Package Announcement Supported The Global Markets

The $ 2.25 trillion package announced by US President Joe Biden supported purchases in global markets.

The package announcement supported the global markets. The infrastructure package, in which US President Joe Biden shared the details, supported purchases in global markets. While Biden's statements had a doping effect on American stocks in the first place, the rise also affected Asia. The S&P 500 closed Wednesday's transactions with 0.4 percent and the Nasdaq 100 up 1.5 percent. S&P 500 futures are slightly positive in the mornings. In Asia, the Japanese Topix, Hong Kong Hang Seng and South Korean Kospi also increased. In Europe, where the closures within the scope of combating the coronavirus epidemic will adversely affect economic activity, Euro Stoxx 50 futures are slightly higher. US bond yields, on the other hand, hover near the highest level of the last year, with inflation concerns the package might create. While the Bloomberg Dollar Index increased by 0.1 percent daily, many major developing countries' currencies suffered moderate losses against the US dollar.

Biden Announces Details of the Package

US President Joe Biden shared the details of the $ 2.25 trillion investment package called the "American Employment Plan" announced on Wednesday. Stating that the economic growth processes in the past have excluded a large part of the society, Biden said, "We will include everyone." Biden said, “It is time to build the economy with the middle class. Our plan will reward work, not wealth.” The $ 2.25 trillion package includes investments in transportation, clean water and fast internet infrastructure areas, the manufacturing sector and the care of the elderly. The package in question will be fully financed by a corporate tax increase and a minimum tax levied on the profits of global companies.