Latest News Today – COVID-19 Pandemic Hits Swiss Gold Exports To India In


Swiss shipments to China and India plunged after the coronavirus emerged last year

Swiss exports of gold to India edged higher in June, although they remained far below levels earlier this year, and shipments to mainland China fell, Swiss customs data showed on Tuesday.

China and India are the world’s largest consumers of gold, while Switzerland is the world’s largest gold refining centre and transit hub.

Swiss shipments to China and India plunged after the coronavirus emerged last year, and exports to India, which were averaging nearly 60 tonnes a month in the early part of the year, have fallen again in recent months as the Delta variant of the virus spread.
 

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Swiss gold exports to China and India
Photo Credit: Reuters

With demand in Asia weak, more gold has flowed from Switzerland to Britain and the United States, both large trading and storage centres.

Following are numbers for June and comparisons.

Swiss Trade Data (Kg)

EXPORT (kg)

Jun-21 126,851

May-21 82,315

Jun-20 96,414

Shipments To Key Markets (KG)

To China To Hong To India To To the

Kong Britain U.S.

Jun-21 19,000 12,749 6,292 38,396 28,199

May-21 32,750 3,800 2,037 22,308 6,087

Jun-20 0 10 900 4,234 68,265

* Source: Swiss customs. Data subject to revision by source.



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Latest News Today – Rupee Hits Three-Month Low, Traders Expect More Losses


Rupee fell to its lowest levels in three months on Monday

The rupee dropped to its lowest level in three months on Monday, in line with other Asian currencies, as the rapid spread of the Delta variant of coronavirus threatened to derail economic recovery.

The partially-convertible rupee ended at 74.87/88 per dollar, compared with its close of 74.56 on Friday. The currency fell 0.4 per cent on the day, its biggest single-day fall since June 17.

“The bias of risk appetite is gradually turning towards risk-off as markets evaluate the impact of a resurgence in Covid-19 cases worldwide against a backdrop of escalating inflation environment and emergence of US-China tensions,” said Upasna Bharadwaj, economist at Kotak Mahindra Bank.

Stock markets and currencies in Asia saw heavy losses as some countries in the region tightened curbs to tackle a highly contagious Delta variant-fuelled surge of infections that sparked a sell-off in risky assets. 

India reported 38,164 new infections in the last 24 hours, data from health ministry showed, with deaths rising by 499 — the lowest in more than three months. The country’s broader NSE share index and the main BSE share index both dropped 1.1 per cent each.

The dollar gained broadly as investors expressed renewed skepticism over the potential for a strong economic rebound from the pandemic.

Looking ahead, traders now broadly expect the rupee to trade in a range of 74.40-75.40 over the week.



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Latest News Today – Dow Hits 35,000 Points As US Stocks End At Records


The investors are geared up for a heady earnings season.

New York, United States:

The Dow flirted with its first-ever close above 35,000 points Monday as US stocks turned in another record-filled session ahead of a heavy schedule of earnings releases and economic reports.

The blue-chip index finished at 34,996.18, a gain of 0.4 percent. The index was just above 35,000 points at the 2000 GMT closing bell, but settled under the benchmark after the close.

The broad-based S&P 500 gained 0.4 percent to 4,384.63, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 14,733.24.

All three major indices finished at records, reflecting how optimism over the economic recovery has offset worries about inflation and the Delta variant of Covid-19.

Investors are geared up for a heady earnings season, beginning Tuesday with reports from JPMorgan Chase and Goldman Sachs.

The period is expected to be the second strongest quarter in the last 25 years, according to CFRA Research’s Sam Stovall.

But analysts at DataTrek Research warned that earnings seasons “needs to be awesome” to extend the rally.

“We’re reminded of the old market saying, ‘buy the rumor, sell the news,'” DataTrek said in a note. “The first bit is happening right now. We will shortly see how the second part plays out.”

Other highlights this week include congressional testimony from Federal Reserve Chair Jerome Powell and the release of June consumer price and retail sales data.

