Business news live: Oil rises to multi-year high

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Today’s Agenda:

The Union government is expected to introduce two finance bills in the winter session of Parliament in November. One would split the Pension Fund Regulatory and Development Authority (PFRDA), Act, and the other is in connection with privatising public sector banks (PSBs).

While presenting this year’s Budget, Finance Minister Nirmala Sitharaman had announced the privatisation of PSBs as part of disinvestment drive to garner Rs 1.75 lakh crore.

In other global development, Exxon Mobil is planning to build carbon capture storage hubs in Southeast Asia, similar to its project in Texas. The energy company has started talks with some countries with potential storage options for carbon dioxide.

In China, embattled property giant Evergrande has announced to prioritize growth of EV business over its real estate operations. The update has pushed up its shares.

Tesla has rolled back its latest Full Self-Driving (FSD) beta software, less than a day after its release, after users complained of false collision warnings and other issues. – John Xavier

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Oil rises to multi-year high

Oil prices jumped to multi-year highs as global supply remained tight amid strong fuel demand in the world.

U.S. West Texas Intermediate (WTI) crude futures rose 1.0%, to $84.63 a barrel while Brent crude futures moved 0.8% up to $86.24 a barrel.

After a bleak fuel demand for over a year, consumption is back in the United States, the world’s largest fuel consumer.

Oil prices have also been bolstered by worries about coal and gas shortages in China, India and Europe. However, analysts warn there may be some corrections in the coming weeks as the sharp rise in crude prices has led to a growing sense of caution.

 

Asian markets open | Sensex falls

India’s Equity benchmark index Sensex fell over 100 points with losses in index majors Infosys, HDFC Bank and Kotak Bank, amid positive trend in global markets.

Sensex was trading 0.19% lower at 60,706.69 during the initial trading hour. Nifty declined 58.55 points or 0.32% to 18,056.35.

Asian shares started the week on a steady note as the markets await major quarterly earnings announcements.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat with a 0.5% gain in Australia balanced by a 0.6% fall in Korea .

Japan’s Nikkei fell 1% and U.S. S&P 500 futures shed 0.18%. Asian shares have lagged US and Europe on account of regulatory pressure and fears of slowing growth in China.

—-  Edited by John Xavier

(With inputs from Reuters, PTI and other news agencies.)

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