By Carolyn Cohn
LONDON, Jun 25 (.) – Wall Street futures rose on Friday after a strong performance overnight for US and global stocks as President Joe Biden secured a bipartisan infrastructure deal in the Senate, although oil lost some of shine after a solid week.
* Investors have been waiting for the arrival of an infrastructure agreement that prolongs the recovery of the United States, after the huge fiscal stimulus already approved helped the US economy to grow at an annualized rate of 6.4% in the first quarter .
* The plan is valued at $ 1.2 trillion and covers a term of eight years, of which $ 579 billion will be dedicated to new expenses.
* S&P 500 E-mini futures were up 0.1% after the S&P 500 gained 0.58% on Thursday, with the Nasdaq Composite rising 0.69%, pushing both indices to record closes.
* The MSCI Global Stock Index rose 0.22%, approaching an all-time high reached on June 15 and pushing earnings for the week to more than 2%.
* European markets remained stable on the day, with a rise of 1% in the week, after also reaching all-time highs earlier this month.
* Monetary and fiscal stimulus around the world in response to the COVID-19 pandemic is boosting financial assets, despite an uneven pace of recovery across regions, said Eddie Cheng, head of international multi-asset portfolio management at Wells Fargo Asset Management.
* “Bonds are up, stocks are up, commodities are up, that’s a liquidity-driven market.”
* Oil prices were down but headed for their fifth consecutive weekly gain as demand growth is expected to outstrip supply on expectations that the OPEC + alliance will be cautious in returning more production to the market starting in August.
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* West Texas Intermediate was down 0.27% at $ 73.10 a barrel, while Brent was down 0.25% at $ 75.37 a barrel. Both benchmarks closed the day before at their highest levels since October 2018.
* Along with growth expectations, markets are also concerned about inflation.
* The Core Personal Consumption Spending Index, an inflation gauge closely followed by the Federal Reserve, is expected to post year-on-year gains of 3.4% on Friday.
(Additional reporting by Ritvik Carvalho in London, Andrew Galbraith in Shanghai and Tom Westbrook in Singapore; Edited in Spanish by Janisse Huambachano / Darío Fernández)