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Asian stocks fell on Monday and sterling sliding ended the deal on the long-awaited US stimulus bill following unrest over new coronavirus strains that shut down most news in the United Kingdom.
The pound plunged 1.2% to 3 1.3352 after some European countries closed their borders to the UK as the country entered a tight lockdown to combat new strains of coronavirus. Prime Minister Boris Johnson will chair an emergency response meeting on Monday to discuss international travel and the flow of fares in and out of Britain.
That was linked to a 1.1% decline in FTSE futures and a lack of Brexit deals, while Eurostax 50 futures fell 1.7%.
MSCI’s Broadcast Index of Asia-Pacific shares outside of Japan fell 0.2% after hitting a string of record peaks last week. Japan’s Nikkei fell 0.4% in initial gains, the highest since April 1991.
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In the United States, Republican U.S. Senate Majority Leader Mitch McConnell said the nearly 900 900 billion Covid-19 relief bill has been agreed by congressional leaders.
The news saw futures for the S&P 500 surge, losing 0.2% as the session progressed.
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Analysts at Bofa noted that મોટા 46.4 billion had flowed into equities in the past week, with cash outflows the largest in four months.
Tech stocks had record flows and consumer sector, healthcare, financial, real estate and value stocks had large flows. Michael Harnett, Bofa’s chief investment strategist, said the “sell signal” started for the first time since February as the amount of cash fell to%. %% in a recent Global Fund Manager survey.
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“Positioning is expanding further with increasing policing support and profits,” he said in a note. “Growth expectations for higher growth, inflation and lower interest rates have become consensus and investors are in a position for a very bright outlook for low volatility and high growth.”
