10:00 A.M.
RBI allows HDFC Bank to issue new credit cards
The Reserve Bank of India has relaxed the restrictions placed on HDFC Bank to issue new cards, lifting the 8-month ban imposed as a penalty for technical glitches, PTI reported.
The central bank had issued orders in December and February to HDFC Bank regarding outages in the internet banking, mobile banking, and payment utilities of the bank over the past two years.
“As a further update to the above intimations, we wish to inform you that the RBI vide its letter dated August 17, 2021, has relaxed the restriction placed on sourcing of new credit cards,” HDFC said in a regulatory filing.
9:30 A.M.
Sensex touches 56,000 for first time, Nifty teases 16,700
Indian benchmark indices opened at record highs on Wednesday. Sensex opened 0.50% higher at 56,073.31 while Nifty was up 0.47% at 16,691.95.
Gains were driven by banks and HDFC Bank shares rose 3% after Reserve Bank of India relaxed the restriction on sourcing of new credit cards.
9:15 A.M.
Oil falls as Delta variant restricts travel, clouds demand prospects
Oil prices fell on Wednesday as the rising COVID-19 cases worldwide restricted travel and investors became wary about prospects for stronger fuel demand, Reuters reported.
Brent crude fell 0.1% to $68.98 a barrel and U.S. oil was down 0.1% to $66.53 a barrel. Brent had fallen 0.7% the previous day while U.S. oil lost 1% in the last session.
“July oil demand looks pretty weak because of China’s industrial and retail slowdown, the floods there, as well as severe port congestion and a government clamp-down on the import quote of private refiners,” Henning Gloystein, energy director at Eurasia Group said in a note seen by Reuters.
Asian shares at lows as Wall Street falls on rising Delta variant concern
Asian shares on Wednesday were pinned near year-to-date lows as Wall Street plunge raised concerns about the economic impact of Delta variant of the coronavirus, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.19% after falling for five consecutive sessions. Chinese blue chips surged 0.21% while Japan’s Nikkei was up 0.35%. However, Taiwan shares fell 1.09%.
“Investors are trying to balance the reopening of economies as vaccination rates go up, but also seeing the effects of the spreading Delta variant and that’s being reflected in the slowing economic data which has been surprising on the downside in the last two weeks,” Kerry Craig, global market strategist at JP Morgan Asset Management told Reuters.
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