5 Minutes Read

Most Asian indexes advance after strong US data releases give Wall St a boost

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Japan’s Nikkei 225 rose 0.57 percent, with gains seen across automakers and most tech stocks, as the dollar gained against the yen.

Most Asian indexes made gains early on Thursday after positive U.S. data gave Wall Street a boost overnight as the dollar held onto overnight gains.

Japan’s Nikkei 225 rose 0.57 percent, with gains seen across automakers and most tech stocks, as the dollar gained against the yen. Meanwhile, South Korea’s Kospi slipped 0.12 percent in early trade.

Down Under, the S&P/ASX 200 tacked on 0.33 percent as the tail-end of reporting season approached. The information technology and heavily-weighted financials sub-indexes made moderate gains, while the energy sub-index recorded a 1.39 percent fall.

Malaysia markets are closed for a public holiday.

Revised second-quarter GDP showed the US economy grew 3 percent in that period, above the 2.6 percent figure previously calculated. Meanwhile, the private sector in the U.S. added 237,000 positions in August, above a Reuters forecast of 185,000. That was the fastest pace of private payrolls growth in five months.

Stocks stateside closed higher as investors digested the economic data, with tech stocks leading gains.

The positive data releases also gave the greenback a boost overnight. The dollar index, which tracks the dollar against a basket of six currencies, climbed as high as 92.946 overnight compared to levels around 92.3 the day before. The dollar index stood at 92.935 at 8:06 a.m. HK/SIN.

Against the Japanese currency, the dollar rose to its highest levels in around two weeks. The dollar last fetched 110.52 yen, compared to the 109 handle seen for most of the past fortnight.

The dollar held onto gains after the release of Japan July industrial production on Thursday. Industrial output slipped 0.8 percent compared to the previous month, Reuters reported. That was slightly higher than the fall of 0.5 percent forecast in a Reuters poll.

Elsewhere, President Donald Trump said he didn’t want to be “disappointed by Congress” on tax reforms during a speech on Wednesday. The president provided few details aside from outlining how cutting corporate and individual tax rates could lead to economic growth and job creation.

On the energy front, the largest oil refinery in the US started to shut down on Wednesday due to severe weather conditions arising from Tropical Storm Harvey. Around 24 percent of US refining capacity has now been shuttered, according to Reuters.

US gasoline futures continued climbing after settling 5.9 percent higher overnight. Gasoline futures traded 4.26 percent higher at $1.9650 a gallon. Brent crude slid 0.57 percent to trade at $50.57 a barrel and U.S. crude shed 0.28 percent to trade at $45.84.

In corporate news, Toshiba’s attempt to sell its memory chip unit was back in the spotlight after Reuters reported Bain Capital had made a last-minute bid of around $18 billion. Apple and South Korea’s SK Hynix are part of the consortium led by Bain, Reuters said. Toshiba has set an Aug. 31 deadline to complete an agreement for the sale of its memory business with another consortium involving Western Digital. Toshiba’s stock was up 1.95 percent in early trade.

Market movers during the Asian trading day could include China’s largest banks, which reported profits after the market close on Wednesday. Those names included Bank of China, Industrial and Commercial Bank of China and Agricultural Bank of China.

Here’s the economic calendar for today (all times in HK/SIN):

9:00 a.m.: China August official manufacturing and services PMI
9:00 a.m.: South Korea’s Bank of Korea rates decision
9:30 a.m.: Australia July private sector credit
8:00 p.m.: India second-quarter GDP

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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This doesn’t feel like a 3% GDP economy: Warren Buffett

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The 3 percent threshold is what President Donald Trump and his administration want to achieve for gross domestic product growth.

Billionaire investor Warren Buffett, chairman and CEO of Berkshire Hathaway, told CNBC on Wednesday that U.S. economic growth does not feel like 3 percent.

The 3 percent threshold is what President Donald Trump and his administration want to achieve for gross domestic product growth.

The government reported on Wednesday that GDP increased at a 3.0 percent annual rate in the second quarter. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.

