Asian markets slipped
Hong Kong, Feb 4 (AFP/APP): Asian markets slipped Thursday as investors took a breather after a broad three-day rally, though upbeat data, stimulus hopes, and signs of improvement on the coronavirus and vaccine fronts continued to provide strong support.
An upbeat outlook for the global economy pushed oil prices higher, with top producers sounding a note of optimism for demand this year as lockdowns are eased and activities slowly resume. Equities around the world have surged this week after last week’s rout, with traders also breathing a sigh of relief that the social media-driven buying frenzy, which hammered major investors, has died down for now. US President Joe Biden pledged Wednesday not to reduce the cash handout included in his $1.9 trillion stimulus proposal, but in a bid to get bipartisan support for the package, he did say he was willing to narrow the parameters for qualification.
The move comes after Republicans put forward a plan that was less than a third of Biden’s spending package and has much lower handouts. The president said he expects “some” Republican support but urged Democrats, some of whom have reservations about the size of the bill, to stay united. His press secretary Jen Psaki added that Biden was listening but would not bend much or wait long. “It’s important to work with many Republicans and Democrats who fall in different parts of the political spectrum,” she told reporters, promising that any suggestions would be considered if they “improve” the bill.
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