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US shares are mixed when Biden nominates Powell for a second Fed term

Wall Street stocks split Monday when traders responded that Joe Biden nominated Jay Powell as chairman of the Federal Reserve for a second term, while Lael Brainard was elected second-in-command.

The US blue-chip S&P 500 equity index rose 0.4% in broad daylight in New York, beating a new record in the middle of the economic and power crisis. In contrast, after a public rise, Nasdaq Composite’s weight index fell 0.4 percent.

Tech stocks are seen as more interested in rising interest rates, and Powell’s re-election is expected to lead to a slowdown in the US central bank than Brainard was elected to the Fed seat.

In the public debt market, yields for the two-year Treasury note, which have been affected by interest rates, have risen to the highest level since March 2020 and have risen 0.07 percent to 0.58 percent, “in terms of hawkish results. 2022 elections in particular”, he said. BMO experts Monday morning.

Yields on the benchmark 10-year Treasury note rose about 0.07 percent to 1.62 percent. Bond yields move irresponsibly towards their prices.

Anthony Collard, chief financial officer in the UK and Ireland at JPMorgan Private Bank, said Powell’s second hope was “good, enough”.

“His movement is problematic [while] promoting growth proves to us that it has done a commendable job, ”said Collard.

Equity markets were conquered across the Atlantic Ocean. European stocks rose during the day but later fell. Several countries in the bloc last week were forced to reinstate the epidemic ban.

European stocks of Stoxx 600 closed by 0.1% on Monday, down 0.3% on the previous trading day.

Demonstrations exploded in Austria, Italy and Belgium among other European countries over the weekend, governments have increased coronavirus restrictions based on the number of infections.

London’s FTSE 100 share index closed 0.4% higher.

Elsewhere, Asian stock markets were mixed. Hong Kong’s Hang Seng index fell 0.4% while the China CSI 300 index rose 0.5%. Newly emerging markets fell Monday following pressure to sell last week as investors completely shifted their focus to developed countries where interest rates are expected to rise next year.

The FTSE broad barometer of EM shares fell 0.9 percent in US dollars, down 1.4 percent in the last week.

In currency, the dollar index – measuring the greenback against the other six currencies – went up 0.5 percent. The euro depreciated by about 0.4% against the US dollar to $ 1.124, the lowest level since summer last year when traders bet on a major bloc bank. very low rental rates as US and UK policymakers are expected to raise prices.

The Turkish lira hit about TL11.4 to the dollar on Monday, its weakest point. Last week the biggest bank in the country reducing interest rates and 1 percent to 15 percent. The rate has fallen by 30 percent this year while prices have fallen from 19 percent in early September, compared with rising inflation.

Brent crude, an oil brand, rose to $ 80.07 and rose 1 percent to $ 79.62 a barrel.

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