“I would guess we’re in a 2 percent growth economy now,” Buffett said on “Squawk Alley.” “Every now and then we think it’s accelerating. And every now and then that maybe there’s a double dip or something. It just seems to be a couple of percent.”

“If we have 2 percent for a generation, 25 years, you would have a would have a USD 19,000 GDP gain per person in the United States,” he added.

Growth last quarter, according to the Commerce Department, was the strongest since the first quarter of 2015. It followed a 1.2 percent pace in the first quarter of 2017.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

European markets edge higher as North Korea jitters subside; RTL up 6%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The pan-European Stoxx 600 was 0.6 percent higher after hitting a six-month low in the previous session. Insurance and media stocks, which had been the worst performing sectors on Tuesday, were ahead of their peers in early deals, offsetting some of the previous losses.

European markets edged higher on Wednesday morning as investors tried to oust any nerves surrounding North Korea tensions and took advantage of the positive sentiment seen overseas.

 The pan-European Stoxx 600 was 0.6 percent higher after hitting a six-month low in the previous session. Insurance and media stocks, which had been the worst performing sectors on Tuesday, were ahead of their peers in early deals, offsetting some of the previous losses.

Banking stocks were also higher on Wednesday morning supported by some upgrades in the sector. Swedbank rose 1.7 percent after JPMorgan upgraded its recommendation on the Swedish lender.

Looking at individual performances, RTL Group jumped to the top of the European benchmark, up by nearly 6 percent, after its first-half results. The broadcast group surprised analysts despite admitting a “challenging” advertising market. Insurer Baloise also rose about 5 percent in early trading on strong first-half figures.

Petrofac rose 2 percent though it cut its dividend by 42 percent as part of efforts to improve its balanced sheet.

Euro eases, consumer confidence figures due

The euro moved slightly lower against the dollar on Wednesday morning, trading at $1.19. The currency had broken above the $1.20 point on geopolitical concerns.

In the previous day’s trade, markets worldwide became skittish on the back of news that North Korea had fired a ballistic missile over Japan, however U.S. markets finished in the black and Asia traded mostly higher on Wednesday as nerves abated.

On Tuesday, President Donald Trump issued a statement saying that “all options are on the table” when it comes to responding to North Korea’s recent missile launch.

“The world has received North Korea’s latest message loud and clear: this regime has signaled its contempt for its neighbors, for all members of the United Nations, and for minimum standards of acceptable international behavior,” Trump said in a statement.

The U.S. incumbent went on to add that “threatening and destabilizing actions” would only increase the North Korean regime’s isolation both in Asia and with the rest of the world.

Meanwhile, the wrath of Hurricane Harvey continues to be felt in markets worldwide, with oil prices under pressure in morning trade as flooding and storm damage continues to have an impact on U.S. refineries.

At 8.20 a.m. London time Brent traded around $51.98 a barrel, while U.S. crude last stood around $46.30.

Looking to data, U.K. consumer credit figures, euro zone sentiment and preliminary inflation data for Germany are all due out during market trade.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Dow futures fall 109 points as North Korea jitters return to haunt Wall Street

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Dow Jones industrial average fell 109 points, while S&P 500 and Nasdaq 100 futures declined 13.25 points and 46.25 points, respectively.

U.S. stock index futures pointed to a sharply lower open on Tuesday, as geopolitical concerns surrounding North Korea and the West were amplified, following news that a missile had passed over Japan.

Dow Jones industrial average fell 109 points, while S&P 500 and Nasdaq 100 futures declined 13.25 points and 46.25 points, respectively.

In recent weeks, concerns around North Korea have subsided as tensions appeared to have eased between the country and the West.

On Tuesday however, Japan’s Prime Minister Shinzo Abe told reporters that a ballistic missile which was fired by North Korea had passed over Japan. Abe has since stated that the missile posed a grave threat to the country of Japan, and that he would ask the United Nations to ramp up the pressure on Pyongyang.

Markets worldwide showed signs of nervousness, with investors turning to safe-haven assets. Markets in Asia and Europe fell into the red on the back of the geopolitical news.

Aside from North Korea, domestic politics will be of key importance as President Donald Trump heads to Texas on Tuesday amidst the flooding that is causing chaos in Houston.