New York Fed President John Williams told reporters Monday that the recovery in key areas of the US economy is not sufficient enough for the central bank to start pulling back on its aggressive stimulus program.

Large banks enjoyed a good session as Treasury bond yields strengthened and investors looked ahead to the earnings announcements. JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America all piled on at least one percent.

Disney was another big winner, surging 4.2 percent following a strong opening weekend for its “Black Widow” superhero movie. The entertainment giant also plans to increase the price for its “ESPN+” streaming service, CNBC reported.



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Latest News Today – Rupee Hits Record Low Of 74.87 Against Dollar, May Cross


Rupee Vs Dollar Today: The rupee settled at 74.74 against the dollar

Continuing its losing streak for the fourth straight session, the rupee fell 19 paise against the US dollar on Friday, July 2, to settle at 74.74 (provisional) amid a firm American currency and anticipation of a spike in crude oil prices – both of which weighed on investor sentiment. At the interbank foreign exchange market, the local unit opened on a negative note at 74.71 against the dollar and hovered in the range of 74.65 to 74.87 during the session. In the last four sessions to Friday, the domestic unit has lost 55 paise. In an early trade session, the local unit depreciated 20 paise to 74.75 against the greenback.

The domestic currency registered a volatile trading session throughout the week. On Thursday, July 1, the rupee fell 23 paise to close at 74.55 against the dollar – recording its lowest level in two months. On Wednesday, June 30, the local unit plunged to 74.32 against the dollar, registering its biggest monthly fall in 15 months. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05 per cent to 92.63.
 

What analysts say:

Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:

“The USDINR spot has continued the uptrend this week, and we likely need a catalyst to fuel another extension higher. After the big beat on US ADP employment the focus is on nonfarm payrolls data, as a strong candidate with enough impetus to accelerate US Dollar buying pressure. In USDINR spot the next week’s trading range will continue to be 74-75.25 with sideways bias.”

Mr Amit Pabari, MD, CR Forex:

”The US dollar Index has crossed 92.50, the strongest level since April 5th as bets rose that the Fed could move a step closer to tightening monetary policy on the continued upbeat in US data. 

Soaring crude oil prices being a threat to a net oil importing nation have further dented sentiments. The dollar is expected to rise as U.S. economic outperformance can continue to underpin the USDINR pair and we might see it moving close to 75.00-75.20 levels in the coming sessions if it sustains well above 74.40-50 zone convincingly.”

Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities:

”All eyes on US jobs report tonight. If the growth in US jobs is close to a million it will underscore the point that the US central bank will remain hawkish, at a time when RBI remains dovish. This contrast is enough to drive USDINR higher. The rising oil prices, in spite of OPEC + committing to increased supply and stronger USD. With Indian equity markets underperforming the developed peers due to lackluster FPI flows makes rupee unattractive. All in all, the combination of these factors can drive USDINR towards 75.30/40 levels on spot.”

Domestic Equity Markets Today:

On the domestic equity market front, the BSE Sensex ended 166.07 points or 0.32 per cent higher at 52,484.67, while the broader NSE Nifty climbed 42.20 points or 0.27 per cent to close at 15,722.20. The equity benchmarks snapped their two-day losing streak driven by gains in heavyweights – ICICI Bank, Reliance Industries, Infosys, State Bank of India, HDFC. The Sensex climbed 350 points from the day’s lowest level and the Nifty 50 index also reclaimed its 15,700 level.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:

Indian markets were slightly lower this week noting the gradual strengthening of the USD over the past week. Meanwhile, India’s unemployment rate (measured by CMIE) fell to 9.2 per cent in June 2021 from 11.9 per cent in May 2021, aided by steady relaxation of restrictions in major states. The Nifty 50 was at 15,678 on 2nd July falling by 1.2 per cent during the week, while the Sensex was at 52,405 falling 0.98 per cent during the week.

 Dr. Joseph Thomas, Head of Research, Emkay Wealth Management:

“After a fairly volatile session, the markets closed in the positive territory reflecting the inherent uneasiness in taking a definitive direction ahead of the weekend. While the frontline indexes closed marginally positive, the midcap index closed flat and the small cap index closed one per cent higher. Metals lost heavily followed by marginal losses in auto and capital goods.

