Market Talk – Monday, June 29

ASIA:

A new strain of flu that has the potential to become a pandemic has been identified in China by scientists. It emerged recently and is carried by pigs, but can infect humans, they say. The researchers are concerned that it could mutate further so that it can spread easily from person to person, and trigger a global outbreak.

The Indian government has banned 59 Chinese applications, including top social media platforms such as TikTok, Helo, and WeChat in order to counter the privacy security posed by these applications. ShareIT, UC browser, and shopping app Clubfactory are among the other prominent apps which have been banned. The government has argued that the applications are engaged in activities that are prejudicial to sovereignty and integrity of India, defense of India, and the security of state and public order.

India will gradually end federal controls on gas pricing as it seeks to attract foreign investment and technology to lift local output, oil minister Dharmendra Pradhan said on Friday. India, which is a large emitter of greenhouse gases and has multiple gas pricing regimes, aims to raise the share of gas in its energy mix to 15% by 2030, from 6.2%.

India’s central bank, the Reserve Bank of India, is planning for a one-time loan restructuring scheme for some sectors severely hit by COVID-19 pandemic, as per request raised by Indian Bank’s Association. The Indian Banks’ Association (IBA) and many other bodies have made representation to both the government and the RBI for the one-time restructuring in the wake of massive disruptions caused by the pandemic.

Japan is opposed to the US’ participation in South Korea at the Group of Seven summit this year, Kyodo News reported. The Japanese government objected on the grounds of differences in policy on China and North Korea and also wants to maintain its status as the only Asian country in the group, the news agency said.

In response to the growing number of COVID-19 infections worldwide, Japan is expanding its entry ban to visitors from 18 nations as part of steps aimed at curtailing the spread of the novel coronavirus, immigration authorities announced on Monday. The countries set to be included to the entry ban list: Guyana, Cuba, Guatemala, Grenada, Costa Rica, Jamaica, Nicaragua, Haiti, Saint Vincent and the Grenadines, Algeria, Eswatini, Cameroon, Senegal, Central African Republic, Mauritania, Iraq, Lebanon and Georgia

The major Asian stock markets had a negative day today:

  • NIKKEI 225 decreased 517.04 points or -2.30% to 21,995.04
  • Shanghai decreased 18.03 points or -0.61% to 2,961.52
  • Hang Seng decreased 248.71 points or -1.01% to 24,301.28
  • ASX 200 decreased 89.10 points or -1.51% to 5,815.00
  • Kospi decreased 41.17 points or -1.93% to 2,093.48
  • SENSEX decreased 209.75 points or -0.60% to 34,961.52
  • Nifty50 decreased 70.6 points or -0.68% to 10,312.40

The major Asian currency markets had a mixed day today:

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