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US President Announces Incentives, Investors Are Not Happy

Biden unveiled a widely anticipated plan to boost economic recovery amid the pandemic. The aid package totaled $ 1.9 trillion, surpassing previous estimates. However, the reaction of investors turned out to be rather restrained and saturated with skepticism, as can be seen from the predominantly negative dynamics of the stock markets. First of all, investors are not sure that the president-elect’s plan will receive full support from both chambers of Congress. In addition, the day before, speculation circulated in the markets that the size of the program would not be $ 1.3 trillion, but $ 2 trillion. In other words, the players were ready for the impressive figure and for the most part priced it in advance. The words of the head of the Federal Reserve also did not impress investors. Powell showed openly dovish rhetoric, saying that it was too early to think about raising rates, and that there could be no talk of starting to cut bond purchases. On the other hand, the dollar also showed little reaction to the pessimistic tone of the head of the central bank, partly because it was expected. Otherwise, market participants remain worried about the epidemic, and this week the focus has shifted towards Asia, where China recorded the maximum daily increase in the number of cases in several months. This, in turn, heats up fears about the economic recovery and discourages players from risking. The situation on the Russian market on Friday is generally in line with the external background. The leading indices show multidirectional dynamics, but at the same time refrain from sharp movements. The ruble is stable, ignoring falling oil, which, however, is also within a rather limited range .____________________ Mikhail Dorofeev, Chairman of the Board, KPC Obnovlenie

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