Shares stumble over Trump impeachment threat, China jibes
World stocks fell to a two-week low after U.S. lawmakers called for an impeachment inquiry into President Donald Trump, and after Trump himself delivered a stinging rebuke to China's trade practices in a speech at the UN.
But for Europe's markets on Wednesday (September 25) - as for the global economy - an uncertain moment ... After news emerged of a move to impeach the U.S. president ... And the president himself spiked the tone of his rhetoric against China's trade practices.
(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "The second largest economy in the world should not be permitted to declare itself a developing country in order to game the system at other's expense." It proved a double whammy for stocks in Asia.
In Europe, trade sensitive tech stocks and oil gas down led the charge lower - both down over a per cent.
And as for the bourses: most were registering losses of up to one and half per cent early in the session.
The mood not helped by recent grim data - including a slump in Germany's key IFO expectations index, reported on Tuesday (September 24).
IFO president, Clemens Fuest: (SOUNDBITE) (German) IFO PRESIDENT CLEMENS FUEST, SAYING: "We believe a certain stability is possible.
But this would require not having a hard Brexit, the trade war not getting worse and that the economy in China does not crash." Among other headliners: German conglomerate Thyssenkrupp, as it played out a move to replace boss Guido Kerkhoff after four profit warnings and two failed restructuring attempts.
France's EDF: its shares down over six per cent after it raised cost estimates for a UK nuclear project.
Europe's latest IPO, and the biggest this year - rang its debut on Germany's stock exchange.
Only to see its shares sink below their offer price, soon after.
[NFA] Voters in Minnesota, Virginia, South Dakota and Wyoming began casting in-person ballots on Friday. In Virginia, elections officials in Fairfax and Arlington counties reported heavy turnout, with lines out the door. This report produced by Jillian Kitchener.
This is the world's largest chocolate museum. Opened in Zurich on 13th September by Swiss chocolatier Lindt, the Willy Wonka-esque factory also features the world’s highest free-standing chocolate fountain. Measuring at just over nine metres high, the chocolate fountain will see 1,000 litres of melted chocolate flow from a ginormous hovering whisk and will descend to cover a giant Lindor ball. It’s also the centerpiece greeting guests at the entrance, setting the tone for the chocolatey experience ahead. The museum offers fans of the brand and chocolate lovers a unique insight into how its iconic sweet treats are made. And unlike at Willy Wonka’s factory, guests are encouraged to take chocolate home.
Credit: Cover Video STUDIO Duration: 01:09Published
Equity benchmark indices traded higher on the first day of September futures and options series with banking and financials contributing significantly to the gains. The BSE S and P Sensex closed 354 points or 0.9 per cent higher at 39,467 while the Nifty 50 gained by 96 points or 0.83 per cent at 11,655. Except for Nifty auto, FMCG and metal, all sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank gaining by 4.9 per cent, private bank by 4.5 per cent and financial service by 2.1 per cent. IndusInd Bank jumped by 12 per cent to close at Rs 679.05 per share while Axis Bank moved up by 7.9 per cent, ICICI Bank by 4.4 per cent and Kotak Mahindra Bank by 3.7 per cent.Punjab National Bank was up by 5.6 per cent at Rs 37.30 per share while State Bank of India gained by 4.5 per cent to Rs 225.40. The other major gainers were UPL, Sun Pharma, Adani Ports, Grasim and Bharti Infratel.However, JSW Steel, Hero MotoCorp, Tata Motors, HDFC Life, Infosys, Dr Reddy's and Hindustan Lever traded with a negative bias. Meanwhile, Asian shares were mixed as investors pondered over the US Federal Reserve's new strategy to adopt an average inflation target and restore the United States to full employment in the fight to contain coronavirus pandemic. Japanese shares dropped with the Nikkei down 1.41 per cent as Prime Minister Shinzo Abe resigned because of a chronic health condition, saying he will stay on until a new leader is appointed.But Hong Kong's Hang Seng rose by 0.56 per cent and South Korea's Kospi ticked up by 0.4 per cent.
Equity benchmark indices closed marginally lower on Friday in line with Asian peers following a record contraction in economic data from the United States. The BSE SandP Sensex was down by 129 points or 0.34 per cent at 37,607 while the Nifty 50 slipped by 29 points or 0.26 per cent at 11,073. Sectoral indices at the National Stock Exchange were mixed with Nifty pharma gaining by 3.5 per cent and PSU bank by 1.4 per cent. But Nifty financial service, private bank and auto were in the red. Among stocks, Reliance Industries lost by 1.84 per cent to Rs 2,070 per share on profit-booking, a day after it reported over 30 per cent jump in Q1 net profit at Rs 13,248 crore. Eicher Motors slipped by 2.7 per cent, Bajaj Auto by 1.6 per cent and Hero MotoCorp by 1.2 per cent. HDFC Bank, HDFC and HDFC Life lost by 1.6 per cent, 1.3 per cent and 1.2 per cent respectively. The other prominent losers were Kotak Mahindra Bank, Wipro and Asian Paints. However, Sun Pharma moved up 5.4 per cent to close at Rs 537.80 per share while Cipla witnessed a gain of Rs 5.1 per cent. JSW Steel, State Bank of India, Axis Bank, HCL Technologies and Tata Motors too traded in the green. Meanwhile, Asian shares slid as abysmal economic data from the United States and rising global COVID-19 cases weighed on sentiment. US GDP collapsed at a 32.9 per cent annualised rate in the second quarter, the deepest decline on record, while jobless claims rose last week. Japan's Nikkei dropped by 2.82 per cent, Hong Kong's Hang Seng by 0.47 per cent and Seoul's Kospi by 0.78 per cent.
Equity benchmark indices swung nearly 1 per cent lower during the afternoon session on July 30 ahead of the expiry day of monthly futures and options contracts. At the closing bell, the BSE S and P Sensex was down by 335 points or 0.88 per cent at 37,736 while the Nifty 50 lost 101 points or 0.9 per cent at 11,102. Most sectoral indices at the National Stock Exchange were in the red except for Nifty pharma which gained by 3.1 per cent and IT which crawled up by 0.6 per cent. Nifty bank slipped by 2 per cent, financial service by 1.8 per cent and metal by 1.2 per cent. Among stocks, energy majors were big losers with Bharat Petroleum Corporation down by 8 per cent to Rs 417.80 per share. IndianOil Corporation dipped by 4.1 per cent, ONGC by 2.4 per cent and Power Grid Corporation by 2.3 per cent. Banking scrips too witnessed losses with IndusInd Bank dipping by 5.4 per cent, Axis Bank by 3.4 per cent and State Bank of India by 2.4 per cent while home loan lender lost by 3.6 per cent. Pharma stocks, however, witnessed handsome gains with Dr Reddy's advancing by 4.6 per cent to close at Rs 4,500 per share. Sun Pharma and Cipla were up by 3.7 per cent and 0.8 per cent respectively. Wipro, Infosys, Vedanta, Maruti Suzuki, Britannia and Reliance Industries too traded with a positive bias. Meanwhile, Asian stocks were flat as the US Federal Reserve members voted to leave the target range for short-term rates between 0 and 0.25 per cent to support the country's virus-battered economy. Japan's Nikkei and Hong Kong's Hang Seng were down by 0.26 per cent and 0.69 per cent but South Korea's Kospi moved up by 0.17 per cent.
Qantas Airways said a seven-hour scenic flight over Australia's Outback and Great Barrier Reef had sold out in 10 minutes, as it joined a growing trend in Asia offering sightseeing "flights to nowhere" that take off and land at the same airport. Francis Maguire reports.