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Climate change is a key driver of financial risk: RBI Deputy Governor
Climate change and its impact is increasingly being acknowledged as a key risk driver for the financial system by governments, regulators and financial firms, said M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India.
Indian benchmark indices open higher amid weak global cues
Indian indices opened higher today amid weak global cues. Sensex opened at 58,630.06, up 139.13 points, while Nifty opened at 17,450.50, up 53.60 points.
On Friday, the 30-share BSE index ended 524.96 points or 0.89% lower at 58,490.93, while the broader NSE Nifty tumbled 188.25 points or 1.07% to 17,396.90.
Asia markets fight to stabilise as Evergrande looms large
Global stock markets grappled with contagion fears today, sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets, Reuters reported.
Asian markets were jittery in volumes thinned by public holidays in China, Taiwan and South Korea. The Hang Seng recovered from an early drop to trade near flat as financial and property firms bounced, while Japan’s Nikkei returned from a market holiday with a drop of almost 2%, the report noted.
Markets in mainland China and Taiwan were still closed on Tuesday while Korean markets remain shut through Wednesday.
Wall Street ends sharply lower in broad sell-off
Wall Street fell in a broad sell-off on Monday, with the S&P 500 and Nasdaq suffering their biggest daily percentage drops since May, as fear of contagion from potential collapse of China’s Evergrande drove investors out of equities in a flight for safety, Reuters reported.
The Dow registered its biggest daily percentage drop since July, while the Nasdaq also hit its lowest level in about a month, but indexes pared losses just before the close to end well off their lows of the session, the report noted.
The Dow Jones Industrial Average fell 614.41 points, or 1.78%, to 33,970.47, the S&P 500 lost 75.26 points, or 1.70%, to 4,357.73 and the Nasdaq Composite dropped 330.07 points, or 2.19%, to 14,713.90.
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