KEY HIGHLIGHTS
Markets In The June Series
Closing Bell: A Rangebound Session
Indian equity markets ended little changed in what was a rangebound and volatile trading session.
The S&P BSE Sensex ended 0.1% lower at 34,842 while the NSE Nifty 50 ended at 10,288, down 0.16%. Both benchmark indices declined for the second consecutive session. 35 out of the 50 Nifty constituents ended with losses.
Among the sectoral indices, the FMCG index outperformed, ending with gains of 2%. Other sectoral indices that gained included the Nifty Pharma (up 0.89%) and the Nifty Bank index (up 0.36%).
Nifty I.T. was the top sectoral laggard, ending 1.2% lower. Nifty Metal and Nifty Realty index fell over 0.5% each.
Broader markets ended up outperforming the benchmarks in today's session. The midcap index gained 0.9% while the smallcap index gained 0.5%.
The India Volatility Index rose 1.5% in today's session to close at 30.
Market breadth remained in favour of the advances. 1,026 stocks on the NSE ended with gains while 786 ended with losses.
Covid-19 Impact: Blue Star
- Lockdown took place during peak selling season for unitary products.
- Re-started business operations in a graded manner.
- Too early to provide guidance on the full financial impact of the pandemic.
- Fund raising plans for the short, medium and long-term are being strategised
- Able to collect dues, albeit at a slow pace from the customers.
- Successfully completed private placement of NCDs worth Rs 350 crore
- In the process of renegotiating prices of input raw material and components with vendors.
Shares trade 0.6% lower at Rs 503.65, down for the third straight day.
Stock Reaction: Cyient
The global engineering and technology solutions company has announced that it has joined Microsft Azure Certified Internet of Things (IoT).
This will ensure customers get IoT solutions quickly with hardware and software that has been pre-tested and verified to work with Microsoft Azure IoT services.
Shares gained as much as 9.3% to Rs 280, post the announcement.
Buzzing Stock: Adani Gas
- Gains as much as 9.44% to Rs 176.3
- Trades at the highest level in four months
- Up for the sixth straight day
- Has gained 29% in the last six trading sessions
- Longest winning streak in two months
- Today's volumes are 3.7 times higher than its 30-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 89
- Has more than doubled from its 52-week low of Rs 76.6
- Two analysts tracking the stock have a buy recommendation
- The stock trades 25.9% above its 12-month consensus price target of Rs 130
Stock Reaction: IDFC
The Infrastructure Development Finance Corporation at its board meeting held today has approved raising funds to the tune of Rs 500 crore.
The said sum is within the overall borrowing limits of the company which stands at Rs 10,000 crore, according to the exchange filing.
The sum will be raised through a short-term loan or issuance of NCDs and commercial papers on a private placement basis.
Shares are fluctuating between the day's high and low, and currently trade little changed at Rs 20.
Buzzing Stock: JM Financial
- Top performer on the Nifty smallcap Index
- Gains as much as 9.66% to Rs 78.9
- Biggest single-day gain in nearly two months
- Trades at the highest level in three months
- Snaps two-day losing streak
- Has gained only thrice in the last nine trading sessions
- Today's volumes are 6% above its 20-day average
- Has gained 38% from its 52-week low of Rs 55 on May 5, 2020
- Three out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 2.6%
Piramal Enterprises Leads Gains On The Pharma Index
Earnings Reaction: TTK Prestige
- Revenue down 14% to Rs 383.5 crore
- Net profit down 52% to Rs 20.86 crore
- Ebitda down 45% to Rs 35.15 crore
- Ebitda margin down to 9.2% from 14.4%
- Impairment charge of Rs 11.69 crore this quarter
- Board recommends dividend of Rs 20 per share
- All numbers are compared on a year-on-year basis
Shares fell as much as 4.1% to Rs 5,100, snapping a four-day gaining streak.
Markets At 2:10 P.M.