Investors will also be looking for how the U.S. incumbent will respond to recent reports about his presidency and how he will handle North Korea.

Investors in the U.S. are likely to keeping note of how much of an impact Hurricane Harvey will have on the energy sector, as well as other businesses such as insurance, after several businesses and refineries had to temporarily shut due to the natural disaster.

In early morning trade however, oil prices fluctuated between gains and losses, supported by reports of supply disruptions in Colombia and Libya. At 8:31 a.m. ET, U.S. crude was slightly up at around $46.65 per barrel, while Brent was lasting standing around $51.97.

In data news, the S&P CoreLogic Case-Shiller Home Price Index is due out at 9 a.m. ET, followed by consumer confidence and the Dallas Fed’s Texas Service Sector Outlook Survey, set to come out at 10 a.m. ET and 10:30 a.m. ET respectively.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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European markets hit six-month low on North Korea jitters, euro rises to $1.20

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The pan-European Stoxx 600 hit a six-month low, down about 1 percent lower with all sectors trading in negative territory.

European markets were trading sharply lower on Tuesday as geopolitical concerns surrounding North Korea raised fresh jitters across global markets.

The pan-European Stoxx 600 hit a six-month low, down about 1 percent lower with all sectors trading in negative territory.

Media and household goods stocks were the worst-performing sectors on fresh concerns over escalating tensions between North Korea and the United States.

On Tuesday, Japan’s Prime Minister Shinzo Abe told reporters that a ballistic missile that was fired by North Korea had passed over Japan. Abe has since stated that the missile posed a grave threat to the country of Japan, and that he would ask the United Nations to ramp up the pressure on Pyongyang. The group renewed sanctions against North Korea in early August. Since then the exchange of words and actions between North Korea and the U.S. deteriorated.

As a result, markets worldwide showed signs of nervousness, with investors turning to safe-haven assets. The dollar hit a four-month low against the yen and the euro rose to $1.20 against the dollar for the first time since 2015.

“I think it (euro) has moved too far too soon but ultimately it is optimism on European equities that is moving the euro. No one wants the pound and no one wants the dollar,” Christopher Peel, Chief Investment Officer, Tavistock Investments, told CNBC on Tuesday.

Looking at individual stocks, German broadcaster ProSiebenSat.1 hit the bottom of the European benchmark down by 12 percent. The firm warned on Monday that TV advertising revenues in German-language markets are set to decline in the third quarter of this year.

On the earnings front, distribution firm Bunzl published its half yearly financial report for the first six months of 2017. The U.K. based company saw its revenue rise 20 percent in the first half compared to a year ago, hitting £4.1 billion ($5.3 billion). The stock was slightly lower.

French GDP, UK house prices

In terms of data, French consumer spending was reported at 0.7 percent in July, after having fallen the same amount in the previous monthly period, the national statistics office said. At the same time, gross domestic product figures for the second quarter of the year were confirmed at 0.5 percent.

German consumer confidence is set to reach a near-16 year high in September, according to GfK. The company’s consumer sentiment indicator, which looks at a survey of around 2,000 Germans, rose to 10.9 going into September, marking the fifth consecutive monthly increase.

The U.K.’s nationwide house prices index showed house prices down by 0.1 percent month-on-month. The yearly growth figure fell 2.1 percent from 2.9 percent in July.

“The moderation in price growth primarily reflects the squeeze on real wages and the slowdown in the pace that mortgage rates are falling,” Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics said in a research note.

“Prices likely will continue to struggle to rise much, given that inflation still has further to rise, consumer confidence has deteriorated sharply since June and lenders intend to reduce the supply of unsecured credit,” he added.

Brexit round 3

Tuesday also marks the second day of the U.K. and European Union’s (EU) third round of Article 50 negotiations, where officials are meeting in Brussels to discuss the future of both regions after Britain exits the bloc.

On Monday, EU Chief Negotiator Michel Barnier told reporters that he was concerned by how slow the progress had been so far when it came to the negotiations, according to Reuters.

