28
Wednesday
October 2020
11:46 PM IST
News Headlines
AC Milan's perfect start ends with 3-3 draw with Roma        Feels surreal, says Varun Chakravarthy on his surprise India call-up        Rohit unlikely as Mumbai and RCB aim to secure play-off berth        Vistara to start flights to Bangladesh from Nov 5 under air bubble pact        Sharing best practices, knowledge among SCO members to help startups: Goyal        Taiwan says new arms purchases to boost credible defence        President Donald Trump ahead of Joe Biden by 5 points in Texas: Poll        Pak to strengthen ties with Afghanistan: PM Imran        Loan moratorium: Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells SC        Man attacks TV actress with knife in Mumbai        Polls open in first phase of Bihar elections        After over 3 months, less than 40k COVID cases reported in single day across country: Govt data        India, US ink defence pact; Pompeo says US stands with India, mentions killing of Indian soldiers        'Dynastic corruption' growing challenge for the country: PM Narendra Modi        Former Union Min Dilip Ray gets three-yr jail in coal scam case        Bihar assembly election Campaign ends for first phase        Kerala CM writes to counterparts in Maha, TN        COVID 19: Kerala registers 7,101 recoveries, 20 deaths        Govt announces financial package for rejuvenation of KSRTC        COVID-19 vaccination to begin in Venezuela Around April - President Maduro        
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Business News
Markets mixed after Trump-Biden debate; data lifts China
 
Shanghai, Sep 30 (AP) Stocks were mixed in Asia on Wednesday while upbeat manufacturing data lifted shares in China as investors studied the outcome of the debate between President Donald Trump and his Democratic challenger, Joe Biden.

Hong Kong and Shanghai led regional gains while Japan's Nikkei 225 edged lower. Overnight, the S&P 500 lost 0.5% as heavy selling of banks helped reverse some of the gains the market a day earlier.

Investors remain cautious with COVID-19 infections on the rise again in the US and elsewhere. The Trump-Biden debate occurred as coronavirus deaths worldwide have surpassed 1 million. Many millions of people worldwide are jobless.

A survey of Chinese manufacturers, t he Caixin manufacturing purchasing manager's index, showed economic activity accelerating further in September as businesses recovered from the downturn earlier this year due to the pandemic.

The Caixin manufacturing PMI slipped to 53.0 from 53.1 in August, on a scale of 1-100 where 50 marks the cutoff between contraction and expansion. China's official manufacturing PMI rose to 51.5 from 51.0, its highest level in two years.

The economic recovery has picked up pace with supply and both domestic as well as overseas demand improving," Stephen Innes of AxiCorp said in a commentary.

The Hang Seng in Hong Kong jumped 1.4% to 23,593.51, but fell back from a 2.1% gain earlier in the morning. The Shanghai Composite index surged 0.6% to 3,243.79.

Overnight, stocks ended with moderate losses Tuesday as investors waited for the first debate between President Donald Trump and Democratic challenger Joe Biden.

The debate's likely impact on markets, if any, was unclear. The atmosphere was antagonistic, as to be expected, but for voters still undecided about who'd better handle the multiple crises that have beset the nation, the faceoff may not have offered anything new.

Japan's Nikkei 225 index lost 0.7% to 23,366.81, while the S&P/ASX 200 skidded 0.8% to 5,902.10. Markets were closed in South Korea.

Shares fell in Thailand and Indonesia but rose in Taiwan and Singapore.

On Wall Street, banks, energy companies and stocks that depend on consumer spending had some of the biggest losses.

The price of oil fell 3.2%, dragging much of the energy sector down with it. On Wednesday, U.S. crude fell 20 cents to 39.09 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gave up 25 cents to 41.31 per barrel.

Uncertainty over the course of the pandemic and over how it will affect the economy has clouded sentiment, with the benchmark S&P 500 on track to fall 4.7% this month, its worst month since March when the stock market plunged sharply as outbreaks spread in the U.S.

The market needs the economy to remain open, said Mark Hackett, chief of investment research at Nationwide. We can handle bumpy economic data, but markets are not priced for the economy to shut back down.

The S&P 500 index fell 16.13 points to 3,335.47, after rallying the day before. The Dow Jones Industrial Average 0.5%, to 27,452.66, and the technology-heavy Nasdaq composite lost 0.3%, to 11,085.25.

Congress still is arguing over the size of a new economic support package after additional unemployment benefits expired. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have agreed to hold another round of stimulus talks.

However with the death of Supreme Court Justice Ruth Bader Ginsburg, Congress has redirected much of its attention to President Trump's nominee to replace her.

The last major jobs report before the election will come out on Friday. It is a key indicator or how businesses are faring but also politically important for both GOP and Democratic messaging heading into the election. Economists expect 850,000 jobs were created in September, with an unemployment rate of 8.2%.

In currency dealings, the U.S. dollar bought 105.70 Japanese yen, up from 105.64 yen late Tuesday. The euro strengthened to 1.1756 from 1.1744.


Vistara to start flights to Bangladesh from Nov 5 under air bubble pact
Sharing best practices, knowledge among SCO members to help startups: Goyal
Cathay Pacific cuts 8,500 jobs, shutters regional airline
Asian shares rise after Wall Street gains on solid earnings
HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr
Brexit trade talks: both EU and UK dig in heels
Sensex declines over 200 pts in early trade; Nifty tests 11,900
Apple unveils new iPhones for faster 5G wireless networks
Vedanta plummets over 24 pc after delisting fails
Govt to give cash vouchers to staff in lieu of LTC this year: FM
Govt to facilitate renewal of international driving licence for citizens who are abroad
Eyeing 20 pc share in automobile transportation by 2021-22, Railway min meets industry leaders
Zydus Cadila launches new product for COPD patients in India
Japan seeks to boost catch limits of prized bluefin tuna
Glenmark Pharma gets USFDA nod to market drug for relapsing multiple sclerosis
States should stand firm, reject Centre's options on GST compensation cess: Chidambaram
Your jobs, increments, bonuses are secure: Puri to HDFC Bank employees
Asian shares rise on optimism about Trump's recovery
Vodafone lenders approve merger of Indus Towers with Bharti Infratel
Flipkart partners Paytm for festive sale
KERALA NEWS
Kerala CM writes to counterparts in Maha, TN
 Thiruvananthapuram: In the backdrop of spiralling prices of onions and other vegetables in Kerala, C  
COVID 19: Kerala registers 7,101 recoveries, 20 deaths
Kerala Congress P C Thomas faction likely to join UDF
Seaplane to be used for flights between Sabarmati riverfront, Statue of Unity reaches Kochi
INTERNATIONAL NEWS
Taiwan says new arms purchases to boost credible defence
 Taipei, Oct 27 (AP) Taiwan said Tuesday that proposed US sales of missiles and other arms systems wi
President Donald Trump ahead of Joe Biden by 5 points in Texas: Poll
Pak to strengthen ties with Afghanistan: PM Imran
COVID-19 vaccination to begin in Venezuela Around April - President Maduro
NATIONAL NEWS
Loan moratorium: Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells SC
 New Delhi, Oct 27 (PTI) The Centre has informed the Supreme Court that lenders have been directed to
Man attacks TV actress with knife in Mumbai
Polls open in first phase of Bihar elections
Former Union Min Dilip Ray gets three-yr jail in coal scam case
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