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Economy

10 things you need to know before the opening bell on October 22

Updated : 2020-10-22 08:12:20

The Indian stock market is expected to open lower on Thursday as SGX Nifty, an early indicator of the opening for the Nifty50, traded 53 points lower at 11,911.80, at 7:30 am, hinting at a negative start for the domestic market.

1. Asia: Shares in Asia-Pacific declined in Thursday morning trade, as the International Monetary Fund on Wednesday downgraded its growth forecast for Asia-Pacific. In Japan, the Nikkei 225 dipped 0.64 percent in morning trade while the Topix index fell 1.06 percent. South Korea’s Kospi shed 0.6 percent. Meanwhile, shares in Australia fell, with the S&P/ASX 200 down 0.76 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.52 percent lower, reported CNBC International. (Image: Reuters)
1. Asia: Shares in Asia-Pacific declined in Thursday morning trade, as the International Monetary Fund on Wednesday downgraded its growth forecast for Asia-Pacific. In Japan, the Nikkei 225 dipped 0.64 percent in morning trade while the Topix index fell 1.06 percent. South Korea’s Kospi shed 0.6 percent. Meanwhile, shares in Australia fell, with the S&P/ASX 200 down 0.76 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.52 percent lower, reported CNBC International. (Image: Reuters)
2. US: Futures contracts tied to the major U.S. stock indexes fell in the overnight session Wednesday evening and suggested further losses ahead for markets when regular trading resumes. Dow futures dropped 150 points in extended trading while S&P 500 and Nasdaq-100 futures also fell about 0.6 percent. Though the overnight session began with modest moves, futures came under pressure after U.S. officials said Iran is taking steps to interfere in the U.S. presidential election, and Russia has obtained American voter information, reported CNBC International. (Image: AP)
2. US: Futures contracts tied to the major U.S. stock indexes fell in the overnight session Wednesday evening and suggested further losses ahead for markets when regular trading resumes. Dow futures dropped 150 points in extended trading while S&P 500 and Nasdaq-100 futures also fell about 0.6 percent. Though the overnight session began with modest moves, futures came under pressure after U.S. officials said Iran is taking steps to interfere in the U.S. presidential election, and Russia has obtained American voter information, reported CNBC International. (Image: AP)
3. Closing Bell: The Indian equity market ended Wednesday's volatile session on a higher note led by gains in metals, realty and financial stocks amid positive global cues. The Sensex ended 162.94 points or 0.40 percent higher at 40,707.31 while the Nifty gained 40.85 points or 0.34 percent to settle at 11,937.65. Broader markets ended mixed with Nifty Smallcap index closing 0.11 percent lower and Nifty Midcap gaining 0.25 percent. (Image: Reuters)
3. Closing Bell: The Indian equity market ended Wednesday's volatile session on a higher note led by gains in metals, realty and financial stocks amid positive global cues. The Sensex ended 162.94 points or 0.40 percent higher at 40,707.31 while the Nifty gained 40.85 points or 0.34 percent to settle at 11,937.65. Broader markets ended mixed with Nifty Smallcap index closing 0.11 percent lower and Nifty Midcap gaining 0.25 percent. (Image: Reuters)
4. Crude Oil: Oil prices dropped Wednesday after U.S. inventory figures showed demand weakening for refined products as global COVID-19 cases spiked. Brent crude futures were at $41.64 a barrel, down $1.51, or 3.5 percent. West Texas Intermediate (WTI) crude futures settled 4 percent, or $1.67, lower at $40.03. Both benchmarks rose in the previous session, reported CNBC International. (Image: Reuters)
4. Crude Oil: Oil prices dropped Wednesday after U.S. inventory figures showed demand weakening for refined products as global COVID-19 cases spiked. Brent crude futures were at $41.64 a barrel, down $1.51, or 3.5 percent. West Texas Intermediate (WTI) crude futures settled 4 percent, or $1.67, lower at $40.03. Both benchmarks rose in the previous session, reported CNBC International. (Image: Reuters)
5. Rupee Close: The Indian currency ended lower on Wednesday after the equity markets turned negative. The rupee ended at 73.58 against the US dollar as compared to Tuesday's close of 73.46. (Image: Reuters)
5. Rupee Close: The Indian currency ended lower on Wednesday after the equity markets turned negative. The rupee ended at 73.58 against the US dollar as compared to Tuesday's close of 73.46. (Image: Reuters)
6. Sources On Govt Stimulus Package: The government is working on the next set of measures to boost the economy, or rather provide an economic stimulus, sources told CNBC-TV18. A reiteration of sorts from official sources comes within days of Finance Minister Nirmala Sitharaman's statement wherein she said,
