stimulus

Mnuchin: More Stimulus ‘Definitely’ Needed

Treasury Secretary Steven Mnuchin said Wednesday that the U.S. economy has begun to rebound from coronavirus closures and will “improve dramatically” over the second half of the year, but that more fiscal support will be needed, especially for hard-hit sectors.

“I definitely think we are going to need another bipartisan legislation to put more money into the economy,” Mnuchin said at a hearing of the Senate Small Business and Entrepreneurship Committee. He later added: “We absolutely believe small business — and, by the way, many big businesses in certain industries — are absolutely going to need more help.”

Mnuchin said that the administration does not want to rush that legislation but plans to spend the next 30 days considering what should go into the next package and would “seriously look” at whether more direct stimulus payments should be included. “Whatever we do going forward needs to be much more targeted

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GLOBAL MARKETS-Europe cheers super-sized stimulus plan, U.S.-China tensions simmer

* EU stimulus drives shares up for fourth straight day

* Euro perched at 2-month high

* Yuan, Hong Kong shares hit by rising U.S.-China tensions

* Oil markets slip after recent rebound

By Marc Jones

LONDON, May 28 (Reuters) – European shares rose for a fourth straight session on Thursday and the euro perched at a two-month high, as businesses returning to work and a 750 billion euro EU stimulus plan outweighed rising U.S.-China tensions.

Asian markets were subdued overnight after U.S. Secretary of State Mike Pompeo warned Hong Kong no longer warranted special treatment under U.S. law, but there was no stopping Europe.

Traders diving back into the markets after Wednesday’s EU plan to prop up the bloc’s coronavirus-hit economies pushed the region-wide STOXX 600 index up more than 1% to a fresh 11-week high, led by a 2% jump in travel & leisure stocks .

The euro

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