Sunday, January 24, 2021 | ePaper

Most Asia markets, dollar rise as Biden's pledges huge stimulus

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AFP, Hong Kong :
Asian markets mostly rose with the dollar Monday following another record performance on Wall Street as investors cheered 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 runoffs 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 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 and harder to get out of a hole later."
Investors welcomed the prospect of another spending splurge that will provide a huge boost to the economy, coupled with Federal Reserve financial support and record low rates for the foreseeable future.
The dollar extended gains across the board, and was sitting at a three-week peak against the yen.

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