Biden’s presidency brings a number of positives for the ASX. Since his inauguration on the 20th, ASX shares performed well and ended the following trading day at the highest levels seen in the past 11 months.
The ASX-200 index rallied 0.8% to 6,824 points. The broader All Ordinaries index reached 7,107 points after rallying similarly. Leading the pack on the day was the BNPL sector – surging by 23.1% on the back of a successful IPO of Affirm in the USA raising investor confidence.
Joe Biden’s presidency is expected to have a few persistent themes. An increase in spending on healthcare, increase in investment towards renewable energy, introduction of carbon taxes, and hopefully a better relationship with China in order to boost trade. There are a lot of ASX stocks that are affected by all of these themes and it is critical to keep in mind the broader headwinds and tailwinds supporting these asx shares.
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