Wednesday, December 2

International

India, China want peace but blame each other after deadly border clash
International

India, China want peace but blame each other after deadly border clash

By Administrator_India Capital Sands India and China said they wanted peace but blamed each other on Wednesday after soldiers of the two sides savagely fought each other with nail-studded clubs and stones on their Himalayan border, killing at least 20 Indian troops. “We never provoke anyone,” Prime Minister Narendra Modi said on national television, referring to Monday’s hand-to-hand fighting. “There should be no doubt that India wants peace, but if provoked, India will provide an appropriate response.” In Beijing, foreign ministry spokesman Zhao Lijian said the clash erupted after Indian soldiers “crossed the line, acted illegally, provoked and attacked the Chinese, resulting in both sides engaging in serious physical conflict and injury and death”. He said he did not know ...
U.S. rebukes China for border ‘aggression’ with India
International

U.S. rebukes China for border ‘aggression’ with India

By Administrator_India Capital Sands U.S. Secretary of State Mike Pompeo and a senior congressional leader have reprimanded China for bullying behaviour towards India during a military standoff on their disputed border. Thousands of Indian and Chinese troops have faced each other for weeks at three or four locations in the western Himalayas after Beijing’s forces intruded into Indian territory, according to Indian security officials and local media. China denies it breached the “Line of Actual Control”, as the 3,488 km de facto border is known, and says there is stability in the area near the Galwan River and Pangong Tso lake in the remote snow deserts of India’s Ladakh region. In comments released by the State Department, Pompeo told the American Enterprise Institute thinkt...
International

Asian shares fall on fresh rout in crude prices

By Administrator_India Capital Sands Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Shares in China fell 0.7% and South Korean shares  fell 0.22%. Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse. Some investors are hoping the worst may be over for the world economy as more countries allow businesses to re-open, but others see reasons to remain cautious, especially as a coronavirus vaccine has yet to be developed. ...
International

Record U.S. jobless claims wipe out post-Great Recession employment gains

By Administrator_India Capital Sands A record 26 million Americans likely sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy. Thursday’s weekly jobless claims report from the Labor Department will add to a growing pile of increasingly bleak economic data. It will come amid rising protests against nationwide lockdowns to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus. President Donald Trump, who is seeking a second term in the White House in November’s general election, has been anxious to restart the paralyzed economy. Trump on Wednesday applauded steps taken by a...
International

Crude Awakening Hits Wall Street Amid Historic Slump in Oil

By Administrator_India Capital Sands Wall Street ended the session near the lows of the day, led by a slide in energy as oil prices slipped into negative territory for the first time ever, as many fret over storage capacity constraints at a time when the Covid-19 pandemic has hit demand. The Dow fell 2.4%, or 594 points, the S&P 500 slipped 1.8% and the Nasdaq Composite lost 1%. Energy stocks led the broader market lower, paced by a decline in the price of oil for delivery in May, which settled below zero for the first ever, amid weaker demand and fast-paced selling by speculators scrambling to sell long positions to avoid owning tacking physical delivery. “Cushing is landlocked and stocks look likely to be full within 3 weeks,” said Chris Midgley at S&P Global Plat...
Global, International

Trump unveils three-stage process for states to end coronavirus shutdown

By Administrator_India Capital Sands President Donald Trump laid out new guidelines on Thursday for U.S. states to emerge from a coronavirus shutdown in a staggered, three-stage approach meant to revive the U.S. economy even as the country continues to fight the pandemic. The recommendations call on states to show a “downward trajectory” of COVID-19 cases or positive tests for the disease over 14 days before proceeding with the plan, which gradually loosens restrictions on businesses that have been shuttered to blunt the spread of the virus. “We are not opening all at once, but one careful step at a time,” Trump told reporters at the White House. The president had said earlier this month he wanted to reopen the economy with a “big bang.” The plan is a set of recommendations...
Global, International

Euro zone industry output dips in February on eve of virus measures

By Administrator_India Capital Sands Euro zone industrial production dipped slightly in February, the month before coronavirus restrictions were widely introduced in Europe, due to reverses in capital and consumer durable goods after a sharp overall rise in January. Output fell by 0.1% month-on-month in the 19 countries sharing the euro following a 2.3% increase in January. The decline was slightly less than the 0.2% drop forecast in a Reuters poll. Year-on-year, industrial production was down 1.9%, from a 1.7% fall in January, less than the market expectation of a 2.0% drop. Among EU's largest economies, production in Germany and France was higher in February than in January, although the rate of increase slowed. In Italy, the first European country hit by the COVID-19 ...
Global, International

Stocks slide as dire economic outlook weighs

By Administrator_India Capital Sands World stock markets fell on Thursday, while bonds and the dollar held on to hefty gains, after a coronavirus-driven plunge in U.S. retail sales and factory production and increasing gloomy economic outlooks for Asia. U.S. retail sales fell the most on record last month, while manufacturing output fell by the most in 74 years, raising fears of a deep recession. In Asia, growth will grind to zero for the first time in 60 years in 2020, the International Monetary Fund said on Thursday, as exporters are pounded by slumping demand and anti-virus measures force consumers to stay home and shops to shut down. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%. In Japan, where a Reuters survey showed most firms feel stimulus mea...
India, International, Malaysia

India agrees to sell hydroxychloroquine to Malaysia to help fight COVID-19

By Administrator_India Capital Sands India has agreed to sell hydroxychloroquine tablets to Malaysia for use in the treatment of COVID-19 patients, a Malaysian minister told Reuters on Wednesday, with New Delhi partially lifting its bar on exports of the anti-malarial drug. India is the world’s largest producer of hydroxychloroquine, sales of which have soared across the world including in the United States, especially after President Donald Trump touted it as a potential weapon against COVID-19, the disease caused by the novel coronavirus. New Delhi had last month put a hold on exports of hydroxychloroquine to secure supplies for itself, before agreeing this month to supply it to some of its neighbours as well as “nations who have been particularly badly affected by the pande...
Commodity Broker, International

Record oil output cuts fail to make waves in coronavirus-hit market

By Administrator_India Capital Sands The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said. After several days of discussions, oil producing and consuming countries aim to remove nearly 20 million barrels per day  or 20% of global supply from the market, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday. The oil market has barely shrugged, however: Brent crude gained 1.5% on Monday, while U.S. crude ended the day lower. The move underscores what both investors and producers already understand - that the monumental deal to cut supply in face of a 30% drop i...