Asian markets rose Friday to build on the latest global rally after a jumbo US interest rate cut this week, while the yen reversed earlier gains after the Bank of Japan decided against another hike. The yen strengthened to 141.74 per dollar after the BoJ announcement, but later reversed to hit 143.77 in afternoon Asian trade.
Posts in category Economic Times
Equities end flat but Dow ekes out record in strong week (21-09-2024)
U.S. stocks closed nearly unchanged on Friday after a strong rally fueled by the Federal Reserve’s interest-rate cut. The Dow hit a record high, supported by Nike’s gains. Major averages secured weekly gains of at least 1%. Utilities surged, while FedEx plunged after lowering its revenue forecast.
Adani Total Gas raises over Rs 3,oo0 crore from global lenders to expand its city gas network (21-09-2024)
Adani Total Gas, a joint venture between Adani Group and Total Energies, has secured ₹3,131 crore ($375 million) from several international banks. This funding will accelerate the expansion of its city gas distribution network across 34 areas in 13 states, potentially benefiting up to 14% of India’s population.
Europe’s STOXX 600 falls a day after Fed-fuelled rally (20-09-2024)
European shares declined on Friday following a previous rally driven by the U.S. Federal Reserve’s interest rate cut. Novo Nordisk dropped due to disappointing obesity pill data, while the auto sector led declines. British retail sales and euro zone consumer confidence showed positive trends, but German producer prices fell less than expected.
Oil dips but poised to end week higher on Fed rate cuts, lower US crude stocks (20-09-2024)
Oil prices dipped slightly on Friday but are set for a second week of gains, supported by a significant U.S. interest rate cut and falling stockpiles. Brent futures fell to $74.54 a barrel, while WTI crude dropped to $71.94. Despite economic concerns in China, both benchmarks rose around 4% this week.
US Fed governor Christopher Waller says bold rate cut not signal of ‘falling behind’ (20-09-2024)
The Federal Reserve’s big interest rate cut this week is not a sign that the US economy is “falling behind,” Fed governor Christopher Waller said in an interview on Friday. Citing a speech he made earlier this year, Waller stressed that the Fed could cut rates even if the economy was doing fine.
UBS sells shares worth Rs 480 crore in Concord Biotech, IIFL Securities, 2 more stocks via block deals (20-09-2024)
UBS sold holdings in Concord Biotech, Five Star Business Finance, IIFL Securities, and Marksans Pharma through block deals, totaling Rs 480 crore. The largest sale was in Concord Biotech, worth Rs 192 crore at a 15% premium.
Leela hotels owner Schloss Bangalore files for $599 million India IPO (20-09-2024)
The company would issue fresh shares worth 30 billion rupees, while existing shareholder Project Ballet Bangalore Holdings (DIFC) will sell shares worth 20 billion rupees.
Adani Total Gas secures USD 375 mn funding to expand city gas network (20-09-2024)
Five international lenders participated in the initial financing — BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.
Novo Nordisk shares drop more than 4% on disappointing obesity pill data (20-09-2024)
Shares were down 4.3% at 1330 GMT, the lowest since August 8, after the company announced headline results from its trial of monlunabant, an experimental drug it acquired as part of its $1 billion purchase of Canadian biotech company Inversago Pharmaceuticals last year.