Biden relief bill fails to stem sell-off of Asian stocks

Fri, 23 Apr 2021

Biden relief bill fails to stem sell-off of Asian stocks

Lola Evans
08 Mar 2021, 16:52 GMT+10

Stocks in Asia mostly fell on Monday, although the Australian market managed a modest gain.
The passage through the U.S. Senate of President Joe Biden's $1.9 trillion stimulus package on the weekend helped sentiment.
"With the Senate's passage, we expect growth momentum to accelerate and forecast global GDP growth will surge to a 7.5% annualised rate."

SYDNEY, NSW, Australia - Stocks in Asia mostly fell on Monday, although the Australian market managed a modest gain.

The passage through the U.S. Senate of President Joe Biden's $1.9 trillion stimulus package on the weekend helped sentiment but had long been anticipated. Ironically too it helped to urge on the recent spiking of bond yields, which put pressure on stocks.

"With the Senate's passage, we expect growth momentum to accelerate and forecast global GDP growth will surge to a 7.5% annualised rate in the middle quarters of the year," Reuters Thompson quoted JPMorgan economists as saying in a note.

"Every $1 trillion of fiscal stimulus adds around $4-$5 to EPS, implying 6-7% upside for the remainder of the year."

In Japan, the Nikkei 225 declined 121.07 points or 0.42 percent to 28,743.25.

The Hang Seng in Hong Kong tumbled 557.46 points or 1.92 percent to 28,540.83.

China's Shanghai Composite lost 80.57 points or 2.30 percent to 3,421.41.

The Australian All Ordinaries meantime closed with a 28.60 points or 0.41 percent gain to 6,971.60.

The U.S. dollar continued higher on the back of weakening bond prices (as opposed to yields, which spiked higher).

The euro slipped to 1.1902 by the Sydney close Monday. The British pound dipped to 1.3822. The Japanese yen was weaker at 108.42. The Swiss franc softened to 0.9321.

The Canadian dollar eased to 1.2652. The Australian dollar fell to 0.7703. The New Zealand dollar edged down to 0.7160.

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