Economic News Archives

India stocks lower at close of trade; Nifty 50 down 1.71%

Sensex, Nifty near four-month highs as HDFC Bank jumps

July 6, 2020 Administrator_IndiaSensex0 comment

By Administrator_India Capital Sands Indian shares rose for a fourth straight session on Monday, as HDFC Bank Ltd gained after reporting strong loan growth and hopes of a recovery in the global economy pushed stock markets across Asia higher. The Nifty rose 0.98% to 10,711.05, while the Sensex was up 0.82% at 36,315.69, both trading near their four-month peaks. HDFC Bank jumped 3.4%, its biggest intraday percentage rise since mid-June, after the country’s top private-sector lender reported a loan growth of 21% as of June 30, compared to a…

Economic News India

Indian shares hit near four-month highs, Reliance rises on Intel investment

July 3, 2020 Administrator_IndiaIndian shares0 comment

By Administrator_India Capital Sands Indian shares scaled near four-month highs on Friday, as upbeat data from the United States and China outweighed concerns about surging domestic cases of the novel coronavirus, while Reliance Industries climbed after Intel invested in its digital unit. The benchmark indexes rose for a third day, with the Nifty rising 0.39% to 10,592.55 and the Sensex by 0.34% to 35,963.73. Both indexes were set for their third straight weekly gain. Broader Asian markets were supported by data that showed China’s services sector in June expanded…

Commodity Economic News

Gold Down Over Hopes For a COVID-19 Vaccine

July 2, 2020 Administrator_IndiaGold was down0 comment

By Administrator_India Capital Sands Gold was down on Thursday morning in Asia, with investor sentiment boosted by positive results from yet another potential COVID-19 vaccine. U.S. pharmaceutical company Pfizer announced the results from the early stage human trial for BNT162b1, its mRNA candidate jointly developed with German biotech firm BioNTech, on Wednesday. The results showed production of neutralizing antibodies in all the patients who were inoculated after 28 days. Pfizer also has three other mRNA candidates under development. Gold futures slid 0.16% to $1,777.05, as investors retreated from the…

Commodity Economic News

Oil rises after drop in U.S. crude stocks suggests demand pickup

July 1, 2020 Administrator_IndiaOil0 comment

By Administrator_India Capital Sands Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. Brent crude rose 48 cents, or 1.2%, to $41.75 a barrel after declining more than 1% on Tuesday. U.S. crude was up 54 cents, or 1.4%, at $39.81 a barrel, having dropped by 1.1% in the previous session. U.S. crude and gasoline stocks declined more than expected last week, while distillate…

Economic News Political News

Dollar Retreats, With Investors Balancing Positive Chinese Data with Ever Increasing COVID-19 Numbers

June 30, 2020 Administrator_IndiaDollar Retreats0 comment

By Administrator_India Capital Sands The dollar retreated on Tuesday morning in Asia, giving up it gains from the last session as investors balance positive trade data with increasing COVID-19 figures. China reported a higher-than-expected manufacturing Purchasing Manager’s Index of 50.9 earlier in the day. Meanwhile, COVID-19 continues its rampage, with over 10.2 million cases as of June 30 according to Johns Hopkins University data. U.S. Federal Reserve Chair Jerome Powell warned on Monday that the outlook for the U.S. economy is “extraordinarily uncertain” and is dependent on the virus being contained…

Business Economic News

Indian capital readies vast quarantine centre as coronavirus cases mount

June 26, 2020 Administrator_IndiaNew Delhi0 comment

By Administrator_India Capital Sands Authorities in New Delhi worked to convert a spiritual centre into a huge quarantine facility on Thursday as novel coronavirus cases in the Indian capital overtook the financial hub Mumbai for the first time. Delhi now has 70,390 coronavirus cases, with more than 40,000 detected in the last two weeks. That is more than Mumbai’s 69,528, though the city, long considered one of India’s biggest coronavirus hot spots, has seen a higher rate of deaths. Nationally, a record 16,922 new cases were recorded in the…

Covid-19 Economic News

Sensex, Nifty fall on dour IMF outlook, virus fears

June 25, 2020 Administrator_IndiaIndian stocks fell0 comment

By Administrator_India Capital Sands Indian stocks fell on Thursday after the International Monetary Fund steeply cut its growth outlook for the country and forecast a deeper global recession, with a surge in coronavirus cases also spooking investors. The IMF predicted Indian economy to contract by 4.5% following a longer lockdown period and slower recovery than anticipated in April. It also expects global output to shrink 4.9% this year, much sharper than the 3% contraction predicted in April. Domestic coronavirus virus cases surged over 456,000, while some U.S. states reported…

Asian Market Economic News

Asian stocks swing wildly on U.S.-China trade deal mix-up

June 23, 2020 Administrator_IndiaAsian shares0 comment

By Administrator_India Capital Sands Asian shares see-sawed in a wild ride on Tuesday following confusing statements from the White House over the U.S.-China trade deal, with President Donald Trump later clarifying the pact was “fully intact.” Trump’s tweet bolstered market sentiment, helping e-minis for the S&P 500 swing back to positive territory. Asian shares were quick to turn around too, with MSCI’s broadest index of Asia Pacific shares outside of Japan up 0.7%. Risk sentiment had taken a knock early in the Asian day after White House trade adviser Peter…

Asian Market Economic News

Global stocks retreat on rising second wave fears

June 18, 2020 Administrator_IndiaAsian stocks fell0 comment

By Administrator_India Capital Sands Asian stocks and Wall Street futures fell on Thursday as spiking coronavirus cases in some U.S. states and China crushed hopes of a quick global economic comeback from the pandemic. S&P 500 mini futures fell 1.2% in early Asian trade while MSCI’s broadest index of Asia-Pacific shares outside Japan lost as much as 1%. Japan’s Nikkei lost 1.3% while in mainland China, bluechip CSI300 shares shed 0.1% in early trade. On Wall Street, the S&P 500 lost 0.36% on Wednesday but tech-heavy Nasdaq added 0.15% due to…

Economic News U.S. Protest Fears

Dollar Up Over Rising U.S-China Tensions and U.S. Protest Fears

June 2, 2020 Administrator_IndiaThe dollar was up on Tuesday morning0 comment

By Administrator_India Capital Sands The dollar was up on Tuesday morning in Asia, with investors turning to the safe-haven asset even amid optimism over the global economic recovery from the COVID-19 virus. The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.06% to 97.875. In the latest retaliation between the U.S. and China, China ordered state-owned enterprises on Monday to postpone orders of U.S. agricultural products such as soybeans as well as cancel some U.S. pork orders. The latest point of contention between the…