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Trump derails "Santa rally", Brexit deal hopes lift pound

EconomyDec 23, 2020 04:20AM ET
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2/2 © Reuters. A man wearing protective face mask walks in front of a stock quotation board outside a brokerage in Tokyo 2/2

By Carolyn Cohn

LONDON (Reuters) -World stocks ticked up on Wednesday, as a last-minute intervention by President Donald Trump dampened positive sentiment over a U.S. stimulus deal, while the pound rose on the possibility of a Brexit agreement.

European stocks also got a lift from the Brexit deal hopes, rising 0.35%, though Britain's internationally-focused FTSE 100 index was down 0.15%.

Oil prices dropped after an industry report showed an unexpected rise in U.S. crude oil inventories. [O/R]

In a video posted on Twitter, Trump said a stimulus bill, agreed after months of wrangling in Congress, was "a disgrace" and that he wanted to increase "ridiculously low" $600 checks for individuals to $2,000.

"Trump has derailed U.S. fiscal hopes, refusing to sign the $900 billion pandemic relief bill that was passed after a long-drawn stalemate between Democrats and Republicans," analysts at Mizuho wrote in a note to clients.

"And so, hopes for an unambiguous "Santa rally" have been tragically hijacked."

Some traders said Trump's push for higher stimulus could lead to a spending increase.

The bill could be amended if the congressional leadership wants to do so, and if they don't, Trump's choices are to sign the bill into law, veto it, or do nothing and let it become law.

The stimulus funds are needed as the U.S. recovery stalls and hospitals struggle to cope with a nationwide spike in coronavirus infections at the same time as an even more contagious variant of the disease spreads quickly in Britain.

The possibility of a delay to such long-awaited and hard-fought spending plans sent S&P 500 futures down as far as 1% below the index's Tuesday close, but they recovered to trade 0.22% higher.

The MSCI world stock index rose 0.23%, though it was trading more than 1% below record highs struck last week. The index is eyeing gains of over 12% for 2020, as trillions of dollars in stimulus have outweighed pandemic pain this year.

MSCI's broadest index of Asia-Pacific shares outside Japan snapped three days of declines with a 0.6% rise, led by a jump in electric vehicle stocks in South Korea and China after LG Electronics announced a production deal.

Tech and healthcare stocks pushed Japan's Nikkei 0.3% higher and Australian shares rose 0.7%, though volumes were light. [.T][.AX]

WEDNESDAY DEAL?

Britain and the European Union are nearing a Dec 31 deadline for a Brexit transition period and have yet to agree on a trade deal.

ITV (LON:ITV)'s political editor said in a late-night tweet that separate sources had raised the possibility of the two sides striking a deal on Wednesday.

"Sterling is off its lows - there's a little twinkle of optimism around that deal," said Jane Foley, head of FX strategy at Rabobank.

However, a British minister said on Wednesday that serious issues remained unresolved.

The minister also said he hoped trucks would start crossing into France again on Wednesday after Paris lifted its ban on freight coming from Britain because of the new coronavirus variant.

Sterling rose 0.4% against the dollar above $1.34 and strengthened against the euro to 90.82 pence.

The dollar index was flat at 90.463 and the euro was also steady against the dollar, while euro zone bonds were little changed [GVD/EUR].

Brent crude futures dropped 0.6% to $49.78 a barrel and U.S. crude futures fell 0.74% to $46.68. [O/R]

Gold ralled 0.5% to $1,868 an ounce. [GOL/]

