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Stocks Hit Record Highs after Biden Takeover

Global stocks hit record highs on Thursday and the dollar fell as investors bet on major stimulus from new US President Joe Biden and continued support from global central banks would alleviate the economic damage caused by the coronavirus.

* The London FTSE, Frankfurt DAX and Paris CAC 40 had rises of 0.2% to 0.4%, while the euro appreciated before the first European Central Bank policy meeting of the year.

* After Wall Street and Asian stocks hit early morning trading highs, the MSCI global index covering nearly 50 countries added 0.3% to its 76% rebound since the year’s COVID-induced crash past.

* Republican lawmakers said they are willing to work with Biden on his administration’s priority: a $ 1.9 trillion fiscal stimulus plan. Some reject the figure, but the final amount is expected to equal at least 5% of the country’s gross domestic product.

* Bond yields barely moved. Debt markets awaited the ECB meeting, which comes against a backdrop of sustained challenges.

* The bank will announce its monetary policy decisions at 1245 GMT, followed by a press conference by ECB President Christine Lagarde at 1330 GMT.

* The dollar depreciated 0.14% to 103.37 yen after the Bank of Japan left its policies unchanged.

* The dollar index fell 0.17% to 90.254, while the 10-year Treasury yield fell to 1.0785%, down from 1.09% on Wednesday.

* Oil prices fell due to an unexpected increase in crude stocks, although hopes of an economic recovery contained the decline. West Texas Intermediate was down 0.24% at $ 53.18 a barrel and Brent was down 0.16% at $ 55.99.

* Spot gold was up 0.15% at $ 1,873.77 an ounce.

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