LONGER MARKET CORRECTION LOOMING: US president Donald Trump on Tuesday abruptly cut off stimulus talks, delivering a final blow to any chance of getting additional pandemic aid to the economy before the election. The president’s action comes barely hours after the Federal Reserve chair, Jerome Powell, reiterated the Fed had done most of what it could, and that more needed to come from the fiscal side. In the highly politically charged environment, the prospects for enacting another trillion-dollar package before the election had already been looking dim. Predictably, the markets fell as the reality sank in. With so much hope pinned on the stimulus agreement, the current market correction could outlast the US election, if Trump does not make a reversal of his decision in his not so unusual style. [COMMENT BY: Babu Das Augustine, Business Editor]
AP