Tuesday, October 26

Stock Broker

Business, Global, Stock Broker

Asia shares consolidate, China cuts another interest rate

By  Administrator_India Capital Sands Asian share markets took a breather on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business. China moved again to cushion its economy, cutting a key medium-term interest rate to record lows and paving the way for a similar reduction in benchmark loan rates. While not unexpected, it did help MSCI’s broadest index of Asia-Pacific shares outside Japan edge up 0.3% to a fresh one-month top. Shanghai blue chips, however, eased 0.2%. Japan’s Nikkei was still off 0.5%, though that followed a 3% jump the previous session. E-Mini futures for the S&P 500 dipped 0.5%, following a 3% rise in New York. “Flattening infection ...
Commodity Broker, International, Stock Broker

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Commodity Broker, International, Stock Broker

Oil firmer on OPEC+ deal, equities unable to shake pandemic fears

By Administrator_India Capital Sands Global shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices climbed in volatile trade. The Nikkei fell 1.4% while MSCI's broadest index of Asia-Pacific shares outside Japan slipped slightly, with South Korean shares falling 0.9%. U.S. S&P 500 mini futures dropped 1.54%, erasing a brief gain to a one-month high made right after the start of trading. Financial markets in Australia and Hong Kong were closed while in mainland China, the CSI300 index lost 0.6% in early trade. U.S. West Texas Intermediate crude futures were up 7.3% at $24.43 per barrel in highly volatile trade, having fall...
Commodity Broker, International, Political News, Stock Broker

Fed, BoE push deeper into uncharted territory in face of coronavirus slump

By Administrator_India Capital Sands The U.S. Federal Reserve and the Bank of England ramped up their emergency responses to the world’s escalating coronavirus recession on Thursday as they pushed deeper into territory once considered fraught with risk for central bankers. The Fed, in its boldest move to date to soften the historic shutdown of much of the U.S. economy, pledged $2.3 trillion to help local governments on the front lines of the health crisis and to prop up small and mid-sized businesses. In London, the BoE said it would allow Britain’s government to run up an unlimited overdraft as the state promises to pay wages to millions of people laid off during shutdown, cut taxes for businesses and expand its welfare system. With central banks around the world trying to...
Commodity Broker, International, Political News, Stock Broker

Trump thanks India for decision on anti-malaria drug

By Administrator_India Capital Sands President Donald Trump on Wednesday thanked India for its decision to increase exports of the anti-malaria drug hydroxychloroquine, an unproven treatment that Trump has promoted in the fight against the novel coronavirus. India said on Tuesday it will allow some exports of hydroxychloroquine after Trump urged New Delhi to release supplies of the drug seen as a possible treatment for COVID-19. “Extraordinary times require even closer cooperation between friends. Thank you India and the Indian people for the decision on HCQ. Will not be forgotten! Thank you Prime Minister @NarendraModi for your strong leadership in helping not just India, but humanity, in this fight!” Trump wrote on Twitter.
Commodity Broker, International, Stock Broker

India asks TikTok, Facebook to remove users spreading coronavirus misinformation

By Administrator_India Capital Sands India has told Facebook and Chinese video app TikTok to remove users found to be spreading misinformation about the coronavirus following concern about videos intended to mislead Muslims, according to a government source. The move follows a report by Delhi-based digital analytics firm Voyager Infosec which identified a pattern of targeted disinformation in many social media videos that appeared to be aimed at Muslims, with some using religious beliefs to justifying defiance of health advisories over the virus. In one video reviewed by Reuters on Tuesday, a TikTok user says he is not scared of the coronavirus because, as a Muslim, he is a follower of the Prophet Mohammed and fears only Allah. In another, a young man throws away a face mas...
Commodity Broker, International, Stock Broker

OPEC+ likely to agree to cut production if U.S. joins effort

By Administrator_India Capital Sands Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told. Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply. Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, started talking about cutting production, but want other non-OPEC nations to participate, particularly the United States. Two OPEC sources sai...
Commodity Broker, International, Stock Broker

Oil drops over $1 on oversupply after OPEC+ delays meeting

By Administrator_India Capital Sands  Oil prices slipped more than $1 a barrel on Monday, after the world’s top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand. Brent crude slipped close to $30 a barrel in early trade and was at $32.82 by 0203 GMT, down $1.29, or 3.8%. West Texas Intermediat crude fell $1.66, or 5.9%, to $26.68 a barrel, after earlier touching a low of $25.28. Late last week, prices surged, with U.S. and Brent contracts posting their largest ever weekly percentage gains due to hopes that OPEC and its allies would strike a deal to cut crude supply worldwide by at least 10 million barrels per day. Prices on both sides of the Atlantic marked their worst ...
International, Stock Broker

Indian rupee’s coronavirus-induced weakness to linger in near-term

By Administrator_India Capital Sands The Indian rupee will probably cut some of its losses against the dollar in the next year, according to strategists polled by Reuters, but it’s likely to stay weak with other emerging-market currencies until the coronavirus pandemic subsides. The rupee’s path will largely depend on how successful the Indian government’s steps are in containing the spread of COVID-19 in a country of more than 1.3 billion people, the second-most-populous in the world. Prime Minister Narendra Modi has ordered a 21-day national lockdown, which began on March 25. But the government’s fiscal response so far has been modest compared with other countries: 1.7 trillion rupees ($22.3 billion) in direct cash transfers and food security measures. After giving up ove...
Commodity Broker, International, Political News, Stock Broker

COVID-19 cases and deaths rising, debt relief needed for poorest nations

By Administrator_India Capital Sands The head of the World Health Organization voiced deep concern on Wednesday about the rapid escalation and global spread of COVID-19 cases from the new coronavirus, which has now reached 205 countries and territories. WHO Director-General Tedros Adhanom Ghebreyesus said that his agency, the World Bank and the International Monetary Fund backed debt relief to help developing countries cope with the pandemic’s social and economic consequences. “In the past five weeks there has been a near-exponential growth in the number of new cases and the number of deaths has more than doubled in the past week,” Tedros told a virtual news conference at the organisation’s Geneva headquarters. “In the next few days we will reach 1 million confirmed cases a...