11
Saturday
July 2020
3:36 AM IST
News Headlines
Missing Mayor found dead in north Seoul        Heavy rain hits scenic central Japan, more damage in south        Bikru bloodbath mastermind Vikas Dubey nabbed in MP town        NIA to probe gold smuggling case, ex-Consulate woman employee moves HC for anticipatory bail        Kerala reports biggest daily spike of 339 infections,COVID-19 tally crosses 6,500 mark        Holder wins early battle with Stokes as Windies take control        Ganguly announces cancellation of Asia Cup in September        We have asked every state to adopt one sport: Rijiju        Rupee slips 9 paise to 75.02 against USD        ICICI Bank to raise up to Rs 15,000 crore to bolster capital base        Trump threatens to cut federal aid if schools don't reopen        Pak PM urges world community to share info on COVID-19 strategies as tally rises to 239,225        Enhancing global cooperation need of the hour to effectively tackle COVID-19: Prez        Kanpur encounter: 2 policemen held for 'tipping off' gangster Vikas Dubey about police action        CBSE should explain rationale behind dropping certain chapters from curriculum: Sisodia        301 test positive in Kerala,COVID-19 tally crosses 6,000 mark        Dhoni turns 39, wishes pour in from all corners        New era for cricket as England-West Indies series begins        India''s COVID-19 tally, fatality rate per million population lowest in world: Govt        Rahul asks why no mention of Galwan Valley in MEA statement on talks        
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Business News
Asian shares advance, tracking Wall Street tech rally
 
Tokyo, Jun 23 (AP) Asian shares were mostly higher on Tuesday, recovering from some early losses as regional markets tracked a late rally on Wall Street led by technology shares.

Japan's benchmark Nikkei 225 surged 0.8% to 22,621.84. Hong Kong's Hang Seng index jumped 0.9% to 24,728.76 and South Korea's Kospi climbed 0.6% to 2,139.34. Australia's S&P/ASX 200 inched up 0.1% to 5,950.50, while the Shanghai Composite gained 0.1% to 2,968.78.

Shares fell in Singapore and Jakarta but rose in Taiwan.

It's back to the regular order of business, which is trying to figure out why stocks are so high!" Stephen Innes of AxiCorp said in a commentary. You can add the resurgence of COVID-19 to the laundry list of things the market doesn't care about, so it seems.

On Wall Street, the S&P 500 rose 0.6% to 3,117.86 after initially sliding 0.6% following weakness in overseas markets as the global tally of coronavirus infections surpassed 9 million.

Investors are weighing the risks that rising coronavirus cases could pose to hopes for an economic recovery. That's led traders to bid up stocks in technology companies that offer services online, a thriving conduit of commerce through the outbreak.

In an environment where the WHO had only recently announced on Sunday a record increase in global Covid-19 cases, sentiment can certainly still turn very promptly with the flick of the switch," Jingyi Pan, a market strategist with IG in Singapore said in a report.

Overnight, the head of the World Health Organization, Tedros Adhanom Ghebreyesus, warned that the coronavirus pandemic is still accelerating around the globe. He noted that the most recent 1 million cases of the virus were reported in just the last eight days.

Asian markets initially opened lower, spooked by reported comments by White House trade adviser Peter Navarro suggesting the US trade deal with China was in trouble.

However, Navarro said his comments were taken out of context, and President Donald Trump tweeted that the agreement with China, the basis for a truce in a tariff war over technology and other problems, is still on.

Trump tweeted: The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!

Investors are favoring retailers and other companies that are poised to do well now that more businesses have been given the go-ahead to reopen. But traders are also continuing to hedge their bets by snapping up traditionally less risky assets, such as government bonds and gold, which also rose. Bond yields were mixed.

The Dow Jones Industrial Average picked up 0.6%, to 26,024.96 after earlier sliding 203 points. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 1.1%, to 10,056.47, extending its winning streak to a seventh day.

Small company stocks, which have lagged the broader market's rebound that began in April, also notched solid gains, with the Russell 2000 index adding 1.1%, to 1,433.53.

