P2P NEWS
Tesla, megacaps drive S&P 500, Nasdaq up; Powell in focus
Powell told a panel that recent economic data represented "significant progress," though noting the Fed needed to see more before changing policy. Meanwhile, Chicago Fed President Austan Goolsbee noted he sees some "warning signs" of economic weakness and that central bank's goal is to get inflation down without stressing the labor market.
1970 Lamborghini Miura kept in living room for 40 years can fetch $2.5 million at auction. Details here
A rare 1970 Lamborghini Miura, once a living room fixture, heads to auction. Designed by Marcello Gandini, it’s a sought-after classic with historical allure and potential for significant restoration costs.
S&P 500 tops 5,500 after ‘near perfect’ economic data
Excluding the volatile food and energy components, the core inflation figure rose by 0.1% month-on-month and 2.6% year-on-year. According to LSEG FedWatch data, the probability of a rate cut in September increased to 68% from 61% prior to the release of the data. Despite the Federal Reserve's projections of only one rate cut this year, traders are maintaining their bets on two cuts, hoping for a continued decline in inflation and considering the economy's vulnerability to historically high interest rates.
Buy S P Apparels, target price Rs 801: HDFC Securities
S P Apparels Ltd. key Products/Revenue Segments include Garments, Duty Drawback, Sale of services, Waste (Cotton), Yarn, Fabric, Cotton and Scrap for the year ending 31-Mar-2023.
S&P 500, Nasdaq lower as semiconductor shares weigh
AI chip firm Nvidia fell by 4.4%, following losses in the previous session that caused its market valuation to drop below Microsoft's. Other semiconductor stocks, including Qualcomm, Broadcom, Micron Technology, and Arm Holdings, declined between 2% and 5%, leading to a 2.2% decrease in the Philadelphia SE Semiconductor index.
Wall Street’s $5.5 trillion triple-witching to test market calm
This quarter’s expiration comes as implied volatility on S&P 500 options is holding near the lowest level since before the coronavirus pandemic, with the US benchmark index riding the surge in shares of Nvidia Corp. and other artificial intelligence-linked companies. The expiration coincides with index rebalancing, when S&P Dow Jones Indices shuffles company weightings and ETFs that track its gauges make similar adjustments.
‘Mania’ could drive S&P to 6,000 before plunge, Stifel says
Stifel, Nicolaus & Co. predicts a potential 10% rally for the S&P 500 Index this year, reaching 6,000 by 2024. However, Barry Bannister warns of a subsequent drop to 4,800 by mid-2026, erasing 20% of its value.
Amaravati development works will be completed in 30 months: Minister P Narayana
Andhra Pradesh Municipal Administration Minister P Narayana outlined plans to complete Amaravati's capital city development within two-and-a-half years, aiming to rank it among the world's top five capitals. Emphasizing international design collaborations, he highlighted Rs 48,000 crore in tenders issued and significant progress in infrastructure, including residential quarters
M2P fintech teams up with Bureau for enhanced fraud prevention
The number of frauds detected in the banking system last fiscal almost tripled on year, according to the central banks’ annual report with the RBI governor highlighting the need for a system wide approach to mitigate such frauds.
LoP: What is leader of opposition and why Congress wants Rahul as LoP
The Congress Working Committee (CWC) has unanimously passed a resolution requesting Rahul Gandhi to take the position of the LoP in Lok Sabha.
Cosmic Kittens (CKIT) Crypto presale prepares to be the defining Altcoin in 2024 bull market forecast
Crypto market pundits believe Cosmic Kittens (CKIT) is among the altcoins to watch in the year's second half.
Ronaldo’s Jersey (RONJER) listing on KuCoin spikes major price surge, amid Meme Coins bull trend, will Dogecoin join the list?
With Ronaldo’s Jersey (RONJER) leading the meme coin bull trend, KangaMoon and other meme coins have also not been left behind, promising investors high returns in 2024.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
Is this the next big meme coin? P2E token PlayDoge launches presale & raises $250K
PlayDoge ($PLAY) presale raises over $250K, combining P2E and meme coins with a Tamagotchi game reboot.
S&P Global will likely raise India's rating within 2 years, Citi says
Citi anticipates S&P Global Ratings will upgrade India's sovereign rating by late 2026, following S&P's recent outlook improvement to 'positive' from 'stable'. Citi cites S&P's confidence in India's economic fundamentals and fiscal trajectory. India's fiscal health, aiming to reduce its deficit, is key to the potential upgrade.
Welfare schemes, policies in India not oriented towards poor: P Chidambaram
Senior Congress leader P Chidambaram criticized the current welfare schemes in India, stating they aren't effectively targeted towards the poor. Speaking at an event, he emphasized the need for policies to be oriented towards marginalized sections like SCs, STs, and the poor to achieve an egalitarian society. Chidambaram advocated for universal and free healthcare and education as essential components of such a society, citing examples from European nations.
ONGC's high investments to delay deleveraging: S&P
S&P Global Ratings stated that increased investments by Oil and Natural Gas Corp (ONGC) will slow its deleveraging over the next 12-24 months, affecting its 'bbb+' standalone credit profile. Despite a 2-3% drop in domestic production and lower realizations in FY2024, ONGC's EBITDA rose to Rs 1.1 lakh crore due to strong performance from subsidiaries MRPL and HPCL. S&P forecasts EBITDA to remain around Rs 1 lakh crore for FY2025 and FY2026, supported by increased production from the Krishna Godavari basin and international assets.
Indian crypto investors take illegal routes to avoid tax burdern
Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.
RBI scanner on gold loan startups; setback for P2P lending firms
Happy Wednesday! After the central bank's action on IIFL Finance, concerns have been raised over gold loan evaluation by fintechs and their partner banks. This and more in today’s ETtech Morning Dispatch.
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