Global shares mostly rise as markets eye China protests
时间:2024-06-26 01:06:59 阅读(143)
Global shares were mostly higher Tuesday as jitters over protests in China set off by growing public anger over COVID-19 restrictions subsided.
Hong Kong’s benchmark surged 5.2% and most other markets in Europe and Asia advanced. US futures edged higher. Oil prices rose more than $1 per barrel.
France’s CAC 40 was nearly unchanged at 6,665.24, while Germany’s DAX slipped 0.1% to 14,366.13. Britain’s FTSE 100 gained 0.7% to 7,525.30. The future for the S&P 500 was up 0.4% while the future for the Dow industrials fell 0.2%.
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Chinese shares rebounded after they were hit by sharp losses on Monday following protests over the weekend in various Chinese cities. However, a crackdown on the protests or further expansion of pandemic lockdowns could slow the Chinese economy further, hurting the global economy.
Other factors also contributed to Tuesday’s rebound, Stephen Innes of SPI Asset Management said in a report.
“China markets are perking up to new housing support, a potential rate cut, and speculation that protests may expedite a shift from Covid-Zero’ policies,” he said.
Hong Kong’s Hang Seng closed at 18,204.68 while the Shanghai Composite index added 2.3% to 3,149.75.
Japan’s Nikkei 225 lost 0.5% to finish at 28,027.84. Australia’s S&P/ASX 200 gained 0.3% to 7,253.30. South Korea’s Kospi added 1.0% to 2,433.39.
The Japanese government said Tuesday that the unemployment rate for October was unchanged from September at 2.6% while the number of available jobs per job-seeker was at 1.35.
The Conference Board will release its consumer confidence index for November later Tuesday. That could shed more light on how consumers have been holding up amid high prices and on their spending plans through the holiday shopping season and into 2023.
Federal Reserve Chair Jerome Powell will speak at the Brookings Institution about the outlook for the US economy and the labour market on Wednesday.
Investors are watching to see next moves by the Federal Reserve in its battle against decades-high inflation. The US central bank is trying to curb price increases by raising interest rates while avoiding pushing the economy into recession. The central bank’s benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.
The US government will be releasing several reports about the labour market this week. A report about job openings and labour turnover for October will be released Wednesday, followed by a weekly unemployment claims report Thursday. The closely watched monthly report on the job market will be released on Friday.
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In energy trading, benchmark US crude added $1.81 to $79.05 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the pricing basis for international trading, rose $2.08 to $85.97 a barrel.
In currency trading, the US dollar fell to 138.28 Japanese yen from 138.90 yen. The euro cost $1.0374, up from $1.0339.
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In its consultation paper, Sebi has suggested that trustees of mutual funds should focus on market abuse by AMC, its employees and mis-selling by the AMC to increase the asset base.
Also, trustees should be responsible for fairness of fees and expenses charged by the AMC, compare its performance with peers and ensure that AMC’s sponsor is not getting any undue advantage.
In addition to the core areas, the trustees should be responsible for periodically reviewing the steps taken by AMCs for the folios which do not contain all KYC attributes with bank details.
Further, Sebi has suggested that trustees and their resource persons should independently evaluate the extent of compliance by AMC and not merely rely on AMC’s assurances.
To facilitate trustees’ supervision, AMCs should provide them with analytical information.
Presently, the trustees primarily rely on the AMCs for ensuring compliance with the applicable rules.
Under the rules, trustees hold the property of the mutual fund in trust for the benefit of the unitholders. The trustees appoint an AMC to float schemes for the mutual fund and manage the funds mobilised under various schemes, in accordance with the investment objectives.
“In view of the increasing scale and reach of the mutual fund industry, trustees’ role in respect of unitholders’ protection assumes even greater significance,” Sebi said on Friday.
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Over the past decade there has been a five-fold increase in the size of the mutual fund industry. The assets under management (AUM) has surged from Rs 7.93 lakh crore in November 2012 to Rs 39.89 lakh crore in December 2022.
To ensure that trustees devote time and attention to their core responsibilities, Sebi has suggested that for fulfilling other responsibilities, trustees may rely on professional firms such as audit firms, legal firms, merchant bankers for carrying out due diligence on their behalf.
The Sebi also listed some duties trustees can delegate to AMCs. This include ensuring that all systems are in place prior to the launch of any scheme by the AMC, and calculating any income in the mutual fund due to the fund and any income received in the mutual fund for unitholders.
The regulator has proposed to provide a one year time to existing trustees with board of trustee structure to convert into a trustee company, from governance point of view.
Presently, two structures for trustees are permitted — corporate and board of trustees structure. Moreover, there are a few mutual funds which have the board of trustees structure while the trustees of all other mutual funds have adopted the structure of a trustee company.
Considering the enhanced role of trustees over the period of time, Sebi has suggested to increase the minimum number of trustees to adequately perform their functions. Presently, the minimum number of trustees prescribed is four.
Also, it has been proposed that the chairperson of the trustee company should be an independent director.
Sebi has suggested that apart from the meeting of the audit committee of AMCs and trustees (which mostly comprises of independent directors), the board of AMCs and the board of trustees may be mandated to meet at least once a year to discuss the issues concerning the mutual funds.
The regulator proposed that the existing MF Regulations on AMC and its obligations may be amended to include additional clauses with respect to the obligations of the board of AMC.
The proposed amendment may include a clause which casts an obligation on the board of AMC to ensure that all the activities of the asset management company are in accordance with the provisions of these regulations.
The Securities and Exchange Board of India (Sebi) has sought comments from public till February 24 on these proposals.
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