- Benchmark indices continue to fluctuate between gains and losses
- Nifty up 0.2% at 10,323
- Sensex up 0.3% at 34,945
- Nifty Bank up 0.7% at 21,561
- Nifty Midcap Index up 0.7%
- Nifty Smallcap Index up 0.2%
- India Volatility Index down 0.65% to 29.38
- Nifty FMCG (up 1.2%) and Nifty Pharma (up 0.8%) index trade with gains
- Nifty I.T., Nifty Metal, Nifty PSU Bank, Nifty Media and Nifty Realty decline over 0.5% each
- ITC is the top Nifty gainer; up 2.9%
- Hindalco is the top Nifty laggard; down 2.7%
- 953 stocks on the NSE trade with gains while 822 decline
Money Market Update
The rupee ended little changed, trading in a narrow range for most part of the trading day. However, the currency ended with a positive bias.
The rupee ended at 75.66 against the U.S. Dollar as compared to Wednesday's close of 75.72.
The marginal gains made today led to the rupee ending as the second best performing currency in Asia after the Singapore Dollar. Both currencies were the only two that gained against the greenback in today's session.
Yield on the 10-year bond ended at 5.893% as compared to the opening level of 5.911%.
Earnings Reaction: Indian Overseas Bank
- Net profit of Rs 143.79 crore from net loss of Rs 1,985.1 crore
- Net Interest Income up 80% to Rs 1,531.7 crore
- Gross NPA at 14.78% from 17.12% in the previous quarter
- Net NPA at 5.44% from 5.81% in the previous quarter
- Provisions rise to Rs 1,060 crore from Rs 666 crore in the previous quarter
- Provision Coverage Ratio at 86.94%
- Loans and advances amounting to Rs 6,492.5 crore have been classified as fraud in FY20
- Moratorium extended to loans worth Rs 22,529 crore
- Asset classification benefit worth Rs 945.67 crore
Stock is locked in an upper circuit of 10% at Rs 12. It now trades at the highest level since November 2019 and is up for the fourth straight day.
Active Stock Options: July 30 Expiry
- Reliance Industries' 1,800 Call: Premium down 9.7% to Rs 54.3. The contract has added 3.91 lakh shares in Open Interest.
- ICICI Bank's 350 Call: Premium down 9.5% to Rs 22.5. The contract has added 5.4 lakh shares in Open Interest.
- State Bank of India's 190 Call: Premium down 9.4% to Rs 9.65. The contract has added 8.31 lakh shares in Open Interest.
Covid-19 Impact: HT Media
- Business has been impacted across sectors.
- Revenue impacted as advertising spends declined.
- Taken swift action in the cost structure to soften the impact.
- More than adequate liquidity available to carry on operations.
- Difficult to project the future impact of Covid-19.
- Profitability will be impacted.
- Taking steps to conserve cash.
- Net positive assets position as on March 31, 2020.
- Not faced any disruption in raw material supplies.
Shares are off the day's high, trading 2.2% higher at Rs 14, after gaining as much as 5.1%.
Unilever To Rename Fair & Lovely
Unilever Plc intends to rename its Fair & Lovely face cream as the backlash against branding that trades off racial stereotypes spreads beyond the U.S., Bloomberg News reports.
The brand gets $500 million in annual sales in India itself and is also sold in Thailand, Pakistan, Bangladesh among other Asian countries.
In a separate press statement, the Indian entity Hindustan Unilever expressed its intention to make its skin care portfolio more inclusive.
We now announce that we will remove the word ‘Fair’ from our brand name Fair & Lovely. The new name is awaiting regulatory approvals.Sanjiv Mehta, Chairman & MD, Hindustan Unilever
HUL also said that other than Fair & Lovely, other skin care products will also reflect the new vision of 'positive beauty.'
Shares are fluctuating between gains and losses, currently recovering from the day's low of Rs 2,111.
European Markets Trade Lower
Benchmark indices across Europe are trading with losses, extending Wednesday's large declines as growing Covid-19 cases are dampening sentiment.
The Stoxx 600 opened 0.4% lower with declines led by travel, media and banks. Autos, telecom stocks are outperforming.
Asian markets have ended with losses while futures on the Dow Jones are at the day's low, down 370 points.
Brent Crude for the August contract is down 1.36% at $39.75 per barrel while gold trades 0.3% higher at $1,766.1/Oz.
