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    Mixed US stocks as Biden nominates Powell for the term of the Second Federal Reserve Board

    Wall Street shares rose on Monday as traders responded to the following news. Joe Biden has nominated Jay Powell Lael Brainard was elected as a candidate for Vice-Chair and chaired the Federal Reserve Board for the second term.

    The US Good S & P 500 Equity Index rose 0.4% in New York afternoon trading, setting a new record high in the power of financial and energy equities. But in contrast, after rising open, the tech-heavy Nasdaq Composite fell 0.6%.

    In the government debt market, yields on interest rate-sensitive two-year government bonds rose 0.07 points to 0.578 percent. Benchmark 10-year government bond yields also rose about 0.07 points to 1.601 percent. Bond yields are inversely proportional to price.

    Anthony Collard, head of investment for JP Morgan Private Bank in the UK and Ireland, said Powell’s outlook for Phase 2 is “balanced and positive.” “Navigation of his crisis [while] Maintaining growth proves to us that he has done a good job, “Corrard said.

    The stock market was constrained throughout the Atlantic Ocean. European stocks rose during the afternoon session, but later fell. Some countries in the block were forced to re-impose pandemic restrictions last week.

    The STOXX 600 stock index in Europe fell 0.1% on Monday and fell 0.3% on the previous trading day.

    protest Occurred in Austria, Italy and Belgium, among other European countries Over the weekend, after the government tightened virus restrictions in response to rising infections.

    London’s FTSE 100 Index closed 0.4% higher.

    Elsewhere, Asian stock markets were mixed. Hong Kong’s Hang Seng Index fell 0.4% and China’s CSI 300 Index rose 0.5%. Emerging market equities fell even more sharply on Monday as investors turned more attention to developed economies, where interest rates are expected to rise next year, under selling pressure last week.

    The broad FTSE barometer for EM stocks fell 0.9% on a US dollar basis and fell 1.4% over the last week.

    In currencies, the dollar index (measured greenback against the other six currencies) rose 0.4%. The euro fell about 0.3% against the US currency to about $ 1.12. This is the lowest level since last summer as traders bet that Brock’s central bank will stick. Ultra-low borrowing cost Even if US and UK policymakers were expected to raise interest rates.

    The Turkish lira reached around $ 11.4 TL on Monday, the weakest level ever.Last week, the central bank of the country Lower interest rates 1 percent point to 15 percent. This year’s currency has fallen by more than 30% as interest rates have fallen from 19% in early September against the backdrop of high inflation.

    Brent crude, the oil benchmark, rose 0.5% to $ 79.27 a barrel.

    Mixed US stocks as Biden nominates Powell for the term of the Second Federal Reserve Board

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    The post Mixed US stocks as Biden nominates Powell for the term of the Second Federal Reserve Board appeared first on Eminetra.

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