TEHRAN (Iran News) – European stocks advanced on Wednesday, ahead of the inauguration of President-elect Joe Biden. The pan European Stoxx 600 climbed 0.5% in early trade, with the technology sector adding 1.8% to lead gains while utilities stocks slipped 0.4%.
Investors around the world will be watching Joe Biden’s inauguration in Washington on Wednesday, which comes after a tumultuous few months of political upheaval in the U.S.
Biden will succeed President Donald Trump as the 46th president of the United States shortly after noon ET. His inauguration speech will focus on the need to bring the country together on the heels of a violent riot on Capitol Hill and amid extreme partisanship in Congress.
Investors will also be on the lookout for any further information about Biden’s $1.9 trillion Covid-19 relief plan announced last week. On Tuesday, Janet Yellen, Biden’s designated nominee for Treasury Secretary, endorsed higher aid spending and urged lawmakers to “act big.”
U.S. stock futures held steady in overnight trading ahead of the inauguration. Meanwhile, stocks in major Asia-Pacific markets were mixed on Wednesday as investors reacted to the release of China’s latest benchmark lending rate.
Italian investors will be watching for reaction in the stock market Wednesday after Italian Prime Minister Giuseppe Conte won a confidence vote in the upper house Senate on Tuesday, following a similar vote in the lower house of parliament on Monday. The results of the vote enable him to remain in office after a junior partner quit his coalition last week, prompting political uncertainty.
On the data front, U.K. inflation doubled in December, despite stringent coronavirus restrictions over the Christmas period. Consumer Price Index (CPI) inflation climbed to 0.6% in December from 0.3% in November, according to the Office for National Statistics.
Logitech shares climbed 6.3% in early trade after Morgan Stanley, Citigroup, and JPMorgan all raised their price targets for the Swiss-American software manufacturer’s stock.
Education group Pearson and fashion house Burberry gained 6.3% and 4.7%, respectively, as investors reacted positively to reassuring trading updates.
- source : CNBC