The impact of a new virus outbreak in China spread to the financial markets Tuesday.
The threat of contagion ahead of the Chinese Lunar New Year holidays, coupled with the IMF's downward revision for global growth, sent the markets south on Wall Street.
The Dow snapped a five-day winning streak, falling half a percent.
Vespula Capital CEO Jeff Tomasulo: SOUNDBITE: VESPULA CAPITAL CEO JEFF TOMASULO (ENGLISH) SAYING: "I think the market's going to have to take a breather.
You know the market has to take a breather.
So today, yes, we're taking a little bit of a breather.
Is it enough for me?
I want to see a good 5 to 10% down move in the overall market because of where we are." Over in China, officials confirmed that the deadly coronavirus outbreak could spread between humans, stoking fears of a global pandemic.
Back on Wall Street, the news hurt shares of major airlines like Delta and United as well as hotel and casino operators with big China operations like Las Vegas Sands and Wynn Resorts.
Online travel agencies Booking Holdings and Tripadvisor also fELL.
Equity benchmark indices tumbled over half per cent during early hours on October 14 tracking Asian peers as halted COVID-19 vaccine trials soured investor risk appetite. Besides, the International Monetary Fund (IMF) revised its projection of contraction in India's GDP for current fiscal year to 10.3 per cent from 4.5 per cent earlier, citing a rise in COVID-19 cases. At 10:15 am, the BSE SandP Sensex was down by 232 points or 0.6 per cent at 40,393 while the Nifty 50 lost by 88 points or 0.73 per cent at 11,847. All sectoral indices at the National Stock Exchange were in the red zone with Nifty private bank down by 1 per cent, PSU bank by 0.7 per cent, IT by 1.1 per cent and metal by 0.9 per cent. Among stocks, Wipro slipped by 6.5 per cent to Rs 351.45 per share despite improving its performance in the second quarter of FY21 on several parameters.
AstraZeneca has resumed the U.S. trial of its experimental COVID-19 vaccine after approval by regulators, and Johnson & Johnson is preparing to resume its trial early next week, the companies said on Friday. Fred Katayama reports.
Mattel reported a surprise rise in quarterly sales on Thursday and forecast more growth in the holiday season, as retailers rushed to restock their shelves of Barbie dolls and other toys in high demand from stuck-at-home kids. Fred Katayama reports.
A California appeals court on Thursday unanimously ruled against ride-hailing companies Uber Technologies and Lyft, saying they must reclassify their drivers in the state as employees. Fred Katayama reports.
Getty Images US stocks extended losses into Monday's close as a lack of stimulus progress cut into hopes for a pre-election deal. House Speaker Nancy Pelosi expedited talks on Sunday, setting a 48-hour deadline for the White House and Democrats to ink a deal. She later told Democrats that significant obstacles in reaching a compromise remain. Even if an agreement is reached, the bill is set to die in the Senate as Republicans push a $500 billion measure.
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market. Fred Katayama reports.
Wall Street's main indexes hit their lowest in nearly seven weeks Monday as concerns about fresh coronavirus-driven lockdowns and the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. Fred Katayama reports.
British Airways’ last two Heathrow-based Boeing 747 planes have embarked on their final flights, with one landing at St Athan Airfield in Wales, and the other at Kemble Airfield in the Cotswolds. Report by Patelr. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
A VVIP aircraft Air India One arrived at Delhi International Airport on Thursday. The aircraft was delivered from the USA and will be used for the President, Vice-President and Prime Minister. The B&&& Aircraft was scheduled to be delivered by Boeing to Air India in July. The aircraft is equipped with an advanced communication system where audio and video functions can be availed at mid-air without being hacked. Watch the video for more details.
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Mira Nair’s Netflix show A Suitable Boy brings Vikram Seth’s novel of the same name on screen. Starring Tanya Maniktala, Ishaan Khattar and Tabu in lead, the show the show boasts of talented names like Ram Kapoor, Ranvir Shorey, Vijay Verma, Rasika Duggal, Namit Das, Danesh Razvi, Shahana Goswami, and Vinay Pathak playing in supporting roles. It is set in post-partition India and showcases the life of a young girl torn between family and her new romance. Here’s our review of A Suitable Boy:
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Sandra Oh has said it felt “very important” to be a part of the latescreenwriter Audrey Wells’ on-screen legacy. The Killing Eve star, 49, voicesa character in Over The Moon, a Netflix musical written by Wells, who died ofcancer in October 2018. The feature follows a girl named Fei Fei who isgrieving the loss of her mother and builds a rocket to fly to the moon andmeet the goddess Chang'e. Voiced by an all-Asian cast, Over The Moon featuresHamilton star Phillipa Soo, The Hangover’s Ken Jeong and newcomer Cathy Ang inthe lead role. Over The Moon is in cinemas now and released on Netflix onOctober 23.
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AIMIM's president Asaduddin Owaisi on September 29 announced the formation of a United Democratic Secular Alliance with Devendra Prasad Yadav (Samajwadi Janata Dal Democratic) for Bihar elections. Owaisi said, "We have formed a United Democratic Secular Alliance with Devendra Prasad Yadav. The people of Bihar are tired of CM Nitish Kumar, they want a viable option which we'll hopefully be able to provide them."
With both Manchester United and Manchester City returning from their gameweekone blanks, the focus is on the returning stars ahead of GW2. To help youdecide who is worth backing, the PA news agency has developed a Transfer Scoremetric, with a player’s form accounting for 50 per cent of the rating and therest determined by cost, ownership and upcoming fixture difficulty rating.
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United Airlines on Wednesday forecast a bigger drop in third-quarter passenger revenue than its own expectations and said it would look to cancel more flights until it sees a recovery in air travel. Fred Katayama reports.
United Airlines is preparing for the biggest pilot furloughs of its history after announcing on Thursday (August 27) the need to cut 2,850 pilot jobs this year, or about 21% of the total, without further U.S. government aid. Gloria Tso reports.