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GLOBAL MARKETS-Asian equities set to slip as vaccine trials, stimulus talks stall

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By Suzanne Barlyn

Oct 14 (Reuters) – Asian equities were set to slip on Wednesday as halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighed on investor sentiment, while the dollar rose from Tuesday’s three-week low as demand firmed for safe-haven assets.

Johnson & Johnson JNJ.N said on Tuesday that it was pausing a COVID-19 vaccine trial due to a study participant’s unexplained illness. Eli Lilly and Co LLY.N later said that it had also paused the clinical trial of its COVID-19 antibody treatment due to a safety concern, leading the U.S. equity market to deepen losses.

J&J shares lost 2.3%, while Eli Lilly closed down nearly 3%.

“That just spoke to the fact that a vaccine could take longer to be delivered than what the market’s expectations are calibrated towards,” said CommSec market analyst Tom Piotrowski in Sydney.

The Australian share market will likely open about

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Global economy’s recovery hinges on stimulus, virus battle, officials say

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By David Lawder and Jan Strupczewski

WASHINGTON/BRUSSELS, Oct 13 (Reuters) – Global finance leaders on Tuesday said the world economy had escaped a coronavirus-triggered collapse so far, but warned that failure to conquer the pandemic, maintain stimulus and tackle mounting debt among poor nations could crush a fragile recovery.

At the start of the annual meetings of the International Monetary Fund and World Bank, the IMF issued slightly improved growth forecasts spurred by unexpectedly stronger rebounds from coronavirus lockdowns in the wealthiest countries and China.

The IMF said it now expected global gross domestic product to shrink 4.4% in 2020, compared to the 5.2% contraction it predicted in June, when business closures were at their peak. Some $12 trillion in stimulus supplied largely by advanced economies limited the damage, but poor countries and other emerging market economies faced a worsening picture, the global lender said.

“The story is

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IMF envisions a sharp 4.4% drop in global growth for 2020

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WASHINGTON (AP) — The International Monetary Fund foresees a steep fall in international growth this year as the global economy struggles to recover from the pandemic-induced recession, its worst collapse in nearly a century.

The IMF estimated Tuesday that the global economy will shrink 4.4% for 2020. That would be the worst annual plunge since the Great Depression of the 1930s. By comparison, the international economy contracted by a far smaller 0.1% after the devastating 2008 financial crisis.

The monetary fund’s forecast for 2020 in its latest World Economic Outlook does represent an upgrade of 0.8 percentage point from its previous forecast in June. The IMF attributed the slightly less dire forecast to faster-than-expected rebounds in some countries, notably China, and to government rescue aid that was enacted by the United States and other major industrial countries.

While forecasting a global contraction this year, after 2.8% growth in 2019, the

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The I.M.F. sees early signs of a global economic recovery.

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The International Monetary Fund said on Tuesday that the world economy is beginning its ascent from the worst downturn since the Great Depression but that the deep recession caused by the coronavirus pandemic will leave scars on labor markets for years to come.

In its latest World Economic Outlook report, the I.M.F. projected that the global economy would contract 4.4 percent in 2020. The forecast was a slight improvement from its midyear projection, as the easing of lockdowns and robust fiscal and monetary policy support have helped output recover more quickly than previously expected. But the global economy is not yet out of the woods.

“This crisis is, however, far from over,” Gita Gopinath, the I.M.F.’s chief economist, wrote in a memo accompanying the report. “The ascent out of this calamity is likely to be long, uneven, and highly uncertain.”

Ms. Gopinath urged countries not to withdraw policy support prematurely

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business

Rocked By Pandemic, Global Supply Chains Reboot

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Ten million parts went into the 30,000 ventilators that General Motors
GM
, in partnership with Ventec Life Systems, delivered to the national stockpile earlier this year. Thousands of employees at 90 companies helped make the parts.

