The Day at a Glance | March 8 2021

The Top

· US Senate approves new fiscal package worth 1.9 trillion dollars with some modifications. Concerns of an overheating economy continue.

· Saudi Aramco`s Ras Tanura oil refinery was attacked. The price of oil reached $69 dpb.

· China made its trade balance figures for February known; exports increased 60.6% and imports improved 22.2%.

· In Mexico, February`s consumer confidence set at 38.4 points; it remained unchanged with respect to the previous month`s figure

· Equity market futures negative due to new risk aversion in light of concerns of inflation. Dollar and bonds on the rise.

Economic environment

The United States Senate approved a new fiscal package worth 1.9 trillion dollars. The relief bill includes 400 billion dollars in distributions; 1,400 dollars for each citizen, 300 weekly dollars of unemployment aid and 350 billion for local and state governments. The Senate`s votes were tallied at 50-49, with no Republicans voting in favor of the bill, which along with the plan approved in December will amount to more than 13% of US GDP. Concerns revolving around the economy overheating have come up with this new relief bill as long-term Treasury bond rates have increased considerably in the developed world; Goldman Sachs even pointed out that the unemployment rate could set at 4.1% by year`s end, which would prop up the withdrawal of stimuli to occur sooner rather than later. However, the bill – with modifications made by the Senate – will now be sent back to the House of Representatives on Tuesday.