- S&P 500 Futures ease from intraday top amid a quiet session.
- US President Joe Biden conveys progress in stimulus talks.
- House has the votes to fast-track the much-awaited US relief package.
- Vaccine optimism, upbeat data raise bars for bears’ entry.
S&P 500 Futures print 0.11% intraday gains while recently receding to 3,827 amid Thursday’s Asian session. The risk barometer probed one-week top the previous day during the three-day uptrend.
Upbeat prints of the recent US economics and ex-ECB President Mario Draghi’s likely entry into politics as the Italian Prime Minister seems to have joined the latest positive chatters over US President Joe Biden’s $1.9 trillion coronavirus (COVID-19) stimulus package. Also favoring the mood could be the covid vaccine developments that suggest the fast global recovery during 2021.
As per the latest updates concerning the US relief package, Democratic members finally managed to push the budget resolution through the House. The proposal to fast-track President Biden’s optimistic aid package now reaches the Senate for the final test.
Further, US President Biden is also trying to convince Republicans to raise the least barriers for the much-awaited stimulus. Mr. Biden’s latest tweet said, “This morning, I met with a group of Democratic Senators to discuss the American Rescue Plan and how we emerge from the crises we face. One thing is clear: we all agree that now is the time for big, bold action to change the course of the pandemic and begin an economic recovery.”
Other than the Democratic push, the Federal Reserve officials and US Treasury Secretary Janet Yellen also highlight the need for the relief package to better recovery from the pandemic in 2021.
It should be noted that the economic calendar has been quiet in Asia and may remain the same before the Bank of England’s (BOE) quarterly announcements. However, traders remain cautious ahead of Friday’s US employment data for January to understand the economic play amid mixed signals.
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