1. Asia: Stocks in Asia Pacific were little changed in Thursday morning trade as investors await the release of a slew of Chinese economic data expected later in the day., reported CNBC International. In Japan, the Nikkei 225 dipped 0.32 percent in early trade while the Topix index was fractionally lower. South Korea’s Kospi shed 0.17 percent. Over in Australia, the S&P/ASX 200 hovered above the flatline. Overall, the MSCI Asia ex-Japan index traded 0.08 percent lower. (Image: Reuters)
2. US: Stocks rose Wednesday on the back of positive coronavirus vaccine news and a blowout quarter from Goldman Sachs, reported CNBC International. The Dow Jones Industrial Average closed 227.51 points higher, or 0.9 percent, at 26,870.10. The S&P 500 was up 0.9 percent at 3,226.56. The Nasdaq Composite gained 0.5 percent to end the day at 10,550.49. The Russell 2000 — which is made up of small-cap stocks — rallied 3.5 percent for its biggest one-day gain since early June. (image: Reuters)
3. Market At Close On Wednesday: The Indian equity market gave up all gains to end flat on Wednesday after shares of Reliance Industries plunged as much as 6 percent during its 43rd annual general meeting. The stock fell sharply after Chairman and Managing Director Mukesh Ambani said that the proposed deal with Saudi Aramco has not progressed as per the plan. At close, Sensex ended 19 points higher at 36,052 while the Nifty50 index ended at 10,635, up 28 points. (Image: Reuters)
4. Crude Oil: Oil prices rose more than 2 percent on Wednesday, supported by a sharp drop in U.S. crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic. Brent crude was up 75 cents, or 1.75 percent, at $43.65 a barrel, and West Texas Intermediate crude rose 91 cents, or 2.26 percent, to settle at $41.20 per barrel. (Image: Reuters)
5. Rupee Close: The Indian currency appreciated to close higher amidst weakness in the greenback and gains in the domestic equity market. Forex traders said investor sentiment strengthened after the human clinical trials for COVID-19 vaccine were initiated in India. The rupee opened at 75.35 against the US dollar, then gained further ground and finally settled at 75.15 against the US dollar, as compared to Tuesday's close of 75.42. (Image: Reuters)
6. Top CEOs Suggest Reforms To US, India: Top CEOs from India and US met on Monday evening to chart a new course of economic relationship between both the countries in a post-COVID world. The meeting, that happened through teleconference was also attended by US Commerce Secretary Wilbur Ross and Commerce Minister Piyush Goyal. The CEOs recommended a new set of reforms to both the governments in areas like healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, (Image:AP)
7. India's Services Exports Fell 10.24% In May: India's service sector exports dipped by 10.14 per cent to USD 16.77 billion in May, RBI data showed on Wednesday. Services payments or imports in May stood at USD 9.94 billion, down 20.45 per cent, according to the central bank data. "Exports in May 2020 were USD 16.77 billion (Rs 1,26,851.39 crore) registering a negative growth of (-) 10.24 per cent in dollar terms, vis- -vis May 2019. The estimated value of services export for June 2020 is USD 16.48 billion," it said. During the April-May period, service sector exports stood at USD 33.22 billion, while imports were USD 19.24 billion. (Image: Reuters)
8. India Urges WTO To Reconsider Moratorium On E-commerce Duties: India has asked the WTO members to "urgently" reconsider the continuation of the moratorium on customs duties on e-commerce trade as the coronavirus pandemic has demonstrated the importance of retaining the flexibility to regulate such imports.The e-commerce moratorium is nothing short of duty-free, quota-free' access to digital products of the digitally industrialized members by the rest of the membership. "In short, the Covid-19 pandemic has demonstrated the importance of retaining the flexibility to regulate imports of electronic transmissions and levy customs duties on their imports by the governments. Therefore, the continuation of the moratorium must be urgently reconsidered by the membership," it said. (Image: Reuters)
9. GoM Approves Rs 2/kg Hike In Sugar: A group of ministers, headed by Home Minister Amit Shah, on Wednesday recommended an increase in the minimum selling price (MSP) of sugar by Rs 2 to Rs 33 per kg. The proposal was moved by the Ministry of Consumer Affairs, Food and Public distribution to ensure that mills clear the pending cane arrears of around Rs 20,000 crore at the earliest. If the Cabinet approves the proposal, the increment in MSP will come into effect from October 1. Sugar mills have been asking for an increase in Sugar MSP from current Rs 31 a Kg. Niti Aayog also had favoured a hike in price. The Rs 2/kg increase is expected to provide additional Rs 5,200 crore to the industry as demand is seen at 26 million tonnes. (Image: Reuters)
10. S&P On Banks: Appreciating the decision of Indian banks to raise fresh capital, S&P Global Ratings on Tuesday said the move will provide stability to the institutions during these rocky times and help them withstand the economic slump amid the COVID-19 pandemic. "The large capital-raising is credit positive," the agency said in a release adding that "large capital increases across India's financial institutions support the system's stability during these rocky times." Indian banks that have expressed an intention to raise equity include ICICI Bank (Rs 15,000 crore), Axis Bank (Rs 15,000 crore), Yes Bank (Rs 15,000 crore), State Bank of India (Rs 20,000 crore), Bank of Baroda (Rs 9,000 crore), and Punjab National Bank (Rs 7,000 crore), said S&P.