CAPITAL MARKETS

US futures up as $1.9T relief package passes Senate

North American market futures were up after the US senate passed the US$1.9 trillion COVID-19 relief plan on the weekend.

Staff reporter
 US president Joe Biden

US president Joe Biden

President Joe Biden said yesterday the America Rescue Plan was "going to start almost immediately".

He said more than 85% of American households would get direct payments of $1,400 per person.

Elsewhere market futures were mixed.

In China, the National People's Congress is holding its week-long annual meeting in Beijing, where it's already announced plans to boost GDP by 6% this year and to overhaul Hong Kong's electoral system.

Gold was flat at $1,700 an ounce on the spot market.

Metals closed mixed on the London Metal Exchange on Friday.

The copper price, which broke through the $9,000 a tonne mark for the first time since 2011 two weeks ago, closed down 0.2% to $8,913.20/t.

Metals and mining stocks closed higher in Toronto, ahead of the Prospectors and Developers Association of Canada's annual convention which is running as a virtual event this year, starting today.

Finally among the majors, Glencore closed about 1% lower in London on Friday, Newmont was up more than 2% in New York and BHP was up 3% in midday Australian trade.

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