While recovery from the pandemic is being taken as positive, the potential threats from the delta variant and the damage that it may cause which is still in the realm of speculation, is causing some consternation, as in certain parts of Europe it is reported that it is on the rise. This may dampen the sentiments a bit in the coming weeks depending upon the extent of its spread as the holiday season is on in most part of the Northern Hemisphere.”

Meanwhile, according to exchange data, the foreign institutional investors were net sellers in the capital market on July 1 as they offloaded shares worth Rs 1,245.29 crore. Brent crude futures, the global oil benchmark, fell 0.14 per cent to $ 75.73 per barrel.



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Latest News Today – Audi Car Speeding In Heavy Rain Hits Auto-Rickshaw In


The auto-rickshaw was smashed when it was hit by the Audi car in Hyderabad.

Hyderabad:

A video of reckless driving by a man in a speeding Audi car which hit an auto-rickshaw from behind and sent it spinning on the roads of Hyderabad amid heavy rainfall late in the night was shared by the Cyberabad police on its Twitter account this morning.

A passenger inside the auto-rickshaw died on the spot after the accident near Inorbit Mall in Madhapur area, the police said, while the driver has been injured.

“Reckless speed and drunk driving of an Audi car kills a passenger (an employee of Prism Pub!!) in the auto yesterday early morning near Inorbit Mall,” the Cyberabad police said on Twitter, while sharing the CCTV footage of the accident.

The passenger was identified as Umesh Kumar, an employee of Prism Pub in Hyderabad, who was returning home to Begumpet, when the Uber auto he was travelling in was hit from behind by the luxury car.

Two men who were in the car at the time of the accident, Sujith Reddy, a civil engineering student, and Ashish, an employee at software firm HCL, have been arrested.

Officials initially identified Raghunandan Reddy, a businessman, as the owner of the car. Mr Reddy’s driver confessed to the crime but an investigation by the police revealed something else.

The CCTV footage and questioning of Mr Reddy’s son, Sujith, revealed that he and Ashish were drunk after coming back from a private party and were driving the vehicle on high speed when it hit the auto-rickshaw.

Auto-rickshaw driver Sreenu said it was his first trip in the early hours of Sunday when he picked up a passenger and was heading towards Begumpet. He said his rickshaw was suddenly hit and it went into a spin near the Ikea crossing in the city.

“I was lucky to escape alive. My passenger who was about 37-years-old died. My auto is just about four months old. It is now smashed. I have three daughters. I have money to repay that I borrowed for financing the auto. How should we survive?” the auto-rickshaw driver asked.

Last week, a woman died and five others were seriously injured after a Mercedes SUV ran over a pedestrian and rammed an auto-rickshaw and other vehicles in Hyderabad’s Old City area. The police said the owner of the Maharashtra-registered car had fled with his family but was arrested later.





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Latest News Today – Deepak Spinners Rallies 20%, Hits Record High After


Shares of the Chandigarh-based textile company – Deepak Spinners – were locked in 20 per cent upper circuit at fresh 52-week high of Rs 201.90 on the BSE a day after ace investor Dolly Khanna picked 1.06 per cent stake in the company. Dolly Khanna bought 76,555 shares in an open market transaction in Thursday’s session at an average price of Rs 167.21 in a transaction worth Rs 1.28 crore, data from BSE showed.

In another bulk deal transaction, an individual investor Suvrat Jain sold 41,302 shares at an average price of Rs 156.43 per share.

Dolly Khanna is an ace value investor who holds stake in companies such as Rain Industries, KCP, Neuland Laboratories, Nucleus Software, Butterfly Gandhimathi and NCL Industries. She has been investing in stock markets since 1996, according to trendlyne.com.

Deepak Spinners located in Chandigarh, is a well-established name in the textile industry. The company is a leading manufacturer of dyed synthetic yarn. Other than the domestic market, the company exports to Syria, the Middle East, Turkey, Belgium, and the US.

