Indian startups preparing for the worst
Ten global and local private equity companies have sent an open letter to Indian startups telling them to prepare for the worst. It will be incredibly difficult to secure funding in the next few months due to the coronavirus crisis. Many startups have been forced to halt their businesses due to nationwide lockdown.
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Warren Buffett Changes Mind on Gold: He Will Panic-Buy Bitcoin at $50K, Says Max Keiser
Warren Buffett has changed his mind about gold as an investment, prompting some people to think that he might do the same with bitcoin. Buffett’s company Berkshire Hathaway revealed Friday that it had dumped bank stocks and took a position in a gold miner.
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Asian markets rise, though Nikkei sinks after Japan’s record contraction
Japanese stocks sank while other Asian markets gained Monday after Japan reported a record economic contraction as the coronavirus pandemic weighed on retailing, investment and exports. The Nikkei 225 in Tokyo NIK, -0.82% fell 0.8% after the data showed the world’s third-largest economy shrank 27.8% from a year earlier in the three months ending in June.
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Marketwatch
Gold prices dropped 6%, the worst single-day decline in seven years
Gold prices fell more than 6% yesterday, the worst one-day decline in seven years as investors’ risk appetite returned, boosting U.S. stocks. Spot gold tumbled as much as 6% to $1,927.30 per ounce, down sharply from Friday’s record intraday high of $2,089.20. On Wednesday morning during Asia hours, spot gold fell further, last trading at $1880.16
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CNBC
China’s exports jumped 7.2% against an estimated 0.2% fall
Dollar-denominated exports in China jumped 7.2% year-on-year, economists at Reuters predicted a fall of 0.2%. In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June. Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year
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