Oil prices gained on Tuesday as hopes rose that the world's biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected. Brent crude was up by 93 cents, or 2.8%, at $33.98 a barrel by 0431 GMT after falling more than 3% on Monday. The world's main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that would depend on the United States doing its share, sources told Reuters.
Mumbai, Apr 7 (PTI) The Indian rupee appreciated by 26 paise to 75.87 against the US dollar in early trade on Tuesday tracking positive opening in domestic equities.
Mumbai (Maharashtra) [India], April 7 (ANI): Equity benchmark indices moved up by over 4 per cent during early hours on Tuesday, mirroring gains in Asian markets amid tentative signs that coronavirus may be levelling off in New York and receding in Europe.
Stock Markets Today LIVE Updates: Sensex rallies 1,372 points, Nifty soars over 350 points in opening session; IndusInd Bank up
New Delhi, Apr 7 (PTI) Agritech platform DeHaat on Tuesday said it has raised USD 12 million (Rs 83 crore) from investors, including Sequoia India, for business expansion.
New Delhi, Apr 7 (PTI) As the 21-day lockdown period is nearing end, private steel maker JSW Steel has started preparing to scale up its production.
Privately held Golden Skies Ventures (GSV) has made a $2.5 billion offer to fully take over the holding company of ailing state carrier Malaysia Airlines, with financing from a European bank, its executives told Reuters on Monday. GSV, which was set up by former Malaysia Airlines officials and professionals with aviation experience, made the proposal a month ago, as airlines around the world were hammered by travel restrictions following the coronavirus pandemic. GSV said it also has a commitment from a Japanese private equity firm to inject immediate funds into the aviation group through an equity deal.
Mumbai, Apr 7 (PTI) Equity benchmark Sensex rallied over 1,300 points in early trade on Tuesday led gains in bank, IT and auto stocks amid recovery in global equities.
Indian shares rose on Tuesday, tracking broader Asian market, as investors hoped the coronavirus spread may have peaked in key global centres due to fall in death rates. The broader NSE Nifty 50 index rose 4.6% to 8,455.5 by 0412 GMT and the benchmark S&P BSE Sensex was up 4.82% at 28,922. The Nifty Pharma index was up 4.59% in early trading following the news, its highest since March 11.
Mumbai (Maharashtra) [India], April 7 (ANI): The Life Insurance Council has announced that all life insurers, both public and private, are committed to processing any death claim pertaining to COVID-19 at the earliest. The Council also confirmed that the clause of 'Force Majeure' will not apply in the case of COVID-19 death claims. The step was taken to reassure customers who had reached out to individual life insurance companies seeking clarity on this clause in their contract as well as to dispel rumours to the contrary.
The stringent BS-VI emission norms have deemed the end of the line for several diesel cars in India. Here's a complete list.
Agritech platform DeHaat, which provides full-stack agricultural services to farmers, will use some of its Series A funding of $12 million to automate its supply chain and build the next layer of data analytics to enhance efficiency.
Prices have fallen sharply since expectations for a quick deal to cut output levels were dashed, but the rescheduling to Thursday of a meeting of major crude producers boosted sentiment.
Japan will compile a supplementary budget worth 16.8057 trillion yen ($154.45 billion) to help fund stimulus spending to combat its coronavirus outbreak, according to a draft of the spending plan obtained by Reuters. The government will issue the same amount of additional government bonds to fund the extra budget, with a construction bond issuance at 2.3290 trillion yen and deficit-covering bonds at 14.4767 trillion yen, the draft showed. Prime Minister Shinzo Abe has pledged to roll out a 108 trillion yen ($990 billion) stimulus package, equal to 20% the size of the economy, vowing to take "all steps" to battle the deepening fallout from the coronavirus pandemic.
The sharp rise in trading volumes during closing auctions at global stock markets requires more innovation by brokers to capture value for buy-side investors, one of the world's largest asset managers said on Tuesday. Gradually introduced by major stock markets since the late 1990s, auctions held in the final minutes of trade were initially seen as an efficient, hard-to-manipulate way to establish end-of-day prices. The percentage of daily trade taking place in those final minutes roughly doubled between 2014 and 2019 in both Europe and the United States however, NBIM's calculations show, turning them into major trading opportunities with ample liquidity.
India has dropped an anti-dumping investigation over imports of polyester feedstock monoethylene glycol (MEG) from Saudi Arabia, but will continue the effort against Kuwait, Oman, Singapore and the United Arab Emirates, the government said. In an order on Monday, the government said Reliance Industries Ltd asked in February for Saudi Arabia to be dropped, after the company had sought the investigation in December into cheaper MEG exports by all five nations. "Further, it has been requested by the company to continue the investigation and recommend imposition of provisional anti-dumping duty," it added, citing Kuwait, Oman, Singapore and the UAE as the countries from which imports are to be targeted.
Indonesia has raised $4.3 billion in its first so-called "pandemic bond", which included the longest-dated dollar debt tranche ever issued in Asia, according to a term-sheet seen by Reuters. It was Indonesia's largest bond deal and the first time a 50-year dollar deal has been issued in Asia, not including rolling hybrid transactions, according to the term-sheet. The term-sheet showed Indonesia will use the cash raised to partially "fund its COVID-19 relief and recovery efforts".
Australia's central bank kept rates at record lows on Tuesday and said it would do "whatever is necessary" to achieve its target of 0.25% for three-year government bond yields as it predicted a "very large" economic contraction next quarter. The Reserve Bank of Australia (RBA) on March 19 announced an out-of-cycle rate cut to 0.25% together with an unprecedented stimulus package, which included an unlimited bond buying programme. "There is considerable uncertainty about the near-term outlook for the Australian economy," Governor Philip Lowe said in a short post-meeting statement.
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday. Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply. Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, started talking about cutting production, but want other non-OPEC nations to participate, particularly the United States.
Nikkei futures opened lower but were 2.3% above the cash close. The yen eased 0.01% as traders awaited more details on the government's stimulus package. On Monday, Japanese Prime Minister Shinzo Abe pledged to roll out an unprecedented economic stimulus, equal to 20% of economic output, as his government vowed to take "all steps" to battle deepening fallout from the coronavirus.
Japan's consumer spending fell in February but at a slower-than-expected pace as households scrambled for protective masks, toilet paper and staple food amid the worsening coronavirus pandemic. Analysts expect the hit to consumption from the pandemic to deepen significantly in coming months, as Prime Minister Shinzo Abe declares a state of emergency on Tuesday that is likely to paralyse activity in major cities, including Tokyo, for a month. "This pandemic is an unprecedented type of economic crisis that deals an immediate blow to consumption and jobs," said Yasuhide Yajima, chief economist at NLI Research Institute.
* U.S. gold futures rose 1.7% to $1,723. * Central banks have been turning to quantitative easing (QE), or large-scale purchases of government bonds and other financial assets to pump money into the economy. * The Federal Reserve on Monday moved to bolster a new small-business lending program by allowing banks to turn those loans over to the U.S. central bank for cash, easing concerns among banks about getting stuck holding the low interest loans.
Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs. The global leader in semiconductors is benefiting from higher demand for chips from laptop makers and data centres amid the coronavirus-driven shift to working from home. Samsung said operating profit was expected to be 6.4 trillion won ($5.2 billion) in the quarter ended March, compared with 6.2 trillion won a year ago and the 6.2 trillion won estimate from analysts according to Refinitiv SmartEstimate.