Global stocks are up on news Trump signs aid bill

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© Reuters. FILE PHOTO: A man wearing a face mask walks past a screen displaying a graph showing Nikkei’s recent average outside a brokerage house, amid the coronavirus (COVID-19) outbreak, in Tokyo

Par Hideyuki Sano

TOKYO (Reuters) – Global stocks rose on Monday as a source said US President Donald Trump enacted a $ 2.3 trillion pandemic aid and spending law he had so far refused to sign.

The United States last recorded a 0.4% increase.

Futures previously wrote off losses after a cryptic tweet from Trump – “Good news on the Covid relief bill. News to Watch ”- helped offset concerns about a further delay in stimulus spending.

A source later said he approved the bill.

increased by 0.4%. The largest MSCI index of Asia-Pacific stocks outside of Japan rose 0.2%, although trading is slow with many markets still closed for the holidays.

“It is positive for the markets that we no longer have chaos on the stimulus, given that there was a chance of a partial government shutdown,” said Masahiro Ichikawa, chief strategist at Sumimoto Mitsui DS Asset Management.

“But on the other hand, the markets have been talking about this stimulus for a long time and I would say most of it has already been taken into account. ”

Trump had refused to sign into law the pandemic aid and spending package Congress passed, demanding increased stimulus checks for struggling Americans.

Trump’s threat not to sign the package had already ended an emergency unemployment assistance program and threatened a partial shutdown of the federal government by midnight Monday.

US bond yields edged up in their first trade after Christmas, as 10-year US Treasuries rose 0.6 basis points to 0.930%.

The rollout of COVID-19 vaccines also bolsters hopes of more economical normalization next year, with Europe launching a mass vaccination campaign on Sunday.

This offset alarms over a new, highly infectious variant of the virus that has raged through south-east England and was confirmed in many other countries, including Japan, France and Canada, over the weekend. .

Major currencies have changed little.

The euro traded at $ 1.2204, slightly below its 2-1 / 2 year high of $ 1.22735, while the yen changed hands at 103.56 to the dollar.

The British pound changed hands at $ 1.3565, not far from a 2-1 / 2 year high of $ 1.3625 reached earlier this month after Britain and the European Union had reached agreement on a trade framework after Brexit.

extended gains over the weekend to hit a new high of $ 28,377.94 before falling back to $ 26,457.32, bringing the total value of the cryptocurrency in circulation to over $ 500 billion.

Oil prices edged down, with futures down 0.8% to $ 47.85 a barrel.

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