INTEREST RATES RAISED
Japan's Nikkei rises as market gauges US election outlook, yen strength
Nikkei rose 0.51% to 41,399.72; Topix 0.8%. Investors betting on Trump's tax policies boosted stocks like Mitsubishi Heavy. Speculations on U.S. rate cuts affected yen/dollar. TDK up 4.2%, Tokyo Electron 0.9%, SoftBank 1.1%. Kawasaki Heavy up 5.4%, and U.S. stocks rose. Assassination attempt on Trump increased his win chances.
Wall St ends higher as investors firm bets on Trump win
Wall Street rose Monday on Trump election hopes, Fed rate cuts. Small caps, transportation stocks led gains. The Trump assassination attempt increased odds, boosting Trump Media. PredictIt odds rose; Macy's fell after buyout talks ended. Fed Chair Powell noted resilience. Goldman Sachs impressed; solar firms slid; cryptocurrency, gun stocks up.
SBI launches 444-day deposit scheme with 7.25% interest
State Bank of India (SBI) has introduced a new 444-day deposit scheme with 7.25% interest, 15 basis points higher than the prevailing rate. The bank's higher rate comes after raising the benchmark marginal cost of fund-based lending rate by 5 to 10 basis points. The Reserve Bank of India warns banks of possible systemic risk due to persistent credit growth outpacing deposit growth.
Will mid and specialized IT companies pay more as the sector makes a comeback ? 6 Mid sized IT stocks with upside potential of upto 41%
It was after a long period of time that IT stock made a comeback on Friday as reflected in the top gainers list which was dominated by IT stocks. Now the question is whether it is another false start or the Q1 results from TCS and HCL tech are reflecting the fact that the street has been more pessimistic on the sector than it was required. The answer to this would be clear in another couple of days, but the way they have been performing, there is a higher probability of it being more sustainable this time. The fact is IT companies are one of most researched companies in India. But the focus of that research is largely on TOP 5 five companies. While the fact is that the Indian IT sector is far bigger than just these companies. There are many niche areas where mid and small cap IT companies have been able to make their mark and a distinction needs to be made when looking at the sector and probably because the are not over owned by large institutional investor.
Yen bounces, traders wary of more Japan intervention
The yen jumped against the dollar on Friday, with traders on high alert for signs of fresh intervention by authorities, after a surge in the Japanese currency on Thursday that was likely the result of official buying.
European shares hit 1-month high on upbeat earnings, Fed rate-cut hopes
France's CAC 40 outperformed its European peers, rising 0.7% after a volatile week of elections, where leaders of the left-wing New Popular Front are currently discussing potential candidates for prime minister.
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Nasdaq ends sharply lower as investors rotate out of Big Tech
The Nasdaq fell sharply due to Nvidia, Apple, Tesla, Microsoft, Amazon, and Meta Platforms losses amid inflation data. Smaller companies rallied, boosting the Russell 2000. Heavy U.S. trading was noted as the S&P 500 fell and real estate rose 2.7%. Delta and Conagra Brands forecast lower profits; Tesla delayed robotaxi launch. Citigroup fined $136M.
Oil rises on cooling US inflation, strong summer demand
Oil prices rose Friday amid strong summer demand and easing U.S. inflation. Brent futures rose 0.4% to $85.77, and WTI rose 0.6% to $83.12. U.S. gasoline demand hit 9.4 million bpd for the week of July 5. US refiners drew from stocks. Falling consumer prices boosted sentiment; WTI futures tight. ANZ’s Daniel Hynes noted the weaker dollar.
Economists seek lower import tariffs at pre-budget meeting with PM Modi
In a pre-budget meeting in New Delhi, Prime Minister Narendra Modi met with economists who recommended reducing import tariffs on intermediate goods, lowering interest rates, signing more free trade deals, and cutting logistics costs to boost exports. They advocated for agricultural support for farmer producer organizations (FPOs) and emphasized capital expenditure for growth, cautioning about rural inflation.
Euro slips, but off lows as France faces hung parliament
The euro weakened as France faces political uncertainty, while the dollar strengthened on U.S. payrolls data. Traders eye Fed Chairman's comments for rate cut signals. Japanese wage growth prompts speculation of BOJ interest rate hike. Sterling remains stable post UK election. Bitcoin dips in cryptocurrency market.
Dollar stays lower after US jobs data; euro up ahead of French election
Nonfarm U.S. payrolls increased by 206,000 jobs last month, the Labor Department report showed. Data for May was revised sharply down to show 218,000 jobs added instead of the previously reported 272,000. The unemployment rate rose to 4.1%, slightly higher than the estimated 4.0%.
Shapoorji Pallonji taps Deutsche Bank, DAM Capital to raise Rs 3,000 crore from private credit funds
Shapoorji Pallonji Group aims to raise Rs 3,000 crore via Deutsche Bank and DAM Capital to refinance debt from Ares SSG Capital and Farallon, reducing 18-22% rates. Supported by a Rs 15,000 crore Power Finance Corporation loan and Gopalpur port sale to Adani Group, the group plans a Rs 7,000 crore Afcons Infrastructure IPO, exploring global funds.
