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

Updated : 2020-05-29 07:54:46

The Indian market is likely to open lower on Friday following losses in Asian peers on weak global cues amid rising tensions between United States and China. At 7 am, the SGX Nifty was trading 143.25 points or 1.51 percent lower at 9,344.75, indicating a negative start for the Sensex and Nifty50.

1. Asia: Stocks in Asia Pacific mostly edged lower in Friday morning trade as investors watch for market reaction to China’s controversial national security law for Hong Kong that was approved on Thursday. Mainland Chinese stocks were mixed in early trade, with the Shanghai composite 0.19 percent lower while the Hong Kong’s Hang Seng index also dipped 0.81 percent . In Japan, the Nikkei 225 declined 0.45 percent in morning trade. The Topix index also shed 0.43 percent. South Korea’s Kospi shed 0.43 percent. Australia’s S&P/ASX 200 declined 1.32 percent. Overall, the MSCI Asia ex-Japan index traded 0.54 percent lower. (Image:AP)
1. Asia: Stocks in Asia Pacific mostly edged lower in Friday morning trade as investors watch for market reaction to China’s controversial national security law for Hong Kong that was approved on Thursday. Mainland Chinese stocks were mixed in early trade, with the Shanghai composite 0.19 percent lower while the Hong Kong’s Hang Seng index also dipped 0.81 percent . In Japan, the Nikkei 225 declined 0.45 percent in morning trade. The Topix index also shed 0.43 percent. South Korea’s Kospi shed 0.43 percent. Australia’s S&P/ASX 200 declined 1.32 percent. Overall, the MSCI Asia ex-Japan index traded 0.54 percent lower. (Image:AP)
2. US: Stocks closed lower on Thursday, erasing solid gains from earlier in the day, after President Donald Trump said he would be giving a news conference Friday regarding China. The Dow Jones Industrial Average fell 147.63 points, or 0.6 percent, to 25,400.64. At its session high, the Dow was up 210 points. Thursday’s losses were the Dow’s first in three days. The S&P 500 slid 0.2 percent to 3,029.73, giving back a jump of 1.1 percent. The Nasdaq Composite dropped 0.5 percent to 9,368.99. The Nasdaq and S&P 500 both snapped three-day winning streaks. (image: Reuters)
2. US: Stocks closed lower on Thursday, erasing solid gains from earlier in the day, after President Donald Trump said he would be giving a news conference Friday regarding China. The Dow Jones Industrial Average fell 147.63 points, or 0.6 percent, to 25,400.64. At its session high, the Dow was up 210 points. Thursday’s losses were the Dow’s first in three days. The S&P 500 slid 0.2 percent to 3,029.73, giving back a jump of 1.1 percent. The Nasdaq Composite dropped 0.5 percent to 9,368.99. The Nasdaq and S&P 500 both snapped three-day winning streaks. (image: Reuters)
3. Market At Close On Thursday: The Indian market ended with gains on Thursday for the second straight day led by private banks and auto. Zee Entertainment shares climbed 15 percent during the day and remained Nifty50 top gainer. Media index gained the most, over 3 percent. Nifty PSU Bank was the only sector to end in the red. The Sensex closed 595 points higher to 32,300 while the Nifty50 index ended at 9,490, up 175 points. (Image:AP)
3. Market At Close On Thursday: The Indian market ended with gains on Thursday for the second straight day led by private banks and auto. Zee Entertainment shares climbed 15 percent during the day and remained Nifty50 top gainer. Media index gained the most, over 3 percent. Nifty PSU Bank was the only sector to end in the red. The Sensex closed 595 points higher to 32,300 while the Nifty50 index ended at 9,490, up 175 points. (Image:AP)
4. Crude Oil: Oil prices edged lower on Friday after U.S.inventory data showed lackluster fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 36 cents, or 1 percent, to $34.93 a barrel by 0106 GMT and U.S. West Texas Intermediate crude was at $33.20 a barrel, down 51 cents, or 1.5 percent. Still, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries. (Image: Reuters)
4. Crude Oil: Oil prices edged lower on Friday after U.S.inventory data showed lackluster fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 36 cents, or 1 percent, to $34.93 a barrel by 0106 GMT and U.S. West Texas Intermediate crude was at $33.20 a barrel, down 51 cents, or 1.5 percent. Still, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries. (Image: Reuters)
5. Rupee Close: The rupee ended marginally lower at 75.76 against the US dollar on Thursday amid weakness in Asian currencies, as the country entered a third month of a nationwide lockdown to curb the spread of the coronavirus (COVID-19) pandemic. The rupee shut shop for the day down 5 paise against the greenback. At the current level, it is down 6.17 percent against the dollar so far this year.  (Image: Reuters)
5. Rupee Close: The rupee ended marginally lower at 75.76 against the US dollar on Thursday amid weakness in Asian currencies, as the country entered a third month of a nationwide lockdown to curb the spread of the coronavirus (COVID-19) pandemic. The rupee shut shop for the day down 5 paise against the greenback. At the current level, it is down 6.17 percent against the dollar so far this year.  (Image: Reuters)
6. Government Measures To Deal With Coronavirus 'Very Positive': Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as