Brexit Secretary David Davis has been calling for flexibility and imagination from the talks so that the groups can focus on their future relationship after Brexit has been completed, however, the EU is pressing more towards solving the key divorce issues first.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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The next iPhone is going to be unveiled September 12: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The tech giant is expected to announce a bevy of products, including two new iterative iPhone updates, possibly named the iPhone 7s and iPhone 7s Plus, in addition to a high-end iPhone 8. Apple is also reportedly gearing up to announce a new 4K Apple TV that will support sharper content than current models, and a new Apple Watch.

Apple will host its big iPhone 8 event on September 12, Dow Jones said Monday.

The tech giant is expected to announce a bevy of products, including two new iterative iPhone updates, possibly named the iPhone 7s and iPhone 7s Plus, in addition to a high-end iPhone 8. Apple is also reportedly gearing up to announce a new 4K Apple TV that will support sharper content than current models, and a new Apple Watch.

The iPhone 8 will reportedly feature a display that takes up almost the entire front of the device, using new OLED panels that are brighter and more colorful than previous screens. Rumor has it Apple has moved the fingerprint reader to the back of the phone but will also support facial recognition thanks to a new 3-D sensor on the front of the device.

Rumors have suggested the most high-end iPhone 8 will start at $1,000. Apple typically sells its new phones within a week or so of the announcement.

Apple did not immediately respond to a request for comment.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

How the fire-breathing dragons on ‘Game of Thrones’ are made

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Presenting a mythical creature convincingly for an audience requires the expertise of many different professionals

Josh Lipton
CNBC

How do you bring a fire-breathing dragon to life?

It starts with studying the movement of real-life lizards and bats, according to Sven Martin, the visual effects supervisor at Pixomondo. The company helped create dragons for HBO’s blockbuster “Game of Thrones”, which concludes its seventh season tonight.

Martin and his team needed to create creatures that would look and sound as realistic as possible because they would have to seamlessly interact with actors in real locations such as Spain, Croatia and Iceland.

“We wanted the visual effects to feel real, not artificial,” Martin tells CNBC. “Everything you see is based on real animals. We took the best parts of what nature gave us.”

The show – which boasted a reported budget of $10 million per episode last season – relies on 14 visual effects (VFX) firms from all over the world to create elaborate castles and armies of the dead. Fans clearly appreciate their hard work: this season has been the most popular yet, averaging 10 million viewers every Sunday night, according to data from Nielsen.

Presenting a mythical creature convincingly for an audience requires the expertise of many different professionals.

For example, Rhythm & Hues – an Emmy Award-winning visual effects studio in Los Angeles – also created dragons for “Game of Thrones” this season. 71 employees participated in the effort, including more than 10 animators (who made sure the skin and muscles appeared as realistic as possible), one rigger (who built the skeleton of the beast), three lighters, and 10 compositors (who assembled all the elements for the screen) as well as producers and coordinators.

Source: PIXOMONDO

Source: PIXOMONDO

“The average viewer doesn’t realize how many visual effects are now in everyday TV and movies,” says Chad Hudson, vice president of production at Rhythm & Hues. “There are obvious visual effects like a woman riding a dragon. But there are a lot more hidden effects in shows like synthetic environments designed to look like cities, facial enhancements, and making people look skinnier or fatter.”

Hudson adds, “It’s a combination of the technology getting better, but it can also be more cost effective to do a visual effect. Rather than securing permits to shoot in New York City, you can just create it.”

One of the more memorable creatures in this season of “Game of Thrones” was the zombie polar bear in episode six.

Wayne Stables – the visual effects supervisor at Weta Digital, which created the monster – says a core team of some 20 people worked on that project, which posed its own unique challenges.

“Bears often look kind of happy,” Stables says. “We needed to design a bear that would scare the audience.”

The New Zealand-based company has traditionally focused on feature films such as The Lord of the Rings trilogy and Avatar, but Stables says securing a contract with “Game of Thrones” could have a real positive impact on his company’s future business.

“It’s a big thing that we can do this kind of work in TV,” Stables says, “that we can work in these shorter time-frames. It’s definitely noticed.”

