TOKYO (Reuters) - Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check.
FILE PHOTO: A man looks at an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan, January 7, 2019.
The Federal Reserve is targeting above 2% inflation. Scott Minerd, Guggenheim global CIO told Bloomberg on Wednesday it is "virtually impossible" for the Fed to achieve that without creating a bubble in asset prices. "The reality is that the inefficiencies that are building up in the system." Minerd said misinformation and mistaken investments will pose a challenge to investors.
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
Equity benchmark indices traded lower during early hours on Thursday on the back of weak global cues after the US Federal Reserve indicated the interest rate could stay close to zero for years. At 10:15 am, the BSE S-P Sensex was down by 141 points or 0.36 per cent at 39,162 while the Nifty 50 lost by 39 points or 0.34 per cent at 11,565. Except for Nifty IT and pharma, all sectoral indices at the National Stock Exchange were in the negative terrain with Nifty private bank losing by 1 per cent and financial service by 0.9 per cent. Among stocks, ICICI Bank dropped by 1.3 per cent to Rs 369.85 per share while HDFC Bank lowered by 1 per cent. The other major losers were Hindalco, Tata Consultancy Services, Bajaj Auto and Tata Motors.However, HCL Technologies moved up by 2 per cent to Rs 811.20 per share and Tech Mahindra by 1.7 per cent. Dr Reddy's, Hero MotoCorp, Grasim and Asian Paints also traded with a positive bias.
Weightlifter Ahmed Abu Zeriba has spent years braving Libya's raging war, harsh economic conditions, and now a global pandemic - all with one goal - to represent his country in Tokyo's 2021 Olympics. Soraya Ali reports.
[NFA] The U.S. Justice Department said on Monday it has indicted six Russian intelligence agency hackers for a four-year long hacking spree that included attacks against the 2018 PyeongChang Winter Olympics and 2017 French elections. Freddie Joyner has more.
External Affairs Minister S Jaishankar held separate bilateral meetings with foreign ministers of Japan and Australia on the sidelines of the Quad meeting in Tokyo. During the 13th India-Japan Foreign Ministers' Strategic Dialogue, the two ministers exchanged views on regional and global issues of mutual interest and agreed that the strong and enduring partnership between the two countries will play a pivotal role in overcoming challenges posed by the COVID-19 pandemic, a statement from the MEA said. Jaishankar and Motegi also emphasised that a free, open and inclusive India-Pacific region must be premised on diversified and resilient supply chains. Jaishankar also met his Australian counterpart Marise Payne and discussed ways to expand cooperation in global affairs & regional issues. Jaishankar and Payne travelled to Tokyo to attend a ministerial meeting of the Quad or Quadrilateral coalition comprising India, the US, Australia and Japan. The bilateral meetings come after the 'Quad' foreign ministers' meeting took place on Tuesday. The meetings took place in the backdrop of frosty relations of India, Australia and Japan with China. Watch the full video for all the details.
Credit: HT Digital Content Duration: 02:05Published