Monday, August 8

Asia

Asia stocks mixed, U.S. inflation test looms
Asia

Asia stocks mixed, U.S. inflation test looms

By Administrator_India Capital Sands Asian share markets were mixed on Monday as risk assets found support from the upbeat U.S. October payrolls report, but faced another test later in the week from a reading on U.S. inflation that could spook the rate horses. The congressional passage of a long-delayed U.S. $1 trillion infrastructure bill cheered investors, though a broader social safety net plan remains elusive. Data out over the weekend also showed China's exports beat forecasts in October to deliver a record trade surplus, although a miss on imports added to evidence of a slowing in domestic demand. Moves were modest with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.2%. Japan's Nikkei lost early gains to dip 0.2%, short of a recent five-week peak. ...
Asian shares wobble ahead of Fed outcome and earnings
Asia

Asian shares wobble ahead of Fed outcome and earnings

By Administrator_India Capital Sands Asian shares fell and U.S. stock futures were steady on Tuesday as caution ahead of a U.S. Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from the COVID-19 blow. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.14%. Australian stocks dropped 0.51%, but shares in China were little changed. Stocks in Tokyo edged 0.11% lower. S&P 500 e-mini stock futures rose 0.07%. Oil rebounded in Asian trading after major oil producers stood by their demand forecasts, but there are still downside risks due to surging COVID-19 cases in India, the world's third-biggest oil importer. Analysts said some investors may be taking profits on equities, but sentiment remai...
Asia

Hong Kong Pledges HK$120 Billion in Support as Economy Recovers

By Administrator_India Capital Sands Hong Kong’s Financial Secretary Paul Chan pledged HK$120 billion ($15.5 billion) of fiscal support for an economy slowly emerging from two years of recession. The counter-cyclical measures will help to stabilize the economy and relieve people’s burden, Chan said in his budget speech to the Legislative Council on Wednesday. The economy is set to grow 3.5%-5.5% in 2021 compared with a 6.1% contraction last year, he said. Click here for our live blog of the budget speech. After last year’s bumper stimulus to support the economy through the pandemic, Hong Kong is now focusing on reining in a record budget deficit. Chan has already signaled there won’t be the kind of cash handouts provided to residents last year, with support likely to be targ...
India seeks new preferential treatment from U.S. on drugs, other goods
Asia

India seeks new preferential treatment from U.S. on drugs, other goods

By Administrator_India Capital Sands India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods as the two sides seek to shore up a new trade deal, three sources said. India accounts for 40% of U.S. generic drug imports, including the anti-malarial hydroxychloroquine, touted by U.S. President Donald Trump in the fight against the coronavirus. To win preferential treatment on pharmaceutical exports, the government of Prime Minister Narendra Modi is dangling the carrot of opening its dairy and farm markets to the Trump administration, months ahead of the U.S. presidential election. India, one of the world’s largest consumers of dairy products, has offered an opening to U.S. dairy imp...
India’s Prime Minister Modi shuts Weibo account after app ban
Asia

India’s Prime Minister Modi shuts Weibo account after app ban

By Administrator_India Capital Sands Sina Weibo, China’s answer to Twitter, said it has deleted Indian Prime Minister Narendra Modi’s account at the request of the Indian embassy, as tensions between the two countries continue to simmer over a border skirmish. Since posting on Sina Weibo the first time in 2015 during a visit to China, Modi has been an infrequent user of the Chinese social media platform. He had more than 200,000 followers and 100 posts before the account was shut. Sina Weibo announced the closure of the account late on Wednesday and the removal comes a few days after India banned dozens of Chinese apps, including Sina Weibo and ByteDance’s TikTok, following the border clash between the two nations. The Indian embassy in Beijing did not immediately respond to...