Good morning, here’s what you need to know before you start your day.
1. Kenya’s Nairobi City County will now be run under the National Government. In a historic move, Nairobi Governor Mike Sonko signed an MoU with the National Government handing over functions of the county government to the devolution ministry.
2. The NSE opens lower today. All indices dropped on Tuesday indicating possibilities of more offline bids on the market.
Global Markets roundup.
1. Stocks
•Futures on the S&P 500 Index added 0.1% as of 10:22 a.m. in Tokyo. The gauge fell 3% on Tuesday.
•Japan’s Topix index retreated 1.5%.
•Hong Kong’s Hang Seng lost 1.5%.
•The Shanghai Composite fell 1.2%.
•South Korea’s Kospi index retreated 1.5%.
•Australia’s S&P/ASX 200 Index declined 2.1%.
2. Currencies
•The yen was flat at 110.16 per dollar.
•The offshore yuan dipped 0.1% to 7.0332 per dollar.
•The euro bought $1.0874, little changed.
Bonds
•The yield on 10-year Treasuries fell one basis point to 1.34%.
•Australia’s 10-year yield lost about three basis points to 0.90%.
3.Commodities
•West Texas Intermediate crude oil added 0.5% to $50.17 a barrel.
•Gold rose 0.6% to $1,644.70 an ounce.
The Virus on Markets.
•Stocks in Asia fell after another epic rout on Wall Street and in the wake of a further escalation in coronavirus cases in South Korea, Asia’s fourth-largest economy.
•The won slumped towards its weakest since 2016, leading Asian currency declines. Stock benchmarks fell over 1% from Seoul and Tokyo to Hong Kong and Shanghai. That’s still less than the 3% plunge overnight in the U.S., which took the S&P 500 Index to its worst two-day slide since 2015. Ten-year U.S. Treasury yields remained near Tuesday’s record low.
•The offshore yuan dipped, and the yen retained gains.