From the moment in mid-March that GM and Ventec first discussed their alliance to ramp up production of Ventec’s VOCSN critical care ventilators, the project moved quickly, as the severity of the coronavirus – and of equipment shortages – became more apparent with each passing day. Right away, the joint venture hit a hurdle: factories in India that manufactured crucial VOCSN parts were shut down because of the pandemic.

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business

Global shares mostly lower as virus concerns take spotlight

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Stocks turned lower in Europe on Tuesday after a mixed session in Asia as investors turned cautious over prospects for reining in a resurgence in coronavirus outbreaks.

Shares fell in Paris and London, but edged higher in Tokyo and Shanghai after China reported its exports jumped nearly 10% in dollar terms in September as its economy recovered from the pandemic. U.S. futures were lower.

Hopes for a vaccine for the coronavirus were shaken after Johnson & Johnson said a late-stage study of its vaccine candidate was paused while the company investigates whether a study participant’s “unexplained illness” was related to the shot.


The head of the World Health Organization, Tedros Adhanom Ghebreyesus, told reporters at a briefing Monday that countries have reported record-high daily increases in COVID-19 cases for the previous four days, especially in Europe and the Americas.

The number of confirmed cases of the virus has climbed to

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business

China’s imports, exports surge as global economy reopens

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By Gabriel Crossley, Stella Qiu

BEIJING (Reuters) – China’s imports grew at their fastest pace this year in September, while exports extended their strong gains as more trading partners lifted coronavirus restrictions in a further boost to the world’s second-biggest economy.

FILE PHOTO: Cranes and containers are seen at the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020. REUTERS/Martin Pollard

Exports in August rose 9.9% from a year earlier, customs data showed on Tuesday, broadly in line with analysts’ expectations for 10% growth and up from a solid 9.5% increase in August.

The strong trade performance suggests Chinese exporters are making a brisk recovery from the coronavirus pandemic’s hit to overseas orders. As the global economy restarts, Chinese firms are rushing to grab market share as their rivals grapple with reduced manufacturing capacity.

China’s factory activity has also picked up as

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Asian Stocks Set to Rise as Tech, Stimulus Hopes Fuel Global Rally | Investing News

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NEW YORK (Reuters) – Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

Shares in Apple Inc

surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon

rallied 4.8% ahead of its Prime Day shopping event this week.

CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.

“Once again, there is a desire to hold the stay-at-home types of technology stocks…which will still generate profits and will be greatly oriented to a more challenging economic environment,” Felsman said.

On Wall Street, the Nasdaq Composite <.IXIC> on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average <.DJI> rose

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GLOBAL MARKETS-Asian stocks set to rise as tech, stimulus hopes fuel global rally

1 min read

By Suzanne Barlyn

NEW YORK, Oct 12 (Reuters) – Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

Shares in Apple Inc AAPL.O surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon AMZN.O rallied 4.8% ahead of its Prime Day shopping event this week.

CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.

“Once again, there is a desire to hold the stay-at-home types of technology stocks…which will still generate profits and will be greatly oriented to a more challenging economic environment,” Felsman said.

On Wall Street, the Nasdaq Composite .IXIC on Monday staged its biggest one-day rally in a month, jumping

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GLOBAL MARKETS-Earnings, stimulus hopes keep U.S. stocks buoyant, oil dips

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Dow up 0.94%, S&P 500 up 1.41%, Nasdaq up 2.09%

Oct 12 (Reuters) – U.S. stocks climbed on Monday as investors looked to Washington to unveil more fiscal stimulus to aid the economy and hoped that Wall Street’s largest banks would post decent quarterly earnings later this week.

Optimism that more U.S. stimulus was in the offing came in spite of indications that talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.

U.S. President Donald Trump on Friday had offered a $1.8 trillion coronavirus relief package after urging his team on Twitter to “go big” in negotiations with the Democrats to reach a deal.

Edward Moya, a senior market analyst at OANDA, a currency broker, said despite the uncertainty of stimulus negotiations, investors were hopeful that banks would announce earnings that suggest the economy is not

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