Nasdaq edges to record on mostly down day for US stocks
NEW YORK (AFP) - The Nasdaq eked out another record on Tuesday (Sept 7) on a generally negative day for US stocks as markets grappled with lingering worries about rising coronavirus cases. Analysts cited fears of economic fallout from the Delta variant of Covid-19 as a factor in the session's lacklustre performance. Those anxieties have been exacerbated by disappointing jobs data released last week. "There could be a carry over of concern because of the weakness regarding Friday's employment data," said CFRA Research's Sam Stovall. A Goldman Sachs note trimmed the forecast for third-quarter consumption growth, citing the Delta variant and fading levels of fiscal support to consumers after earlier packages from Washington boosted spending. Markets are monitoring for impacts from the expiration of federal aid programmes for workers unemployed due to Covid-19. The programmes expired on Sept 6. The Dow Jones Industrial Average ended down 0.8 per cent at 35,100.00. The broad-based S&P 500 shed 0.3 per cent to 4,520.03, while the tech-rich Nasdaq Composite Index added 0.1 per cent to 15,374.33, eking out a fourth straight record. Among individual companies, Boeing fell 1.8 per cent after...
S’pore cannot rely solely on vaccines to fight Covid-19 Delta variant, says NCID director
SINGAPORE - When it comes to the Delta variant of Covid-19, one thing has become clear: Vaccination is not enough. This means Singapore cannot let up in its fight against the disease, said Professor Leo Yee Sin, executive director of the National Centre for Infectious Diseases (NCID). "If I did 100 per cent in 2020, this year I have to do 200 per cent - because that is what the Delta variant demands of us," she told The Straits Times in an interview to commemorate the centre's second year of operations. "We cannot solely rely on vaccines." In other words: Keep your mask on, hands clean and guard up, even if you have been vaccinated against Covid-19. Three characteristics make the Delta variant - which accounts for 99.6 per cent of the 1,100 community cases the NCID has treated this year - more contagious than its wild-type predecessor, Prof Leo said. First, infected people emit larger quantities of the virus. International studies have shown that the Delta strain can better attach to a person's upper respiratory tract, making it more easily transmitted to others. And it has a reduced incubation period of three to five days, meaning it can be passed to others more quickly. If the ou...
Real-time data suggest Asia’s economy already feeling Delta hit
HONG KONG (BLOOMBERG) - Asia's economies are already showing a hit from the surging Delta variant of Covid-19 as consumers stay at home and airplanes idle on the tarmac. Early warning signs are showing up in Google mobility data capturing the impact of government restrictions on movement. Flight capacity in China is pointing to a slump in travel, manufacturing in South-east Asia is hurting and Australian business sentiment has tumbled. That is why Goldman Sachs Group economists are warning of a "negative Delta in Asia" and have lowered their growth forecasts for China, along with JPMorgan Chase & Co and others. HSBC Holdings warn that the electronics cycle has already peaked in Asia, meaning bumper technology exports may be cooling. While the latest nowcast readings from Bloomberg Economics show the global economy is poised for acceleration this quarter, they also warn that the Delta flare-up in China alone is affecting areas that account for more than a third of gross domestic product in the world's No. 2 economy. Bloomberg Economics chief Asia economist Chang Shu said: "Asia's outlook has deteriorated notably upon the Delta variant outbreak. In China, the latest outbreak - not th...
US stocks fall on Delta worries, profit taking
NEW YORK (AFP) - Wall Street stocks fell on Friday (Juy 30), concluding the week on a lackluster note on worries about the Delta variant of Covid-19 and profit taking after earlier gains. Analysts described investor unease as more companies delay or shift their return-to-office plans in light of the latest uptick in Covid-19 infections. Markets absorbed another round of mostly strong earnings from large companies, although Amazon shares were hammered on a disappointing outlook. Meanwhile, data from the Commerce Department showed that consumer spending climbed by more than expected in June, while inflation remained at an elevated level. The Dow Jones Industrial Average finished down 0.4 per cent at 34,935.47. The broad-based S&P 500 shed 0.5 per cent to 4,395.26, while the tech-rich Nasdaq Composite Index dropped 0.7 per cent to 14,672.68. The losses pushed all three indices into the red for the week. Travel-related stocks had an ugly session on worries the Delta variant will crimp activity. Major airlines such as United Airlines fell more than 3 per cent, while cruise lines such as Carnival lost more than 4 per cent. Amazon slumped 7.6 per cent after missing revenue forecasts. The ...
Wall Street ends sharply lower as Delta variant sparks new lockdown fears
NEW YORK (REUTERS) - A surge in Delta variant infections sparked a broad sell-off on Wall Street on Monday (July 19) as investors feared renewed Covid-19 shutdowns and a protracted economic recovery. All three major US stock indexes ended the session sharply lower, with the S&P and the Nasdaq suffering their largest one-day percentage drop since mid-May. The blue-chip Dow had its worst day in nearly nine months. The risk-off sentiment also sent US 10-year Treasury yields sliding, pulling rate sensitive banks stock prices with them. The S&P 500 Banks index dropped 3.3 per cent. "Much of it is related to the Delta (variant)," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "There's some concern too that maybe the economy is not going to open up as quickly as everyone thinks, and the big boom that everyone's expecting is going to be more of a pop than a boom." The highly contagious Covid-19 Delta variant, now the dominant strain across the globe, has caused a surge in new infections and deaths, nearly exclusively among unvaccinated people. "Global availability of the vaccine has been an issue from day one." Nolte said. "That's been out there for a long tim...
550 out of about 62,000 Covid-19 cases in Singapore infected with Delta variant
SINGAPORE - Of the roughly 62,000 Covid-19 cases recorded in Singapore as at end-May, 550 had been infected with the Delta variant of the coronavirus first detected in India. This figure includes 428 local and 122 imported cases, the Ministry of Health (MOH) told The Straits Times on Tuesday (June 8). "Variants are detected through viral genomic sequencing, and in Singapore, the National Public Health Laboratory performs sequencing for all confirmed Covid-19 cases," said an MOH spokesman. "This is unlike some countries who typically sequence a smaller proportion of their confirmed cases." The ministry was responding to queries from ST on the proportion of Covid-19 cases in Singapore infected with the Delta variant. According to data on global database GISAID that ST accessed on Wednesday, 20 people in Singapore were infected with the Delta variant in the past four weeks. GISAID is an online platform where research groups from all over the world can upload genetic sequences of the virus that causes Covid-19. The 20 cases account for about 87 per cent of the Covid-19 cases from Singapore reported on that platform over the same period. Given that variants of concern are thought to be ...