European stocks are set to open higher on Thursday as Joe Biden’s entry into the White House has raised hopes for a big fiscal relief package.
Biden on Wednesday signed a string of executive orders, memorandums and directives aimed at reversing the “gravest damages of the Trump administration” including rescinding the so-called ‘Muslim ban’, rejoining the Paris climate accord and ending the process to withdraw from the World Health Organization (WHO).
China urged cooperation with the Biden administration while announcing sanctions against the “lying and cheating” outgoing secretary of state Mike Pompeo and 27 other top officials in the Trump administration.
In the meantime, Twitter has locked the account of China’s U.S. embassy, citing a violation of its ‘dehumanization’ policy.
China Mobile, China Unicom Hong Kong and China Telecom Corp said they filed a request with the New York Stock Exchange, seeking to review their delistings.
Asian markets advanced and the dollar weakened on optimism that increased U.S. federal spending and efforts to get vaccines to more Americans will revive growth and corporate earnings.
The European Central Bank holds its first policy meeting of the year later today, with economists expecting no changes to interest rates or stimulus measures.
Earlier today, the Bank of Japan left its main policy unchanged and revised up its economic forecast for next fiscal year.
Across the Atlantic, trading later in the day may be impacted by reaction to reports on weekly jobless claims, housing starts and Philadelphia-area manufacturing activity.
U.S. stocks rallied overnight to hit new record closing highs as Netflix reported strong fourth quarter subscriber growth and Joe Biden called for additional stimulus and an accelerated coronavirus vaccine rollout after being sworn in as the 46th president of the United States.
The Dow Jones Industrial Average rose 0.8 percent, the S&P 500 climbed 1.4 percent and the tech-heavy Nasdaq Composite jumped 2 percent.
European markets closed higher on Wednesday boosted by positive earnings reports and stimulus hopes.
The pan European Stoxx 600 added 0.7 percent. The German DAX gained 0.8 percent, France’s CAC 40 index rose half a percent and the U.K.’s FTSE 100 inched up 0.4 percent.
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