Down by Laggard, Mixed ahead, Biden | IFCM India
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Down by Laggard, Mixed ahead, Biden!

Stocks lost on Laggard and mixed ahead of Biden’s' speeches!


U.S. stock market started trading higher on Wednesday's U.S. season as investors waiting for Biden's speech, especially after feeling a bit more confidant from Laggard’s words.

Earlier today, European Central Bank President Christine Laggard, in his interview with Bloomberg, "invited markets to test its resolve to keep monetary conditions loose, ahead of what is likely to be a quarter of deceptively high inflation rates. She added, "Can test us as much as they want." (Bloomberg)

On the other hand, as we are waiting for more details from President Biden about his multitrillion-dollar infrastructure spending plan, which expected to raise the taxes, especially for bigger businesses and companies, Dow30, is falling after opening bell, but SP500 and ND100, both gaining 0.5% and 1.5% respectively.

What Laggard’s speech could tell us is E.U. central bank will keep its dovish policy as long as market needs and PEPP plan, still will continue, as she said: "ECB to reassess the pace of PEPP purchases in due course at a quarterly pace." hoping that "E.U. recovery fund will be deployed in 2H 2021."

About Biden's plan, which comes less than just two months after passing his $1.9T stimulate package, we expect that Washington's overpriced support will boost the inflation and bond yields even more."

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Author
Ahura Chalki
Publish date
11/12/23

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