To read the original story and watch the video, click here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Asian stocks under pressure as oil markets digest Hurricane Harvey impact

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Japan’s Nikkei 225 dipped 0.04 percent in early trade. Across the Korean strait, the Kospi slid 0.25 percent as tech stocks weighed on the market.

Major Asian indexes came under pressure in early Monday trade after the euro soared following Friday speeches from top central bankers. Oil markets, meanwhile, digested the impact of Hurricane Harvey.

Japan’s Nikkei 225 dipped 0.04 percent in early trade. Across the Korean strait, the Kospi slid 0.25 percent as tech stocks weighed on the market.

Down Under, the S&P/ASX 200 was pressured, with the heavily-weighted financials sub-index falling 0.95 percent in early trade. The broader index declined 0.72 percent as reporting season draws to a close this week.

Philippine markets are closed for a public holiday.

While Federal Reserve Chair Janet Yellen did not provide any clues on monetary policy outlook in her speech at a central banking meeting in Jackson Hole, she argued that reforms implemented post-financial crisis have “made the system safer.” Some market watchers regarded Yellen’s comments as being directed at President Donald Trump and his administration.

Like Yellen, European Central Bank President Mario Draghi stayed mum on the future of monetary policy in the euro zone in his Friday speech. However, the ECB chief’s lack of comment on the strength of the euro gave a boost to the common currency. The euro fetched as much as USD 1.1963 — its highest levels since January 2015 — early on Monday, before paring some gains to trade at USD 1.1934 at 8:20 a.m. HK/SIN.

Following the speeches, the dollar index, which tracks the dollar against a basket of currencies, fell to a low of 92.424 on Friday after trading as high as 93.440. It stood at 92.435 at 8:20 a.m. HK/SIN. The greenback last fetched 109.16 yen, a tad below levels around 109.36 seen last week.

Energy markets digested the impact of Hurricane Harvey on the US Gulf Coast. Shell and Petrobras are among the companies that have closed their refineries in the Houston area due to “severe weather,” including heavy rainfall and flooding.

Gasoline futures jumped following the shutdowns, trading higher by 6.11 percent at USD 1.7691 a gallon at 8:05 a.m. HK/SIN. Meanwhile, Brent crude rose 0.42 percent to trade at USD 52.67 a barrel and US crude was 0.27 percent lower at USD 47.75. Oil had gained around 0.9 percent on Friday ahead of Harvey making landfall.

Potential damage from weather conditions to refining facilities on the Gulf Coast have pushed gasoline prices higher. Correspondingly, oil prices have dipped because of lower demand from those refineries for the crude oil needed to produce gasoline.

Individual market movers that were on the radar included Samsung Electronics shares. The company’s stock, which fell more than 1 percent after Samsung Group’s de-facto head Jae Y. Lee was given a five-year prison term Friday, extended losses to trade lower by 0.47 percent in early trade. Other Samsung affiliates on the Korea Exchange were mixed: Samsung C&T was down 0.75 percent, but Samsung Heavy and Samsung Engineering rose 2.26 percent and 3.76 percent, respectively.

Little is expected on the economic calendar on Monday (all times in HK/SIN):

10:00 a.m.: Vietnam August retail sales and trade data

Stateside, equities closed mostly higher on Friday on renewed investor expectations for proposed tax reforms, with the Dow Jones industrial average rising 0.14 percent, or 30.27 points, to close at 21,813.67.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Former Indian diplomat says ‘nothing can be ruled out’ in border spat with China

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

China has insisted that India first remove its troops as a precondition for formal talks, but there already appears to be back-channel dialogue underway.

An India-China border standoff in the Himalayas is now going on three months, and while both sides have yet to pull troops, there’s hope the dispute may be resolved soon.

China has insisted that India first remove its troops as a precondition for formal talks, but there already appears to be back-channel dialogue underway.

“There are some indications that the two (India and China) are engaged in back-channel dialogue and negotiations to try to resolve this,” said Jeff Smith, director of Asian security programs at the American Foreign Policy Council, a Washington-based conservative think tank.

