09:38 (IST)
Gold slips as lockdown easing plans lift risk appetite
Gold fell on Tuesday as risk appetite was boosted by plans of some countries to ease coronavirus curbs in a phased manner, but prices held above the key $1,700 per ounce level amid hopes for more stimulus to cushion the fallout from the pandemic.
Spot gold eased 0.7% to $1,702.09 per ounce by 0139 GMT. U.S. gold futures fell 0.3% to $1,719.20 per ounce.
09:37 (IST)
Axis Bank trades higher
#CNBCTV18Market | Axis Bank higher in trade ahead of Q4 earnings and likely deal announcement pic.twitter.com/upmPSVtulW
— CNBC-TV18 (@CNBCTV18Live) April 28, 2020
09:36 (IST)
Japan's March jobless rate rises to one-year high
Japan’s March jobless rate rose to its highest in a year, while job availability slipped to a more than three-year low, official data showed on Tuesday, as the coronavirus outbreak and containment measures caused the nation’s job market to ease.
While Japan’s comparatively low jobless rate is the envy of many nations, rises in the politically sensitive figure could lead to calls for Prime Minister Shinzo Abe’s government to do more to stimulate the economy.
The seasonally adjusted unemployment rate rose to 2.5%, its highest level since March last year, internal affairs ministry data showed, and matching economists’ 2.5% median forecast.
The unemployment rate stood at 2.2% in December, the lowest since 1992.
09:34 (IST)
Oil prices tumble
Oil prices slumped on Tuesday, extending the previous session’s slide, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased.U.S. West Texas Intermediate (WTI) crude futures skidded by as much as 16% and were off 14.7%, or $1.88 cents, at $10.90 a barrel as of 0158 GMT. WTI plunged 25% on Monday.
Brent crude futures fell to a low of $18.97 and were last down 4.1%, or 82 cents, at $19.17 a barrel. The benchmark slid 6.8% on Monday, and the contract for June delivery expires on 30 April.
Strategists said part of the WTI decline is due to retail investment vehicles like exchange-traded funds selling out of the front-month June contract and buying into months later in the year to avert massive losses like last week, when WTI plummeted below zero.
09:33 (IST)
Wipro among major losers
#CNBCTV18Market | Wipro slips in trade following reports of five US-based former employees file class action suit against co over discrimination pic.twitter.com/fWNHpKCyxi
— CNBC-TV18 (@CNBCTV18Live) April 28, 2020
09:31 (IST)
Index gainers at this hour
#CNBCTV18Market | IndusInd Bank top Nifty gainer, followed by Axis bank, UPL & Grasim pic.twitter.com/8cMWhFdI51
— CNBC-TV18 (@CNBCTV18Live) April 28, 2020
09:30 (IST)
Asian shares fall on fresh rout in crude prices
Asian shares and US stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3%. Shares in China fell 0.7% and South Korean shares fell 0.22%.
Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse.
Some investors are hoping the worst may be over for the world economy as more countries allow businesses to re-open, but others see reasons to remain cautious, especially as a coronavirus vaccine has yet to be developed.
“We are less optimistic and expect a slower recovery in the world economy,” Commonwealth Bank of Australia said in a research note.
09:28 (IST)
RBI announces special liquidity window for mutual funds
The Reserve Bank of India (RBI) is opening a special liquidity facility of up to 500 billion rupees ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures, it said on Monday.
Fund houses in India have struggled to allay investors’ fears of a flood of redemption requests after the prominent Franklin Templeton Mutual Fund said on Thursday it would wind up six credit funds for lack of liquidity.
“The stress is, however, confined to the high-risk debt mutual fund segment at this stage; the larger industry remains liquid,” the RBI said in its statement. It said it would conduct repo operations for 90 days’ tenor at the fixed repo rate and the funds will be available on-tap and open-ended.
09:16 (IST)
Markets in green
#CNBCTV18Market | Frontline indices open with gains of over 1% each. #Nifty near 9,400, #Sensex above 32,000 pic.twitter.com/4hEmNyWkmX
— CNBC-TV18 (@CNBCTV18Live) April 28, 2020
09:11 (IST)
Sensex, Nifty trade higher
Benchmark indices are trading higher in the pre-opening session with Nifty above 9300 level.
At 09:02 hrs IST, the Sensex is up 388.80 points or 1.22 percent at 32131.88, and the Nifty up 91.80 points or 0.99 percent at 9374.10.
Stock market today LIVE Updates: Markets open in green; Sensex up 294 points, Nifty above 9,350-level
New York: Asian stocks were set for gains on Tuesday after a strong Wall Street session as easing lockdown restrictions by some countries and US states buoyed sentiment, despite another decline in oil prices.
While some investors believe the worst may soon be over for the world economy, Commonwealth Bank of Australia said there were still plenty of reasons to be cautious.
“We are less optimistic and expect a slower recovery in the world economy,” the bank said.
“The risk of reintroducing restrictions is a risk to market participants’ optimistic outlook for a quick resumption of normal economic activity.”
The Nikkei 225 futures were up 3.05 percent from the cash contract's close on Monday. The Nikkei 225 index closed down 0.86 percent at 19,262 in the previous session.
Australian S&P/ASX 200 futures were up 0.09 percent and Hong Kong's Hang Seng index futures were up 0.54 percent.
All three major US stock averages advanced, and are all now within 20 percent of their record closing highs reached in February. The benchmark S&P 500 is on track for its best month since 1987, after trillions of stimulus dollars helped U.S. equities claw back much of the ground lost since the coronavirus crisis brought the economy to a grinding halt.
But some analysts believe gains may be limited unless there is progress in finding treatments for the disease.
The US dollar slipped as risk-prone traders cheered lockdown news even as health experts warned that not enough coronavirus testing was in place in the United States.
From Italy to New Zealand, governments announced the easing of restrictions, while Britain said it was too early to relax them there. New York state will not reopen for weeks, at the soonest..
On Wall Street, the Dow Jones Industrial Average rose 1.51 percent, the S&P 500 gained 1.47 percent and the Nasdaq Composite added 1.11 percent.
The pan-European STOXX 600 index rose 1.77 percent and MSCI’s gauge of stocks across the globe gained 1.76 percent.
Oil prices weakened sharply on continued concerns about oversupply and a lack of storage space. The front-month contract was trading at lower-than-usual volumes on Monday as traders moved to later months in futures contracts.
US crude CLc1 fell 23.55 percent to $12.95 per barrel and Brent was at $20.07, down 6.39 percent on the day.
The US dollar dropped as the broader upbeat mood encouraged investors to move into other currencies.
The dollar index fell 0.17 percent, with the euro up 0.05 percent to $1.0825.
The Japanese yen strengthened 0.26 percent versus the greenback at 107.30 per dollar, while sterling was last trading at $1.2421, up 0.44 percent on the day.
Bucking the trend, the Brazilian real was on track to close at a record low against the greenback.
from Firstpost Business Latest News https://ift.tt/2yOZvEd
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