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Asian Stocks Up, China and the U.S. talked about economic issues -Breaking

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Tuesday morning. China spoke with Janet Yellen, U.S. Treasury Secretary on Tuesday 26 October via video conference about macroeconomic conditions and bilateral relations.

Japan’s jumped 1.80% by 10:32 PM ET (2:32 AM GMT) while South Korea’s was up 0.55%

The Australian dollar edged up 0.1%. The will be released on Wednesday.

Hong Kong’s was down 0.24%

China’s edged up 0.13% while the inched down 0.05% as China is keeping an eye on an outbreak of COVID-19. Modern Land China Co. was the latest real estate developer to default on debt payments after China Evergrande Group.

There is still much debate in America about the price of oil. Lawrence Summers, former Treasury Secretary said the disconnect between Federal Reserve and Treasury comments has grown in recent months.

“I actually believe the gap between Treasury & Fed statements and the everyday experience of businesses and consumers in terms of inflation has widened in recent months. Until the Fed & Treasury fully recognize the inflation reality, they are unlikely to deal with it successfully,” Summers said on Twitter (NYSE:).

Additionally, U.S. Democrats moved closer to an agreement on President Joe Biden’s multi-trillion dollar economic agenda on Monday. It’s possible that the House could pass a $550 billion infrastructure bill this week.

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