Business Covid-19 

Reliance Communications’ resolution in limbo as DoT raises objection

By Administrator_India Capital Sands   The Department of Telecommunications has objected to the resolution plan for Reliance Communications, as well as its unit Reliance Telecom, at the National Company Law Tribunal (NCLT), Mumbai. The NCLT has adjourned its hearing on the resolution plan for the firms till August 21. The Department of Telecommunications will file written submissions by then. According to the resolution plan approved by lenders, the Department of Telecommunications will not get any proceeds following resolution of the companies, because it has been labeled an operational creditor. The CoC, led by…

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Business Economic News 

Asia shares move ahead led by China gains

By Administrator_India Capital Sands   Asian shares firmed toward recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated U.S. Treasuries would extend and maybe take some pressure off the beleaguered dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5% to 565.74, moving nearer to the January top of 574.52. Chinese blue chips led the way with gains of 2.0%, with the country’s central bank providing more medium term loans to the financial system. Japan’s Nikkei dipped 0.6% after touching a…

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Business Economic News 

China’s retail sales unexpectedly fall as consumer caution prevails

By Administrator_India Capital Sands   China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus, while the recovery in the factory sector struggled to gain momentum. Asian markets pulled back on Friday following the disappointing set of economic indicators, which raised concerns about the fragility of China’s emergence from coronavirus. China’s recovery had been gathering pace after the pandemic paralysed huge swathes of the economy as pent-up demand, government stimulus and surprisingly resilient…

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Asian Market Business 

Asian stocks grind higher, dollar slips as U.S. data brightens mood

By Administrator_India Capital Sands Asia’s stock markets followed Wall Street higher on Thursday, as investors returned to tech stocks, gold and selling dollars after steady virus figures and a surprising jump in U.S. inflation boosted sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2%, and gains in semiconductor makers drove Japan’s Nikkei 1.9% higher to a six-month peak. The rises come after a tech rally left the S&P 500 within a whisker of a record closing high overnight, in a climate where even bad news is regarded as…

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Asian Market Business 

Asian stocks fall on U.S. stimulus uncertainty

By Administrator_India Capital Sands Asian stocks dipped on Wednesday on growing uncertainty over whether the U.S. lawmakers would agree on an additional round of big fiscal stimulus to support an economy still struggling with the novel coronavirus. Hopes of vaccine development, however, prompted some investors to reduce safe-haven assets such as gold and government bonds, and to buy back battered stocks of companies hit hardest by the virus. The mixed sentiment has led to choppy trade in Asia with the index of ex-Japan Asia-Pacific shares shedding 0.76% while Japan’s Nikkei gained 0.2%.…

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Asian Market Business 

Asian shares fall after Trump takes aim at China tech firms

By Administrator_India Capital Sands Asian shares tumbled on Friday after U.S. President Donald Trump ratcheted up already-heightened tensions with Beijing by banning U.S. transactions with China’s tech giant Tencent as well as ByteDance, the owner of video-sharing app TikTok. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1% and Hong Kong’s Hang Seng fell 2%. Tencent, Asia’s second-biggest company by market capitalisation, dropped 9.0%. Mainland China’s CSI 300 Index fell 1.3% while Japan’s Nikkei slipped 0.6%. S&P500 futures slid 0.5%. The announcement blew off any excitement from China’s trade data, which showed…

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Asian Market Business 

Asian stocks rise, dollar languishes near two-year lows on Fed

By Administrator_India Capital Sands   Asian stocks were boosted by the promise of ultra-easy monetary policy globally as the U.S. Federal Reserve left interest rates near zero to support the country’s virus-battered economy, sending the dollar to a two-year trough. All Fed members voted to leave the target range for short-term rates between 0% and 0.25%, where it has been since March 15 when the virus was beginning to hit the nation. The unchanged policy setting together with a pledge the Fed would use its “full range of tools” if…

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Asian Market Business 

Euro stands tall as investors bet recovery hampers dollar, stocks up

By Administrator_India Capital Sands   The euro stood at an 18-month high, silver soared and commodities forged ahead on Wednesday, as economic recovery hopes drove bets on rebounding world demand and a falling U.S. dollar. Stock markets in Asia ground higher, except in Australia where a surge in coronavirus infections put pressure on bank and travel shares and the benchmark index fell 1%. S&P 500 stock futures advanced 0.4% in line with the relatively positive mood. The euro’s rally was triggered by European Union leaders striking a deal for a region-wide…

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Asian Market Business 

Asian markets, risk assets ride up on vaccine hopes

By Administrator_India Capital Sands   Asian shares jumped on Wednesday as optimism about a coronavirus vaccine bolstered risk appetite while the euro rose to a four-month top on the prospect of stimulus ahead of a crucial EU summit. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2%, edging closer to a recent five-month peak. Japan’s Nikkei added 1.5% to the highest since June 10 while Australia’s benchmark index was up 1%. Chinese shares gained modestly with the blue-chip CSI300 index ticking up 0.3%. E-mini futures for the S&P 500 rose 0.8%. Risk…

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Asian Market Business 

Asian markets dip as virus and Sino-U.S. tensions flare

By Administrator_India Capital Sands   Asian stock markets slipped on Tuesday, oil sagged and a safety bid supported the dollar as simmering Sino-U.S. tensions and fresh coronavirus restrictions in California kept a lid on investor optimism as earnings season gets underway. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.2%. Japan’s Nikkei retreated from a one-month high touched on Monday, dropping 0.8%. A firm dollar put pressure on the Aussie and kiwi. The moves came after a selloff on Wall Street that followed reopening rollbacks in California, where Governor Gavin Newsom ordered bars closed…

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