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10 things that you need to know before the opening bell on April 29

Updated : 2020-04-29 07:47:18

Indian shares are expected to open higher on Wednesday tracking positive global cues even as investors awaited the US Federal Reserve’s decision on interest rates, expected later in the day. At 7:20 am, the SGX Nifty traded 47 points or 0.50 percent higher at 9,463, indicating a positive start for the Sensex and the Nifty50.

1. Asia: Stocks in Asia Pacific rose in morning trade as investors await the U.S. Federal Reserve’s decision on interest rates, expected later on Wednesday stateside. South Korea’s Kospi gained 0.12 percent in early trade. Over in Australia, the S&P/ASX 200 rose 0.4 percent as shares of major banks such as Commonwealth Bank of Australia and Westpac advanced. Overall, the MSCI Asia ex-Japan index traded 0.21 percent higher. (Image Source: Reuters)
1. Asia: Stocks in Asia Pacific rose in morning trade as investors await the U.S. Federal Reserve’s decision on interest rates, expected later on Wednesday stateside. South Korea’s Kospi gained 0.12 percent in early trade. Over in Australia, the S&P/ASX 200 rose 0.4 percent as shares of major banks such as Commonwealth Bank of Australia and Westpac advanced. Overall, the MSCI Asia ex-Japan index traded 0.21 percent higher. (Image Source: Reuters)
2. US: Stock futures rose slightly in overnight trading on Tuesday as investors eyed guidance from the Federal Reserve on the future path of interest rates with a gradual reopening of the economy in sight. Futures on the Dow Jones Industrial Average traded about 70 points higher, while the S&P 500 futures also rose slightly. The Nasdaq futures rose about 65 points after big tech shares underperfomed in the previous session. Investors will look to the central bank’s statement and chairman Jerome Powell’s virtual press conference for clues about how long interest rates will stay near zero as the economy seeks to emerge from coronavirus crisis. (Image Source: AP)
2. US: Stock futures rose slightly in overnight trading on Tuesday as investors eyed guidance from the Federal Reserve on the future path of interest rates with a gradual reopening of the economy in sight. Futures on the Dow Jones Industrial Average traded about 70 points higher, while the S&P 500 futures also rose slightly. The Nasdaq futures rose about 65 points after big tech shares underperfomed in the previous session. Investors will look to the central bank’s statement and chairman Jerome Powell’s virtual press conference for clues about how long interest rates will stay near zero as the economy seeks to emerge from coronavirus crisis. (Image Source: AP)
3. Market At Close On Tuesday: Indian stocks ended higher on Tuesday, in line with Asian shares, following a fresh rout in oil prices. The BSE Sensex ended 371 points higher at 32,114, while the NSE Nifty added 98 points to settle at 9,381 led by gains in financial stocks. Financials extended gains for a second straight session after the Reserve Bank of India said on Monday it would open a special liquidity facility for Rs 50,000 crore for mutual funds to ease liquidity strain. (Image Source: Reuters)
3. Market At Close On Tuesday: Indian stocks ended higher on Tuesday, in line with Asian shares, following a fresh rout in oil prices. The BSE Sensex ended 371 points higher at 32,114, while the NSE Nifty added 98 points to settle at 9,381 led by gains in financial stocks. Financials extended gains for a second straight session after the Reserve Bank of India said on Monday it would open a special liquidity facility for Rs 50,000 crore for mutual funds to ease liquidity strain. (Image Source: Reuters)
4. Crude Oil: Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20 percent. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimism around reopening of economies. West Texas Intermediate futures for June delivery fell 44 cents, or 3.4 percent, to settle at $12.34 per barrel, while international benchmark Brent crude gained 47 cents, or 2.35 percent, to settle at $20.46. Earlier WTI had been down more than 20 percent, touching a session low of $10.07, while also trading as high as $13.69. (Image Source: AP)
4. Crude Oil: Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20 percent. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimism around reopening of economies. West Texas Intermediate futures for June delivery fell 44 cents, or 3.4 percent, to settle at $12.34 per barrel, while international benchmark Brent crude gained 47 cents, or 2.35 percent, to settle at $20.46. Earlier WTI had been down more than 20 percent, touching a session low of $10.07, while also trading as high as $13.69. (Image Source: AP)
5. Rupee Close: The Indian rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market. This is the second consecutive day of gain for the rupee, during which it has appreciated by 28 paise. At the interbank foreign exchange, the rupee opened at 76.33. During the session it touched an intra-day high of 76.14 and a low of 76.44. (Image Source: Reuters)
