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Oil prices skids after Saudi-Russia talks, stocks jump on Covid-19 slowdown
Posted on 6th April 2020
Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.

In currency markets, sterling fell after the British Prime Minister was admitted to the hospital following persistent coronavirus symptoms as the pandemic rapidly spreads.

Brent crude fell as much as $ 3 in early Asian trading after Saudi Arabia and Russia postponed a meeting over a potential pact to cut production to Thursday. Analysts said the news could lead to some sell-off in currency markets too.

Also weighing on the pound were fears other senior government officials who were in the same briefing as Prime Minister Boris Johnson could be affected by the virus, said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto, Canada.

The pound fell 0.4% in early trade on Monday in a knee-jerk reaction and was last down 0.3% at $ 1.2222.

"It is stating the obvious to say the viral outbreak and the containment measures to fight it are central to market action," said Michael McCarthy, chief market strategist at CMC Markets.

Indeed, equity investors looked at the positives with major European nations including France and Italy reporting lower fatality rates.

US stock futures jumped more than 1.5% in early Asian trading on Monday after US President Donald Trump expressed hope the country was seeing a "levelling off" of the coronavirus crisis.

The gains came despite New York Governor Andrew Cuomo cautioning that it was not yet clear whether the crisis in the state had reached a plateau.

Investors took solace from the fact that COVID-19 cases appeared to be reaching a peak in Europe with Italy seeing the number of patients in intensive care falling for the second consecutive day.

In Asia, Australia's benchmark index added 0.5%, Japan's Nikkei was up 0.2% while South Korea's KOSPI index climbed 1.4%.

That left MSCI's broadest index of Asian shares outside of Japan up 0.1%. China markets were closed for a public holiday.

"Focus in markets will now turn to the path out of lockdown and to what extent containment measures can be lifted without risking a second wave of infections," National Australia Bank analyst Tapas Strickland wrote in a note.

"Key to a strong rebound in China will be the ongoing lifting of containment measures with Wuhan - the epicentre of the outbreak - set to lift containment measures on April 8."

Strickland, however, noted many in China were still subject to social distancing and isolation restrictions to prevent a resurgence in infections.

The pandemic has claimed more than 64,000 deaths as it further exploded in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally.

Concerns about heavy damage to the global economy have pushed investors into the perceived safety of government bonds where yields are at or near all-time lows.

Elsewhere in currencies, the dollar was up a touch against the yen at 108.58 .. The euro was barely moved at $ 1.0803 while the risk sensitive Australian dollar was up 0.2% at $ 0.6004.

In commodities, Brent crude futures slipped 6.2%, or $ 2.13, to $ 31.98 a barrel while US crude dived 7.4%, or $ 2.12, to $ 26.12. Spot gold was down 0.2% at $ 1,612.9 an ounce.

Other Latest News
Over 90 held for planning to protest near Visakhapatnam's LG Polymers plant
Posted on 6th June 2020
Visakhapatnam police on Friday arrested over 90 people, including leaders and workers of Left parties who were going to protest at LG Polymers plant, the site of the gas leak incident on May 7 that killed 12 people.

We arrested them as they hadn't taken permission for the protest. A FIR filed against 96 people of Left parties, South ACP Swaroopa Rani said.

Gold price today falls to Rs 46,696 per 10 gm; silver at Rs 47,800 per kg
Posted on 6th June 2020
Gold price today fell from Rs 46,767 to Rs 46,696 per 10 gram, while silver slipped from Rs 47,930 to Rs 47,800 per kilogram, according to India Bullion and Jewellers Association (IBJA).

The gold jewellery prices vary across India — the second-largest consumer of the metal — due to excise duty, state taxes and making charges.

57 Buffalo police officers quit tactical unit to protest suspension of two colleagues who pushed 75-year-old protester
Posted on 6th June 2020
Atleast 57 members of the police tactical unit in Buffalo, New York resigned from the team on Friday to protest the suspension of two colleagues for pushing a 70-year-old man to the ground outside the City Hall on Thursday during the ongoing protests, the local media reported.

Two members of the Buffalo Police Department`s Emergency Response Team were suspended after the incident which was filmed on camera was released by a local radio station.

Coronavirus Outbreak: With nearly 10,000 cases in a day, India crosses Italy as 6th worst-hit nation; tallest spike yet
Posted on 6th June 2020
The coronavirus cases in India continue to spread rapidly as the country has marked significant and consecutive highest jumps in the COVID-19 tally over a major part of the last two weeks. With nearly 10,000 new cases reported in the last 24 hours, India's COVID-19 count on Saturday hit a new high - 2,36,657, overtaking Italy to take the sixth spot among countries with the highesr caseload of the virus.

At 9:30 AM on this day, the COVID-19 tally in the country has reached 2,36,657 cases, which includes 1,15,942 active cases; 1,14,073 cured, discharged, or migrated patients, and 6,642 deaths.

Toyota to hike price of Camry Hybrid & Vellfire models from next month
Posted on 6th June 2020
Toyota Kirloskar Motor (TKM) on Friday announced it would increase the price of Camry Hybrid Electric Vehicle and The Vellfire with effect from next month.

It has been necessitated due to the substantial rise in exchange rate, the company said in a statement.

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