Market Talk – Thursday, Feb. 4

ASIA:

Britain’s broadcasting regulator said on Thursday that it had withdrawn the license for China Global Television Network, an international news channel owned by a Chinese state broadcaster, to operate in the United Kingdom in part because its affiliation with the Chinese Communist Party violates broadcasting laws. The regulator said that those that most likely controlled programming, including the state-media network China Central Television, or CCTV, which owns CGTN, would be disqualified from holding a license because of affiliations with the Chinese Communist Party. In response, CGTN said it would transfer the license to a corporation under the CGTN name.

Growth in India’s dominant services sector picked up in January as demand improved and consumer optimism was buoyed by the start of a huge COVID-19 vaccination drive, although firms continued to shed jobs, a private survey showed on Wednesday. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 52.8 in January from 52.3 in December, staying above the 50-level mark separating growth from contraction for the fourth straight month. But Firms continued to shed jobs, as they have in most months since the pandemic began.

Japanese Prime Minister Yoshihide Suga looks set to extend a state of emergency for major metropolitan areas that will inflict more pain on the economy, as he tries to stem the latest wave of Covid-19 cases and reverse a fall in public support. The emergency covering 11 areas, including Tokyo, Osaka, and Nagoya, has helped halt a rapid acceleration of virus cases threatening the developed world’s oldest population. While infection numbers have started to drop under the guidelines, Suga’s government has said the number of cases remains worryingly high. Suga will extend the emergency by one month to March 7, after consulting with an advisory panel on Tuesday, Kyodo News reported.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 304.55 points or -1.06% to 28,341.95
  • Shanghai decreased 15.45 points or -0.44% to 3,501.86
  • Hang Seng decreased 193.96 points or -0.66% to 29,113.50
  • ASX 200 decreased 59.10 points or -0.87% to 6,765.50
  • Kospi decreased 42.13 points or -1.35% to 3,087.55
  • SENSEX increased 358.54 points or 0.71% to 50,614.29
  • Nifty50 increased 105.70 points or 0.71% to 14,895.65
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