THe FT reported two-thirds of the 32 stocks on the New Third Board Select, which is a Beijing-based trading venue for small firms, fell on Monday. “I am very disappointed about [the] performance,” said Zhou Yunnan, founder of Beijing-based fund Nanshan Investment, which owns NTBS-listed stocks. “It has undermined our confidence in the market.”
Global stocks are also struggling this morning.
Japan’s Topix index fell 1 per cent in early Asia-Pacific trading and Australia’s S&P/ASX 200 barely changed.
China’s CSI 300 index of Shanghai- and Shenzhen-listed stocks fell 0.6 per cent.
The S&P 500 will struggle when Wall Street begins trading later on Wednesday and London’s FTSE 100 is expected to drop 0.4 percent.
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6.27am update: India’s gloomy outlook darkens as recovery path in doubt
The outlook for India’s reeling economy has worsened again as business activity slows and COVID-19 infections soar, and will probably prompt the Reserve Bank of India to cut interest rates again soon, a Reuters poll of economists has said.
The Indian economy is now likely to contract this quarter and next and in this fiscal year as a whole, according to the July 20-28 poll of nearly 60 economists. Growth had been expected for all of those periods except the second quarter in the previous poll, taken in April.
“India’s failure to contain the spread of the coronavirus, and the government’s underwhelming support package for firms and households, means the economy will suffer its largest drop in output on record this year,” said Darren Aw, Asia economist at Capital Economics in Singapore.
In the quarter just gone by, the Indian economy is forecast to have shrunk 20.0 percent – the first double-digit contraction since official quarterly data started being released in the mid-1990s. It will then contract 6.0 percent and 0.3 percent in the current and following quarters, respectively, according to the poll.
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