Sensex soars over 558 points; Nifty tops 11,300

Germany advises against travel to virus-hit Spanish regions

  • Germany's foreign ministry has advised holidaymakers not to travel to several Spanish regions, including Catalonia.
  • Spain's rise in COVID-19 cases has prompted most regions to impose rules for masks to be worn everywhere.

Germany's foreign ministry on Tuesday advised holidaymakers not to travel to several Spanish regions including Catalonia, home to Barcelona, that have seen coronavirus infection rates rise.

"We currently advise against unnecessary tourist trips to the autonomous communities of Aragon, Catalonia and Navarre due to high infection numbers and local lockdowns," the ministry said on its website.

Spain's rise in COVID-19 cases has prompted most regions to impose rules for masks to be worn everywhere and, in several areas including Barcelona, calls for people to stay at home.

Selfridges to cut 450 jobs as Covid-19 leads to ‘toughest year’

Selfridges is to cut 450 jobs across its department stores, in the latest blow to UK high street retailers hit hard by the coronavirus pandemic.

The cuts represent 14% of its workforce and Anne Pitcher, group managing director of the luxury department store chain, said it was the “toughest decision we have ever had to take”.

The “speed and magnitude” of the health crisis, which has caused a sea change in consumer behaviour, meant Selfridges had to make some fundamental changes to the shape of the organisation, Pitcher said of the group, which operates four shops in the UK including its London flagship on Oxford Street.

The move follows 700 job losses at upmarket rival Harrods which were announced earlier this month. At the time the Harrods chief executive, Michael Ward, blamed the cuts on social distancing and a lack of tourists visiting the UK.

Pitcher said 2020 looked set to be the “toughest year” in the recent history of the 114-year-old business. “Like many others, we are feeling the effects and acknowledge that recovery will be slow, with sales this year forecast to be significantly less than they were in 2019,” she said. “It will, without doubt, be the toughest year we have experienced in our recent history.”

The retailer said it had begun a consultation period with staff during which those who wished to be considered for voluntary redundancy could come forward. Other options on offer include reducing working hours or taking a career break.

Roper Technologies Revises FY20 EPS Guidance; Q2 Results Down, But Top Consensus

Roper Technologies Inc. (ROP) revised up its fiscal 2020 adjusted earnings forecast, while reporting better-than-expected second-quarter results.

The company now expects full year adjusted earnings of $11.90 – $12.40 per share, compared to the previous guidance range of $11.60 – $12.60 per share. Eleven Wall Street analysts have a consensus earnings estimate of $12.18 per share for fiscal 2020.

For the third quarter of 2020, the company projects adjusted earnings to be in the range of $2.90 – $3.00 per share. Analysts expect earnings of $3.09 per share for the quarter.

Q2 Results

The company’s Q2 net income was $219.2 million or $2.08 per share compared to $249.7 million or $2.38 per share last year.

On an adjusted basis, earnings amounted to $2.94 per share, a decline of 4% compared to the previous year’s $3.07 per share.

Net revenues declined to $1.31 billion from $1.33 billion generated the prior year period.

Analysts polled by Thomson Reuters expected earnings of $2.67 per share on revenue of $1.25 billion for the quarter. Analysts’ estimate typically exclude certain special items.

Neil Hunn, Roper’s President and CEO, said, “Despite the complexities associated with operating in the COVID-19 environment, we continued to invest for durable organic growth while generating outstanding cash flow. All-in-all, this was a very strong quarter for Roper.”

U.K.’s Johnson Warns of New Surge in Coronavirus Cases in Europe

Prime Minister Boris Johnson said the U.K. must be “vigilant” about the threat of a resurgence in Covid-19 across Europe after his government warned more restrictions on travel could be imposed.

Ministers have already advised Britons against all non-essential trips to Spain and ordered arrivals from Spanish airports to quarantine for 14 days amid fears of a spike in cases.

Spanish Prime Minister Pedro Sanchez described Johnson’s blanket rule, which takes in areas of the country with low levels of the disease as well as hotspots, as “unbalanced.” British officials insist the measures are necessary to combat the spread of the virus.

On Monday, Johnson’s office warned further restrictions on travel to other European destinations may be required, a message the premier reinforced when discussing U.K. measures to tackle the pandemic on Tuesday.

“Clearly we now face, I’m afraid, the threat of a second wave in other parts of Europe and we just have to be vigilant and we have to be very mindful,” Johnson told reporters near Nottingham, central England. “The most important thing is for everybody in all communities to heed the advice, to follow the advice, not to be spreading it accidentally and get it right down, and we’ll be able to ease the restrictions across the country.”

Sensex soars over 558 points; Nifty tops 11,300

Asian markets posted significant gains following upbeat U.S. stocks.

The BSE benchmark Sensex surged over 558 points and the NSE Nifty topped the 11,300-mark on Tuesday, propelled by broad-based buying and firm cues from global markets.

After opening above the key 38,000-level, the 30-share Sensex went on to touch the day’s high of 38,555 in late-afternoon trade. It finally closed at 38,492.95, up 558.22 points or 1.47%.

Likewise, the NSE barometer Nifty climbed 168.75 points or 1.52% to end at 11,300.55.

On the Sensex, 25 shares closed with gains while only five logged losses.

Ultratech Cement, TCS, Kotak Mahindra, M&M, Maruti, IndusInd Bank and Bajaj Auto were the prominent gainers.

On the other hand, ICICI Bank, Nestle, Asian Paints, ONGC and ITC ended in the red.

Asian markets posted significant gains following upbeat U.S. stocks.

On the forex market front, the Indian rupee settled flat at 74.84 against the U.S. dollar.

Global oil benchmark Brent crude slipped 0.07% to $43.87 per barrel.

India’s overall COVID-19 cases stood near the 15-lakh mark, with a single-day surge of about 48,000 on Monday, official data showed.

The death toll from the disease in the country has surpassed 33,000.

The number of COVID-19 cases around the world has crossed 1.64 crore, with over 6.54 lakh fatalities.