A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo on January 8 2020. Picture: REUTERS/Issei Kato
Australia’s benchmark index jumped 1.1% to a one-month high helped by a larger-than-expected fiscal stimulus announced in the federal budget on Tuesday night. “Some talk of fiscal has been in play again, but this has become tiresome and the markets don’t need a reason to rally, they just don’t need to hear negative news. So, in the absence of any, we see equities flying and US Treasuries offered.”
Further, new polls show Democratic candidate Joe Biden in a firm lead against Trump ahead of the November elections. Investors see such an outcome making the passage of a new stimulus bill more likely.
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