Asian Markets Lifted by Stimulus Optimism & Vaccine Hopes

Hong Kong, Oct 21 (AFP/APP): Asian markets rose Wednesday on signs US lawmakers are edging towards agreeing a new stimulus package for the struggling economy, while hopes for a vaccine helped temper worries about surging virus infections around the world.

After months of stuttering talks — and with a deadline approaching — Democrats and the White House said they were closing the gap on their proposals, with House Speaker Nancy Pelosi saying legislation was being drawn up. The comments fanned optimism for a much-needed spending boost for Americans and US businesses, just as a fresh wave of coronavirus hits the country and threatens to trigger the reimposition of economically painful containment measures. However, while Pelosi said she was hopeful a bill could be passed before the November 3 election, she warned it must go through legislative steps.

“I am optimistic”, she said, but “legislation is tough”. The White House has upped its offer by $80 billion to $1.88 trillion, which is still short of the Democrats’ $2.2 trillion plan, but Donald Trump has said he is willing to go even higher.

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