As of 3:11 pm, there were pending 35,839 orders for shares with no seller on the BSE.



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Latest News Today – Man Killed In “Tragic Accident” As Truck Hits US Pride


Florida, US: Police said the truck’s driver was a participant in the Pride Parade. (Representational)

Washington:

One man was killed and another injured in what US authorities said Sunday was a “tragic accident” at a Pride parade in Florida where a pickup truck driver unintentionally accelerated, striking pedestrians.

The incident happened at the start of the Wilton Manors Stonewall Pride Parade and festival on Saturday, an LGBTQ celebration in a town near Fort Lauderdale in the southern US state, causing initial confusion whether the accident was part of a deliberate attack.

Fort Lauderdale Police announced Sunday that the 77-year-old driver was a participant in the festivities who had been selected to drive the lead vehicle due to “ailments preventing him from walking during the duration.”

The white pickup had begun to move forward anticipating the start of the parade when it “accelerated unexpectedly, striking two pedestrians” before crashing into the fence of a nearby business, the police said in a statement.

All three men were members of the Fort Lauderdale Gay Men’s Chorus, the police said, adding that the driver was cooperative with authorities.

The two adult men were transported to a medical centre where one later died, according to the statement. The other remains hospitalised but is expected to survive.

“Today we know yesterday’s incident was a tragic accident, and not a criminal act directed at anyone, or any group of individuals,” the Walton Manors Police Department said in a separate statement.

Justin Knight, president of the Fort Lauderdale Gay Men’s Chorus, called the incident an “unfortunate accident.”

“Our thoughts and prayers are with those affected by the unfortunate accident that occurred when the Stonewall Pride Parade was just getting started,” he said in a statement Saturday.

Fort Lauderdale Mayor Dean Trantalis, who was at the parade, initially told a local broadcaster he thought the crash was “deliberate.”

In the immediate aftermath, he called it “a terrorist attack against the LGBT community” and claimed the truck had targeted the car of a Democratic congresswoman, Debbie Wasserman Schultz — who was in a convertible waiting to take part in the procession — but narrowly missed her.

Trantalis explained on Sunday that he had initially “feared it could be intentional based on what I saw from mere feet away.”

“As the facts continue to be pieced together, a picture is emerging of an accident,” he said.

Wasserman Schultz said on Twitter that she was “heartbroken” by what had taken place.

“I am deeply shaken and devastated that a life was lost,” she said.

“My staff, volunteers and I are thankfully safe,” she added.

The Wilton Manors Police Department tweeted Saturday night after the crash that the public was not in danger.

June is Pride Month, which commemorates the 1969 Stonewall riots sparked by repeated police raids on a popular gay bar in New York. The demonstrations proved to be a turning point in the LGBTQ community’s struggle for civil rights.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Latest News Today – India’s Fuel Demand Hits 9-Month Low In May 2021 Amid


State refiners’ daily petrol and diesel sales declined by about a fifth in May from a month earlier

The country’s fuel demand slumped in May to its lowest since August last year with a second COVID-19 wave stalling mobility and muting economic activity in the world’s third largest oil consumer. Oil demand fell 11.3 per cent to 15.11 million tonnes compared to the previous month and was down 1.5 per cent from a year earlier, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed on Wednesday.

“It’s primarily because of the lockdowns, but it’s very difficult to isolate the impact on demand as even high oil prices could sort of pinch a little bit in terms of demand recovering more slowly,” said Prashant Vashist, Vice President and Co-Group head at ICRA.

Indian state refiners’ daily petrol and diesel sales declined by about a fifth in May from a month earlier due to the pandemic, but higher fuel prices have also sapped consumption. The country’s total coronavirus infections crossed 27 million and hit record daily levels last month, putting the government “on a war footing” to contain the spread.

However, as cases decline, parts of the country are expected to ease movement restrictions, which could boost demand. “Everybody is expecting the recovery will be faster this time… so in another quarter or so probably we should be somewhere close to pre-pandemic levels,” Vashist added.

