Market Talk – Friday, Dec. 11

ASIA:

The US Federal Communications Commission (FCC) said on Thursday it began revoking China Telecom’s authorization to operate in the United States as it took further steps to crack down on China’s role in US telecommunications. FCC Chairman Ajit Pai noted several US government agencies had recommended the revocation citing national security concerns. In April, the FCC had warned it might shut down the US operations of three state-controlled Chinese telecommunications companies, citing national security risks, including China Telecom Americas as well as China Unicom Americas, Pacific Networks Corp, and its wholly-owned subsidiary ComNet (USA) LLC.

India, the world’s biggest vaccine maker, is getting set for the massive global blitz to contain the coronavirus pandemic. Its pharmaceutical industry and partners free up capacity and accelerate investments even without firm purchase orders. India manufactures more than 60% of all vaccines sold across the globe, and while its $40 billion pharmaceutical sector is not yet involved in the production of the expensive Pfizer Inc and Moderna shots, the nation will play a pivotal role in immunizing much of the world. Indian companies are set to produce eight, more affordable vaccines designed to fight COVID-19, including AstraZeneca’s Covishield, called the “vaccine for the world here” by its developers. Serum Institute of India (SII), the world’s biggest vaccine maker, has already stockpiled more than 50 million doses of the AstraZeneca shot, even as it awaits emergency-use approvals from both British and Indian authorities.

Walmart Inc’s Indian e-commerce firm Flipkart and digital payments business PhonePe have room for other investors and could raise money in several ways including stock market listings, the US retail giant’s CEO said on Thursday. Flipkart, based in India’s tech hub of Bengaluru, is preparing for an initial public offering (IPO) overseas as early as 2021, which could value the firm at up to $50 billion, Reuters has reported previously.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 103.72 points or -0.39% to 26,652.52
  • Shanghai decreased 26.08 points or -0.77% to 3,347.19
  • Hang Seng increased 95.28 points or 0.36% to 26,505.87
  • ASX 200 decreased 40.50 points or -0.61% to 6,642.60
  • Kospi increased 23.60 points or 0.86% to 2,770.06
  • SENSEX increased 139.13 points or 0.30% to 46,099.01
  • Nifty50 increased 35.55 points or 0.26% to 13,513.85

The major Asian currency markets had a mixed day today:

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