Wednesday, 17 Feb 2021 07:08 AM MYT
US President Joe Biden was travelling to Wisconsin yesterday to press his case for a US$1.9 trillion pandemic relief Bill in the political battleground state that helped secure his victory in last year's presidential election. “The reflation trade continues to push equity markets across all industries and multi-caps ... and this rally could continue in the near-term,” said Tony Bedikian, head of global markets at Citizens Bank in Boston.
European shares ended about flat around a one-year peak yesterday as a boost from major mining and bank stocks was tempered by losses in most other sectors, with investors remaining uncertain over a euro zone economic recovery.The 10-year US Treasury yield rose above 1.3 per cent for the first time in nearly a year yesterday and the yield curve steepened as expectations of extended fiscal and monetary stimulus alongside hopes of an economic upswing added momentum to the reflation trade.
The US dollar bounced off three-week lows as bullish comments from a US Federal Reserve official and upbeat manufacturing data helped arouse investor risk appetite.