Tuesday 23rd March 2021There were big rises in US shares overnight, with the NASDAQ rising 1.7% in this session, helped by a moderate fall in Treasury yields. NAB’s Tapas Strickland says news of a higher than expected infrastructure spending plan also helped boost equities. Reports suggest as much as $3 trillion will be spent, a mere $1 trillion more than had been anticipated. Trials of the Astra Zeneca vaccine in the US also came up with very positive results, which could lead to approval, with the bonus of perhaps encouraging more Europeans to take the vaccine. The slow rollout is adding to the number of new cases in Europe and in parts of the US, which could slow the speed of economic recovery.

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