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Market rally loses steam amid worry about US jobless numbers

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A two-day equity rally has petered out as investors sell riskier currencies and stimulus negotiations drag on in Washington

A trader wears a face mask on the floor of the New York Stock Exchange following traders testing positive for Coronavirus disease, in New York, the US, on March 19 2020. REUTERS/LUCAS JACKSON

The dollar climbed about 1% against the Australian and New Zealand dollars and the yen rose 0.4% against the dollar as investors sought shelter. Meanwhile, as Senate leaders in US hoped to vote on the stimulus package late in the Washington night, markets’ patience and optimism are beginning to waver.

Hong Kong’s Hang Seng was down 0.5% by midmorning while regional trade was mixed. Indices in China posted meagre gains and Australia, Indonesia and Thailand advanced.The money at stake in the stimulus bill amounts to nearly half of the $4.7-trillion the US government spends a year. Spain’s coronavirus death toll has overtaken China’s and a total of 21,221 people have died globally.

 

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