{"id":105964,"date":"2020-10-19T18:53:10","date_gmt":"2020-10-19T17:53:10","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105964"},"modified":"2020-10-19T18:53:10","modified_gmt":"2020-10-19T17:53:10","slug":"sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\/","title":{"rendered":"S&#038;P 500 Index to Track Progress on US Stimulus Ahead of Deadline"},"content":{"rendered":"<ul>\n<li><strong>Stock markets advanced in the Asian session after signs of progress in US fiscal stimulus\u00a0 talks.<\/strong><\/li>\n<li><strong>House Speaker Pelosi\u2019s 48-hour deadline on stimulus talks could spark a period of risk aversion.<\/strong><\/li>\n<li><strong>S&amp;P 500 set to gain ground as price forms a Bull Flag continuation pattern.<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Stock markets trended northwards in the Asian session. Australia\u2019s ASX 200 rallied 0.85% and Japan\u2019s Nikkei 225 jumped over 1.2%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from China dragged on cyclically-sensitive Australian Dollar, which pulled back from the daily high post release.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gold clawed back over $1,900. Silver stormed 1.7% higher, as the safe haven US Dollar declined.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">European Central Bank President Christine Lagarde and Federal Reserve Chair Jerome Powell are due to speak.\u00a0<\/span><\/p>\n<p><strong>48-Hour Deadline on Stimulus Talks Could Weigh on US Equity Indices<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Developments surrounding\u00a0 continuing negotiations between Republicans and Democrats on a fiscal stimulus package is expected to drive thee near-term outlook for US bourses, as House Speaker Nancy Pelosi announces that she and Treasury Secretary Steven Mnuchin have 48 hours to agree the a deal if we want to get it done before the election, which we do.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The US is recording 50,000 new coronavirus infections a day whilst initial jobless claims increased by 898,000 (est. 825,000) in last week, the need for additional fiscal stimulus is becoming increasingly urgent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, Fed Chairman Jerome Powell warned that the absence of \u201can additional pandemic-related fiscal package\u201d could negatively impact growth in the final quarter Vice Chair Richard Clarida also stressed the need for \u201c additional support from fiscal policy \u201d given that \u201cit will take some time to return to the levels of economic activity and employment that prevailed at the business cycle peak in February\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mnuchin confirmed that\u00a0 he and Pelosi are making progress in some areas. However he also said that they remain far apart from others\u201d . He considered achieving a deal before the elections would be difficult. It seems increasingly unlikely that a deal will be passed before the US presidential elections in two weeks\u2019 time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even if a deal is agreed, there is a good chance\u00a0 that it will be voted-down in the Senate, particularly given Senate Majority Leader Mitch McConnell prefers a much smaller aid package of just will cost roughly $500 billion<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rising risk aversion could dominate US policymakers who fail to get a deal done before the two day deadline set by Speaker Pelosi.<\/span><\/p>\n<p><strong>Democrat Win Underpins Equity Prices<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The markets could be looking through immediate fiscal stimulus deadlock towards\u00a0 a a Biden presidency, which is expected to\u00a0 come with a substantial injection of stimulus if the Senate flips to a Democratic majority.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With just 2 weeks\u00a0 until the election and\u00a0 Mr Biden holds a solid lead over the incumbent President Trump in the national polls, a Democratic administration is looking like the more probable outcome.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the RealClearPolitics Betting Average index\u00a0 Trump could narrow the gap significantly over the coming days, if the current trend were to continue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So whilst a lack of fiscal stimulus could drag on US asset prices near term the increasing probability of a Biden win in November could see markets price in a larger government support package and directing\u00a0 flows into risk-associated assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If President Donald Trump claws back lost ground in the polls as is reflected in the S&amp;P 500 recent 4-day decline as Trump nudged higher in the polls slide lower on the back of Trump\u2019s nudge higher in the national polls.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock markets advanced in the Asian session after signs of progress in US fiscal stimulus\u00a0 talks. House Speaker Pelosi\u2019s 48-hour deadline on stimulus talks could spark a period of risk aversion. S&amp;P 500 set to gain ground as price forms a Bull Flag continuation pattern. Stock markets trended northwards in the Asian session. Australia\u2019s ASX [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5418,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1381],"tags":[3069,1398],"class_list":{"0":"post-105964","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-usd","8":"tag-sp","9":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>S&amp;P 500 Index to Track Progress on US Stimulus Ahead of Deadline - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"S&#038;P 500 Index to Track Progress on US Stimulus Ahead of Deadline\",\"datePublished\":\"2020-10-19T17:53:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\\\/\"},\"wordCount\":576,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100933-gbp-usd-super-wednesday-events.jpg\",\"keywords\":[\"S&amp;P\",\"usd\"],\"articleSection\":[\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-to-track-progress-on-us-stimulus-ahead-of-deadline\\\/\",\"name\":\"S&P 500 Index to Track Progress on US Stimulus Ahead of Deadline - 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