(30 December 2020)DAILY MARKET BRIEF 2:In Asia, stocks are mostly bullish
In the weekend, Trump surprisingly signed a massive $2.3 trillion stimulus bill that includes the $900 billion relief package approved by Congress.
Meanwhile, the US continues to report a high number of COVID infections and deaths. Some experts are worried that the US has failed with its vaccination campaign. So far, the country has vaccinated only two million people and distributed 11 million doses of the two vaccines produced by Pfizer and Moderna. The figure is well below the projections of “Operation Warp Speed,” a government program meant to accelerate the development of COVID vaccines. President-elect Joe Biden said that leaders of that program planned to vaccinate 20 million citizens by the end of 2020.
To make matters worse, the US saw the first confirmed case of infection with the new COVID strain first detected in the UK. The variant is said to be 70% more infectious than the current coronavirus.
In individual corporate news, Snapchat owner Snap surged over 6% after Goldman Sachs boosted its price target, citing upbeat revenue growth expectations.
Boeing’s 737 MAX jet resumed flights in the US for the first time since the safety ban was introduced about two years ago.
In Asia, stocks are mostly bullish despite the US Senate’s decision to skip the vote on additional direct payments. Investors expect a robust economic recovery next year as governments express readiness to continue the unprecedented stimulus plans.