Let's take a look at how benchmark indices across Europe are trading:
- Euro Stoxx 50 down 0.8% at 3,170
- DAX down 0.4% at 12,052
- CAC down 1% at 4,824
- FTSE 100 down 1% at 6,065
- IBEX 35 down 1% at 7,122
Earnings Reaction: Bank of India
- Net loss of Rs 3,751.4 crore from net profit of Rs 251.79 crore
- Net Interest Income up 2.5% at Rs 4,145.8 crore
- Gross NPA at 14.78% from 16.3% in the previous quarter
- Net NPA at 3.88% from 5.97% in the previous quarter
- Provisions nearly double sequentially to Rs 7,316 crore
- Made additional provisions of Rs 271 crore in four accounts where a viable resolution plan has not been implemented within 180 days of the review period.
- Additional provision of Rs 3,941 crore made in six NPA accounts due to uncertainty in recovery.
- Amount in SMA/Overdue categories where moratorium due to Covid-19 was deferred or extended stood at Rs 74,445 crore.
- Asset classification benefits made to accounts worth Rs 4,144.8 crore
Shares are off the day's high after gaining as much as 6.4% to Rs 58.50. The stock now trades 2% higher at Rs 56.30.
How Are The Sectoral Indices Faring
Earnings Reaction: Indian Terrain Fashions
- Revenue down 34% to Rs 78 crore
- Net loss of Rs 18.6 crore from net profit of Rs 6.6 crore
- Ebitda loss of Rs 12.8 crore from Ebitda positive of Rs 12.6 crore
- Higher depreciation and finance costs impact operational performance
- Covid-19 impact on business currently uncertain
- Adopted IND-AS 116 accounting standards this year
Shares are off the day's high and trade little changed at Rs 35.15. The stock had earlier gained as much as 3.84%.
Earnings Reaction: United Breweries
The company reported a 39.3% decline in its net profit for the quarter ending March. It also had a deferred tax reversal of Rs 12 crore this quarter.
Ebitda fell 22.8% while margins fell into single digits, down to 9.3% from 10.5% during the same period last year.
Raw Material cost as a percentage of sales was at 49.1% from 49.5% which aided the expansion of gross margins.
Covid-19 had a negative impact on volumes, the company said in a statement.
Shares fell as much as 2.8% to Rs 1,021, snapping a five-day gaining streak.
Stock Reaction: Aditya Birla Fashion & Fashion
The Board of Directors of the company have approved the rights issue at a meeting held today.
The company will issue 9.04 crore partly paid-up equity shares of face of Rs 10 each.
Assuming full subscription, the company will manage to raise Rs 995 crore.
Issue price for the same has been set at Rs 110 per fully paid-up equity share.
Record date for determining eligible shareholders has been set at July 1.
Rights entitlement ratio has been set at 9 partly-paid rights equity shares for every 77 existing fully-paid shares held by eligible shareholders on the record date.
Shares came off the day's high to trade little changed at Rs 130 per share.
Markets At Noon
- Benchmark indices fluctuate between gains and losses
- Nifty down 0.3% at 10,279
- Sensex down 0.3% at 34,779
- Nifty Bank down 0.5% at 21,320
- Nifty Midcap index up 0.3%
- Nifty Smallcap index unchanged
- India Volatility Index up 0.1% to 29.62
- Nifty FMCG index remains the top sectoral gainer; up 1.1%
- Nifty Pharma index is the other sectoral gainer; up 0.5%
- Nifty Media index down 0.8% is the top sectoral laggard
- GAIL is the top Nifty gainer; up 2.9%
- Bharti Infratel is the top Nifty laggard; down 3.7%
- 903 stocks on the NSE trade with gains while 817 decline
Buzzing Stock: IIFL Finance
- Top performer on the Nifty 500 index
- Locked in a 10% upper circuit at Rs 82.5
- Biggest single-day gain since November 2019
- Trades at the highest level in over two months
- Up for the eighth straight day
- Longest winning streak since October 2019
- Has gained 25% in the last eight trading sessions
- Today's volumes are 2.7 times higher than its 30-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 74
- Has gained 41% from its 52-week low of Rs 58.1 on June 3, 2020
Stock Reaction: Steel Strips Wheels
The company has won export orders worth 13,000 wheels for the Caravan Trailer and Mobile Home Market in the European Union and U.S. respectively.
The orders are worth 1,30,000 Euros and will be executed in July from the company's Chennai plant.
Volumes are picking up in the European Union and the U.S. as customers gradually ramp-up operations post the Covid-19 lockdown, the company said in a statement.
