India’s main stock market index saw its worst performance in six weeks on Monday, dropping sharply as a spate of new coronavirus cases had investors jittery that new restrictions would come.
India S&P BSE Sensex
fell 3.5%, the worst single-day drop since the 3.8% slide on Feb. 26. India recorded 169,914 new infections and 904 deaths on Sunday.
There was more negative coronavirus news from China, where a government official said the effectiveness of its vaccines was low. The
dropped 1.2%, and markets in Tokyo and Hong Kong also fell.
That offset some positive developments on the virus front from elsewhere, with pubs and hairdressers reopening in England. In the U.S., Federal Reserve Chair
said the economy was at an inflection point, as he also told the “60 Minutes” news program that the central bank would wait until the jobs recovery was complete before increasing interest rates.
Powell’s message comes ahead of inflation data in the U.S. set to be released on Tuesday. This week will also see the release of first-quarter earnings from major U.S. banks including
“The upcoming weeks will provide a reality check on whether this bull market still has the potential to creep higher or some profits needs to be cashed out,” said
chief market strategist at FXTM.
surged 12% in Seoul after reaching a legal settlement with
Energy Solution that won praise from the White House, relieved that the supply of batteries for electric vehicles to
Ford Motor Co.
won’t be disrupted.
will pay LG 2 trillion won, or $1.8 billion. Shares of
LG Energy Solution’s parent company, edged up 0.6%.
Another company rallying after agreeing to pay billions of dollars was
which jumped 8% in Hong Kong after being imposed an 18.2 billion yuan, or $2.8 billion, fine over alleged anticompetitive behavior that the e-commerce company said it accepted “with sincerity.”
shares rose 8% and
added 7%, as the two utility companies said they have reached a deal in principle on a merger, with Veolia to pay €20.50 per share.
Shares of Italian diagnostic specialist
surged 7% on Monday, after announcing a deal to buy Covid-19 testing kit maker
for around $1.8 billion, or $37 per share.