European stock markets hit record high as economic confidence rises – business live | Business


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Global stock markets are nudging higher as investors brace for president Joe Biden to propose a $6tn spending package when he unveils his first budget later today.

Biden is expected to propose record federal spending of $6tn in the 2022 financial year, starting in October, rising to $8.2 trillion by 2031, according to a report in the New York Times.

Citing documents it had obtained, the NYT said the Democratic president planned to pay for his agenda through increased taxes on corporations and high earners, with budget deficits expected to decrease in the 2030s.

The budget will show how Biden intends to deliver on his sweeping domestic agenda. That includes the American Jobs Plan to build new transport, water, energy and broadband infrastructure, modernise homes, and boost manufacturing, and the American Families Plan to…

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