5 Important Developments To Follow This Week
5 important developments to follow this week have been compiled. Developments regarding the stimulus package stand out in the USA.
This week, US retail sales figures and the minutes of the FED's last meeting will be the focus of the agenda. In addition, market actors will watch the session of the Parliamentary Financial Services Committee on the confusion in GameStop and other heavily short-selling stocks. On the other hand, Bitcoin, which reaches towards $ 50 thousand, will find itself among the important data.
Here's what to know before starting the new week:
- Incentive Package Developments in the USA
US President Joe Biden's $ 1.9 trillion coronavirus support package will take the next step with the Assembly Budget Committee pulling all elements into a single legislative package.
On Friday, US Treasury Secretary Janet Yellen called on G7 financial leaders to support additional incentives for a strong and sustained recovery, using the words "it's time to play big".
- Earnings Reports and Stock Markets
Expectations for a new support package increased the risk appetite, while the S&P 500 and Nasdaq closed at record highs on Friday. Markets will follow the Walmart report on Thursday for information on consumer spending.
In addition, investors will follow the reports of hotels, cruise lines and other sectors adversely affected by the epidemic. Hilton Worldwide Holdings and Hyatt Hotels will present their reports on Wednesday, and Marriott, Norwegian Cruise Lines and TripAdvisor on Thursday.
Also, on Monday, US exchanges will be closed for the Presidential Day.
- Economic Data
Highlights on the US economic data agenda will be retail sales and industrial production figures of January. Both data are expected to prove that the economy has started well into 2021.
In addition, the markets will focus on the unemployment applications to be announced on Thursday. Labor market problems reinforce the possibility of Biden's 1.9 trillion dollar stimulus package, which is under evaluation in Congress.
The minutes of the FED's policy meeting for January will be published on Wednesday.
4.Bitcoin Breaks The Record Of $ 49,000 Today
Leading cryptocurrency Bitcoin (BTC) broke $ 49,000 on Sunday, February 14, and broke a new record.
The interest of companies such as Tesla and BNY Mellon in Bitcoin has undoubtedly played a leading role in the record of crypto money.
While corporate companies are announcing decisions such as allowing payments with Bitcoin, level of $50,000 is on the agenda of the cryptocurrency world.
- US Parliament Financial Services Committee Session Will Take Place
On Thursday, executives of Robinhood, Citadel, Melvin Capital and Reddit will testify before the US Congressional Financial Services Committee. The committee will try to find out how the stocks of
GameStop and other heavily short-selling companies, which rocked Wall Street in recent weeks, could be raised to extremely high levels and caused huge losses in hedge funds like Melvin who bet against those shares.
Source:
Investing.com 