Diesel consumption, a key parameter linked to economic growth and which accounts for about 40 per cent of overall refined fuel sales in India, rose 0.7 per cent year-on-year, but dipped 17 per cent from the previous month to 5.53 million tonnes. Sales of petrol, increased by 12.4 per cent from a year earlier, but fell about 17 per cent month-on-month to 1.99 million tonnes.



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Latest News Today – India Hits Out At UN General Assembly President For


The Ministry of External Affairs (MEA) said Volkan Bozkir’s remarks are “unacceptable”. (File)

New Delhi:

India on Friday hit out at President of the UN General Assembly Volkan Bozkir for his comments on Jammu and Kashmir, saying his “misleading and prejudiced” remarks does “great disservice to the office he occupies”.

Mr Bozkir, at a press conference in Islamabad along with Pakistan Foreign Minister Shah Mahmood Qureshi on Thursday, said it was “Pakistan’s duty” to bring the issue of the Jammu and Kashmir more strongly to the UN.

In a strong reaction, the Ministry of External Affairs (MEA) said his remarks are “unacceptable” and his reference to the Indian union territory is “unwarranted”.

“When an incumbent President of the UN General Assembly makes misleading and prejudiced remarks, he does great disservice to the office he occupies. The President of the UN General Assembly’s behaviour is truly regrettable and surely diminishes his standing on the global platform,” MEA Spokesperson Arindam Bagchi said in response to a media query on the issue.

Expressing “strong opposition to the unwarranted references made with respect to the Indian Union Territory of J-K” by Mr Bozkir during his recent visit to Pakistan, Mr Bagchi said his remarks that “Pakistan is ‘duty bound’ to raise this issue in the UN more strongly are unacceptable. Nor indeed is there any basis for comparison to other global situations.”

Mr Bozkir arrived in Pakistan on Wednesday on a three-day official visit at the invitation of Mr Qureshi.

Pakistan has been making concerted efforts to internationalise the Kashmir issue and stepped up anti-India campaign on the issue following New Delhi’s decision to withdraw special powers of Jammu and Kashmir and bifurcate the state into two union territories in August 2019.

India has told Pakistan that it desires normal neighbourly relations with Islamabad in an environment free of terror, hostility and violence. India has said the onus is on Pakistan to create an environment free of terror and hostility.



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Latest News Today – Nifty Hits Record High, Sensex Jumps Over 300 Points;


The benchmark indices have opened firm, with the BSE Sensex rallying more than 300 points and Nifty hitting all-time highs, on the back of positive global cues. At 9:18 am, the BSE Sensex was at 51,351.55, higher by 250.55 points or 0.48 per cent and the NSE Nifty was at 15,424.95, up 87.70 points or 0.56 per cent. The broader markets were also trading firm, with the BSE Midcap index and BSE Smallcap index adding 0.3 per cent and 0.4 per cent each.

Asian markets rose on Friday, with the broader Hang Seng index in Hong Kong gaining 0.59 per cent. In Japan, the Nikkei 225 jumped 1.94 per cent while the Topix index advanced 1.78 per cent. South Korea’s Kospi edged 0.56 per cent higher.

U.S. stocks advanced slightly on Thursday as data showing improvement in the labor market helped bolster expectations in the economic recovery and spurred a minor rotation towards stocks seen as more likely to benefit from the rebound.

The Dow Jones rose 0.41 per cent, the S&P 500 gained 0.12 per cent and Nasdaq Composite dropped 0.01 per cent.

On the earnings front, Mahindra & Mahindra, Glenmark Pharmaceuticals, Indian Bank and Ipca Laboratories will declare their Q4 numbers during the day.

On the stock-specific front, metal stocks led the Nifty higher, with Tata Steel, JSW Steel and Hindalco locking in gains of 2-3 per cent to emerge as the top gainers on the Nifty. Among the other significant gainers, HDFC, Tata Motors and Reliance Industries rallied around a per cent each. 

On the other hand, pharma stocks were seeing some selling pressure, with Cipla, Sun Pharma and Dr Reddy’s shedding 1-3 per cent each on the NSE.



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