Markets rally as investors brace for US election – business live
almost 5 years in The guardian
Rolling coverage of the latest economic and financial news
Introduction: All eyes on US election
Dow jumped 423 points on Monday amid stimulus hopes
European open: FTSE up 79 points
8.48am GMT
Australia’s central bank has also cheered the markets today, by cutting interest rates to a record low and launching a new stimulus package.
The Reserve Bank of Australia has slashed its official cash rate to a new historic low of 0.1%, in an attempt to revive the economy. It is also boosting its quantitative easing programme by $100bn.
In what its governor, Philip Lowe, billed as a “package of further measures to support job creation and the recovery of the Australian economy from the pandemic”, the RBA also said it would wade deep into the bond market, buying $100bn of government bonds from banks over the next six months by printing money in a quantitative easing program.
The bond purchases would not directly fund the government but would lower the cost of government borrowing and “the cost of finance for all other borrowers in Australia”, Lowe said on Tuesday.
Related: Reserve bank slashes interest rate to historic low of 0.1% in bid to prop up Australian economy
8.37am GMT
We have a blue wave in the City this morning, as every sector of the FTSE 100 rallies. Continue reading...
Who is popular today?
