Market Talk – Wednesday, May 27

ASIA:

Tensions between China and India over their Himalayan border have escalated, with China accused of moving thousands of troops into disputed territory and expanding a military airbase in the region. An online news agency reported that thousands of Chinese People’s Liberation Army (PLA) troops have moved into sensitive areas along the eastern Ladakh border. In response, the Indian army has moved several battalions from an infantry division usually based in the Ladakh city of Leh to “operational alert areas” along the border, and reinforcement troops have been brought in.

Indian stocks were higher after the close on Wednesday, as gains in the banking, IT, and carbon sectors led shares higher. At the close in NSE, the Nifty 50 rose 3.17%, while the BSE Sensex 30 index gained 3.25%.

India may need to inject approx. 19.81 billion USD into its Public Sector Banks as their pile of bad loans is expected to double during the coronavirus pandemic, three government and banking sources told Reuters. The loan defaults is likely to rise as businesses take a severe hit from nationwide lockdowns to tackle the coronavirus.

Uber Technologies Inc has cut about 600 jobs in India as part of plans to reduce its global workforce by 23%, the company said on Tuesday, joining local rival Ola as the COVID-19 pandemic crushes demand for app-based cab services. Last week, Uber said it would focus on its core businesses in ride-hailing and food delivery and cut staffing globally in an attempt to become profitable despite the coronavirus pandemic.

The Russian head of coronavirus information has played down the global fears over COVID-19. He claimed that the virus caused minimal deaths, and said it is merely an accute respiratory disease. He also said he is confused as to why the whole world economy was destroyed over the virus.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 148.06 points or 0.70% to 21,419.23
  • Shanghai decreased 9.74 points or -0.34% to 2,836.80
  • Hang Seng decreased 83.30 points or -0.36% to 23,301.36
  • ASX 200 decreased 5.00 points or -0.09% to 5,775.00
  • Kospi increased 1.42 points or 0.07% to 2,031.20
  • SENSEX increased 995.92 points or 3.25% to 31,605.22

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00447 or -0.67% to 0.66022
  • NZDUSD decreased 0.00259 or -0.42% to 0.61736
  • USDJPY increased 0.17 or 0.16% to 107.66
  • USDCNY increased 0.03565 or 0.50% to 7.18120
1 2 3 4
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.