Global markets Move Back Up; SGX Nifty in Green
Stocks in the U.S. markets moved up after the biggest three-day drop since September. Riskier assets including financials, hotels, and airlines moved up.
Markets around the world have bounced back from many days of fall. Nike moved up after sales in the U.S. beat forecasts. SGX Nifty is trading at 16,851 currently.
- Stoxx Europe is up by 1.22%
- Dow Jones is up by 1.02%
- NASDAQ is up by 0.93%
U.K Announces 1 Billion Pounds Extra Support For Businesses Hit By Omicron
The U.K government on Tuesday announced 1 billion pounds (Rs 9,800 crores) of extra support for businesses that are badly affected by the spread of the Omicron variant. Finance minister Rishi Sunak said that the measures would help thousands of businesses, but if further restrictions are imposed it would cause more harm to the economy. Under the new package hospitality and leisure companies in England will be eligible for supports up to 6,000 pounds for each of their units and it accounts for almost 700 million pounds of the new package.
U.S. Current Account Deficit Surges To A 15-Year High In Q3
The U.S Commerce Department said on Tuesday that the current account deficit, which rose 8.3% to $214.8 billion during the third quarter ended September. The current account deficit helps to understand the flow of goods, services, and investments into and out of the country. The latest jump is caused by a record increase in imports to fill inventories to meet strong demand.
Japan’s Kishida Vows To Ask Companies To Raise Wages
Japanese Prime Minister Fumio Kishida said on Tuesday that he would do his best to press companies to pay more salaries to the employees. Raising pay is a key pillar of Kishida’s “New Capitalism” plans to bring economic growth in all fields. An upper house election due next year is also a driving force beyond the move. The new rules are expected in the non-financial disclosure for firms in the year starting in April.
Bitcoin shoots back up with biggest one-day gain since November
Bitcoin gained the most in a single day for more than a month. It was temporarily above $49,000 for the first time in five days.
The largest cryptocurrency by market cap in the world gained as much as 5% intraday before falling a bit. Bitcoin had moved down about 30% over the past five weeks after setting a record high of almost $69,000 in early November.
Putin warns of Military Response even as U.S. looks for dialogue
Russian President Vladimir Putin has said that his country will deploy military to counter NATO expansion toward Russia’s borders. But he said that he hoped for a diplomatic solution to rising tensions as the U.S. said it was ready to discuss his security demands.
He said that the U.S. and its allies “must understand that we have nowhere to retreat further” and Russia can’t allow them to deploy missiles in Ukraine continuing the international tensions.
Iron Ore Futures Rally 50% in Six Weeks
Iron ore prices continued their spectacular rebound from an 18-month low with China supporting its struggling real estate sector.
Futures of the metal in Singapore have climbed more than 50% in just six weeks as demand increased. Chinese Authorities are encouraging banks to help fund acquisitions of bankrupt developers projects. Domestic banks also lowered borrowing costs for the first time in 20 months.