Singapore/Washington — The dollar languished and just about everything else rose on Thursday, as markets took patchy US economic data as a harbinger of ever more stimulus and brinkmanship on Capitol Hill as a sign that a deal on a new US stimulus package is close.
He said it was clear the global recovery is not a “V-shaped” rebound, but markets are focused almost completely on the help that fiscal and monetary policymakers are providing, even if the next US government package is likely to reduce spending from current levels. But investors interpreted Senate Republican Roy Blunt’s remark that “if there’s not a deal by Friday, there won’t be a deal” as a sign there would be a compromise.And in any case, plenty is on the way — with a modest sell-off in the bond market after the US Treasury flagged borrowing a gigantic $947bn this quarter, about $270bn more than it previously estimated.
In Asia, it was Singaporean bank DBS bringing some cheer, with a shallower-than-feared plunge in second-quarter profit, helping shares in Southeast Asia’s biggest lender gain.
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