Worldwide : Headlines
Coronavirus: India announces $264bn economic rescue package
India has announced a 20 trillion rupee ($264bn; £216bn) economic package to help the country cope with its prolonged coronavirus lockdown.
In a televised address Prime Minister Narendra Modi said the measures would support farmers and small businesses.
Finance Minister Nirmala Sitharaman is due to announce further details in the next few days.
India has more than 70,000 cases among its 1.3bn population and is expected to pass China’s numbers within a week.
Mr Modi said the package, which is equivalent to 10% of India’s gross domestic product, aimed to help people who have lost their jobs and businesses hit by the shutdown.
Full coverage : BBC News
Worldwide : Business News
U.S reports record %738 billion budget deficits in April
WASHINGTON – The United States on Tuesday reported a record $738 billion budget deficit in April as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic pushed it deeply into the red.
The Treasury Department said the budget deficit in April was the first to reflect the enormity of government spending that has been authorized to try to mitigate the economic impact of the crisis. The previous record budget deficit for any month was $235 billion in February 2020.
Until recently, most of the country was under strict lockdown orders and many businesses were shuttered to try to contain the spread of the virus, which has killed more than 80,000 people in the United States.
Full coverage : REUTERS
S&P 500 tumbles on fears of virus resurgence in economic reopening
New York – The S&P 500 dropped 2% on Tuesday as investors took profits following a warning from the top U.S. infectious disease expert that premature moves to reopen the nation’s economy could lead to novel coronavirus outbreaks and set back economic recovery.
The index suffered its first decline in four sessions as investors weighed the potential for a second wave of virus infections against hopes that easing of stay-at-home restrictions could ignite a recovery in the U.S. economy, which has been severely damaged by the virus.
Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told Congress that the virus, which has already killed 80,000 Americans, was not yet under control and that there would not likely be a treatment or vaccine in place by late August or early September.
Full coverage : REUTERS
Stock market rally pauses, bonds edge higher on fears of second virus wave
NEW YORK – World equity markets slid and safe-haven bonds climbed on Tuesday as rising concerns about a second wave of coronavirus infections outweighed stronger economic data from China and upbeat corporate earnings in Europe.
U.S. stocks dragged global equity benchmarks lower after Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told Congress the virus was not yet under control and that there would not likely be a treatment or vaccine in place by late August or early September.
Stock markets have rebounded sharply in recent weeks as the spread of the novel coronavirus was curbed in the largest economies of Asia and Europe, while parts of the U.S. economy began to reopen after weeks of lockdowns.
Full coverage : REUTERS
Stock futures fall, extending losses from the previous session
U.S. stock futures moved lower in overnight trading and pointed to losses at the open on Wednesday, after a sharp sell-off in the previous session.
Dow futures fell 150 points, indicating a loss of 0.7%. The S&P 500 and Nasdaq Composite were also set to open lower, with losses of 0.85% and 0.75%, respectively.
Stocks fell on Tuesday, after spending much of the session around the flatline, as investors parsed through the latest developments surrounding the economy reopening.
The Dow Jones Industrial Average lost more than 450 points, reversing its 160 points gain earlier in the day. The S&P 500 also registered a steep loss, dropping 2.05%.
Full coverage : CNBC
Stocks in Asia Pacific slip amid risks of new infections as economies reopen
Stocks in Asia Pacific dipped on Wednesday morning as caution remained over a recent resurgence in coronavirus cases in certain countries regionally as they start to reopen their economies.
In Japan, the Nikkei 225 dropped 1.01% in morning trade as shares of index heavyweight Softbank Group fell more than 3%. The Topix index also slipped 0.71%.
Mainland Chinese stocks were lower in early trade, with the Shanghai composite down 0.5% while the Shenzhen composite dipped 0.264%. Hong Kong’s Hang Seng index declined 0.72%.
South Korea’s Kospi declined 0.34%.
Meanwhile, shares in Australia also traded lower, as the S&P/ASX 200 fell 1.52%.
Overall, the MSCI Asia ex-Japan index traded 0.64% lower.
Full coverage : CNBC
