Asian stocks fell Friday as the fast-spreading delta virus strain stoked concerns about economic growth and China’s regulatory curbs sapped sentiment. The dollar was firm and commodities held a decline.
Equities slid in Japan, Hong Kong and China, where Beijing is deepening a crackdown on private industry. US futures retreated after modest S&P 500 and Nasdaq 100 gains during a choppy overnight session. Treasuries held a climb and the dollar was around a nine-month high.
Commodities have slumped, flashing a warning about the impact of covid-19’s resurgence on the global recovery.
The delta strain is stoking doubts about achieving herd immunity to underpin economic reopening, just as Chinese activity slows and the Federal Reserve eyes a gradual reduction of emergency stimulus. That mix puts global stocks and commodities on course for one of their worst weeks this year. Analysts cautioned that options expirations due Friday may be fueling volatility.
Vodafone Idea Ltd on Thursday paid its entire licence fee dues for the quarter ended June, offering hope to investors that the company may yet avoid a collapse if the government comes out with a rescue package for the struggling industry.
HDFC Bank Ltd raised $1 billion by selling additional tier-1 (AT1) bonds to overseas investors, the biggest such sale by an Indian lender, to strengthen its balance sheet amid a rebound in credit growth after the pandemic’s second wave ebbed, according to a Mint report.
Vedanta group firm Hindustan Zinc Ltd (HZL) on Wednesday said that there is no change to its dividend policy and it will adhere to it.The statement comes a day after the company deferred its board meeting which was to consider interim dividend for FY22.
One of the promoters of scam-hit Karvy Group, was arrested on Thursday on charges of defaulting a bank loan, police said. C Parthasarathy was arrested for defaulting on a loan taken from the IndusIndbank in 2019 and diverting the fund to other bank accounts, Avinash Mohanty, Joint Commissioner of Police, (Detective Department) said adding there are two similar cases against him filed by HDFC Bank.
CarTrade Tech will make stock markets debut today. The ₹2,998.51-crore initial public offer (IPO) was in a price range of ₹1,585-1,618 per share. The issue was subscribed 20.29 times.
(Bloomberg contributed to the story)
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