22
Tuesday
June 2021
4:45 PM IST
News Headlines
Sharad Pawar, Yashwant Sinha call meet to put up united opposition        Kerala to implement tourism projects in time-bound manner: Riyas        BCCI to donate Rs 10 cr for preparations of Olympic-bound athletes        WTC Final, Day 3: NZ bowl out India for 217 in 1st innings, Jamieson picks 5 wickets        AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation        France elects regional leaders, preps for presidential vote        Argentina reports first confirmed case of ‘Black Fungus’: Reports        Bengal plans more COVID beds for women amid third wave threat        Delhi eases COVID restrictions        COVID-19: India records less than 60,000 cases after 81 days        WTC Final, Day 2: India 146/3 at stumps against NZ        Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements        Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region        Ebrahim Raisi elected Iran's new president        MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised        PM congratulates LS Speaker Om Birla for completing 2 years in office        Centre invites 14 J&K leaders to attend all-party meeting on June 24        Tour de France to hold women''s cycling race in July 2022        Will always regret missing hundred on Test debut but will get one next time: Shafali Verma        Nadal, Osaka both out for Wimbledon; she'll go to Olympics        
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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.


AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation
Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements
Sensex rises over 200 pts in early trade; Nifty tests 15,750
India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects
India's fuel demand rebounds in June
Power consumption grows 9.3 pc in first half of June
Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol
Rupee slips 13 paise to 73.02 against US dollar in early trade
Disruption in operations may lead to demand uncertainty in home improvement categories: Asian Paint
Seven of top-10 most valued firms add over Rs 1.15 lakh cr to m-cap; RIL lead gainer
RBI projects retail inflation at 5.1 pc in FY22 on supply-side measures, monsoon
Mukesh Ambani draws nil salary
Urban Company raises USD 255 mn, valuation crosses USD 2.1 bn
Ashok Leyland expects plants to be operational only for up to 10 days in June
China's central bank tries to stop surge in currency's value
Google, Facebook updating website to reflect new grievance officer appointed under IT rules
SBI & IBA announces various support measures and launch of new loan products by all Public Sector Banks
Honda 2wheelers India resumes production at its plants across India in a phased manner
Working closely with Jio to build affordable smartphone: Google CEO Pichai
Canon celebrates 50th anniversary of its first Interchangeable Lens for SLR
KERALA NEWS
Kerala to implement tourism projects in time-bound manner: Riyas
 Thiruvananthapuram: Kerala will complete its tourism projects in a time-bound manner by giving top p  
Kerala govt orders SIT probe into ''illegal'' tree felling in Wayanad
LDF govt hand in glove with timber mafias, alleges Union Minister Muraleedharan
COVID-19:Kerala reports 14,233 new cases, 173 deaths
INTERNATIONAL NEWS
France elects regional leaders, preps for presidential vote
 Paris: Marine Le Pen's far right party is riding high on her tough-on-security, stop-immigration mes
Argentina reports first confirmed case of ‘Black Fungus’: Reports
Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region
Ebrahim Raisi elected Iran's new president
NATIONAL NEWS
Bengal plans more COVID beds for women amid third wave threat
 Kolkata: The West Bengal government is planning to allot more hospital beds for women as it prepares
Delhi eases COVID restrictions
MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised
PM congratulates LS Speaker Om Birla for completing 2 years in office
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