Market News

Incoming President Joe Biden proposed $1.9 trillion into the economy to support jobs and spending which is needed to avoid long-term damage from the COVID-19 pandemic.

Democrats on Wednesday completed a sweep of the two US Senate seats in the runoff elections in the state of Georgia, giving the party control of the chamber and boosting the prospects for President-elect Joe Biden’s policy goals when he takes office in January.

On Monday US Congress approved an $892 billion coronavirus aid package after days of negotiations. President Donald Trump is expected to sign it into law.

Britain and the EU have just over two weeks left to negotiate a deal covering nearly $1 trillion in annual trade before Britain loses the zero-tariff zero-quota access to the block’s single market on 31 December.

The ECB engaged into more stimulus measures on Thursday to support the economy. It expanded its debt purchase scheme and agreed to provide banks with even more ultra-cheap liquidity as long they keep passing cash to companies.

OPEC and its allies led by Russia postponed talks on output policy for 2021 to Thursday as key players disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic.

Germany’s Gross domestic product grew by a record 8.5% in the third quarter as Europe’s largest economy is partly recovering from an unprecedented plunge caused by the first wave of the COVID-19 pandemic in spring, said the statistics office on Tuesday.

European Central Bank President called on European leaders on Thursday to unlock aid for a region that is facing damages from the second wave of the coronavirus pandemic.

Christine Lagarde kicked off the ECB’s annual symposium held virtually at which the world’s top central bankers were due to discuss why monetary policy is not working as it used to and what role they might play.

The world in the past week focused on the election in the US between Republican Donald Trump and Democratic presidential candidate Joe Biden.

The European Central Bank left policy unchanged on Thursday resisting the pressure to unveil more stimulus amid a resurgence of coronavirus cases but provided a clear hint of fresh easing at its next meeting in December.

The European Union’s first sale of bonds to finance its SURE unemployment scheme drew record demand of over 233 billion euros ($176.7 billion), lead managers said, kicking off EU fundraising plans that will in time make it one of Europe’s biggest borrowers.