The yen spiked to a six-week high amid intervention rumors, while the dollar slipped on anticipated U.S. rate cuts. The euro and sterling were steady. Influences include Bank of Japan actions, Catril's insights, high yen shorts, Trump's comments, yuan movements, New Zealand's dollar reacting to inflation, and Beijing's key leadership meeting.
S&P 500 and Nasdaq fell due to plummeting microchip stocks and potential U.S.-China trade conflicts. Biden's move dropped microchip stocks 6.8%, causing the Philadelphia SE Semiconductor index's largest drop. Nasdaq and S&P 500 fell, while Dow rose, aided by Johnson & Johnson. Federal Reserve's Beige Book highlighted economic expansion. Housing starts, building permits, industrial output exceeded expectations. Rate cuts anticipated.
Democrats are targeting Senator J.D. Vance on abortion issues, highlighting his past comments as evidence that Republicans may push for stricter abortion laws if elected in November. Vance has in the past suggested that victims of rape and incest should carry pregnancies to term but has since expressed support for exceptions in such cases.
Asian equities fell due to U.S.-China trade tensions; MSCI Asia-Pacific shares down 0.57%, South Korea 1%, Nikkei 2%, Shanghai 0.4%, CSI300 0.5%. Yen rose on suspected BOJ intervention. Dollar at a four-month low. Fed backs September rate cut, gold prices high. Nvidia, Apple dropped. Trump's comments hurt TSMC shares. ECB steady. Trump policy affects inflation expectations. Carry trade noted.
The crypto market is witnessing a significant increase in new token listings on major exchanges, fueled by a rally in prices and evolving regulatory attitudes. Centralized exchanges like Binance and Bybit are leading the way, while startups are embracing tokens for financing and community expansion.
China said Wednesday it had suspended negotiations with the United States on nuclear non-proliferation and arms control in response to Washington's weapons sales to Taiwan -- a move the State Department called "unfortunate." "For this reason, China has decided to suspend negotiations with the United States on a new round of arms control and non-proliferation consultations," he added.
SAEL is raising $500M through a 7-year USD 144A Reg S senior secured green bond, arranged by Barclays, HSBC, Standard Chartered Bank, and UBS, to repay debt and expand. Supported by DFC, Norfund, and rated BB+(EXP) by Fitch. Following Continuum's $650M raise, repayments come from cash sweeps, amortisation amid strong demand, lower costs in junk dollar bonds.
NCLT Jaipur approved Hindustan Zinc’s ₹10,383 crore transfer for internal restructuring, aiding Vedanta’s $3 billion debt reduction, enhancing its $894 million bond. Despite NSE and BSE objections on routing funds, it contributes to Vedanta’s growth. The transfer is deemed a commercial contract, securing shareholders' interests, effective as of the appointed date.
Payment aggregators are pushing for a share of government subsidies allocated for UPI transactions to cover low-value transaction costs. There are concerns over fair distribution and the impact on the digital payments ecosystem.
Domestic markets traded positively with Nifty futures indicating a flat start. Nifty's uptrend remains intact with no significant reversal pattern. Global markets show mixed movements. Oil prices rise on US crude stock decline. FPIs turn net buyers. Stay updated on Q1 results of major companies.
Oil prices rose Thursday with Brent at $85.21 and WTI at $83.16 following a 4.9 million-barrel drop in U.S. crude stocks, exceeding both U.S. Energy Information Administration and American Petroleum Institute data. Rate cuts could come in September as Federal Reserve officials note improved interest rates, modest U.S. economic growth, and a weaker dollar, pending China's policy news.
Gold prices surged to a record high due to expectations of a Fed rate cut and a weaker dollar. Spot gold briefly reached $2,483.60 before a slight drop. Fed officials hint at upcoming rate cut amidst economic uncertainty. Other precious metals like silver, platinum, and palladium also experienced price fluctuations.
Deepak Mankar, the NCP Pune President, has declared his unwavering loyalty to Ajit Pawar, stating he would rather leave politics and stay home than "upset" the Deputy Chief Minister of Maharashtra. Mankar's assertion comes in the wake of 29 former corporators, including Pimpri-Chinchwad city unit chief Ajit Gavhane, defecting from Ajit Pawar's NCP faction to Sharad Pawar's group.
Revolutionary new asset class proposed by India's market regulator, offering high-ticket investments between mutual funds and PMS/AIFs. Get ready for a wave of unique investment opportunities with flexible strategies and regulatory oversight. Will this shake up the financial industry? Find out more!
Saurabh Gaikwad, the son of former corporator and NCP leader Bandu Gaikwad, allegedly rammed his speeding SUV into a poultry tempo, injuring two people in Pune. The incident occurred around 5 AM on Tuesday on Manjari-Mundhwa Road. Saurabh, who was driving on the wrong side, was also injured in the accident at Z Corner.
India's inclusion in JP Morgan's bond index in September 2023 has increased global interest in local debt. ETFs, such as L&G ($698.9 million), UTI, BlackRock, Xtracker's, and Tabula's, now manage $835 million. Smaller investors use ETFs or Total Return Swaps, bypassing multiple operational layers, streamlined by UCITs regulations as of May 31, 2024.
India has called for an immediate and complete ceasefire in the Gaza Strip and demanded the release of hostages without any conditions. This statement was made by India's Deputy Representative to the United Nations, R Ravindra, during the United Nations Security Council's Open Debate on the Middle East on Wednesday.
Flow post inclusion in JP Morgan global index, analysts expect investment of around $2 b per month; India likely to reach maximum weight of 10% in Index over the next 10 months
Domestic markets reach record levels with companies like Infosys and Asian Paints announcing first quarter results. Adani Green reports a significant increase in energy sales while Angel One experiences a decline in profits. Nazara Technologies faces GST liability issues. L&T Finance and Bajaj Finance see positive financial results.
Happy Thursday! Tesla’s suppliers are looking for locations to double down on their India operations. This and more in today’s ETtech Morning Dispatch.
US President Joe Biden suggested he might drop his reelection bid if doctors determine he has a medical condition. This marks the first time Biden has hinted at possibly abandoning the race. Representative Adam Schiff, a key ally from California, has also urged Biden, who is 81 years old, to step aside.
The US military's mission to deliver aid to Gaza using a temporary pier has ended, with shipments now being redirected to an Israeli port, said a senior American officer on Wednesday. This change follows issues with the pier, which has frequently detached from the shore due to bad weather since its installation in mid-May, reducing its operational time.
The Michael and Susan Dell Foundation participated in the round. The funds will be used to expand the team, speed up product development, roll out new digital tools and technologies, and reach out to more colleges and universities in India.
