SYDNEY - Global stocks came under pressure on Friday after US 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.
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. Investor sentiment was also tinged by data that showed COVID-19 hospitalizations across the US jumped by nearly 50 per cent in the last two weeks, threatening the recovery of the world's largest economy as cities and states began to impose lockdowns.
More on this topic 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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