Wallstreet
The US stock market on Monday closed higher as investors await the approval of the 1.9 Trillion stimulus package in the coming weeks.
Earlier, the United States Treasury Secretary Janet Yellen said the economic recovery will be rapid after the $1.9 trillion funding bill is passed.
During Monday’s session, The Dow Jones reached its first record high since January 20. The S&P 500 and Nasdaq 100 touched new records during the day’s session.
In an interview with CNN, United States Treasury Secretary Janet Yellen says the country could achieve full employment next year if the US Congress passes a $1.9 trillion coronavirus stimulus bill proposed by the Biden administration.
“The Congressional Budget Office issued an analysis recently and it showed that if we don’t provide additional support, the unemployment rate is going to stay elevated for years to come,” Yellen noted.
Geopolitics
India Farmers Protests
India’s Prime Minister Narendra Modi has asked farmers across the country to end their protests against the government’s new agricultural reforms saying the new rules would keep floor prices for main crops.
The protests against new agricultural reforms began in late 2020 and have now escalated to thousands of participants throughout the country. As of Monday, 159 people had lost their lives.
Netanyahu Trial
Israeli media reported that the country’s Prime Minister Benjamin Netanyahu pleaded not guilty in response to corruption indictments against him.
Prosecutors said they were prepared to bring in the first of hundreds of witnesses within three weeks. The court is set to announce a decision in the coming days.
Germany to Extend lockdown
Germany is expected to extend its Covid-19 lockdown for another two weeks when state government leaders meet next week.
The federal government in Berlin has concluded it’s too early to lift the restrictions – due to end on February 14 – even though new infections are declining.
Sofbank Earnings
SoftBank Group net sales for the third quarter of 2020 rose by 10.7% to hit $14.3 billion from the same period a year ago. Its diluted earnings per share rose by 2595% compared to the third quarter of 2019.
Net income was up 879.5% year on year in the three months ended December 31, while its third quarter’s rose to $11.5 billion.
China’s new anti-monopoly rules for tech firms
The Chinese State Administration for Market Regulation (SAMR) on Sunday issued new anti-monopoly rules which are expected to affect the country’s leading tech giants, internet platforms and payment services companies such as Alibaba Group.
According to the media, the new rules will “stop monopolistic behaviors in the platform economy and protect fair competition in the market.”
“The behaviour is more concealed, the use of data, algorithms, platform rules and so on make it more difficult to discover and determine what are monopoly agreements,” the SAMR said.
Bitcoin
Following Monday’s announcement by Tesla that it purchased $1.5 billion worth of Bitcoin, the price of the world’s most famous digital currency continued to rise to trade above $46,000 mark.
Tesla CEO also revealed that the company aims to start using it as a payment method.
READ; Bitcoin Tops $44,000 As Tesla Reveals $1.5 billion Holdings
