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Latest updates from the stock market: Sensex rises 637 points, Nifty above 9,350; Axis Bank increases more than 7%, Ultra Cement among the best winners
NY: Asian stocks were expected to pull back on Wednesday as growing concerns about coronavirus infections and the timing of a vaccine outweighed rising oil price spikes and optimistic corporate earnings in Europe.
Top infectious disease expert Anthony Fauci warned lawmakers Tuesday that a premature lifting of the blockade could lead to further outbreaks of the deadly coronavirus, which has killed 80,000 Americans and brought the economy to its knees.
“It looks like another negative trading day awaits us here in the Asia Pacific region,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “It is very clear that the containment has caused economic damage and the recovery will take years, not weeks,” he said.
Hong Kong Hang Seng index futures were up 0.37 percent, Australian S & P / ASX 200 futures were down 1.26 percent, and Japanese Nikkei 225 futures were down 0.05 percent to be 1 , 13 percent below Tuesday’s cash index close.
The actions of EE. USA They dragged the benchmarks lower after Fauci’s remarks, who also said it was unlikely that there would be a treatment or vaccine for late August or early September.
An investor looks at an electronic screen displaying stock information at a brokerage house in Nanjing, Jiangsu province. Reuters file photo
On Wall Street, the Dow Jones Industrial Average fell 1.89 percent, the S&P 500 lost 2.05 percent, and the Nasdaq Composite fell 2.06 percent.
Cautious humor was not helped by legislation proposed by a top Republican senator from the United States that would authorize President Donald Trump to impose sanctions on China if he does not give a full account of the events that led to the outbreak of the new coronavirus.
The bill would give the president the authority to impose a series of sanctions, including the freezing of assets, travel bans and visa revocation, as well as restrictions on loans to Chinese companies by US institutions and list bans. Americans from Chinese companies.
Stock markets have rebounded sharply in recent weeks as the spread of the new coronavirus slowed in some countries in Asia and Europe, while parts of the US economy. USA They began to reopen after weeks of blockages.
The MSCI gauge for Asia-Pacific stocks outside Japan closed 0.96 percent lower on Tuesday, while its global stock index lost 1.23 percent.
In commodity markets, oil prices rose after OPEC de facto The leader, Saudi Arabia, said it would increase supply restrictions in June, while other members of the oil-producing group said they want to extend the deep cuts achieved in April for a longer period than originally agreed.
The futures of the intermediate crude oil of the western of the EE. USA They settled at $ 25.78 per barrel, an increase of $ 1.64, or 6.8 percent. Brent crude oil futures settled at $ 29.98 a barrel, gaining 35 cents, or 1.2 percent.
The dollar fell on Tuesday when the mood turned cautious the day before the speech by the president of the US Federal Reserve. Jerome Powell on economic issues and when investors weighed the odds of negative US interest rates. USA
Safe haven assets, such as government bonds, increased as investors moved away from riskier investments. Benchmark 10-year US Treasury bonds. USA Last price rose 15/32 to yield 0.6795.
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