Asian stocks were set for a bumpy start to the second half of the year on Wednesday as optimism about a global economic recovery from the pandemic jousted with signs in the United States the health crisis may not yet be past its peak.01 Jul 2020 08:10AMNEW YORK: Asian stocks were set for a bumpy start to the second half of the year on Wednesday as optimism about a global economic recovery from the pandemic jousted with signs in the United States the health crisis may not yet be past its peak.
Despite these concerns, growing cases in the U.S. are unlikely to rock markets the same way the initial outbreak did in March, Capital Economics analyst Franziska Palmas said in a note. U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell on Tuesday pledged to do more for the U.S. economy as it battles the enormous fallout from the virus outbreak.That assurance helped push Wall Street higher to close out the best quarterly rebound in nearly two decades, and pushed the safe-haven dollar slightly lower.The dollar index fell 0.04per cent, with the euro up 0.02per cent to US$1.1233.
Source: News Formal (newsformal.com)
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