Shanghai/New York — Asian stocks rose to new record highs on Thursday, tracking US markets as investors hoped for more economic stimulus from newly inaugurated US President Joe Biden to offset damage wreaked by the Covid-19 pandemic.

Republicans in the US Congress have indicated they are willing to work with the new president on his administration’s top priority, a $1.9-trillion US fiscal stimulus plan, but some are opposed to the plan’s price tag. Democrats took control of the US Senate on Wednesday, but will still need Republican support to pass the programme...

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