Singapore’s GDP and Wall Street’s record-breaking infrastructure plan

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SINGAPORE – Stocks in Japan were set for a higher opening, as Wall Street hit record highs thanks to a $ 1 trillion infrastructure plan passed by the US Senate.

The Japanese Nikkei 225 was about to open higher from the previous close.

However, the S & P / ASX 200 in Australia was scheduled for a lower opening.

Singapore’s Ministry of Trade and Industry said on Wednesday that the economy grew 14.7% in the second quarter from a year ago, better than official preliminary estimates of an expansion of 14, 3%. The country also expects its economy to grow between 6% and 7% in 2021, an improvement from previous projections of 4% to 6%.

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Stocks on Wall Street hit new records, spurred by the Senate’s passage of a $ 1 trillion infrastructure package.

The Dow Jones Industrial Average rose 162.82 points to 35,264.67 to close at a record high. The S&P 500 rose 0.1% to 4,436.75 and closed at a new all-time high.

The Senate infrastructure plan, which includes $ 550 billion in new spending on transportation and broadband, is expected to help boost the economy as peak growth slows after the pandemic reopens .

Currencies

the The US dollar index, which tracks the greenback against a basket of its peers, hit 93.055, from levels above 92.9 yesterday.

The Japanese yen was trading at 110.56, a little lower than the levels around 110.4 the day before.

The Australian dollar changed hands at $ 0.7345, a little higher than the levels above $ 0.733 seen yesterday.

– CNBC’s Yen Nee Lee, Maggie Fitzgerald and Tanaya Macheel contributed to this report.


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