Equity, currency, commodity and bond markets are closed on Monday on account of ‘Eid-ul-Fitr’

Join us as we follow the top business news through the day.

Oil falls as U.S.-China tensions take toll

Tensions between the United States and China could be leading to concerns over bounce back in demand.

Reuters reports: "Oil prices eased on Monday on concerns over rising tensions between the United States and China over Beijing's plans to impose security laws on Hong Kong and the possibility of sanctions from Washington.

Oil prices have risen sharply in recent weeks as an easing of coronavirus restrictions has led to increased demand, but the tensions between the United States and China are beginning to weigh on sentiment.

Brent was down 19 cents, or 0.5%, at $34.94 a barrel by 0152 GMT. U.S. oil was down by 6 cents, or 0.2%, at $33.19 a barrel. Both contracts have risen for the past four weeks, although prices are still down around 45% so far this year.

Ties between Washington and Beijing have soured since the outbreak of the new coronavirus. President Donald Trump and President Xi Jinping have traded barbs over the outbreak, including accusations of cover-ups and lack of transparency.

Clashes between the superpowers have included Hong Kong, human rights, trade and U.S. support for Chinese-claimed Taiwan."

Searches for ‘remote work’ surges by over 377% in Feb-May

Job searches for remote work in India have surged by over 377% during February to May amid the coronavirus crisis, a report said.

Job seekers across the country are showing greater interest in working remotely, with a spurt in search for terms like ‘remote’, ‘work from home’ and related phrases, job site Indeed said in the report.

Searches for remote work have increased by over 377% as a share of all searches on Indeed India during February to May 2020, it added.

Similarly, job postings for remote work and work from home have also seen an increase of 168%.

Gold down as potential Japanese stimulus boosts risk appetite

Investors are deserting the precious metal as risk-on sentiment prevails.

Reuters reports: "Gold declined on Monday as Japanese equities rose on news of a potential stimulus programme that boosted investors' risk appetite, though fresh tensions over Hong Kong limited the metal's fall.

 Spot gold fell 0.4% to $1,728.06 per ounce by 0252 GMT. U.S. gold futures were down 0.4% at $1,728.50. “I think the play into stocks and other risk assets has probably supported the risk appetite, and diminished the appeal for gold in the short term,” said IG Markets analyst Kyle Rodda.

“There still seems to be the broad issue of gold prices trying to break too far above the 1,740, 1,750 mark.” Gold on Friday rose as much as 0.8% to touch $1,739.51, before paring gains.

Japan is considering fresh stimulus worth over $929 billion, which mostly consists of financial aid programmes for companies hit by the coronavirus pandemic, the Nikkei newspaper said. Japan's Nikkei jumped 1.5% following the report.

Gold is seen as a safe-haven asset during political and economic uncertainties. Reflecting investor sentiment, SPDR Gold Trust holdings, the world's largest gold-backed exchange-traded fund, rose 0.4% to 1,116.71 tonnes on Friday."

Jiomart goes live to take on Amazon, Flipkart

Reliance Industries (RIL) has taken its e-commerce platform JioMart live in an attempt to take on rivals Amazon and Flipkart. Pilots were carried out in Navi Mumbai, Thane and Kalyan.

Jiomart, an online-offline model that combines the strengths of Reliance Jio and Reliance Retail, has started offering products at a minimum 5% discount to the maximum retail price on select products.

“Farm produce will directly be sourced from farmers that have collaborated with the brand,” said the JioMart website.

JioMart has started offering more than 50,000 products in the fruits and vegetables, dairy and bakery, staples, snacks and branded foods, beverages, personal care, home care and baby care categories, according to its website.

Domestic flights to resume, but coronavirus cases rise

The airline sector, which has been the worst hit by the 2-month long nationwide-lockdown, is set to get a boost today.

Reuters reports: "Domestic flights will resume across India on Monday after a day of “hard negotiations”, the federal civil aviation minister said on Sunday, after some states sought to limit the number of flights.

Flights will restart under an easing of restrictions imposed over the coronavirus, though the number of new cases rose by a record 24-hour amount on Sunday. The 6,767 new cases took the total to over 131,000.

Airlines are preparing to resume about a third of their domestic flight operations from Monday, even without clarity over what quarantine rules may apply to passengers.

Maharashtra and Tamil Nadu agreed to operate limited flights from Monday, while southern state of Andhra Pradesh would allow flights from Tuesday, India's civil aviation minister, Hardeep Singh Puri, said on Twitter late on Sunday.

“It has been a long day of hard negotiations with various state government to recommence civil aviation operations in the country.....Domestic flights will recommence across the country from tomorrow,” he said."