Shares gained as much as 3.65% to Rs 445.3 - the highest level in three months. The stock is up in four out of the last five trading sessions.
Earnings Reaction: Sharda Cropchem Q4FY20
- Revenue up 15% to Rs 875.5 crore
- Net profit up 34% to Rs 141.6 crore
- Ebitda up 6% to Rs 163.25 crore
- Ebitda margin at 18.6% from 20.2%
- All numbers are compared on a year-on-year basis
- Shares locked in a 5% upper circuit at Rs 227.60
- Trading at the highest level in nearly five months
- Up for the fourth straight day
- Has gained in eight out of the last 10 trading sessions
- Today's volumes are 3.2 times higher than its 30-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 84
- 7 out of the 8 analysts tracking the stock have a buy recommendation
- Stock trades 14.3% above its 12-month consensus price target of Rs 195, implying a negative return potential
Top Nifty Gainer: GAIL
- Gains as much as 5.5% to Rs 107
- Trades at the highest level in nearly four months
- Up for the third straight day
- Has gained 8% in the last three trading sessions
- Reported earnings on Wednesday where profits grew due to a tax write-back
- Today's volumes are 4.9 times higher than its 30-day average
- Nearing its 200-Day Moving Average of 111
- Has gained 63% from its 52-week low of Rs 65 on March 13, 2020
- 39 out of the 43 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 22.9%
Stock Reaction: Andhra Paper
The company's promoter International Paper Investments intends to sell 39.77 lakh shares or 10% of its equity through an Offer for Sale, it said in an exchange filing.
The floor price for the OFS has been set at Rs 186 per share, which is a 20% discount to Wednesday's closing price.
The promoter also had kept an option to sell an additional 28.64 lakh shares or 7.2% of the total equity.
On exercising of the oversubscription option, International Paper Investment's stake can come down to 2.8% from the current 20%.
The OFS is currently open for non-retail investors while that for retail will open tomorrow, June 26.
Shares fell as much as 10% to Rs 209.95 and trade lower for the third straight day.
Earnings Reaction: Power Finance Corporation FY20
For the full year, the company reported a revenue growth of 16% while net profit dipped to Rs 5,655 crore from Rs 6,953 crore last year.
A deferred tax re-measurement of Rs 1,130 crore impacted the company's profit. Other factors that impacted the net profit are weakness in the currency and provisioning, the company said in an exchange filing.
The company saw loan asset growth of 10% while cost of funds declined 16 basis points.
Asset quality saw an improvement as net NPA reduced to 4.55% from 3.8%. The company managed to resolve two stressed projects - RattanIndia Amrawati and GMR Chhattisgarh.
Shares gained as much as 3.1% to Rs 90.7, snapping a two-day losing streak.
Sixth Day Of Gains For The FMCG Index; Most In Three Months
Buzzing Stock: Engineers India
- Among top performer on the Nifty Midcap Index
- Gains as much as 12.3% to Rs 81.4
- Biggest single-day gain since September 2013
- Trades at the highest level in four months
- Up for the fourth straight day
- Has gained 15% in the last four trading sessions
- Today's volumes are 21.1 times higher than its 30-day average
- Remains above its 50 and 100-Day Moving Average of 66.5 and 69.8 respectively
- Has gained over 70% from its 52-week low of Rs 49 on March 13, 2020
- 13 out of the 16 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 16.6%
India Mulls Strict Rules, Tariffs On Chinese Imports
The government is planning to impose stringent quality control measures and higher tariffs on imports from China, Bloomberg News reports citing people familiar with the matter.
The Bureau of Indian Standards is finalising tougher norms for at least 370 products to ensure items that can be locally produced are not imported.
Products include chemicals, steel, electronics, heavy machinery, furniture, paper, industrial machinery, rubber articles, glass, metal articles, pharma, fertilisers and plastic toys.
Discussions are also on to raise import duties on products like furniture, compressors and auto components.
Earnings Reaction: Canara Bank
The Bangalore-based state-run lender's net loss widened for the quarter ending March. The bank reported a net loss of Rs 3,259 crore while it reported a loss of Rs 551.5 crore during the same period last year.
Asset quality remained flat with Gross NPA at 8.21% from 8.36% in the previous quarter.