Trump derails "Santa rally", Brexit deal hopes lift pound
 

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Comments (24)
Marco cuevas
Marco cuevas Dec 23, 2020 11:39AM ET
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Trump is the grinch  who stole xmas.
John Eisenbeiser
John Eisenbeiser Dec 23, 2020 7:50AM ET
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I do not value the opionion of anyone outside the United States telling me where to spend our hard earned tax dollars and future generations debt! It is a disgrace for congress to send releif money that americans need to other countries.
Henrik Lindberg
Henrik Dec 23, 2020 5:25AM ET
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The Democrats has derailed the USA.
Silence Dogood
Silence Dogood Dec 23, 2020 5:21AM ET
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Everyone knows it's the dems who derail such bills by refusing to stop funding their pet projects and specials interests at the expense of the American people. EVERYONE knows this fully and openly. The stolen election will lead to an awakening among the brainwashed biden voters who are already regretting what they helped perpetuate.
Marco cuevas
Marco cuevas Dec 23, 2020 5:21AM ET
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I'll be glad when this buffoon will be gone so you guys can go along with him.
Geskiedenis Klub Fichardtpark
Geskiedenis Klub Fichardtpark Dec 23, 2020 4:54AM ET
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Wby don't you mention of the billions in the bill going to foreign countries.. Trump is not stupid.. Hats of for a real leader
Dionte Edwards
Dionte Edwards Dec 23, 2020 4:22AM ET
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Santa drop
Kaveh Sun
Kaveh Sun Dec 23, 2020 2:26AM ET
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Everything is green. If u listened to Reuters, u sold n have lost lots of money.
Kaveh Sun
Kaveh Sun Dec 23, 2020 2:21AM ET
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The market came backup. Investors r saying Trump will sign it eventually.
Daniel Lu
Daniel Lu Dec 23, 2020 2:00AM ET
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$600 check is too little for an individual , let alone to help the stock market. Why sign a ‘ better than nothing ‘ stimulus bill to put the nation in debts.
Clifford Anderson
Clifford Anderson Dec 23, 2020 1:22AM ET
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none of it is real. its all just showing off in front of the world showing who has the biggest set of muchachoes. these governments don't need money or backers or the peoples vote. if they wanted to isolate and destroy this thing financially and with community health and order intact. it would be done already. this is all bringing markets up to where they need to be for the characters to have a successful next act. common throw your money out there. as usual the little guy is being drained of his/her life savings or nest eggs while corporate America and the rest of the crooks keep their leads over the low lifes and poorly educated. been going on since we discovered the power of wealth. nuff said, move on.
Jo Pa
Jo Pa Dec 23, 2020 1:09AM ET
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A government can't give what it hasn't already taxed. The best stimulus is a tax reduction.
Jo Pa
Jo Pa Dec 23, 2020 1:05AM ET
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$900B costs each taxpayer $5k. But, you'll get $600 of your own money back lol
R Wajahat Izaat Arthur
R Wajahat Izaat Arthur Dec 23, 2020 12:14AM ET
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45 is trying his best to grab straws at the minute, by waving a carrot stick in front of the American people.
CS Greer
CSGreer Dec 23, 2020 12:13AM ET
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What's happening and why all depends on whose pushing the agenda these days. Four hours ago via MSN  >>>> U.S. Stock Futures Steady, Dollar Climbs; Oil Dips: Markets Wrap Yesterday it was US STOCKS-Futures tumble on fears over new coronavirus strain Don't worry folks... anytime prices rise or fall, you can be sure it will be attributed to something the left needs you to believe.
Patunja Patato
Patunja Patato Dec 23, 2020 12:01AM ET
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nothing good to come from that one EVER.. than one destroyed USA ... one man destroyed country constitutashan has no value
jonas Örnhede
Jonsey Dec 23, 2020 12:01AM ET
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If he doesn't up hold the constitution we will all be living like the suppressed people of Communist China and worse. Trump will be the next President.
Gershom Zvi
Gershom Zvi Dec 22, 2020 11:55PM ET
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Trump threatened not to sign a $892-billion coronavirus relief bill that includes desperately needed money for Americans, saying it should be amended to remove certain items and increase the stimulus checks to $2,000. Failure to either pass another stopgap bill or override a possible Trump veto could result in a partial government shutdown. Reuters - However this must be done in September Is that clear ? he would be a winner of this election
Chris Mallory
Chris Mallory Dec 22, 2020 11:55PM ET
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you don't understand street language. promise& threat are 2 different things. It's not getting signed..Promise.
Chris Mallory
Chris Mallory Dec 22, 2020 11:54PM ET
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Pelosi & Chuckie won't be able to take Christmas vacation now. She will get her hair done as scheduled..
Chris Mallory
Chris Mallory Dec 22, 2020 11:45PM ET
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Democrats did it again. Millions 4 foreign countries in bill. Pakistan and Ukraine,, doa is good news
Jörg Holl
Jörg Holl Dec 22, 2020 11:45PM ET
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That's what leftists do in Germany too. Billions for other countries and higher taxes for us. And the sheeps will elect their slaughters again next time.
jonas Örnhede
Jonsey Dec 22, 2020 11:45PM ET
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same here in Sweden, European Union is doomed sooner or later it will fall apart, I hope for the sooner. We can still ha free trade agreement between European countries
David David
David9 Dec 22, 2020 11:35PM ET
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oophs.... Trump did it again... tomorrow will be a sea of red across the board...
Tommy Arencibia
Tommy Arencibia Dec 22, 2020 11:35PM ET
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Cool magic 8-ball
Joe Mead
Joementum Dec 22, 2020 11:29PM ET
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articles title is misleading he never used the word veto
Joe Mead
Joementum Dec 22, 2020 11:29PM ET
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all he said was that he's asking for more.... enjoy your dip plebs
master blaster
master blaster Dec 22, 2020 11:14PM ET
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trump is the best president America ever had. only the slush funders dont like him.
Javier Escamilla
Javier Escamilla Dec 22, 2020 10:57PM ET
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Shortly after Trump released the 4-minute clip, House Speaker Nancy Pelosi responded to the president’s request for larger checks for Americans, saying “Let’s do it!”“Republicans repeatedly refused to say what amount the President wanted for direct checks,” the Democratic leader tweeted. “At last, the President has agreed to $2,000 — Democrats are ready to bring this to the Floor this week by unanimous consent. Let’s do it!” .. well democrats are down so lets do it hehe
Wai Wai
Wai Wai Dec 22, 2020 10:57PM ET
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Republican vs republicans, What a Pelosi
Pratt Man
Pratt Man Dec 22, 2020 10:25PM ET
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shut the government down and let's wait until president biden is in charge.
Nelson Manning
Nelson Manning Dec 22, 2020 10:25PM ET
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don't hold your breath bubba
Stacy Starner
Stacy Starner Dec 22, 2020 10:25PM ET
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God biden in we are in trouble more money to foreign countries *****
Tommy Arencibia
Tommy Arencibia Dec 22, 2020 8:26PM ET
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Can you actually do aome reseach instead of reporting the same thing for green and red days? Just recycling articles
The Real Rick cc Dean
The Real Rick cc Dean Dec 22, 2020 8:26PM ET
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Bravo!  Best comment of the month!
 
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