Business Live: Shares at record high as financials gain; WTO head warns ‘vaccine nationalism’ could slow pandemic recovery

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Indian shares at record high as financials gain

Yet another record high for the stock indices.

PTI reports: "Indian shares hit a record high on Tuesday, powered by gains in financial stocks as optimism about a swift global economic recovery boosted investor sentiment globally.

The NSE Nifty 50 index was up 0.69% at 15,420.45 by 0400 GMT, while the S&P BSE Sensex was 0.61% higher at 52,473.10. Both indexes hit record highs.

Kotak Mahindra Bank and HDFC Bank were the top boosts to the Nifty 50.

Separately, the Nifty PSU bank index that tracks state-run lenders jumped 2.82% after Reuters reported that the government had shortlisted four banks for potential privatisation.

Adding to optimism about a revival in growth was a S&P report that said India’s economy was on track for a recovery in 2021/22.

Other Asian stock markets were also trading higher, putting world equities on course to extend their bull run for a 12th consecutive session."

Incoming WTO head warns ‘vaccine nationalism’ could slow pandemic recovery

The World Trade Organization’s incoming chief on Monday warned against "vaccine nationalism’ that would slow progress in ending the COVID-19 pandemic and could erode economic growth for all countries – rich and poor.

Ms. Okonjo-Iweala told Reuters her top priority was to ensure the WTO does more to address the pandemic, saying members should accelerate efforts to lift export restrictions slowing trade in needed medicines and supplies.

The former Nigerian finance minister and senior World Bank executive was appointed on Monday in a consensus process and starts her new job on March 1.

“The WTO can contribute so much more to helping stop the pandemic,” Ms. Okonjo-Iweala said in an interview at her home in a suburb of Washington.

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