Weekly news summary for February 5 to 11

Friday, Feb. 5, 2021: Oil Prices Close in on $60 

Oil prices traded near $60 per barrel for the first time in a year on Friday, finding support on hopes for a worldwide economic rebound and declining global inventories prompted by continued output curbs of leading producers.

Brent crude oil futures added 0.8% to $59.45 per barrel after reaching as high as $59.74, while the US West Texas Intermediate (WTI) crude futures rose 1.0% to $56.78 per barrel.

Monday, Feb. 8, 2021: Hyundai, Kia Fall After Denying Talks with Apple

Shares of Korean auto giants Hyundai Motor Co. and KIA Corp. took a sharp fall on Monday after the two companies said there were not talking with Apple Inc. about building self-driving vehicles.

The announcement pushed Hyundai’s and KIA’s stocks down 6.2% and 15%, respectively, eliminating $8.6 billion from the two companies’ valuations.

Tuesday, Feb. 9, 2021: Bitcoin’s Prices Rise Above $48,000

Bitcoin’s price climbed as high as $48,277 on Tuesday after Tesla Inc. announced its $1.5 billion investment in the cryptocurrency as a treasury diversification measure fueled bets on Bitcoin going mainstream.

The news also provided broad support on the overall crypto market, with Ethereum, Litecoin, and DogeCoin, increasing significantly overnight.

Wednesday, Feb. 10, 2021: US Democrats Provide More Stimulus Details

The US democratic lawmakers revealed more information about their proposed COVID-19 relief package, including conditions that would extend $400-a-week unemployment compensation until the end of August and leave income levels for stimulus checks at the previous amount.

If approved, the package would mark a huge step towards passing US President Joe Biden’s administration’s $1.9 trillion stimulus plan undiluted, with all its attendant effects on local demand and the US Treasury bond issuance.

Thursday, Feb. 11, 2021: Asia Stocks Stood at Highs on Endless Stimulus

Asian stocks traded at record highs on Thursday as investors processed recent huge gains, while strength remained on more stimulus expectations after a moderate US inflation reading and a dovish Federal Reserve outlook.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% after rising for four sessions to gained more than 10% so far this year, while the Nikkei 225 was closed for a holiday, having reached a 30-year high on Wednesday, and the S&P/ASX 200 closed in on an 11-month high.

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