Biden chooses Powell to lead the Fed’s re-election

Singapore-The Australian stock market rose in early trading on Tuesday, and investors in the Asia-Pacific region are paying close attention to the market reaction after the inauguration of the US President Joe Biden Announced on Monday that he will re-nominate Jerome Powell The second term is U.S. Federal Reserve Chair.

this Standard & Poor’s/Australian Stock Exchange 200 Australian stocks rose 0.34% in early trading, major miners’ share prices rose BHP Billiton Up nearly 4%.

The Japanese market is closed for a holiday on Tuesday.

In the US stock market overnight, the Dow Jones Industrial Average rose slightly by 17.27 points to 35,619.25, while the S&P 500 index fell 0.32% to 4,682.94. The Nasdaq Composite Index fell 1.26% to 15,854.76.

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These moves came as Wall Street investors reacted to Biden’s re-election of Powell as chairman of the Federal Reserve. Biden has been under pressure to appoint a more progressive Democrat, rather than allowing Republican Powell to assume this role.

Powell guided the U.S. Central Bank and the country’s economy through a pandemic recession and introduced unprecedented monetary stimulus measures to maintain the functioning of financial markets. His nomination will now be submitted to the Senate for confirmation.

currency

this Dollar indexTracking 96.502 of the US dollar against a basket of currencies, higher than last week’s level of less than 95.4.

this Japanese Yen After the recent sharp weakening of the exchange rate against the U.S. dollar from below 114.5, the transaction price was 114.82 per U.S. dollar.this Australian dollar US$0.7224 is still lower than the level above US$0.735 seen last week.

— Jeff Cox and Thomas Franck of CNBC contributed to this report.

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