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Citi Wealth Insights

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Biden’s Infrastructure Plan & Impact on Equities

Biden’s “once-in-a-generation” US$2.25 tn infrastructure plan is aimed at modernizing America’s transport networks over 8 years, and includes substantial funding for initiatives such as cleaner water, transport electrification and high-speed broadband. The expenditure is expected to partly be covered by increasing the corporate tax rate from 21% to 28% and establishing a global minimum tax for multinationals.
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US exceptionalism remains the guiding light for USD in Q2’2021

USD: President Biden’s infrastructure and additional fiscal spending proposals - White House recently, announces $2.25trn in new infrastructure spending proposed over eight years to be financed in part by raising the US corporate tax rate from 21% to 28% over 15 years and imposing a minimum tax on foreign earnings.
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Eyeing stimulus announcements in the US

The Biden administration released its proposal for a US$2.25 tn infrastructure spending over eight years.
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Risk aversion remains the defining tone

Risk aversion remains the defining tone as month and quarter end dynamics rule flows this week. Emerging market currencies experienced the largest routs amidst the USD rally; however, the G10 segment also universally underperformed. Equities observed another spurt of mild weakness, and US yields in the long-end of the curve edged slightly lower relative to Monday's NY close.
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Greenback bid continues

With little on the calendar for data releases yesterday, FX markets took their cue from broader market sentiment and global price action in FX was mostly in a tight range. USD ended the overnight trading session bid across the G10 basket.
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Why Ignoring Sustainability is a Portfolio Risk

In past years, an investor could emphasize or ignore sustainability factors at their discretion, with personal views not market fundamentals driving their choice. But that has been changing rapidly, with sustainability increasingly functioning as a driver of performance and portfolio stability.
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