Stocks mostly down after vaccine rally, eyes on US stimulus talks | Malay Mail

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HONG KONG, July 22 — Most equities fell today after the previous day’s strong rally, with optimism over a possible coronavirus vaccine tempered by profit-taking and concerns about the slow progress being made by US lawmakers in drafting a new stimulus package. News that trials on a vaccine had...

Wednesday, 22 Jul 2020 04:35 PM MYT

News that trials on a vaccine had shown early promise provided a much-needed boost to equities, particularly as a spike in new infections around the world has caused governments to reimpose business-strangling containment measurements. However, while Democrats have drawn up a new US$3.5 trillion plan, Republicans and officials in the White House are bogged down trying to draw up their own package, which is said to be around US$1 trillion.

“No lawmaker, especially in an election year, wants to... be accused of being frugal when people are dying across the US Sunbelt at record levels.” Morgan Stanley strategist Andrew Sheets said stocks would have trouble pushing much higher without a key driver.

 

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