Market Talk - Friday, June 11

ASIA:

Didi Chuxing, China’s biggest ride-hailing firm, on Thursday, made public the filing for its long-anticipated U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year. The company – backed by Asia’s largest technology investment firms, SoftBank, Alibaba, and Tencent – did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that it could raise around $10 billion and seek a valuation of close to $100 billion. At that valuation, Didi’s listing would be the biggest Chinese share offering in the United States since Alibaba raised $25 billion in 2014.

As the second wave of Covid-19 and the resultant lockdowns have severely impacted the livelihoods and the economy, a report by Brickwork Ratings said that in the current situation full recovery of the Indian economy may become feasible only by the third quarter of the ongoing financial year. It also said that time is opportune for the Centre to announce a clear stimulus package to help the recovery process and build confidence among economic agents. Union Finance Minister Nirmala Sitharaman has already asked the departments and public enterprises to front-load their capital expenditures, but in a situation where the virus continues to spread fast and restrictions in various states are still in place, the spending plans can be implemented only in a staggered manner.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 9.83 points or -0.03% to 28,948.73
  • Shanghai decreased 21.11 points or -0.58% to 3,589.75
  • Hang Seng increased 103.25 points or 0.36% to 28,842.13
  • ASX 200 increased 9.80 points or 0.13% to 7,312.30
  • Kospi increased 24.68 points or 0.77% to 3,249.32
  • SENSEX increased 174.29 points or 0.33% to 52,474.76
  • Nifty50 increased 61.60 points or 0.39% to 15,799.35

The major Asian currency markets had a mixed day today:

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