Asian stocks mixed after US Senate approves virus aid

Asian stocks mixed after US Senate approves virus aid

SeattlePI.com

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BEIJING (AP) — Asian stocks were mixed Thursday after the U.S. Senate approved a proposed $2.2 trillion virus aid package following a delay over its details and sent the measure to the House of Representatives.

Tokyo's market benchmark shed 4.5% and Shanghai and Hong Kong also declined. Australia and Southeast Asian markets gained. Jakarta rose almost 10%.

On Wall Street, the future for the benchmark S&P 500 index was down 1.1%. That for the Dow Jones Industrial Average lost 0.8%. The S&P 500 rose 1.2% on Wednesday but is down nearly 27% from its peak a month ago.

The Senate approved the package to blunt the impact of business shutdowns due to the coronavirus outbreak late Wednesday despite arguments over whether it does too much or too little for companies, workers and health care systems.

The measure goes to the House, which is expected to approve it Friday.

The delay in approval "brings about a wait-and-see tone for markets,” said Jingyi Pan of IG in a report issued before the Senate approval.

The package, the biggest relief bill in U.S. history, is intended as relief for an economy spiraling into recession or worse due to an infection that has killed more than 21,000 people worldwide.

U.S. Treasury Secretary Steven Mnuchin, asked how long the aid would keep the economy afloat, said: “We’ve anticipated three months. Hopefully, we won’t need this for three months."

Tokyo's Nikkei 225 fell 4.5% to 18,664.60 and the Shanghai Composite Index dropped 0.6% to 2,765.66. The Hang Seng in Hong Kong declined 0.9% to 23,313.16.

The Kospi in Seoul lost 0.9% to 1,688.12 and Sydney's S&P-ASX 200 added 2.3% to 5,113.30.

India's Sensex jumped 4.2% to 29,739.44. The Jakarta benchmark rose 9.6% and other Southeast Asian markets also advanced.

Singapore's...

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