Today’s agenda:
Major indices for Asia were mixed yesterday. China’s Shanghai Composite was down 0.1%. Hong Kong’s Hang Seng rose 0.3%. This morning, Asian stocks are up after a rally driven by tech stocks in Wall Street. Tesla, Facebook and Twitter benefited and the utility companies’ shares were pulled back.
In energy markets, Brent crude futures, the benchmark in global oil markets, fell 0.6% to $84.33 a barrel.
China has said it will issue dollar-denominated, multi-tranche bonds over three, five, 10 and 30-year terms. The issue is expected to raise around $4 billion. Such bonds are generally in high demand from global investors due to their scarcity and high returns. — John Xavier
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11:35 am
US reviews sanctions policy
The US Treasury Department released the results of a comprehensive review of the economic and financial sanctions it administers and enforces, and issued recommendations to maintain and enhance their effectiveness.
The Treasury review found that while sanctions remain an essential and effective policy tool, they also face new challenges, including increased risks from new payment systems, increased use of digital assets such as cryptocurrencies, and cybercriminals.
The Treasury warned that countries reducing their use of the US dollar and exposure to the US financial system could reduce the effectiveness of sanctions.
10:59 am
Global electricity cost hike affects Singapore
Singapore is affected by the global energy crisis due to rising natural gas prices and power shortages in various parts of the world. The city-state depends on gas for its domestic electricity generation.
Three energy suppliers are pulling out of the market in the island state, and at least two others have stopped taking new customers. Retailers are unable to pass on the burden of high wholesale energy costs to their customers.
Singapore’s energy regulator Energy Market Authority said it is working with retailers who are facing challenges from volatile electricity prices, which hit higher levels this month, and said it is working with their customers to reduce their electricity supply. There will be no disturbance.
10:40 am
fall in oil prices
Oil prices fell after a skyrocketing rally on weak economic data from the world’s top two oil consumers – the US and China.
Brent crude fell 0.5% to $83.90 a barrel, while US WTI fell 0.4% to $82.11 a barrel. The Brent crude contract is still up around 7% this month, and WTI is up around 10% this month.
The rise in US oil production also kept prices under control. According to an official report, shale production in the US is expected to increase next month.
9:20 am
Sensex crosses 62,000
Indian Indices Opened Strongly Sensex crosses 62,000 And Nifty is going above 18,600 for the first time. The BSE Sensex hit a new all-time high of 62,159.78 after opening nearly 400 points higher than its previous close of 62,159.78. Similarly, the NSE Nifty touched a new record high of 18,604.45 after opening up 125.30 points at 18,602.35.
9:18 am
Asian Market Updates
Asian stocks rose after a tech-driven rally in US markets, and a rebound in Chinese markets following weak economic data raised concerns for investors in the country.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.76% and Japan’s Nikkei rose 0.65%. South Korea’s Kospi opened at 3,022.23 slightly higher than its previous close.
Chinese blue chips reversed early losses to rise 0.62%, falling 1.1% a day after the country reported slowing GDP growth in the third quarter. Hong Kong’s Hang Seng jumped 1.34 percent.
In the US, the S&P 500 was up 0.34% at 4,486.46, the Nasdaq Composite was up 0.84% at 15,021.81, while the Dow Jones Industrial Average slipped 0.10% to 35,258.61.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)
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