KEY STAT | China gives away free digital yuan in Shenzhen | KrASIA

Daniel Fowler
October 14, 2020

The European Central Bank this week is also expected to kick off public consultation on a digital euro.

USA stocks climbed on Monday as investors looked to Washington to unveil more fiscal stimulus to aid the economy and hoped that Wall Street's largest banks would post decent quarterly earnings later this week. The Treasury market is closed for a USA holiday. The Dow Jones Industrial Average climbed 250 points, or 0.88%, to 28,837.52.

The S&P 500 traded near session highs and the Nasdaq 100 surged more than 3%, with Amazon.com Inc. and Apple Inc. soaring ahead of key events. The Nasdaq Composite added 177 points, or 1.53%, to 11,760.87.

"The market leaders are once again the tech names, supported by the fact that the economy continues to expand", said Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in NY.

Coronavirus aid plans in the USA are also in disarray, with the Trump administration on Sunday calling on Congress to pass a stripped-down relief bill while talks on a more comprehensive proposal were again at an impasse.

U.S. President Donald Trump on Friday had offered a $1.8 trillion coronavirus relief package after urging his team on Twitter to "go big" in negotiations with the Democrats to reach a deal.

Power restored in most areas, trains return to normalcy
Mumbai hospitals were instructed to assess that their supply of diesel was sufficient for eight hours and get enough supplies. Naturally, the power cut also affected train services, seen as a lifeline of Mumbai's high-paced lifestyle.

MSCI's gauge of stocks across the globe climbed 1.43% to 592.96, a level not seen since September 2, while European stocks rose 0.72% to 373.00.

Technology conglomerate SoftBank Group was up 2.64%, while among the benchmark's other major components, automation specialist Fanuc was down 1.79% and fashion firm Fast Retailing was 0.1% weaker.

Citing statistics, on Monday's FX market closure, the US Dollar index fell by 0.05 per cent to 93.07, while the offshore Chinese Yuan dropped 0.76 per cent against its American counterpart after the China's Central Bank had been quoted saying that it would reduce reserve requirement ratio for the regional lenders during exercising foreign exchange trading.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1% to 2-1/2-year highs, buoyed by a 3% gain in Chinese blue chips and a 2.2% rise by Hong Kong's Hang Seng index.

In commodity markets, oil prices were back under pressure after the resolution of an oil workers strike in Norway and the resumption of production after a storm in the Gulf of Mexico. Bank of America Corp. and Wells Fargo & Co. report third-quarter results this week, analysts expect a slight uptick in net charge-offs with some loans souring.

Brent crude fell $1.09, or 2.5%, to $41.76 a barrel and U.S. West Texas Intermediate was down $1.15, or 2.8%, at $39.45.

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