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US Stimulus Exuberance Sees Risk On Persist

EQUITIES

A mostly positive day in Asia-Pac equity markets, bourses opened higher after a positive lead from the US and consolidated their gains. The CSI 300 is up around 2.5%, the biggest single day gain in two months, as markets focus on the close of the NPC today. Elsewhere, Taiwan and South Korea gained over 2% as tech stocks rebound, with a further lift from robust South Korean export data. Markets in Australia are the laggard in the region, in minor negative territory despite gains across the commodity complex, Afterpay are dragging the index down, losing around 5% after PayPal announced plans to offer a competing service.

  • Futures in Europe and the US are higher, still riding the stimulus wave after US President Biden's $1.9tn stimulus bill was passed yesterday.

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