India and China have little reason to go to war today, but that’s exactly what happened in the 1960s. Experts insist a full-blown war today seems very unlikely since the costs for both sides could be high.

“This is serious, going by how aggressive and vulgar the statements are coming out of the Chinese,” said veteran Indian diplomat Neelam Deo, director of Gateway House, a Mumbai-based foreign policy think tank. “Nothing can be ruled out, but chances are not high of a real military conflict.”

Deo, a former Indian ambassador to Denmark and Ivory Coast, said the border dispute so far has been limited to soldiers going after each other throwing punches or stones.

“We haven’t had a shooting war in a long time with China,” she said.

The border dispute involves a plateau area known as Doklam in the western Himalayas. The standoff started when Chinese troops in June reportedly tried to build a road in territory claimed by Bhutan, an ally of India. India brought in its own bulldozers to build a military road and also blocked soldiers from China, which has territorial claims to Doklam.

China has been urging India to withdraw more than 270 troops that crossed into the disputed area.

On Friday, China’s official news agency, Xinhua, in an op-ed accused India of “insincerity and self-contradictions in resolving the Sino-India border issue peacefully.”

Xinhua stirred up controversy last week when it released a propaganda video that mocked India’s Sikh community. Indian papers charged that the video was “racist.”

Smith, author of the 2014 book “Cold Peace: Sino-Indian Rivalry in the 21st Century,” said the outbursts by China’s official media outlets were unusual because they typically are “more restrained.” Also, he said nonofficial media in China also weighed in and became “quite outspoken, nationalistic and confrontational.”

The U.S. State Department has been urging both sides to “work together to try to come up with some better sort of arrangement for peace.”

Earlier this week, President Donald Trump gave a national address in which he discussed Afghanistan and South Asia strategy, and one of the points he made was India, the world’s largest democracy, was also “a key security and economic partner of the United States.”

While India is a nuclear power, it would probably come up short in conventional military power in a conflict with China, say defense analysts.

Regardless, it’s uncertain if the U.S. would get involved militarily to help India if there were a wider conflict.

Experts say the Trump administration might want to steer clear of upsetting Beijing, especially given it wants help resolving the North Korean nuclear threat.

The Pentagon didn’t respond to a request for comment.

“The U.S. reaction would depend very much on the exact circumstances,” said Smith. Factors that would matter include who initiated the conflict, where it’s taking place and whether it’s contained to the disputed area or spilling over into Indian territory, he said.

Beijing has reportedly tried to resolve the dispute by offering money to Bhutan, which is roughly the size of Switzerland.

“China values peace and the interests of innocent people on both sides of the border, that is why it has remained patient in the face of such encroachment,” said Xinhua. “China has never made the first move in wars fought since 1949 but it would not flinch if a war were to be inflicted upon its people.”

The two countries together represent about a third of the world’s population. They also have bilateral trade in excess of $70 billion annually, although it has been declining in recent years.

In India, there have been recent calls by some groups to boycott Chinese products.

A BRICS Summit starting Sept. 3 and hosted by Chinese President Xi Jinping could be a chance for the leaders of the two nuclear superpowers to meet face to face. BRICS is a group of major emerging economies that includes Brazil, Russia, India, China and South Africa.

Deo, the ex-ambassador, said there’s discussion in New Delhi about whether Prime Minister Narendra Modi should attend given the rhetoric coming from Beijing.

“The Indian government should think about it pretty seriously on whether you want to go and act like everything is business as usual,” she said. “Because it’s not.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Asia mixed after Wall Street slides as investors focus on Jackson Hole; dollar firms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Japan’s Nikkei 225 rose 0.35 percent, with gains in automakers, trading houses and financials driving the broader rise in the index. Across the Korean strait, the Kospi traded just below the flat line, falling 0.03 percent.

Stocks in Asia were mixed on Friday after Wall Street slipped on uncertainty in Washington while investors anticipated an annual central banking symposium in Jackson Hole.

Japan’s Nikkei 225 rose 0.35 percent, with gains in automakers, trading houses and financials driving the broader rise in the index. Across the Korean strait, the Kospi traded just below the flat line, falling 0.03 percent.

