The U.S. dollar rose against major currencies after Federal Reserve Chair Jerome Powell indicated no rush for large rate cuts. The euro remained near a one-week low amid falling German inflation, while Japan’s political shifts and China’s economic stimulus impacted market dynamics.
Posts in category Economic Times
Oil steady as prospect of more supply offsets Middle East conflict worries (01-10-2024)
Oil prices remained steady as concerns over the Middle East conflict potentially disrupting exports were balanced by the prospect of additional supply entering the market. Demand growth has been weaker than expected, especially in China. Major producers like OPEC+ are set to increase output by December. U.S. crude stockpiles were expected to have fallen last week.
S&P 500 ekes out record closing high; declines briefly after Powell (01-10-2024)
The S&P 500 reached a record high close, recovering after Fed Chair Powell indicated no rush for more rate cuts. The Dow also hit a peak as all major indexes posted monthly and quarterly gains. Investors’ confidence in the Fed’s outlook remains robust.
GIFT Nifty down 5 points; here’s the trading setup for today’s session (01-10-2024)
Rupee depreciated 10 paise to settle at 83.79 against the US dollar on Monday, taking cues from equity markets that saw a steep fall of over 1 per cent amid volatile crude oil prices and significant foreign fund outflows.
Stocks in news: TCS, Tata Power, IRCTC, Mankind Pharma, Bank of Maharashtra, SpiceJet (01-10-2024)
Mankind Pharma announced that it would raise up to Rs 10,000 crore through issuance of non-convertible debentures (NCD) and commercial papers.
Japanese stocks regain some ground after rout (01-10-2024)
Treasuries extended declines, pushing short-term yields higher, after Chair Jerome Powell’s cautious stance in saying the Federal Reserve will lower interest rates “over time,” while re-emphasizing that the overall economy remains on solid footing. Emerging-market stocks ended the day lower as the Powell comments weighed on sentiment.
Sebi OKs faster rights issues, new asset class (01-10-2024)
This was Sebi’s first board gathering after the emergence of conflict-of-interest allegations directed at the regulator’s chair, Madhabi Puri Buch. Sebi’s press statement issued late evening remained silent on allegations against Buch and HR issues raised by its employees.
China’s Gain=India’s Pain: Dalal Street indices slump (01-10-2024)
The NSE Nifty fell 1.4%, or 368.10 points, to close at 25,810.85. The BSE Sensex declined 1.5%, or 1,272.07 points, to close at 84,299.78. Japan’s Nikkei 225 Index slumped 4.8% with Shigeru Ishiba set to take over as the country’s new Prime Minister on Tuesday. His appointment has also made global investors uneasy as higher interest rates would lead to a stronger yen, prompting investors to reverse carry trades.
Robust demand drives govt to issue more long-dated bonds (01-10-2024)
Buoyed by this demand, the Centre has comfortably elongated the maturity of its borrowings – thus helping it better manage debt repayment obligations. Moreover, the buying interest has brought about a fall in long-term sovereign bond yields, leading to softer borrowing costs across the economy.