Global markets open the Biden era with a green outburst

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Global markets open the Biden era with a green outburst

New record levels in various indicators


Friday – 9 Jumada II 1442 AH – January 22, 2021 AD Issue No. [
15396]


Insiders at the Bombay Stock Exchange celebrate that the Sensex index yesterday reached the 50,000-point mark (EPA)

London: “Asharq Al-Awsat”

Global stocks continued their gains, Thursday, and reached record highs, after the new US President Joe Biden took office on Wednesday and signed several executive orders, including America’s return to the Paris Global Agreement to combat climate change, in addition to hopes for a major US stimulus plan, in Under the administration of the new president.
The Republicans indicated their desire to cooperate with President Biden in the most important priority of his administration, a fiscal stimulus plan worth $ 1.9 trillion, although some of them opposed this value.
The main US stock indexes opened near record highs Thursday, as investors counted on more relief from the repercussions of the pandemic and a rapid distribution of vaccines under the Biden administration to support the economy, after data showed a slowing recovery in the labor market.
The Dow Jones Industrial Average rose 9.6 points, equivalent to 0.03 percent, to reach 31,198.01 points, and the Standard & Poor’s 500 Index increased by 5.6 points, or 0.15 percent, to record 3,857.46 points, and the Nasdaq Composite Index advanced 64.2 points, or 0.48 percent to 13,521,476 points, which is an unprecedented peak for the index.
In Europe, the Stoxx 600 index of European shares rose 0.7 percent, by 08:07 GMT, to reach a new high since February, while the shares of car manufacturers, banks and industrial companies made the largest gains.
Meanwhile, the European Central Bank kept its easing monetary policy unchanged, but kept the door open for further stimulus, as the second wave of the spread of “Covid 19” darkens the already weak expectations.
And among individual stocks, Sandvik’s share gained 1.3 percent, after the metal cutting tools and mining equipment maker announced a quarterly profit that exceeded analysts’ expectations. The share of Celnex, operating mobile phone towers in Spain, rose 3.2 percent, and the German telecom group Deutsche Telekom rose 0.7 percent, after the two companies announced their activities for the towers in the Netherlands.
In Asia, Japanese stocks rose to a 30-year high at the close, on the path of a strong performance for Wall Street stocks, Wednesday, thanks to investor optimism about positive corporate profits. The Nikkei index gained 0.82 percent to 28,756.86 points, the highest closing level since August 1990. The broader Topix index rose 0.6 percent to 1,860.64 points.
Asian stocks touched all-time highs, as investors hope that more economic stimulus from the Biden administration will offset the damage caused by the Corona pandemic.
Many companies are preparing to release their quarterly reports, starting from Monday. Nedec Corp., whose stock has increased by more than 10 percent this month, will be the first company to announce its results.
The share of “Dentsu Group” became the biggest gainer on the index, jumping 5.26 percent, after a report that the giant advertising company was considering selling its Tokyo headquarters, which local media reported could bring in about 300 billion yen ($ 2.9 billion).
Panasonic shares rose 4.97 percent, after the company said that it had created boxes to keep vaccines against the Corona virus. The share of SoftBank Group rose 2.9 percent to a record high, after the rise in US certificates of deposit to Alibaba Group, after the company’s founder, Jack Ma, appeared in a video recording again. 132 stocks gained on the Nikkei, while 84 fell.
Market indices rose in the Asia-Pacific region, and the Sensex index on the Bombay Stock Exchange crossed the 50,000-point barrier for the first time ever. The 30-stock index rose more than 300 points, reaching an all-time high of 50137 points. The Nifty 50 index on the India National Stock Exchange rose by 100 points to 14746 points.
The South Korean Kospi Stock Average rose 1.49 percent, to close at 3,160.84 points. The index of “S&P – ASX200” Australian shares rose by 0.79 per cent to 6823.7 points, and the index of the broader First Ordinaries rose by 0.8 per cent to 7,101.1 points. The Shanghai Composite Index in China rose 1.07 percent to 3,621.26 points during trading.

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