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Asia: Stocks swing as virus and unrest offset vaccine, stimulus

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[HONG KONG] Asian markets fluctuated on Tuesday as hopes for the rollout of coronavirus vaccines and a new stimulus out of Washington competed with fears over surging infections, new lockdowns and brewing political and social unrest in the United States. Read more at The Business Times.

Observers said the chances of Mr Trump being convicted were slim but there was a concern that the latest moves could foment more unrest, with some reports saying the president's supporters were planning fresh demonstrations at the weekend and during Mr Biden's inauguration next week.

Mr Biden has called for a package in the trillions including US$2,000 cash handouts, though analysts said that - while markets would welcome a spending splurge - there were concerns about the financial implications.Bets on another rescue deal have ramped up inflation expectations, with 10-year Treasury yields above one percent for the first time since March and talk swirling that the Federal Reserve could begin considering winding down its vast bond-buying scheme.

Wall Street's three main indexes fell Monday, having ended last week at record highs, and Asian markets swung through the morning. "While the structural catalysts of vaccine distribution and activity normalisation remain intact, we are now potentially approaching the last stage of fiscal stimulus, and the Fed is on a path to tapering the pace of asset purchases," said Axi strategist Stephen Innes.

 

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