Stocks wobble after Mnuchin pulls plug on U.S. stimulus

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Global stocks came under pressure on Friday after U.S. Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury and weighing on sentiment.

FILE PHOTO: A man wearing a protective face mask walks past a stock quotation board outside a brokerage, amid the coronavirus disease outbreak, in Tokyo, Japan November 2, 2020. REUTERS/Issei Kato

However, that sentiment faded after Treasury Secretary Mnuchin later asked the Federal Reserve to return money earmarked under the March pandemic relief act for emergency lending to businesses, nonprofits and local governments. Australia’s S&P/ASX 200 rose 0.44% in early trading, while Hong Kong’s Hang Seng index futures rose 0.22%. Japan’s Nikkei opened 0.6% lower.Investor sentiment was also tinged by data that showed COVID-19 hospitalizations across the U.S. jumped by nearly 50% in the last two weeks, threatening the recovery of the world’s largest economy as cities and states began to impose lockdowns.

All three major stock indexes, however, got a healthy boost after Schumer said he had agreed with McConnell to allow their staff to begin meetings for “a real good COVID relief bill.”

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stevenmnuchin1 you messed up realDonaldTrump re-election with your incompetence in getting stimulus approved. Now, you are messing up his 2024 re-election bid too. Don's slow in figuring this out, but when he does, he will feed you to his lions.

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