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The California governor Newsom has responded to the US president’s attempt to get a deal done on the relief package.

He has said that Trump’s unemployment plan would cost $700mln weekly and California can’t afford Trump’s unemployment plan.

The US Senate Democratic leader Schumer has also been commenting, calling on the Republicans to meet in the middle.

Leader McConnell said earlier that his hope was the ”Senate would be spending his week turning a major agreement into law, but sadly the Speaker..& the Democratic Ldr decided we would not deliver any of that, none of that….they stalled and stalled in negotiations with the president’s team.”

I hoped this week we’d be finalizing major legislation. After all, American families are struggling and need help. But Speaker Pelosi and Leader Schumer decided not to deliver. I am glad the president stepped in to soften the blow of their hostage tactics.

Market implications

Without news on progress in a US fiscal support bill, there has been little attention to paid to it. Instead, the S&P 500 ended up slightly and the Nasdaq fell on Monday as investors extended a rotation into value stocks from heavyweight tech-related names.