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Friday
August 2020
11:37 AM IST
News Headlines
Sports Minister Rijiju to launch Fit India Freedom Run on Friday        Hoping to get the speed gun up, Starc works on muscular body during COVID lockdown        SpiceJet offers automated customer service and check-in facility on WhatsApp        Sebi issues procedure for exchanges to handle investor complaints against listed cos        Experts warn Spain is losing the 2nd round in virus fight        Bhutan imposes 1st nationwide virus lockdown        Pilot meets Gehlot, handshake signals his return        Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free        Bengal govt encourages organ donation: Mamata        PM unveils new tax reforms - faceless tax assessment, taxpayers' charter        Virus outbreak threatens New Zealand's fan-filled stadiums        Lahiri back in action after 5 months, joins Atwal at Wyndham        HAL s Light Combat Helicopters deployed for operations at Leh        Sensex falls over 200 pts in early trade; Nifty below 11,300        Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP        Joe Biden names Indian-American Senator Kamala Harris as running mate        Biden 'nailed this decision' in picking Harris to be his running mate: Obama        Terrorist gunned down, soldier killed in encounter in J-K's Pulwama        Mulayam Singh Yadav's condition under control: Hospital        COVID-19: 60,963 fresh cases take India's tally to 23,29,638        
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Business News
Asian markets mostly higher on hopes for coronavirus vaccine
 
Hong Kong, Jul 15 (AP) Shares were mostly higher in Asia on Wednesday as investors were encouraged by news that an experimental COVID-19 vaccine under development by Moderna and the US National Institutes of Health revved up people's immune systems just as desired.

Tokyo's Nikkei 225 advanced 1.4% to 22,912.24, while the Kospi in South Korea added 0.6% to 2,196.47. In Australia, the S&P/ASX 200 added 1.4% to 6,025.50.

Hong Kong's Hang Seng edged 0.1% lower to 25,465.94, while the Shanghai Composite Index slipped 1.3% to 3,369.94. Shares were mixed in Southeast Asia and rose in Taiwan.

The Bank of Japan was due to issue a policy statement on Wednesday but not expected to make any significant changes in its ultra-easy monetary stance. Investors also are awaiting April-June economic growth data for China, which is due later in the week.

Japan's central bank has remained stalwartly ready to pump still more stimulus into the economy which looks likely to slide deeper into recession, Mizuho Bank said in a commentary.

Its top priority will be getting credit to companies, it said.

Scientists soon will begin a 30,000-person study to see if the experimental vaccine developed by Moderna and the NIH is strong enough to protect against the coronavirus.

News about the vaccine came after the end of trading for U.S. markets, where after another day of unsettled trading the S&P 500 rose 1.3% to 3,197.52.

The Dow Jones Industrial Average added 2.1% to 26,642.59, lifted by gains for UnitedHealth Group and Caterpillar, among others.

Upbeat earnings news is helpful, But the cherry on top has to be the positive virus vaccine update as optimism on the vaccine is more than a show stopper. Its the ultimate recession stopper," Stephen Innes of AxiCorp said in a commentary.

The positive coverage on a potential Covid-19 vaccine represents a rotating carousel of positive news that is overwhelming rising virus cases in the U.S.," he said.

On Wall Street, big tech-oriented stocks lagged behind, holding the Nasdaq composite to a more modest gain of 0.9% to 10,488.58.

The earnings reporting season has kicked off with three of the nation's biggest banks painting a mixed picture of how badly the coronavirus pandemic is ripping through their businesses.

Like the broader market, financial stocks drifted between gains and losses for much of the day before turning higher in the afternoon. JPMorgan Chase, Wells Fargo and Citigroup said they collectively set aside nearly 27 billion during the second quarter to cover loans potentially going bad due to the recession.

JPMorgan Chase rose 0.6% after it said it made a record amount of revenue from April through June.

Its profit for the latest quarter also beat analysts' forecasts, even though it roughly halved from a year ago.

Wells Fargo, though, dropped 4.6% after it said it expects to cut its dividend.

Our view of the length and severity of the economic downturn has deteriorated considerably, CEO Charlie Scharf said.

Citigroup fell 3.9% after CEO Michael Corbat said its overall business performance was strong last quarter, though net income dropped 73% from a year ago largely due to the 7.9 billion it set aside for loans potentially going bad.

The yield on the 10-year Treasury held at 0.63% after rallying back from a morning dip on Tuesday to 0.60%. It tends to move with investors' expectations of the economy and inflation.

Benchmark U.S. crude oil rose 25 cents to 40.54 per barrel in electronic trading on the New York Mercantile Exchange. It gained 19 cents to settle at 40.29 per barrel on Tuesday. Brent oil, the international standard, picked up 27 cents to 43.17 per barrel. It rose 18 cents to 42.90 a barrel in London.

In currency dealings, the dollar bought 107.24 Japanese yen, up from 107.23 yen late Tuesday. The euro also was almost unchanged, rising to 1.1405 from 1.1401.


SpiceJet offers automated customer service and check-in facility on WhatsApp
Sebi issues procedure for exchanges to handle investor complaints against listed cos
HAL s Light Combat Helicopters deployed for operations at Leh
Sensex falls over 200 pts in early trade; Nifty below 11,300
Gold declines Rs 1,317; silver also plunges Rs 2,943
Rupee opens flat against US dollar
Patanjali considering bidding for IPL title sponsorship
Rupee edges 4 paise lower to 74.98 against US dollar in early deals
Vodafone Idea shares plunge nearly 8 pc on Q1 loss
Insider trading: Sebi asks Top Class to disgorge Rs 3.77 cr made in Aurobindo Pharma''s scrip
Sugar production to increase to 305 lakh tonnes in marketing year 2020-21: Ind-Ra
SBI SBI Q1 profit surges 81 pc to Rs 4,189 cr
19 income tax return filing deadline extended till Sept 30
Troubles abound, Boeing losses bloom to USD 2.4 billion in 2Q
Ashok Leyland’s latest range, ‘AVTR’, delivered to customers in Goa
Irani asks textiles sector to 'commercialise opportunities'
ICICI Bank Q1 net profit rises 36% to Rs 2,599 crore
Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
Vistara receives its first Airbus A321neo aircraft
Wipro to launch 5G edge services solutions suite
KERALA NEWS
Toll in Idukki landslide rises to 52 as three more bodies recovered
 Idukki (Ker): The toll in the landslip in Pettimudi in the high range Idukki district rose to 52 wit  
1,417 Covid cases in Kerala; 36 health workers also infected
SIT formed by Kerala police to probe air crash
Kerala logs 1,211 fresh coronavirus cases; aggregate reaches 34,331
INTERNATIONAL NEWS
Experts warn Spain is losing the 2nd round in virus fight
 Barcelona: Not two months after battling back the coronavirus, Spain's hospitals are beginning to se
Bhutan imposes 1st nationwide virus lockdown
Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP
Joe Biden names Indian-American Senator Kamala Harris as running mate
NATIONAL NEWS
Pilot meets Gehlot, handshake signals his return
 Jaipur: Sachin Pilot met Rajasthan Chief Minister Ashok Gehlot Thursday, the first time after he ope
Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free
Bengal govt encourages organ donation: Mamata
Terrorist gunned down, soldier killed in encounter in J-K's Pulwama
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