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Mongolians vote
amid economic woes,
anti-coronavirus
success
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THURSDAY, JUNE 25, 2020
TOKYO (AP) - Global shares were
mixed yesterday following another
rally on Wall Street, tempered by
fears over surging coronavirus cas-
es in various parts of the world.
France’s CAC 40 slid 1.7 per
cent in early trading to 4,932.43,
while Germany’s DAX dropped
1.9 per cent to 12,290.29. Britain’s
FTSE 100 was down 1.9 per cent at
6,202.33. United States (US) shares
were set to start lower with Dow fu-
tures down 0.9 per cent at 25,785.5
and S&P 500 futures 0.8 per cent
lower, at 3,094.12.
Japan’s benchmark Nikkei 225
was little changed, inching down
less than 0.1 per cent to inish at
22,534.32. Australia’s S&P/ASX
200 picked up 0.2 per cent to
5,965.70. South Korea’s Kospi add-
ed 1.4 per cent to 2,161.51. Hong
Kong’s Hang Seng slipped 0.5 per
cent to 24,781.58, while the Shang-
hai Composite added 0.3 per cent
to 2,979.55. India’s Sensex lost 0.6
per cent and shares fell in Bangkok
and Singapore.
Analysts are warning that, de-
spite recent market rallies, there is
little reassurance infections won’t
keep spreading, given the growing
numbers in some parts of the US,
Brazil and Asia.
Senior Economist for ING
Prakash Sapal said the focus
is slowly shifting back to the
COVID19 pandemic from opti-
mism about a rebound from loos-
ening lockdown restrictions.
“The recent acceleration in in-
fections has rekindled concern that
governments will be forced to shut
down their economies once again,
squandering the chance for the
much-hoped-for economic bounce
back,” he said in a report.
Investors have been focussed
on the prospects for an economic
recovery as more businesses re-
open after being shut down due to
the coronavirus pandemic. Encour-
aging economic data, including
retail sales and hiring, have helped
Global shares mostly lower as
coronavirus cases surge
A woman walks past an electronic stock board showing Japan’s Nikkei 225 index at a securities irm in Tokyo.
PHOTO: AP
German business confidence rises for 2
nd
consecutive month
White House
wins ruling
on health
care price
disclosure
WASHINGTON (AP) - The Trump
administrationwona court ruling
on Tuesday upholding its plan to
require insurers and hospitals
to disclose the actual prices for
common tests and procedures
in a bid to promote competition
and push down costs.
Health and Human Servic-
es Secretary Alex Azar called
the decision in federal court in
Washington, DC, “a resounding
victory” for President Donald
Trump’s efforts to open up the
convoluted world of healthcare
pricing so patients and families
can make better-informed deci-
sions about their care.
“This may very well be bigger
than healthcare itself,” Trump
tweeted on Tuesday, on the rul-
ing. “Congratulations America!”
But the American Hospi-
tal Association, which sued to
block the Trump administration
regulation and was on the losing
side, announced it would appeal.
Industry argues that forcing the
disclosure of prices negotiated
between hospitals and insurers
amounts to coercion.
That means the decision by
US District Judge Carl J Nichols
may not be the inal word.
“Americanpatientsdeserveto
be in control of their healthcare,”
Azar said in a statement. “Espe-
cially when patients are seek-
ing needed care during a public
health emergency, it is more im-
portant than ever that they have
ready access to the actual prices
of healthcare services.”
BERLIN (AP) - German business
conidence has risen for the sec-
ond consecutive month, a closely
watched survey showed yesterday.
The result was slightly better than
economists' expectations.
The Ifo institute said its monthly
conidence index rose to86.2points
in June from 79.7 in May. Econo-
mists had forecast an increase to
85. Managers' assessment of both
their current situation and, in par-
ticular, the outlook for the next six
months brightened.
The Ifo said it was the strongest
monthly increase it has ever re-
corded and "German business sees
light at the end of the tunnel".
The German economy, Europe's
biggest, went into a recession in
the irst quarter that is expected to
deepen in the current quarter.
A panel of economic experts
that advises the government
said on Tuesday that output
won't completely bounce back
to pre-virus levels until 2022 af-
ter a sharp plunge of 6.5 per cent
this year.
However, the government is
seeking to boost the economy with
a EUR130 billion (USD147 billion)
stimulus package, including a six-
month cut in value-added tax that
takes effect next week.
Germany started loosening re-
strictions imposed to curb the cor-
onavirus pandemic in late April and
that process has gathered pace
since, despite some concern over
local outbreaks.
The Ifo index is based on
monthly responses from managers
at about 9,000 companies.
stoke optimism that the recession
will be relatively short-lived.
The market has continued to
climb, despite bouts of volatility, even
as rising new coronvairus cases in the
US and other countries cloud pros-
pects for an economic turnaround as
the pandemicmarches on. New coro-
navirus cases in the US have surged
to their highest level in two months
and are now back to where they were
at the height of the outbreak.
Worldwide, more than 9.2
million people are conirmed to
have contracted the virus, includ-
ing more than 477,000 who have
died, according to a tally by Johns
Hopkins University. It is thought
to understate the actual numbers
because of limits to testing and nu-
merous asymptomatic cases. Inves-
tors are closely watching economic
data for signs of recovery from the
worst global downturn since the
Great Depression of the 1930s. Fur-
ther updates on the US economy
are expected toward the end of this
week, when the government will
issue data on consumer spending,
weekly unemployment aid applica-
tions and durable goods orders.
In energy trading, benchmark
US crude oil slipped 46 cents to
USD39.91 a barrel in electronic
trading on the New York Mercan-
tile Exchange. It fell nine cents
to USD40.37 a barrel on Tuesday.
Brent crude, the international stan-
dard, fell 33 cents to USD42.30.
The dollar inched up to
JPY106.54 from JPY106.53 on Tues-
day. The euro cost USD1.1293, down
from USD1.1307.
Clouds over the buildings of the banking district after sunset in Frankfurt, Germany. PHOTO: AP