American stock futures fell sharply during Asian trading hours, to around the limit down levels, as talks over a massive $1 trillion+ emergency rescue package for the coronavirus-stricken US economy reached a stalemate.
Dow Jones and E-Mini S&P 500 futures crashed around 5 per cent on Asia opening, before bouncing back slightly, but continued to trade around the limits, threatening a chaotic opening for American markets unless a deal is reached in the US Senate.
Meanwhile, South Korea's Kospi dropped 5 per cent, Singapore’s Singapore FTSE/STI and Australia's S&P/ASX 200 both crashed over 7 per cent – while India's India's Sensex hit 10% circuit breaker.
Hong Kong's HSI fell 4% while mainland China's Shanghai Composite was losing around 2%. Amid the global pessimism, only Japan’s Nikkei was in the green around 2 per cent.
Amid an ongoing partisan battle in the US Senate, disgruntled Majority Leader Mitch McConnell announced that without a deal he would hold another vote on Monday the same measure that failed to get the necessary 60 votes in the 100-member chamber.
Also on rt.com US debt crisis wasn’t supposed to happen until at least 2035. Covid-19 is rapidly pushing it closerWe're going to vote at 9:45 in the morning (13:45pm GMT)... 15 minutes after the [US] markets open and see whether there's a change of heart.
The third and biggest so far rescue package, estimated to be at least $1.8 trillion, would include loans for businesses, states and municipalities during the crisis – and a sweetener of up to $3,000 in cash for “an average family of four” – as well as up to $4 trillion in liquidity for the US Federal Reserve.
As the battle over the bill drags on, Republicans accuse Democrats of “reckless behavior” and depriving Americans of the much-needed anti-crisis aid, who in turn are slamming the plan as “a giant corporate bailout fund with no accountability.”
Also on rt.com At least someone’s doing well: Goldman Sachs gives CEO 20% raise as it forecasts crash for AmericaThink your friends would be interested? Share this story!
Source : RT - Daily news
Asia falls, US futures hit limit down as $1.8 trillion coronavirus relief bill fails to clear Senate hurdle
Asia falls, US futures hit limit down as $1.8 trillion coronavirus relief bill fails to clear Senate hurdle