The bank availed an option to defer provisions for frauds amounting to Rs 2,350 crore. The bank will now have to set aside Rs 1,990 crore to cover the losses.
Another factor impacting the bottomline was the doubling of employee costs to Rs 2,175.2 crore, post the merger with Syndicate Bank.
The base quarter had a tax reversal of Rs 2,000 crore.
Shares fell as much as 6.85% to Rs 102 and are down for the second straight day.
Markets At 10:10 A.M.
- Benchmark indices fluctuate between gains and losses
- Nifty down 0.5% at 10,259
- Sensex down 0.5% at 34,701
- Nifty Bank down 1.2% at 21,178
- Nifty Midcap index up 0.1%
- Nifty Smallcap index down 0.1%
- India Volatility Index down 0.2% to 29.52
- Nifty FMCG index is the top sectoral gainer for the second straight day; up 1.1%
- Nifty and Nifty Pharma are the other sectoral gainers
- Nifty I.T., Nifty Media and Nifty PSU Bank fall 1% each
- GAIL is the top Nifty gainer; up 3.8%
- Bharti Infratel is the top Nifty loser; down 4.8%
- 841 stocks on the NSE gain while 817 decline
Money Market Update
The currency has opened little changed in today's session. Cues from the equity markets are volatile while the U.S. Dollar is strengthening.
The rupee opened at 75.74 against the greenback as compared to Wednesday's close of 75.72.
The shock to economic growth from Covid-19 can drag rupee to a record low of 80 against the dollar, according to Venkat Thiagarajan - the former head of forex at Reliance Industries.
Within the bond markets, traders will look forward to any bond purchase announcements. Yield on the 10-year treasury ended at 5.92% on Wednesday.
Covid-19 Update: Parag Milk Foods
- Started delivering products to HORECA (Hotels, Restaurants and Catering) partners.
- HORECA business was impacted due to the lockdown.
- Traction seen as unlock 1.0 has kicked in.
- Hoping to achieve pre-Covid-19 level business with partners in the next few months.
- 35% market share in the Cheese business.
- Out-of-home consumption of cheese growing at a robust pace.
- Home consumption of ghee, butter, paneer and cheese has increased during the pandemic.
Shares gained as much as 6.5% to Rs 111 - their highest level in over four months. The stock is trading with gains for the fourth straight day.
Earnings Reaction: General Insurance Corporation
The general insurance company reported a 14% growth in its gross premium for the quarter ended March.
The company also returned to making a profit, reporting a net profit of Rs 1,197.4 crore as compared to a net loss of Rs 1,556.5 crore during the same period last year.
Asset quality trends were mixed. Gross non-performing assets stood at 4.42% from 3% while Net NPA's stood at 0.63% from 1.12%.
Shares gained as much as 8.3% to Rs 165.45. The stock is now trading at the highest level in nearly four months.
Coronavirus India Update
- India adds 16,922 cases in the last 24 hours
- Total number of cases in the country now at 4,73,105
- Total active cases: 1,86,514
- Patients that have been cured/discharged/migrated: 2,71,697
- Death toll rises to 14,894
- 418 deaths reported in the last 24 hours.
- Recoveries continue to rise with the last 24 hours witnessing 13,012 patients recovering
Large Trade Alert: HDFC Bank
23 lakh shares of one of India's largest lenders exchanged hands in a single large trade on the National Stock Exchange.
Buyers and sellers in the trade remain unknown as per Bloomberg data.
Shares fell as much as 2.1% to Rs 1,010 and are down for the second straight day. The stock is among the top contributors to the decline on the Nifty 50 index.
Stock Reaction: Bharti Infratel
The tower company in an exchange notification said that the long stop date for the Indus Towers merger has been extended to August 31, 2020.
The company has cited non-completion of conditions precedent to be fulfilled for the scheme to become effective by its previous long stop data which was June 24, 2020.
Both parties have retained the right to terminate and withdraw the scheme.
Shares fell as much as 6% to Rs 219.05 and is also the top laggard on the Nifty 50 index. The stock has snapped a five-day winning streak.
Shares of Vodafone Idea also declined as much as 5.61% to Rs 9.25.
