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SINGAPORE, Feb 8 (Reuters) – Following are reactions from analysts and investors to U.S. President Joe Biden’s State of the Union speech on Tuesday, in which he challenged Republicans to lift the debt ceiling and support tax policies that are friendlier to middle class Americans.

In his first address to a joint session of Congress since Republicans took control of the House of Representatives in January, Biden hammered corporations for profiteering from the pandemic, and ran through a wish list of economic proposals, such as a minimum tax for billionaires, and a quadrupling of the tax on corporate stock buybacks.

Full coverage: REUTERS

Shares Of Japan’s Nintendo, SoftBank And Sharp Tumble After Earnings

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TOKYO, Feb 8 (Reuters) – Shares of Japan’s Nintendo Co Ltd (7974.T) and SoftBank Group Corp (9984.T) and Sharp Corp (6753.T) fell steeply on Wednesday, after the companies jolted investors with disappointing results, emphasising the dim demand outlook for global tech firms.

Shares of Nintendo dropped 6% after the maker of the Switch video game console reported lower sales and profit and cut its full-year outlook. It also cut its sales target for the Switch console. Nintendo shares were on track for their biggest one-day loss since November.

Full coverage: REUTERS

Lost Russian Oil Revenue Is Bonanza For Shippers, Refiners

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LONDON, Feb 8 (Reuters) – Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.

Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.

None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures designed by the European Union and the United States to reduce the revenues of what they call Russian President Vladimir Putin’s war machine.

Full coverage: REUTERS

Dollar Retreats As Powell Sticks To Usual Fed Playbook

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SINGAPORE, Feb 8 (Reuters) – The dollar eased on Wednesday after Federal Reserve Chair Jerome Powell showed little sign of a hawkish pushback against a resilient labour market in the United States, raising hopes that interest rates may not rise much further.

In a question-and-answer session before the Economic Club of Washington on Tuesday, Powell acknowledged that interest rates might need to move higher than expected if economic conditions remained strong but reiterated that he felt a process of disinflation was underway.

Full coverage: REUTERS

Morning Bid: Powell Has Spoken: Bullish Or Bearish?

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Feb 8 (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever.

Fed Chair Jerome Powell has spoken and luckily for bulls and bears, there was something for everyone, so where Asian markets go on Wednesday is something a coin flip.

With an expected interest rate rise in India taking center stage regionally, investors in Asia will be digesting the mixed U.S. picture that saw stocks rise but the dollar and Treasuries ease lower on Tuesday.

Full coverage: REUTERS