Japan’s Nikkei rose 1.3 per cent as a survey showed big manufacturers’ mood bouncing back to pre-pandemic levels. — Reuters picSINGAPORE, April 1 — Stocks crept higher today following their weakest quarter in a year, while higher Treasury yields supported the dollar, as investors parsed the details of a US$2 trillion US government spending plan and hoped for strong jobs data later in the week.
On the heels of a US$1.9 trillion pandemic relief package, President Joe Biden yesterday outlined a broad plan to re-make the world’s biggest economy including spending on roads, railways, broadband, clean energy and semiconductor manufacture. It is not clear if the plan could clear Congress, since it has had an icy reception from Republicans, however, the breadth of the proposed spending did help draw investors back to technology shares overnight, and the Nasdaq rose 1.5 per cent.
This has come with growing concern about hiccups in the vaccine rollout and a fresh wave of coronavirus infections, particularly in Europe where yesterday France ordered a third national lockdown. Investors are jittery about the fallout from the fire sale of holdings by stricken asset manager Archegos Capital, which has walloped the stocks involved and shares in some of Archegos’ brokers, Credit Suisse and Nomura.
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