Stocks, pound, oil sink as virus surge trumps stimulus deal

Stocks, pound, oil sink as virus surge trumps stimulus deal


Hong Kong: Asian markets sank on Monday. News of a stimulus agreement reached by the United States was overshadowed by the surge in virus cases and the strict blockade imposed by the United Kingdom. Concerns about the deadlock in Brexit negotiations also hit the pound.

Oil prices have also fallen as new containment measures have hit expectations of travel during the Christmas period. The UK has discovered a mutated and more contagious coronavirus, which has also led some governments to ban flights from the country.

After months of painful and combative talks, U.S. congressmen finally announced on Sunday that they had reached an agreement on a new economic aid package worth nearly US$900 billion.

The bill includes vaccine distribution and logistical assistance, an additional $300 weekly unemployment benefit and a new round of stimulus inspections of $600.

Republican Senate leader McConnell said in a statement: “We have agreed to a nearly $900 billion package. It contains targeted policies to help Americans who are struggling and have waited too long.”

The Democratic House Speaker Nancy Pelosi and the party’s top senator Chuck Schumer added that the agreement “provides much-needed funds to save the American people as the virus accelerates. Life and livelihood”.

Despite expectations, the announcement of the transaction will bail out the market. Washington has always been eager for Washington to provide the world’s top economies with much-needed help in the face of the impact of Covid-19.

Also over the weekend, the US authorities approved another vaccine produced by Moderna, paving the way for the vaccine’s launch this week.

However, the news came as countries were fighting a frightening surge in infections, which once again hit the economy. The worst-hit country is the United Kingdom. The British government tore up plans to relax Christmas restrictions over the weekend.

Prime Minister Boris Johnson announced the news because the country was hit by a new, more contagious virus and placed millions of Britons under a strict new lockdown.

Simon Ballard of First Abu Dhabi Bank Pjsc said: “For many people, the end of 2020 is not fast enough.” “The pathogen has caused chaos throughout the financial market, so we expect many market participants My New Year’s resolution is that the arrival and initial distribution of the coronavirus vaccine now marks the end of a tired and debilitating tunnel.”

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