Everywhere on Thursday morning a similar picture: the stock exchanges are up. In Frankfurt and Paris, the shares rose by an average of 0.3 percent at the start of trading, in London the increase was 0.6 percent. The Tokyo stock exchange began to soar on Thursday. The Japanese Nikkei index was 1.8 percent higher. In the meantime, it has even climbed to its highest level since August 1990.
According to observers, the reason was more the outcome of the Senate runoff elections in the US state of Georgia than the chaos in Washington. In Georgia, the two Democratic candidates won. The party of the future President Joe Biden thus secured a majority in Congress. Investors apparently saw this as reason to hope that new aid to cope with the economic consequences of the Corona crisis could soon be issued in the USA.
Business as usual
The Shanghai stock exchange was also up. The index of the most important companies in Shanghai and Shenzen gained 1 percent. Wall Street had made profits the day before, but it did not slide. Here, too, investors focused on the fact that after a Democratic victory in the Senate elections in Georgia Biden’s party now holds a majority in the Senate alongside the House of Representatives.
The signs – unlike in politics – in the economy are pointing to business as usual: For the trading day in Europe, the barometer for the mood in the European executive floors and the European consumers should provide fresh impulses. In addition, incoming orders from German industry and European retail sales are on the schedule. In the US, weekly initial jobless claims are attracting more attention.
Trading Day on Wall Street in New York (archive image)
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“The institutions are weakened”
The tumultuous unrest at the seat of the US Parliament in Washington did not provoke any strong reactions in the foreign exchange market either. The American dollar as a world reserve currency was in somewhat higher demand. The price movements were limited.
Economists are more concerned. The President of the Kiel Institute for the World Economy, Gabriel Felbermayr, told DW: “An economy is as strong as its political system. If the institutions in Washington are weakened, if the unrest we have seen should become more normal, it would of course.” weaken the United States economy. ” The incidents are also worrying, according to Felbermayr, because it shows “that Joe Biden’s presidency is likely to be one that does not have an outward effect, but has to look inward.”
ar / hb (rtr, afp, dpa – DW)
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