Is Wall Street factoring in a rate cut by year-end? Geoff Dennis answers
I think July is a tough call now, although the payroll numbers on Friday will give us another clue on that. But I think they will cut twice before the end of the year, probably in September and December.
S&P 500, Nasdaq post record closing highs as data stokes hope for rate cut
Exciting market dynamics unfold as Paramount Global, National Amusements, and First Foundation make significant moves, shaping investor sentiment and market trends.
Recession looming large on US economy? What growth rate has been predicted by Fed Reserve body? Everything you may like to know
Recessions are fairly common in the US economy. There has been about one U.S. recession every five years or so since World War 2. But they don't last long. The average duration of a U.S. recession since World War II is just 11.1 months.
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, NSC, other small savings schemes' rates announced for July-September 2024 quarter
Latest Post Office Schemes interest rates: The government has announced that it will keep the interest rates unchanged for small savings schemes for July-September 2024. These schemes include the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS).
PPF, SCSS, Sukanya Samriddhi interest in July-September 2024: Will govt hike interest rates of PPF, small savings schemes for next quarter?
PPF, SCSS, Sukanya Samriddhi interest in July-September 2024: The government is likely to announce the interest rates of Public Provident Fund (PPF), Senior Citizen Savings Schemes (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Post Office Monthly Income Scheme (POMIS) and other small savings schemes for the July-September quarter 2024 by June 30, 2024. Will the government finally make PPF investors happy this time? Will Centre increase the interest rates of SCSS, NSC, Sukanya Samriddhi Yojana and other other small savings schemes for the July-September quarter 2024? Know what experts suggest
This bank revises savings account interest rates; now earn up to 7.75% interest rate
Unity Small Finance Bank Limited (Unity Bank) has raised the interest rate slabs on savings accounts, according to the bank press release dated June 24, 2024. The bank offers highest interest rate of 7.75% on savings account.
India can grow at 8 pc if inflation keeps falling: Ashima Goyal, an external member of MPC
Ashima Goyal, an external member of the Monetary Policy Committee, emphasized the potential for India's economy to grow at 8% if the nominal repo rate falls in line with declining inflation. The Reserve Bank of India has projected a GDP growth of 7.2% for the current fiscal year.
We are actually raising the real repo rate: MPC's Jayanth Varma
Jayanth Varma, who has expressed concerns about growth sacrifice due to restrictive monetary policy, voted for a 25-basis-point rate cut in the MPC's June policy review.
Ireda raises ₹1,500 crore
IREDA successfully raised ₹1,500 crore through oversubscribed bonds, featuring a base issue of ₹500 crore and a green shoe option of ₹1,000 crore. The bonds, offering an annual interest rate of 7.44% over a 10-year and 2-month tenure, garnered significant investor interest, oversubscribed by 2.65 times.
Oil prices slip as rate hike worries come into focus
Crude oil futures slid on Friday due to higher interest rates in Asia and the U.S., with Brent futures at $85.60 and U.S. crude at $81.20. Japan's core consumer prices rose by 2.5% from last year.
Personal loan interest rates June 2024:Which bank is offering the lowest interest rate on personal loans
Personal loan interest rates June 2024: The interest rate on a personal loan varies across lenders and is determined by several criteria, such as the borrower's credit score, loan amount, and loan duration. Here is a list of banks' personal loan interest rates on different amounts.
Loan interest rates in June 2024: These 6 banks have revised loan interest rates in June 2024
Latest loan interest rates: Banks regularly, usually on a monthly basis, assess their marginal cost of lending rates (MCLR) to account for variations in their financing costs and other pertinent aspects. Here are the top banks and their lending rates offered in June 2024, reflecting the changes in MCLR.
Latest SBI loan interest rates June 2024: State Bank of India hikes interest rates on these loans
SBI loan interest rates June 2024: The State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) on select tenures by 10 basis points (bps), making most consumer loans costlier for borrowers.
PNB plans to expand its overseas footprint, to open representative office in Dubai
State-owned Punjab National Bank is set to establish a representative office in Dubai, expanding its global presence. With board approval secured, regulatory clearance is underway. The bank aims to enhance profitability by focusing on various portfolios and increasing non-interest income while maintaining credit cost below 1%.
IIFL Samasta aims to raise Rs 1000 crore in bonds, to pay 9.2-10.5%
"We are raising public bonds to fulfill credit requirements of underserved and unserved customers across the 417 districts we operate in the country, as the large part of the country gets into monsoon season, credit requirements for agriculture, agri-allied and related micro MSME businesses will increase," managing director Venkatesh N M Told ET.
RBI dividend to have limited impact on medium-term fiscal consolidation: Fitch
Fitch Ratings emphasized the limited medium-term impact of the RBI's surplus transfer on India's fiscal consolidation and debt path. The government targets a fiscal deficit of 4.5% of the GDP by FY26, with potential positive implications for credit ratings.
Stay put? Raise cash? What should be your portfolio strategy in runup to the Budget?
Kunj Bansal, NISM, recommends a divided investment approach, focusing on long-term and trading portfolios. He elaborates on portfolio strategies pre-Budget, the pharma sector's defensive appeal, and recent underperformance driving market interest. The IT sectoe has corrected significantly and depending on how things shape up we might see the buying interest coming back.
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