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Added on the 12/05/2020 17:14:23 - Copyright : AFP EN
On Monday, US stocks rallied as investors bet on the distribution of Pfizer's COVID-19 vaccine and stimulus progress to lift the economy. According to Business Insider, a bipartisan $908 billion stimulus proposal is set to be formally unveiled on Monday. One package will include $748 billion in funds for highly supported measures. A smaller package including more controversial state and local government aid and liability protections for businesses. On Monday, Pfizer and BioNTech will deliver their coronavirus vaccine. Oil prices ticked higher after a tanker exploded in a Saudi Arabian port. West Texas Intermediate crude gained as much as 1.9%, to $47.44 per barrel.
Huge overhang from the past two years could be dampening oil price recovery, according to the International Energy Agency. Fred Katayama reports.
Global oil markets will remain oversupplied at least until the end of 2016 as demand growth slows and OPEC output booms. As Grace Pascoe reports, the warning from the International Energy Agency comes after a bad week for markets.
Bangalore (India), Sep 13 (EFE / EPA) .- (Camera: Jagadeesh NV) .- Crowds of Indians protested this Monday in the Indian city of Bangalore against the increase in the price of fuel, which according to them, will also affect the price of other commodities in the country.FOOTAGE OF THE PROTEST AGAINST RISING OIL PRICES IN BANGALORE, INDIA.
US equities soared on Tuesday on the heels of President-elect Joe Biden's victory. The General Services Administration confirmed it would provide the "resources and services" needed to start Biden's transition. According to Business Insider, it's a clear sign that the Trump campaign has accepted its loss in the 2020 race. The typically seamless process has been mired down by President Donald Trump's legal challenges to the election's outcome. The Dow Jones industrial average surged above 30,000 for the first time, ever marking a rapid comeback after sinking in March.
US stocks dipped slightly on Wednesday as investors weighed the latest stimulus talk developments. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before the deadline. According to Business Insider, the two are now working to finalize a proposal before the weekend. Senate Democrats rejected Republicans' $500 billion "skinny bill," leaving both parties stuck in a deadlock. Disagreements over a relief bill are still significant between the Republicans and Democrats. The White House recently offered a $1.9 trillion bill, coming in well below Democrats' $2.2 trillion package.
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