World Market Update 5/18/2021

U.S. Republicans are expected to unveil a new infrastructure proposal as early as Tuesday as optimism grows about a possible bi-partisan deal that would cover a fraction of President Joe Biden’s $2.3 trillion infrastructure plan. Senator Shelley Moore Capito, who is leading the Republicans infrastructure drive, announced an initial $568 billion infrastructure plan, which Democrats considered inadequate. Meanwhile, U.S. Trade Representative, Katherine Tai, discussed a range of trade issues with Canadian Trade Minister Mary Ng on Monday. The U.S.-Mexico Canada Agreement Free Trade Commission is readying potential tariffs on six countries while international negotiations on the issue proceed. And in London, a better-than-expected jobs data strengthened views of a stronger economic recovery from the pandemic, and triggered a rise in the FTSE 100 index.

To the charts now:

U.S. stocks:

DOW: -54.34 (34,327.79 USD)

S&P 500: -10.56 (4,163.29 USD)

SPOT GOLD: 1,870.50 USD

U.S. DOLLAR CROSS RATES:

YEN: 108.9200

EURO: 0.8195

STERLING: 0.7040

SW FRANC: 0.8977

CAN: 1.2020

AUD: 1.2819

EUROPEAN MARKETS:

UK FTSE – 100: +35.50 (+0.50%, at 7,068.35 GBP)

FRANCE CAC-40: +28.91 (+0.45%, at 6,396.26 EUR)

GERMAN DAX-30: +63.45 (+0.41%, at 15,460.07 EUR)