the presidency with a vote of 59%.

 

Today, German inflation of December and new car registration in the European Union will be announced,
as well as Germany’s ZEW Business Confidence Index.

 

Oil is rising again

Brent crude futures rose on Tuesday amid optimism that government stimulus will support world economic growth,
but what made a rising slight, and also affected US West Texas Intermediate crude oil,
was the resumption of shutdowns around the world due to the Covid-19 epidemic which could reduce fuel consumption.

 

Brent crude futures for March delivery rose on today’s morning to record $ 54.93 a barrel,
by 0.33%. Meanwhile, February WTI futures price fell to $ 52.19 a barrel, to lose 0.32%.

 

Expectations of broad-based fiscal stimulus in the United States of America remains one of the main factors helping oil prices stay near their highs. Generally, it is trading quietly in oil markets where minor increases in price came as a result of a somewhat weaker dollar.

 

Markets investors are focusing on Biden’s speech at tomorrow’s opening ceremony,
for details on the $ 1.9 trillion economic support package announced last week.

 

Janet Yellen, who is expected to be US Treasury Secretary, will try to convince those in the Senate Finance
Committee meeting that the Coronavirus relief package should be bigger.

 

During the last few weeks, the US dollar rose significantly, which by its turn affected oil prices. Since oil is trading in US currency,
exchange rate fluctuations affect demand from countries that do not pay in dollars.

 

The second major factor affecting this market is the Coronavirus epidemic. Until recently,
oil prices had taken advantage of vaccinations around the world, but the dreaded epidemic situation in many parts was a burden for a few days.

Not only is the demand for oil expected to decline, but market sentiment,
in general, has also begun to decrease.

 

According to John Hopkins University data, the number of global cases exceeded 95 million,
while the number of deaths because of the epidemic exceeded 2 million.

The United States, which is considered the world’s largest consumer of oil,
is in the first rank of the epidemic with more than 24 million cases.

 

Positive trading of world stock exchanges

European stock markets closed in the positive zone, although they showed volatile and multi-directional dynamics during the day.

 

Some support for equities was provided by better than expected statistics on China’s GDP for 2020.

Meanwhile, investors continue to worry about the epidemiological situation in the region.

German DAX rises by 0.44%, but French CAC 40 rises by 0.10% higher, while British FTSE 100 declines to a rate of 0.22%.

Stoxx Europe 600 region’s composite stock index jumped 0.20%, to trade at 408.7 points.

 

This morning, leading indicators are bullish in Europe thanks to US futures that have gradually recovered in the green area yesterday.

 

On the Asian front, there is also a positive trend in trading, as the Japanese Nikkei 225 Index rose by 1.45%,
while the Chinese CSI 300 loses 0.47%, but Hang Seng in Hong Kong increases 2.75%, and the Korean Kospi index is rising by 2.68%.

 

In the United States of America, Wall Street resumed today,
after it was closed during a long weekend to celebrate Martin Luther King’s Day.

 

US dollar is retreating against a group of currencies

The US dollar index slightly declined by 0.10%. Euro is still weak as it trades at $ 1.2095.

Sterling settled at 1.3587 against the US dollar, while the Australian dollar rose by 0.3% to reach 0.7705,
and the New Zealand dollar rose by 0.16%, to record 0.7127.

The US dollar rose against the Japanese Yen by 0.3%, to trade at 104.05,
while it declined against the Chinese Yuan by 0.02%, to trade at 6.4609.

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