Asian markets saw a spurt on Tuesday, with China’s trade data expected to outperform and the economy expected to return to normal after the Corona virus epidemic. On the occasion of Baba Saheb Bhim Rao Ambedkar’s birth anniversary, the domestic stock market, commodity market, currency market and loan market are closed on Tuesday.
Waiting for the release of GDP figures
China has overcome the disease to a large extent, as the outbreak of Covid-19 in its hometown of Wuhan had affected Chinese economy adversely. According to Customs Department data in China, exports declined by 6.6 percent and imports by 0.9 percent in March. On the other hand, a Bloomberg survey of economists had predicted a 10 percent or more decline. Investors are now waiting for China’s quarterly GDP figures to be released on Friday.
Asian markets on Tuesday saw an increase. Tokyo grew by 1.9 percent, Shanghai by 0.7 percent and Hong Kong by 0.6 percent.
Oil prices rise after Trump’s statement
According to reports coming from Singapore, US President Donald Trump said that oil producing countries are considering cutting production by 20 million barrels per day, double the figure announced earlier. After this statement, crude oil prices rose on Tuesday.
US Standard West Texas Intermediate, a very important global oil gained nearly two percent to $ 22.85 a barrel, while international standard Brent crude climbed 1.5 percent to $ 32.26 a barrel. Saudi Arabia-led OPEC and Russia-led oil producing countries on Sunday signed an agreement to cut production by nearly 10 million barrels per day.
Oil buyers are not available due to lockdown
The worldwide lockdown to deal with the corona virus epidemic has led to a drastic reduction in oil demand and thus prices have fallen sharply as all most all economic operations and businesses are on a halt.
Also the price war between Saudi Arabia and Russia exacerbated this crisis. Experts believe that production cuts will reduce the pressure on prices, but this will depend on the demand situation.
Total cases in India rise to 10,363; death toll rises to 339
1211 cases have been reported in the country in the last 24 hours. The number of people infected with Corona has increased to 10,363. At the same time, 31 people have died from Corona in the last 24 hours, taking the death toll of the Covid-19 epidemic to 339. According to the latest data released by the Ministry of Health, out of a total of 10,363 cases of corona virus, 8,988 are active cases. In addition, 1035 people have fully recovered or have been discharged from the hospital.
At the same time, 19 lakh 24 thousand 635 have been infected with Coronavirus all over the world. One lakh 19 thousand 686 people have died. At the same time, four lakh 44 thousand 836 have also been cured.