Ashtead Group yesterday forecast annual results ahead of its own estimates and raised capital spend outlook for the next year as the equipment rental giant bets that the Inflation Reduction Act (IRA) will boost construction in the US, its largest market. The Biden administration's $430bn IRA, a green energy subsidy package, and the $52bn chips law, for subsidising US chip manufacturing and expanding research funding, are set to boost investments in the world's largest economy and attract capital from abroad. Shares in Ashtead rose to close up over two per cent yesterday.

Reuters

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