Morning note:
After yesterday’s sell-off, major Asian indices edged higher this morning. we’ll keep an eye on the reveal energy crisisthe impact of rising government bond yields and China’s Evergrande.
Finance Minister of India Nirmala Sitharaman plays down the risk From the Chinese property giant. He also said that the RBI and the finance ministry are closely monitoring the US Federal Reserve for any possible policy changes.
In another global development, IMF Managing Director Kristalina Georgieva says she was misled by a law firm regarding the ‘Doing Business’ report investigation. – john xavier
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12:26 pm
energy crisis | Natural gas transit to Europe will continue via Ukraine
Russian President Vladimir Putin has asked state-owned natural gas supplier Gazprom to continue supplying gas to Europe through Ukraine. Putin also noted that Russia was acting as a credible partner, and the EU made a mistake when it first moved to the spot market.
Meanwhile, Russia’s Deputy Prime Minister Alexander Novak said certification of the Nord Stream 2 undersea gas pipeline could calm rising gas prices in Europe.
12:10 pm
oil edges down
After hitting a multi-year high yesterday, oil prices tumbled. The fall came after an unexpected rise in US crude oil inventories. Brent crude slipped 0.5% to $80.69 a barrel, down from its three-year high of $83.47. Similarly, WTI fell 0.93% to $ 76.71 per barrel.
12:05 pm
Rupee rises against US dollar
After its biggest one-day fall in six months yesterday, the Indian rupee rose against the US dollar in early trade today. The domestic unit opened at 74.77 against the greenback, then climbed to 74.76, registering an increase of 22 paise over its previous close.
The domestic unit gained following a positive trend in the stock market. Forex traders say market participants continue to remain cautious, and are awaiting the RBI’s policy statement, which is due to be released on Friday.
11:21 am
7-Eleven Stores in India
Reliance Retail inks master franchise agreement with US retail major 7-Eleven 7-Eleven Convenience Stores in India. The first 7-Eleven store will open on 9 October in Andheri East, Mumbai.
The retail giant said it plans to expand into key neighborhoods and commercial areas in the Greater Mumbai cluster.
10:57 am
IMF chief says he was ‘mistreated’
International Monetary Fund (IMF) chief Kristalina Georgieva has denied that she served as the CEO of the World Bank staff (the organization’s CEO) to change the data to change China’s ranking in the ‘Doing Business 2018’ report. pressured).
She said that the law firm that conducted the investigation, WilmerHale, misrepresented her actions, and was told she was not the subject of the investigation.
Georgieva told the IMF board, “The idea that after nearly 20 years at the World Bank, I would suddenly begin to unreasonably pressure bank employees to change information in a report, is outrageous and untrue.” “Banks and funds live by our data and our analysis. Corrupting them is unacceptable.”
The World Bank data scandal has tarnished the reputation of both multi-party institutions.
The IMF’s executive board plans to meet again on Friday to discuss the matter.
10:47 am
India shares open higher
Indian Indices Opened Strongly The BSE Sensex opened up 443.08 points at 59,632.81 today after falling over 550 points in the previous session on positive global cues. Similarly, NSE Nifty opened up 164.55 points at 17,810.55.
9:20 am
Asian Market Updates
After a late recovery in the US market, Asian stocks opened in the green and opened with gains in early trade. Japan’s Nikkei opened up 137.1 points at 27,665.97.
South Korea’s Kospi opened up 28.56 points at 2,936.87. Hong Kong’s Hang Seng opened up 372.83 points at 24,339.32.
Markets in the Chinese mainland were closed for the holidays today.
In the US, three major indices showed improvement of late and closed in the green after the country’s politicians came closer to a tentative agreement to halt federal debt default.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)