6. Government Measures To Deal With Coronavirus 'Very Positive': Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as "very positive" and hoped that these would help in containing the decline in growth. He further said that unlike in 1991, when the country faced a balance of payments crisis, today India has resources as well as forex reserves to deal with any eventuality.  (Photo: IANS)
7. India Records Highest Ever FDI Equity Inflow: Foreign direct investment (FDI) in India grew by 13 per cent to a record of USD 49.97 billion in the 2019-20 financial year, according to official data. The country had received FDI of USD 44.36 billion during April-March 2018-19. Sectors which attracted maximum foreign inflows during 2019-20 include services (USD 7.85 billion), computer software and hardware (USD 7.67 billion), telecommunications (USD 4.44 billion), trading (USD 4.57 billion), automobile (USD 2.82 billion), construction (USD 2 billion), and chemicals (USD one billion), the the Department for Promotion of Industry and Internal Trade (DPIIT) data showed. (Image: Reuters)
7. India Records Highest Ever FDI Equity Inflow: Foreign direct investment (FDI) in India grew by 13 per cent to a record of USD 49.97 billion in the 2019-20 financial year, according to official data. The country had received FDI of USD 44.36 billion during April-March 2018-19. Sectors which attracted maximum foreign inflows during 2019-20 include services (USD 7.85 billion), computer software and hardware (USD 7.67 billion), telecommunications (USD 4.44 billion), trading (USD 4.57 billion), automobile (USD 2.82 billion), construction (USD 2 billion), and chemicals (USD one billion), the the Department for Promotion of Industry and Internal Trade (DPIIT) data showed. (Image: Reuters)
8. Coal Supply By CIL To Power Sector Dips: The supply of coal to the power sector by state-owned Coal India has dropped 22 percent to 31.95 million tonnes in April amid slump in the fuel demand in the country on account of COVID-19-induced lockdown. Coal India (CIL) had supplied 40.90 million tonnes (MT) of April, 2019, coal ministry said in a report. The coal supply by state-owned Singareni Collieries Company Ltd (SCCL) to the power sector also dropped by 38.6 percent to 2.86 MT in April, from over 4.66 MT in the year-ago period, the report said. CIL, the world's largest coal producing company, is a major supplier of the dry fuel to the power sector in India. (Image: AP)
8. Coal Supply By CIL To Power Sector Dips: The supply of coal to the power sector by state-owned Coal India has dropped 22 percent to 31.95 million tonnes in April amid slump in the fuel demand in the country on account of COVID-19-induced lockdown. Coal India (CIL) had supplied 40.90 million tonnes (MT) of April, 2019, coal ministry said in a report. The coal supply by state-owned Singareni Collieries Company Ltd (SCCL) to the power sector also dropped by 38.6 percent to 2.86 MT in April, from over 4.66 MT in the year-ago period, the report said. CIL, the world's largest coal producing company, is a major supplier of the dry fuel to the power sector in India. (Image: AP)
9. US Layoffs Climb To 41 Million: An estimated 2.1 million Americans applied for unemployment benefits last week despite the gradual reopening of businesses around the country, bringing the running total since the coronavirus shutdowns took hold in mid-March to about 41 million, the government said Thursday.The US unemployment rate was 14.7 per cent in April, the highest since the Depression, and many economists expect it will near 20 per cent in May. First-time applications for unemployment, though still extraordinarily high, have fallen for eight straight weeks, and states are gradually letting stores, restaurants, salons, gyms and other businesses reopen. But other employers are still laying off workers in the face of a deep -recession. (Representational Image)
9. US Layoffs Climb To 41 Million: An estimated 2.1 million Americans applied for unemployment benefits last week despite the gradual reopening of businesses around the country, bringing the running total since the coronavirus shutdowns took hold in mid-March to about 41 million, the government said Thursday.The US unemployment rate was 14.7 per cent in April, the highest since the Depression, and many economists expect it will near 20 per cent in May. First-time applications for unemployment, though still extraordinarily high, have fallen for eight straight weeks, and states are gradually letting stores, restaurants, salons, gyms and other businesses reopen. But other employers are still laying off workers in the face of a deep -recession. (Representational Image)
10. China Has Over 600 Million Poor: China has over 600 million people whose monthly income is barely 1,000 yuan (USD 140) and their lives have further been affected by the coronavirus pandemic, Premier Li Keqiang said on Thursday.
10. China Has Over 600 Million Poor: China has over 600 million people whose monthly income is barely 1,000 yuan (USD 140) and their lives have further been affected by the coronavirus pandemic, Premier Li Keqiang said on Thursday. "The average per-capita annual income in China is 30,000 yuan (USD 4,193), but there are over 600 million people whose monthly income is barely 1,000 yuan (USD 140), not enough to rent a room in the Chinese cities," Li said while addressing his annual press conference here. He said many families encountered difficulties due the COVID-19 impact. Li said that China now faces a daunting task in slashing absolute poverty. (Image: Reuters)
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