5. Rupee Close: The Indian rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market. This is the second consecutive day of gain for the rupee, during which it has appreciated by 28 paise. At the interbank foreign exchange, the rupee opened at 76.33. During the session it touched an intra-day high of 76.14 and a low of 76.44. (Image Source: Reuters)
6. Banks Write Off Over Rs 68,000 Crore Loans: Indian banks have technically written off a staggering amount of Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI from the Reserve Bank of India (RBI). (Image Source: Reuters)
6. Banks Write Off Over Rs 68,000 Crore Loans: Indian banks have technically written off a staggering amount of Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI from the Reserve Bank of India (RBI). (Image Source: Reuters)
7. Sajjan Jindal Speaks On Urgent Measures Needed For Economy: Industrialist Sajjan Jindal on Tuesday said measures needed to taken as early as possible to prevent the country's economy from falling into a slumber. His concerns come ahead of the scheduled end of the nationwide lockdown on May 3. The lockdown has had a positive effect in containing the coronavirus, but it is imperative to also move focus on economic wellbeing, the JSW Group Chairman said. (Image Source: Reuters)
7. Sajjan Jindal Speaks On Urgent Measures Needed For Economy: Industrialist Sajjan Jindal on Tuesday said measures needed to taken as early as possible to prevent the country's economy from falling into a slumber. His concerns come ahead of the scheduled end of the nationwide lockdown on May 3. The lockdown has had a positive effect in containing the coronavirus, but it is imperative to also move focus on economic wellbeing, the JSW Group Chairman said. (Image Source: Reuters)
8. Moody's Slashes India's Growth Forecast: Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 percent, from 2.5 percent projected in March. For 2021, Moody's expects India's growth to rebound to 6.2 percent. In its report titled - Global Macro Outlook 2020-21 (April 2020 update), Moody's has lowered G-20 advanced economies as a group to contract by 5.8 percent in 2020. Moody's said the economic costs of coronavirus crisis amid the near shutdown of the global economy are accumulating rapidly. China's economy is forecast to grow by 1 percent in 2020. (Image Source: Reuters)
8. Moody's Slashes India's Growth Forecast: Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 percent, from 2.5 percent projected in March. For 2021, Moody's expects India's growth to rebound to 6.2 percent.
In its report titled - Global Macro Outlook 2020-21 (April 2020 update), Moody's has lowered G-20 advanced economies as a group to contract by 5.8 percent in 2020. Moody's said the economic costs of coronavirus crisis amid the near shutdown of the global economy are accumulating rapidly. China's economy is forecast to grow by 1 percent in 2020. (Image Source: Reuters)
9. President Donald Trump Says US Economy Will Fasttrack In 4th Quarter: Expressing confidence over an economic rebound, US President Donald Trump has said that the fourth quarter of this year and the next year would be
9. President Donald Trump Says US Economy Will Fasttrack In 4th Quarter: Expressing confidence over an economic rebound, US President Donald Trump has said that the fourth quarter of this year and the next year would be "phenomenal" in terms of growth as several American states have started taking steps to reopen businesses, which were abruptly shut down due to the coronavirus pandemic. The US economy, the world's largest, is in a recession, according to the recent reports of the International Monetary Fund (IMF) and the World Bank. A top White House official has said that the US is likely to experience a 20-30 percent decline in the GDP (Gross Domestic Product) in the second quarter, the worst since the Great Depression. (Image Source: Reuters)
10. WTO Members Eliminate Duties On Medical Products: Member countries of the Geneva-based World Trade Organization (WTO) have eliminated customs duties on over 84 percent of medical products for 2020 under their various regional trade agreements (RTAs), according to a report. The share of exports by the world's top-10 exporters of medical products to their RTA partners ranges from between 27 percent for China to almost 75 percent for Italy, the WTO has said in the report. Majority of the top-10 traders in such products are EU member states.
10. WTO Members Eliminate Duties On Medical Products: Member countries of the Geneva-based World Trade Organization (WTO) have eliminated customs duties on over 84 percent of medical products for 2020 under their various regional trade agreements (RTAs), according to a report. The share of exports by the world's top-10 exporters of medical products to their RTA partners ranges from between 27 percent for China to almost 75 percent for Italy, the WTO has said in the report. Majority of the top-10 traders in such products are EU member states. "WTO members have eliminated tariffs on over 84 percent of medical products for 2020 under their various RTAs," it said. (Image Source: Reuters)
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