1 / 101. Asia: Australian markets fell in early trade on Wednesday following mixed sessions overnight where European shares fell but the Dow Jones Industrial Average rose more than 150 points, reported CNBC International. The Australian benchmark ASX 200 was flat. In South Korea, the Kospi index was down 0.42 percent. (Image:AP)
2 / 102. US: Futures contracts tied to the major U.S. stock indexes held steady during the overnight session Wednesday evening as investors parsed through a slew of corporate earnings during an otherwise positive week, reported CNBC International. Dow Jones Industrial Average futures fell 13 points, implying a slight opening loss when regular trading resumes on Thursday. S&P 500 and Nasdaq-100 futures were little changed and up a hair, respectively. (Image:AP)
3 / 103. Market At Close On Wednesday: Indian shares snapped five sessions of gains to end with minor cuts on Wednesday dragged by auto, IT and FMCG stocks. Selling in index heavyweights Infosys, HUL, HDFC Bank, and TCS contributed the most to the decline, however, gains in RIL, Axis Bank and ITC capped the losses. The Sensex ended 59 points lower at 37,871 while the Nifty lost 30 points to settle at 11,132. Sentiment remained negative as investors shifted focus back to surging domestic coronavirus cases as optimism around earnings waned after a handful of subdued numbers. (Image: Reuters)
4 / 104. Crude Oil: Oil prices moved lower on Wednesday as U.S. government data showed a surprise rise in U.S. crude inventories, and as tensions escalated between the United States and China, reported CNBC International. Brent crude fell 3 cents to settle at $44.29 per barrel. West Texas Intermediate crude settled 2 cents lower at $41.90 per barrel. (Image: Reuters)
5 / 105. Rupee Close: The Indian rupee ended a little changed on Wednesday amidst losses in the domestic equity markets. The Indian rupee ended at 74.52 as compared to the US dollar as against Tuesday's close of 74.74. The domestic currency moved in a range of eight paise against the dollar, between 74.57 and 74.65, in the first half of the four-hour session, having started the day stronger at 74.57. (Image: Reuters)
6 / 106. PM Modi On Employment Generation: As lockdowns to contain the coronavirus hit businesses around the world, the job market is changing by the day. Addressing the situation, PM Modi, who was meeting bureaucrats and technical experts today, said that the need of the hour was to focus on providing sustainable employment by reskilling and upskilling the current workforce. The Prime Minister said that for sustainable employment, skill development was the key to providing industries with adequate manpower as presently there were gaps in this regard. “There is a mismatch of skills in the country. Companies are not able to find the right personnel for the jobs they have to offer. Also, those who have talent, aren’t getting adequate offers,” Modi added. (Image: PTI)
7 / 107. India Needs Open Markets, Says US Ambassador To India: US Ambassador to India Kenneth Juster has flagged concerns about India’s policy environment and ‘micro-management’ of the economy. Speaking at the India Ideas Summit organised by the US India Business Council, Juster said, “For India to become a part of the global supply chain, first you need a stable & predictable regulatory environment, a lighter touch on regulations and you need to unleash and not micromanage economic growth”. The diplomat emphasized that open markets are necessary for a more dynamic economy. (stock image)
8 / 108. Govt's Rs 10,000 Crore Pharma Package To Boost Manufacturing: In a bid to boost domestic manufacturing and reduce import dependence, the department of pharmaceuticals late on Tuesday notified two key policies -- Production Linked Incentive (PLI) scheme for promotion of domestic manufacturing of critical Key Starting Materials (KSMs)/ drug intermediates (DIs) and Active Pharmaceutical Ingredients (APIs) and scheme for promotion of bulk drug parks. According to the notification, the PLI scheme for promotion of domestic manufacturing of critical KSMs/drug intermediates and APIs, the government will provide a financial assistance of Rs 6,940 crore. The base year for the scheme will be financial year 2019-20, the notification said. "The financial incentives shall be given based on sales made by selected manufacturers for 41 products. These 41 products, which cover all the identified 53 APIs,” the notification added. (Image: Reuters)
9 / 109. KPMG Report Highlights Indian Consumers' Spending: Consumers in India are cautious about spending in the wake of the coronavirus pandemic with 78 percent of respondents claiming to reduce discretionary spending, according to a survey by consultancy firm KPMG. However, consumers in tier-II and tier-III cities were almost two-times more optimistic on their spending habits than those in tier-I, hence it could be the next focus area to monitor spending habits, as per KPMG in India's report titled 'Time to open my wallet or not? - The new spending patterns emerging from a consumer's perspective'. Interestingly, the survey said "overall 51 per cent of respondents feel that the impact of COVID-19 will be short-lived and normalcy is not far".(Image: Reuters)
10 / 1010. DBS Report On GDP: Citing the yet to be stabilised infection curve and the COVID-19 caseload in economically key states, Singaporean brokerage DBS on Wednesday forecast deeper distress for the country which will lead to a 6 per cent growth contraction in FY21.
In its earlier forecast, the brokerage had penciled in a minus 4.8 per cent growth for the current fiscal. According to the report, just 7 per cent of the districts in economically key states of Maharashtra, Tamil Nadu and Gujarat, accounting for 30.5 per cent of the national economic output, and in Karnataka and Andhra Pradesh account for as much as 70 per cent of the caseload. This will prolong the recovery and the pandemic is set to take a deeper economic bite, it said. (Image: Reuters)