Down Under, the S&P/ASX 200 declined 0.27 percent as investors digested earnings. Most sectors recorded losses, but the energy and utilities sub-indexes made moderate gains.

Hong Kong’s Hang Seng Index rose 0.20 percent. On the mainland, the Shanghai Composite tacked on 0.77 percent and the Shenzhen Composite was higher by 0.507 percent.

Investors awaited Friday speeches from US Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi at an annual central banking meeting in Jackson Hole.

Despite interest in the central bankers’ speeches, experts said major changes in policy are unlikely.

“Due to the uncertainty in the global markets and recent sell-off in US stocks, there’s no better reason than the now for Yellen and Draghi to stick to script,” Kathy Lien, managing director of FX strategy at BK Asset Management, said in a note.

Ahead of the Jackson Hole meeting, the dollar index, which tracks the dollar against major currencies, edged up to stand at 93.328 at 9:37 a.m. HK/SIN, compared to an overnight low of 93.139.

Against the Japanese currency, the greenback firmed to fetch 109.60 yen. The dollar had fallen below the 109 handle earlier in the week after Trump warned he could shut down the government if he didn’t secure funds to build a proposed border wall between the US and Mexico.

“Markets are trying to get past the noise (and tweets) in US politics, with risk aversion from the day before being traded off for cautious, if not defensive, positioning [at] Jackson Hole,” Mizuho Bank Head of Economics and Strategy Vishnu Varathan wrote in a Friday note.

Developments in Washington were also on the radar, after the president criticized Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan in a series of tweets on Thursday. A White House statement on Wednesday said Trump and McConnell were “united on many shared priorities.”

In corporate news, Toshiba has been offered USD 1.9 trillion yen (USD 17.4 billion) for its memory chip unit, Reuters reported Thursday. The offer was made by a consortium including Western Digital and Innovation Network Corp of Japan, among others. Toshiba stock reversed earlier losses to gain 0.63 percent as other technology stocks in Japan proved a mixed picture.

Meanwhile, Samsung Group’s de facto head, Jay Y. Lee, will receive a court ruling on bribery charges Friday, according to Reuters. Lee has been charged with bribing former South Korean President Park Geun-hye, who was impeached earlier this year after being caught up in a corruption scandal. Samsung companies listed on the Korea exchange largely shrugged off the news: Samsung Heavy rose 4.19 percent while Samsung SDI gained 0.26 percent, but Samsung Electronics edged down 0.46 percent.

Australia’s Qantas Airways reported on Friday its second-highest result in the company’s history. The airline’s underlying profit before tax rose to AUD 1.4 billion (USD 1.1 billion) for the year ending on June 30. That was above the AUD1.38 pre-tax profit forecast by Thomson Reuters I/B/E/S/. Qantas stock erased a fall of more than 2 percent in early trade to climb 1.9 percent.

Other market movers during the session included several Hong Kong-listed corporates that posted results after the market close on Thursday. Property developer China Vanke, for one, saw its stock rise 2.82 percent after it reported a 36.5 percent rise in net profit for the half of the year ending on June 30.

App company Meitu rose 4.62 percent after it said its net loss for the first half of the year was reduced by 94 percent compared to the year before. Meitu’s total revenue increased almost threefold compared to one year ago.

Meanwhile, Hong Kong-listed oil stocks gained after CNOOC and PetroChina announced strong first-half results that beat expectations. CNOOC and PetroChina saw their shares jump 3.51 percent and 4.15 percent, respectively.

Oil gained after taking a hit overnight due to Hurricane Harvey approaching the US coast. Global benchmark Brent crude advanced 0.67 percent to trade at USD 52.39 a barrel and US crude rose 0.67 percent to trade at USD 47.75.

In economic news, Japan July CPI rose 0.5 percent compared to one year ago, according to Reuters. That was the seventh consecutive month of gains in core consumer prices, Reuters said.

Equities stateside closed slightly lower despite a sharp rise in retail stocks, with the Dow Jones industrial average slipping 0.13 percent, or 28.69 points, to close at 21,783.4.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?