While recent US economic data have shown improvement as businesses reopened, it may take years for the economy to fully recover. In contrast, it took just a few months for the stock market to rally back to within 9% of its record.

David Kelly, chief global strategist at JPMorgan Funds, sees a disconnect between the market's recent gains and what the economic data show. He says the markets seem to be straying further and further from fundamentals, which is making him more distrustful of markets as an economic barometer.

New data on US home sales Monday showed the virus outbreak continues to disrupt the US housing market. Sales of previously occupied homes plunged 9.7% in May, according to the National Association of Realtors.

The May slide pushed sales down to a seasonally adjusted annual rate of 3.91 million, the slowest pace since 2010. Still, the median home price rose 2.3% from a year ago, a sign that demand could pickup up in coming months.

Investors will get a broader look at the state of the economy toward the end of this week, when the government issues data on consumer spending, weekly unemployment aid applications and durable goods orders. On Tuesday, the Commerce Department serves up new home sales figures for May.

Benchmark US crude oil was unchanged at 40.46 per barrel in electronic trading on the New York Mercantile Exchange. It rose 71 cents on Monday.

Brent crude, the international standard, edged 1 cent higher to 43.08 per barrel.

The dollar rose to 107.17 Japanese yen from 106.90 yen late Monday. The euro was trading at 1.1267, up from 1.1262.


Rupee slips 9 paise to 75.02 against USD
ICICI Bank to raise up to Rs 15,000 crore to bolster capital base
Gold jumps Rs 102, silver declines Rs 249
Finmin may review capital requirement of PSU banks after second quarter
I-T dept amends TDS form, makes it more comprehensive
Pak will complete CPEC at all costs, says PM Khan
COVID-19 caused huge demand destruction overseas: Bankers
Intel Capital to buy 0.39 pc stake in Jio Platforms for Rs 1,894 cr
Sensex surges over 200 pts in early trade; Nifty tops 10,600
India's trade deficit with China reduces to USD 48.66 bn in FY20
Work to begin shortly on Zojila tunnel: Gadkari
ONGC shares tank 4 pc after first-ever quarterly loss
Vodafone Idea shares plunge nearly 5 pc after FY20 earnings
Diesel price at new high as fuel prices hiked for 22nd time in just over 3 weeks
Prestige group's FY20 sales bookings flat at Rs 4,560 crore
No plans to sell non-core assets during this fiscal: PNB Chief
Petrol price up 25 paise, diesel 21 paise; rates hiked by Rs 9.12, Rs 11.01 in 3 weeks
SBI sanctions loans to over 4 lakh MSMEs under credit guarantee scheme
Money in Swiss banks: India at 77th place, accounts for just 0.06% of all foreign funds
Reliance Industries becomes first Indian firm to hit USD 150 bn market cap
KERALA NEWS
Kerala reports biggest daily spike of 339 infections,COVID-19 tally crosses 6,500 mark
 Thiruvananthapuram: With COVID19 cases continuing to spiral, Kerala on Thursday recorded the biggest  
Kerala reports 272 fresh cases; 68 infected through contact
Will take appropriate decision at appropriate time:Jose K Mani
Kerala reports 131 new COVID cases, 75 recoveries, 2,112 patients under treatment
INTERNATIONAL NEWS
Missing Mayor found dead in north Seoul
 Seoul: The Mayor of this South Korean capital was found dead at Bugaksan mountain here on Thursday,
Heavy rain hits scenic central Japan, more damage in south
Trump threatens to cut federal aid if schools don't reopen
Pak PM urges world community to share info on COVID-19 strategies as tally rises to 239,225
NATIONAL NEWS
Bikru bloodbath mastermind Vikas Dubey nabbed in MP town
 Ujjain: History-sheeter Vikas Dubey ? the prime accused for whom Uttar Pradesh Police had launched a
Enhancing global cooperation need of the hour to effectively tackle COVID-19: Prez
Kanpur encounter: 2 policemen held for 'tipping off' gangster Vikas Dubey about police action
CBSE should explain rationale behind dropping certain chapters from curriculum: Sisodia
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