Asia markets mixed, dollar rises as Biden’s pledges huge stimulus

SourceJordan Times
SectorFinancial Markets
CountryMiddle east

HONG KONG — Asian markets were mixed on Monday as traders struggled to track another record performance on Wall Street, though investors remain broadly upbeat on the prospect of a further massive stimulus for the US economy, with President-elect Joe Biden calling for a spending spree in the trillions of dollars. With vaccines being rolled out around the world and key risk events including the US election, Georgia senate run-offs and Brexit now out of the way, observers said focus is now on the expected global recovery from last year's economic catastrophe. The need for more financial help for the world's top economy was laid out on Friday with data showing 140,000 people lost their jobs in December — the first fall since April — as virus infections and deaths surged across the country. Biden, who will be sworn in as president on January 20, said he would press for a new rescue package that includes $2,000 direct payments to taxpayers and help for small businesses. "The price tag will be high," he warned as he promised to lay out his proposals Thursday. "It will be in the trillions of dollars." He added: "If we don't act now, things are going to get much worse ...read more...