China approved a decision to go forward with national security legislation for Hong Kong, which could erode the city’s freedom and jeopardise its role as a financial hub. India said it has recorded a total 1,65,799 cases while 4,706 people have died.
Hong Kong
PNB Fraud: Nirav Modi’s Assets, Valuables worth Rs 255 cr Seized by Enforcement Directorate in Hong Kong
The Enforcement Directorate has attached absconding jeweller Nirav Modi’s assets and valuable worth Rs 255 crore in Hong Kong in connection with $2 billiion alleged fraud in Punjab National Bank.
Bears Embrace Asia as Stock Benchmark Sinks 20% From Record High
Asia’s main equity gauge is poised to succumb, joining four major regional benchmark indexes into bear-market territory. the MSCI Asia Pacific Index slipped 0.5 percent to 149.68 as of 10:10 a.m. in Hong Kong, taking its slump from a Jan. 26 peak to 20 percent.
How Does Gold Impact the Indian Economy?
India’s gold market is driven primarily by the consumption and fabrication of the yellow metal. Both have a significant impact in terms of economic value add, employment, contribution to foreign exchange earnings, and the trade balance. A report commissioned by the World Gold Council from PricewaterhouseCoopers estimated that gold made a direct contribution of more than $30 billion to the Indian economy.
Nikkei Hits 27 Year High on Strong Dollar, Wall Street Gains
Japan’s Nikkei hit a 27-year high on Friday, taking heart from a boost for the dollar after the Federal Reserve chairman said he did not expect a near-term recession, and strong gains on Wall Street overnight.
Futures Signaled Losses for Stock Indexes in Japan
Gold Silver Reports (GSR) – Futures signaled losses for stock indexes in Japan, Hong Kong and South Korea after the S&P 500 Index followed European bourses lower. Reports that the U.S. Treasury will propose limits on Chinese technology investment damped sentiment, though stocks did recoup some losses as National Trade Council Director Peter Navarro said there were no plans to impose restrictions. The dollar weakened and 10-year Treasury yields fell to the lowest in more than three weeks.
Big Event for Metal LME – Asia and World Cuses – LME Asia Week 2018 Events
Gold Silver Reports (GSR) – Big Event for Metal LME – Asia and World Cuses – LME Asia Week 2018 Events, The London Metal Exchange, its parent Hong Kong Exchanges & Clearing, as well as industry participants are hosting various events, seminars and the annual black tie dinner.
Vedanta Stock Declines Ahead Of Quarterly Results Announcement; Xiaomi Files in Hong Kong for World’s Biggest IPO Since 2014
Gold Silver Reports (GSR) – Vedanta Declines Ahead Of Quarterly Results Announcement – Shares of the base metal producer extended declines for the second day and fell as much as 2.1 percent to Rs 277.35, ahead of its March quarter results announcement. Analysts surveyed by Bloomberg predict the company’s net profit to decline 13.7 percent on a yearly basis to Rs 2,579 crore.
Hong Kong Plows $1.2 Billion Into Defending Currency to Little Effect
Gold Silver Reports (GSR) – Hong Kong Plows $1.2 Billion Into Defending Currency to Little Effect — The city’s dollar traded near HK$7.85 per greenback at 12:23 p.m. local time, the level that can spur buying by the de facto central bank. The Hong Kong Monetary Authority has spent HK$9.7 billion ($1.2 billion) mopping up local dollars since the weak end of the band was reached on Thursday for the first time since 2005. The pace of intervention shows outflows are bigger than people had thought, according to China Everbright Bank Co.
Asia Stocks Gain After U.S. Rebound on Trade Hopes
Gold Silver Reports (GSR) – Japanese and South Korean shares led gains in the region and Australian equities advanced, with markets in China and Hong Kong closed Thursday for holidays. The S&P 500 Index swung from a loss to close up 1.2 percent, and 10-year Treasury yields turned higher, after traders’ optimism grew that the U.S. and China will step back from the brink of a trade war. Representatives from China and the U.S. left the door open for a negotiated solution to avoid tariff proposals that wouldn’t take effect for months.