PremiumIndian indices may open flat on Friday. Asian stocks dipped Friday amid concerns about the economic growth outlook and coronavirus flareups in some parts of the world.
The country's merchandise exports rose by 48.34% to $32.5 billion for the seventh straight month in June, tracking growth in shipments across sectors such as petroleum products, gems and jewellery, and chemicals, leather and marine goods, as per the data released by the Commerce Ministry today.
Imports in June too rose by 98.31% to $41.87 billion, driven by a rise in oil and gold imports, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year. (Read here)
China launched a much-delayed national emissions trading system designed to drive down harmful greenhouse gases, state media said Friday, in a key step by the world's biggest polluter towards decarbonising its economy by 2060. "China's carbon market will become the world's largest market covering greenhouse gas emissions," official news agency Xinhua said as the market opened, covering 2,225 big power producers that generate four billion tonnes of greenhouse gases a year.
Xiaomi Corp. has become the world’s second biggest smartphone maker over the past quarter following an 83% jump in shipments, according to preliminary estimates by Canalys. This marks the first occasion that Xiaomi, the Chinese maker of everything from rice cookers to gaming monitors, has broken into the top two, historically dominated by Samsung Electronics Co. and Apple Inc. Samsung had a 19% share in the second quarter, Xiaomi had 17% and Apple was at 14%, according to the research firm’s data. Shares of Xiaomi rallied as much as 4.1% on Friday, the best performer on Hong Kong’s benchmark Hang Seng Index.
Markets are likely to be volatile on Friday while trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 53,158.85, up 254.80 points or 0.48%. The Nifty closed at 15,924.20, up 70.25 points or 0.44%. (Read here)
Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crore in the June quarter this fiscal, as per provisional data. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crore in the March quarter, Bandhan Bank said in a release on Thursday.
Government has invited proposals for appointing investment bankers, legal advisers, registrar and share transfer agent (RTA) and an advertising agency for managing the initial public offering of Life Insurance Corp. of India, which is poised to become the biggest share sale by an Indian company. (Read here)
In Delhi, petrol remained at ₹101.54 in the national capital, whereas diesel is retailing at ₹89.87. In India's financial capital Mumbai, petrol is being sold at ₹107.75 per litre, whereas diesel price at ₹97.45 per litre. In Kolkata, petrol price reached ₹101.74 per litre whereas diesel price remained at ₹93.02 per litre. (Read here)
Asian stocks and US equity futures dipped Friday amid concerns about the economic growth outlook and coronavirus flareups in some parts of the world. Treasuries and the dollar held advances. Shares posted modest drops in Japan, China and Hong Kong. China Evergrande Group soared after the country’s most-indebted developer said it will consider a special dividend.
S&P 500 futures shed 0.2% as of 10:45 a.m. in Tokyo. The S&P 500 fell 0.3%
Nasdaq 100 futures declined 0.3%. The Nasdaq 100 fell 0.7%
Japan’s Topix index fell 0.1%
Australia’s S&P/ASX 200 index was steady
South Korea’s Kospi index retreated 0.6%
Hong Kong’s Hang Seng index slipped 0.3%
China’s Shanghai Composite index was down 0.3%
SGX Nifty slipped 0.04%
Wall Street traded lower even as the four largest U.S. consumer banks posted blockbuster second-quarter results earlier this week that were above analysts' estimates. The Dow Jones Industrial Average eked out a 0.15% gain but the S&P 500 fell 0.33% and the Nasdaq Composite slid 0.70%. The number of Americans filing new claims for unemployment benefits fell to a 16-month low last week as the U.S. labor market steadily gains traction while other data showed import prices rose solidly in June but have probably peaked.
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