Global Market Overview

The Indian markets, including equity, forex, bonds and commodities, are closed today on account of ‘Bakri Id’. Trading will resume on Thursday. Meanwhile, here is a brief overview of the US and Asian markets.

Wall Street closed sharply, with the Dow closing at its worst in three months, on concerns over the debt crisis in Europe and China’s anticipated policy tightening measures. Speculation over whether the Federal Reserve will utilise the entire $600 billion it had set aside for its latest round of quantitative easing also played on investors’ minds.

The Dow tumbled 178.47 points (1.59%) to 11,023. The S&P 500 declined 19.41 points (1.62%) to 1,178. The Nasdaq lost 43.98 points (1.75%) at 2,469.

Markets in Asia were down for the fourth day in a row on Chinese concerns and the imbroglio in Europe that continues to put a dampener to the global recovery. Some Asian markets, too, were shut today.

The Shanghai Composite declined 0.70%, the Hang Seng fell 0.54%, the Nikkei 225 shed 0.52% and the Taiwan Weighted declined 0.78%. On the other hand, the Seoul Composite was up 0.15% in early trade today.

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Govt to decide on sugar exports after real estimate: Pawar

New Delhi: The government will take a decision on allowing normal export of sugar after getting reasonable estimates of sugar output for the current year, reports PTI.

“No decision to export sugar under open general licence has been taken by the government,” minister for food and agriculture Sharad Pawar said, while replying to a written query in Lok Sabha today.

He said the matter will be reviewed after ‘getting actual figures and dependable estimates’ of production of sugar during the current sugar.

The government has allowed re-export of sugar under advance authorisation schemes or advance licence schemes as well as export of raw and white (refined sugar) lying at ports, Mr Pawar said.

The minister said that it has been decided to consider all aspects of decontrol of sugar including its availability, price situation, its impact on cane growers, distribution of sugar through public distribution system in consultation with state governments and other stakeholders to build a consensus.

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