Global Shares Rise After Yellen's Call To `Act Big' On Coronavirus Spending

Gold rate today On MCX prices rose to ₹49,115 per 10 gram

Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, urged lawmakers on Tuesday to "act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden. Oil rose and the dollar slipped in response.

US treasuries fell after Yellen said during her hearing that 2017 tax cuts for corporations should be rolled back.

In her testimony, Yellen, who was also the country's first female chair of the Federal Reserve, said that the quick action Congress took by passing trillion-dollar rescue packages last spring and an additional $900 billion relief measure last month were successful in "averting a lot of suffering".

Pandemic relief would take priority over tax increases, she said, while calling for corporations and the wealthy - both winners from Republican tax cuts in 2017 - to "pay their fair share".

The euro meanwhile sagged against the dollar as dealers eyed Italy's political turmoil on the eve of an interest rate decision from the European Central Bank.

Japan's Nikkei 225 futures added 0.07%, but Hong Kong's Hang Seng index futures lost 0.29%.

MSCI's gauge of stocks across the globe gained 1.13%, hitting a new record.

With Biden officially becoming the 46th president of the U.S. on Wednesday, investors will now turn their focus on his $1.9 trillion stimulus package proposal and the pace of covid-19 vaccine distribution. "The Fed will continue buying bonds issued by the U.S. Treasury in order to fund the fiscal programs".

"They realised that there is some limits to what monetary policy can do to effect change in the real economy", said Shaniel Ramjee, senior investment manager at Pictet Asset Management.

On Wall Street, the Dow Jones Industrial Average rose 0.38%, while the S&P 500 gained 0.81%.

The Senate Finance Committee hearing with Yellen on Tuesday is one of several that the Senate will be holding as the incoming Biden administration tries to get its top Cabinet officials in office quickly. While the market is trying to hold prices above key support, gold has struggled to recover convincingly past the $1,850 psychological level, he said.

Spot gold fell 0.3% to $1,865.43 per ounce by 10:51 a.m. EST (1551 GMT), after hitting its highest since January 8 at $1,874.86 earlier in the day.

Spot gold rose 0.3% to $1,846.21 an ounce at 9:22 NY, as silver, palladium and platinum all climbed too.

"The energy markets are racing higher out of the gates in Asia aided by a lower dollar and hopes of a sizeable economic stimulus package from the Biden administration".



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