Asian stocks battle as traders fret about the US economy

A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo on January 8 2020. Picture: REUTERS/Issei Kato

A $1-trillion US fiscal rescue package is also at an impasse as a Friday deadline to extend unemployment benefits looms. Gold steadied around $1,960/oz, pulling back from a $1,980 high on Tuesday but still having gained nearly $150 in eight sessions. S&P 500 futures were flat. The Fed publishes its interest rate decision, which is not expected to change, at 6pm GMT and chair Jerome Powell holds a press conference half an hour later.

“This is a big deal — there’s 30-million people unemployed and so much of US GDP is consumer spending,” said Chris Brankin, CEO of brokerage TD Ameritrade Singapore.

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