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US data paints very upbeat picture, expected Biden budget boosts stocks, AMC's blockbuster week, US-China posturing, bitcoin steadies


US data paints very upbeat picture, expected Biden budget boosts stocks, AMC’s blockbuster week, US-China posturing, bitcoin steadies
Posted 4 hours agoSharePrint
US stocks pushed higher after a wrath of data painted a pretty outlook for the economy and on expectations the US will have the highest amount of federal spending since World War II.  The economy has a great recovery going, but it is not clicking on all cylinders.  A cooling housing market, chip shortages, and supply problem for employers, all support the Fed’s ultra-accommodative stance a little bit longer.
The reopening trade is still going strong.  Royal Caribbean rose 2% after being cleared to resume cruises on June 26 ....

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Focus on BoE and Turkish rate decisions, corporate earning season picks up the pace


Aston Martin [AML.UK] +2% (earnings),
AB InBev [ABI.BE] +5% (earnings).
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UniCredit [UCG.IT] +3% (earnings),
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Continental [CON.DE] -1% (earnings).
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Telecom: Telecom Italia [TLIT.IT] -5% (Italian govt said to drop backing of Telecom Italia single network plan).
Speakers
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ECB Economic Bulletin noted that the near-term economic outlook remained clouded by uncertainty about the resurgence of the pandemic and the roll-out of vaccination campaigns. Preserving favorable financing conditions over the pandemic period remained essential.
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Norway Central Bank (Norges) Olsen post rate decision press conference noted that the economy should gradually normalize but uncertainty remained. Pandemic was not over but vaccinations were well underway and saw light at the end of the tunnel. Normalization of liquidity was well underway and saw all extraordinary loans repaid by end-Aug. ....

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Will Biden Favor Drug Companies—or Billions of People Needing COVID Vaccines?


Will Biden Favor Drug Companies—or Billions of People Needing COVID Vaccines?
As the global humanitarian crisis deepens, so far the U.S. government is siding with Big Pharma.
Amit Sharma/AP Photo
COVID-19 patients receive oxygen outside a Gurdwara, a Sikh house of worship, in New Delhi, India, May 1, 2021. Record numbers of COVID cases and deaths were recorded in India over the weekend.
On Wednesday, the World Trade Organization convenes a General Council meeting, where one pressing agenda item will be a temporary waiver of intellectual-property provisions (known as TRIPS) so that production of COVID vaccines can proceed worldwide, at the lowest possible cost. ....

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