Contributing To Nifty's Losses
Opening Bell: Second Day Of Losses
Indian equity markets have opened lower on the June series expiry session tracking weak global cues. Indices are down for the second straight day.
The S&P BSE Sensex opened 1% lower at 34,525 while the NSE Nifty 50 index opened at 10,235, down 0.7%. Both benchmark indices snapped a four-day gaining streak on Wednesday, declining 1.58% each.
Among the sectoral indices, the Media and PSU Bank index have opened over 1.5% lower while other indices like the Nifty Bank, Nifty Auto and Nifty Metal have opened with losses of 1%.
Broader markets are in-line with benchmarks. The Nifty Midcap index opened 0.6% lower while the Smallcap index fell 0.8% in opening trade.
Market breadth has opened in favour of the declines. 948 stocks on the NSE have opened with losses while 548 have opened in the green.
Latest On The Coronavirus
- Global cases cross the 9.4 million mark
- Death toll rises to 4.82 lakh
- Disneyland reopening in California delayed indefinitely
- Australia sees its biggest spike in new cases since April
- Beijing reports 13 new cases
- 28 new cases reported in South Korea
- Quantas to cut at least 6,000 jobs
- South Africa reports 5,668 new cases - a daily record
- U.S. Virus deaths seen hitting 1.8 lakh by October: Study
Top Reads On Bloombergquint.com
How Did The Fund Flows Fare On Wednesday
Key Stocks In Focus
- Bharti Infratel: Extends long stop date for Indus Towers deal till August 31. Board said that conditions precedent to be fulfilled for the Indus Tower merger to become effective cannot be completed by June 24. Each party retains the right to terminate and withdraw from the scheme.
- Reliance Industries: CCI approves acquisition of 9.99% stake in Jio Platforms by Facebook’s arm Jaadhu Holdings.
- BPCL: To raise Rs 3,000 crore during fiscal 2021 via NCDs.
- Andhra Paper: Promoter International Paper Investments to sell 39.77 lakh shares (10% equity) through an offer for sale (OFS), with an option to sell an additional 28.64 lakh shares (7.2% equity). Floor price for the same is set at Rs 186 per share, a 20% discount to Wednesday's closing price. On use of the oversubscription option, the stake of International Papers Investments can come down to 2.8% from 20%. Trade date for non-retail investors is June 25 and for retail investors it is June 26.
- Page Industries' Covid-19 Impact: Operations at all 15 manufacturing facilities resumed on different dates starting May 4. Response from the market has been healthy. Expect momentum to accelerate in the coming quarters as restrictions get lifted in the market.
- Non-Nifty Earnings Today: Apollo Hospitals, Somany Ceramics, Hindustan Aeronautics, TTK Prestige, Ashok Leyland, Bank of India, Container Corporation of India, Endurance Technologies, Engineers India, IDFC, Indian Overseas Bank, V2 Retail.
To know more about the stake sale in Embassy Office Parks REIT, earnings reported after market hours and F&O updates on expiry day, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
U.S. Markets On Wednesday
- Benchmark indices decline as virus cases rise in multiple states
- S&P 500 ended 2.6% lower led by energy, financials and industrials
- The Nasdaq composite snapped a nine-day gaining streak
- Florida and California set new records for daily cases reported
- White House weighs new tariffs worth $3.1 billion on exports from France, Germany, Spain and the U.K.
- IMF downgrades the outlook for the world economy, projecting a significantly deeper recession.
- Yield on the 10-year treasury fell to 0.68%, the lowest in nearly two weeks.
- West Texas Intermediate crude fell 5.5% to $38.16 per barrel. The commodity trades little changed.
Get all the live action from the global equity markets here.
Losses May Extend
Good Morning!
Indian equity markets may extend their losses for the second day, owing to weak global cues. The benchmarks snapped a four-day gaining streak on Wednesday.
The futures and options contracts for June will also expire on Thursday.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 1.5% to 10,142 as of 7:50 a.m.
Asian markets have opened lower after a weak session on Wall Street. Sentiment is risk-off after a surge in Covid-19 cases across multiple states in the U.S. Markets in Hong Kong and China are shut due to a holiday.
The U.S. dollar is extending gains, while treasuries are holding on to gains overnight. Futures on the Dow Jones are trading lower by 200 points.
West Texas Intermediate crude was flat at $38 per barrel.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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