Asian markets take a step back after Biden-fuelled rally

Asian markets fell as investors took a breather following a strong week for global equities as Joe Biden took up residence in the White House, though there are concerns about the outlook for his new stimulus proposal. The new president spent his first full day firing out a series of executive orders to kickstart the government’s battle against Covid-19 as he looks to get the world’s top economy back on its feet, including ramping up its vaccination program. But he warned that the country would likely see its 500,000th death next month as the disease surges, though there was some optimism as data suggested infections appear to be plateauing. Top infectious disease adviser Anthony Fauci said the president’s target of 100 million doses of vaccine injected within his first 100 days was “absolutely” achievable. The virus continues to be the main stumbling block for markets, which is playing off against long-term optimism that the planet will eventually return to normal as more people get a jab. Biden’s $1.9 trillion rescue plan has been a key driver for buying in recent weeks, but there is a fear it could be watered down by growing opposition among Republicans and some Democrats – to such a big spending spree just a month after a $900 billion package was passed. But most observers are confident Congress will eventually deliver more help. Biden’s pick for Treasury Secretary, Janet Yellen, this week told senators to “go big” if they want to see a quicker recovery. “