Business News Live: Asian markets open
Asian markets open
Asian shares rise, extending last week’s run, Technology shares rallied in Japan and China. Japan’s Topix rose 1.4% in early trade. Hong Kong’s Hang Seng Index rose 2%. China’s Shanghai Composite Index also added 0.3%
Japanese shares rose after Prime Minister Fumio Kishida said he wasn’t considering changes to the country’s capital-gains tax while Chinese tech stocks rose on easing concerns about Beijing’s crackdown on internet platforms.
Australia was a contrarian as Down Under’s S&P/ASX 200 fell 0.6% today.
Global energy prices are sky-high. Crude oil is at a seven-year high. The surge catapulted Saudi Aramco into the $2 trillion club last week. Prices of natural gas have also double in the last six months. And global carbon emission-reduction plans have had a negative effect on an already supply-constrained coal. The combination of these price rises could have impact on inflation, and damp consumer spending in the coming months.
This is evident in the surge in petrol, diesel and LPG prices. On Sunday, Diesel crossed ₹100-a-litre-mark in Gandhinagar and Leh. The price of petrol in Delhi rose to its highest-ever level of ₹104.14 a litre and ₹110.12 per litre in Mumbai.
On coal, Power Ministry’s data shows a nearly 2% dip in consumption, which could slightly improve the supply situation. Consumption dipped by 72 million units (MU) to 3,828 MU on October 9 compared to 3,900 MU on October 8. The Union government also termed fear of coal shortage as ‘misplaced’, confirming that there is currently 24-days of supply available.
Our blog will be tracking developments in energy markets. We’ll also track other developments, including the one at the International Monetary Fund (IMF). The lender’s board will soon decide on the data-rigging allegations against its Managing Director Kristalina Georgieva. The 24-member board is looking to complete its review before it kicks off its annual meetings this week. Central bankers and finance ministers from across countries will attend IMF and World Bank’s events this week at Washington, D.C. – John Xavier
Follow our live blog for more updates on the global economy, markets and corporations.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)