President Trump seemed to have been in the holiday spirit this past weekend, as he finally signed the pandemic relief bill.
The bill, which was approved by Congress last week, will see a package of $2.3 trillion made available to Americans who have been under economic strain, as a result of the COVID-19 pandemic.
Markets around the world rallied on the news, as the world’s largest economic superpower attempts to lead the way out of the global health crisis.
As of writing, the S&P 500 was up 0.87%, with the NASDAQ and Dow Jones up 0.88 % and 0.64% respectively.
More Vaccines set for approval
After being the first nation to approve the Pfizer Covid-19 vaccine, the United Kingdom is set to approve yet another vaccine this week.
This time it comes closer to home, with the UK government expected to approve the Oxford-AstraZeneca Covid-19 vaccine in the next few days.
This news comes as the UK reported close to over 30,000 infections of the coronavirus yesterday, as hospitals begin to see an increase in patients despite most of the country currently being under strict lockdown restrictions.
London’s FTSE 100 gained marginally on the news, after recently stuttering as many nations around the world closed their doors to travellers from the UK, due to a new faster spreading variant of the virus.
DAX up, as EU set for major deal with China
With Brexit out of the way, the European Union has wasted no time in trying to secure new trade deals with the rest of the world, starting with China.
News released today stated that China and the European Union are likely to finalise an investment deal shortly, that would give EU companies much better access to the Chinese market.
A source from the EU close to the matter stated that, “The deal might already be done this week. We get much better market access and the protection of our investments in China. Better market access is something we have been working for, for many years, and the Chinese have made quite a big step towards us”.
Germany’s DAX was up close to 1.49% on the day.
Quote of the day – “Novice Traders trade 5 to 10 times too big. They are taking 5 to 10 percent risk, on a trade they should be taking 1 to 2 percent risk on.”Bruce Kovner
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Senior Market Analyst