6. Sources On Govt Stimulus Package: The government is working on the next set of measures to boost the economy, or rather provide an economic stimulus, sources told CNBC-TV18. A reiteration of sorts from official sources comes within days of Finance Minister Nirmala Sitharaman's statement wherein she said, "I have not closed the option to come up with another stimulus package." Sources indicated that the measures could be announced in the next 30 odd days. Various wings of the government are working on the contours of the package. (Image: PTI)
7. RBI Governor Positive On Economic Revival: Reserve Bank Governor Shaktikanta Das said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government.
7. RBI Governor Positive On Economic Revival: Reserve Bank Governor Shaktikanta Das said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government. "We are almost at the doorstep of revival process, and it's essential that the financial entities have adequate capital (to support growth)," he said. Many of them have already raised capital, and others are planning, he said, adding they would undoubtedly do so in the coming months. Das further said India followed the fiscal expansion path to deal with COVID-19-related challenges. (Image: AP)
8. FY21 Fiscal Deficit Seen Around 7% Of GDP: The government expects the fiscal deficit to be close to 7 percent of GDP or thereabouts in the current financial year. The general deficit is unlikely to be lower than 11 percent, with the state government borrowings estimated at 4 percent levels, sources told CNBC-TV18. The COVID-19 related revenue stress is likely to be substantive, with the sources expecting at least a 2 percent decline in revenue receipts this fiscal. This revenue stress could upset the central government's deficit projection, although so far the centre has kept the Rs 12 lakh crore borrowings unchanged. According to the sources, no suggestions have been made to the government on what can be the possible ideal level to peg the fiscal deficit in a COVID year. (Image: Reuters)
8. FY21 Fiscal Deficit Seen Around 7% Of GDP: The government expects the fiscal deficit to be close to 7 percent of GDP or thereabouts in the current financial year. The general deficit is unlikely to be lower than 11 percent, with the state government borrowings estimated at 4 percent levels, sources told CNBC-TV18. The COVID-19 related revenue stress is likely to be substantive, with the sources expecting at least a 2 percent decline in revenue receipts this fiscal. This revenue stress could upset the central government's deficit projection, although so far the centre has kept the Rs 12 lakh crore borrowings unchanged. According to the sources, no suggestions have been made to the government on what can be the possible ideal level to peg the fiscal deficit in a COVID year. (Image: Reuters)
9. Raghuram Rajan On Import Substitution: Former Reserve Bank governor Raghuram Rajan on Wednesday cautioned against import substitution under the 'Aatmanirbhar Bharat' initiative of the government, saying the country has gone down this route earlier but could not succeed.
9. Raghuram Rajan On Import Substitution: Former Reserve Bank governor Raghuram Rajan on Wednesday cautioned against import substitution under the 'Aatmanirbhar Bharat' initiative of the government, saying the country has gone down this route earlier but could not succeed. "If the focus (under Aatmanirbhar Bharat initiative) is on import substitution by erecting tariffs, which we have done lot of in the last few years, then I think it is a direction we have tried before and it has failed. I would caution against going in that direction," Rajan said. He was addressing a webinar organised by the Centre for Financial Studies at Bhavan's SPJIMR. Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can. (Image: Reuters)
10. Gates Foundation On India's Role In COVID War: The fight against coronavirus pandemic is entering its last leg with the likelihood of finding a vaccine coming closer by the day. Speaking to CNBC-TV18, Mark Suzman, CEO of Bill & Melinda Gates Foundation said that the world could and should have prepared better for the pandemic as many people had warned of the threat. He also added that a vaccine was looking likely in the first quarter and the low-end estimates stand at $3 per dose. Suzman further added that India will play an enormous global role in mass manufacturing of vaccine. (Image: Reuters)
10. Gates Foundation On India's Role In COVID War: The fight against coronavirus pandemic is entering its last leg with the likelihood of finding a vaccine coming closer by the day. Speaking to CNBC-TV18, Mark Suzman, CEO of Bill & Melinda Gates Foundation said that the world could and should have prepared better for the pandemic as many people had warned of the threat. He also added that a vaccine was looking likely in the first quarter and the low-end estimates stand at $3 per dose. Suzman further added that India will play an enormous global role in mass manufacturing of vaccine. (Image: Reuters)
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