U S SERVICES DATA
S&P 500 and Nasdaq notch record highs; chipmakers climb
The S&P 500 and Nasdaq hit records, boosted by Nvidia, Intel, and AMD. Investors await inflation data, Powell's semiannual testimony, and earnings from Citigroup, JPMorgan Chase, and Wells Fargo. Concerns grow over labor markets and rate cuts. Declines in communication services and energy; Paramount merged with Skydance; Boeing resolves fraud investigation.
Gold inches up after weak data fuels US rate cut bets
Dramatic gold price surge expected amid cautious Fed approach and weaker employment reports, signaling potential economic challenges ahead.
Dollar on the defensive after soft data, little relief for yen
Currency markets react to global economic trends, with sterling potentially shifting leadership from Rishi Sunak to Keir Starmer in the UK.
Oil prices slip after data points to cooling U.S. economy
Amidst economic fluctuations, rate cuts could enhance demand, endorsed by ANZ Research analysts, impacting the global oil market.
China stocks fall on economic data; HK jumps
Market turbulence as private-sector survey highlights new order concerns, influencing Hang Seng Tech Index performance.
U-Turn: Sensex, Nifty erase gains after hitting record highs
From the Sensex pack, Infosys, HCL Tech, TCS, and Bharti Airtel opened higher, while Tata Motors, Kotak Mahindra Bank, Bajaj Finance, and ICICI Bank opened in the red.Shares of Kotak Mahindra dropped 2% after US short-seller Hindenburg said that the lender created and oversaw a fund that Hindenburg investors used to short Adani stocks.
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GIFT Nifty signals a positive start for D-Street. Here's the trading setup for today's session
Domestic markets showed gains driven by positive sentiment on expectations of a discretionary spending rebound. Investors focus on upcoming US job data and Fed Chair's speech for interest rate insights. Nifty futures trade higher with a positive trend intact. Oil prices remain steady near highs, supported by rising fuel demand outlook. FII and DII actions impact rupee's performance.
Jobs, inflation data may break the US Treasury market out of narrow range
Bond market trends are closely tied to Powell's testimony, economic indicators, and Treasury yield movements. Factors like the recent Australia inflation rebound, central bank actions, and insights from Macquarie Group are key considerations for investors navigating market uncertainties.
Dollar steadies; sterling dips ahead of inflation test
The dollar weakened after soft U.S. retail sales data increased expectations of Federal Reserve rate cuts, while sterling dipped ahead of UK inflation data. Markets predict a 67% chance of rate cuts in September.
5 world market themes for the week ahead
Central bank decisions in Britain, Switzerland, and Norway will show the rate cutting trend, while retail sales data from the US and China will indicate consumer health. Europe gears up for the Euros 2024 tournament in Germany. Investors are monitoring cocoa supply issues in Ivory Coast, Ghana, and other countries like Brazil.
RITES shares rally 4% on signing MoU with DMRC
Shares of Rail India Technical and Economic Service (RITES) surged by 4% to reach the day’s peak of Rs 708 in today’s session on the BSE. This increase followed the company's announcement of signing a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC)
Sensex, Nifty end flat after volatile session ahead of US Fed rate decision, CPI data
The Indian benchmark equity indices, Sensex and Nifty50, concluded Tuesday's trading session with marginal movement, as investors awaited the Federal Reserve's policy decision and consumer price inflation data scheduled for Wednesday.
Explainer: Why the few big AI players worry US antitrust regulators
U.S. antitrust enforcers are investigating Big Tech's impact on the AI sector, looking into potential competition issues. Key concerns include data access advantages, impact on workers, and partnerships with Big Tech firms.
US stocks close slightly lower; jobs data strong but rates still high
Wall Street stocks ended slightly lower on Friday after strong U.S. jobs data raised concerns about the Federal Reserve's stance on interest rates. The Labor Department reported 272,000 jobs in May, exceeding expectations, with a 4% unemployment rate.
European Central Bank set to cut rates for the first time since 2019 even as inflation fight continues
All 82 economists polled by Reuters expected the ECB to trim its deposit rate to 3.75% on Thursday from a record 4.0%, in what would be its first cut since 2019. ECB policymakers have clearly telegraphed their intention to lower borrowing costs after seeing inflation in the 20 countries that share the euro fall from more than 10% in late 2022 to just above their 2% target in recent months.
US dollar gains after stronger-than-expected services sector data
The Institute for Supply Management said its nonmanufacturing purchasing managers index rose to 53.8 last month from 49.4 in April. May's reading, the highest since August, overshot estimates of all 59 economists in a Reuters poll that had pegged the median expectation at 50.8.
Yields pare losses as services sector rebounds
The business activity index is "really driving that whole index higher," said Ellis Phifer, managing director of fixed income research at Raymond James in Memphis, Tennessee.
Dollar finds footing as traders turn to US services data
The dollar steadied as traders awaited an interest rate decision in Canada and U.S. services data. The yen received a boost after reports of potential bond buying cuts by the Bank of Japan, leading to a rise in the Swiss franc. Japanese real wages fell for the 25th straight month due to inflation outpacing pay rises.
Wall Street stocks end slightly higher as weak jobs data supports rate cut
U.S. stocks rose on Tuesday as labor market data hinted at a Fed rate cut. Axos Financial dropped after Hindenburg Research shorted the stock.
European shares fall as rising bond yields renew rate jitters
European shares declined on Wednesday as rising bond yields globally spurred concerns of interest rates staying elevated for longer, even as investors awaited more economic data to firm up bets on rate cuts.
Sterling hits fresh 2-month high versus dollar ahead of inflation data
German inflation figures will be released on Wednesday and the wider euro zone's reading on Friday, along with the U.S. core personal consumption expenditures (PCE) price index - the Federal Reserve's preferred measure of inflation.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
Stock gaming apps under Sebi scanner; ETtech Done Deals
The capital markets regulator is cracking down on illicit gaming apps that offer virtual trading services and fantasy games. This and more in today’s ETtech Top 5.
US stocks rebound to close higher but Dow down for the week
U.S. stocks rebounded on Friday with the Nasdaq reaching a record high, driven by improved consumer outlook on inflation. New orders for key U.S.-manufactured capital goods rebounded in April, and consumer inflation expectations improved. Rob Haworth from U.S. Bank Wealth Management commented on the positive data.
Fed remains cautious on cuts even as data improves
"I don't see any indicators now telling me ... there's a reason to change the stance of monetary policy now," Williams said in an interview with Reuters, adding that he did not expect the case for a rate cut to fall into place "in the very near term."
US stocks edge up after 'mixed' producer inflation data, all eyes on CPI
Sticky inflation and persistent labour market strength have prompted financial markets and most economists to push back expectations for an initial Fed interest rate cut to September, from March seen at the start of the year.
AI boom set to fuel data centre deals in Asia this year
The intense pace of deals in the world's most populous region comes as countries and companies respond to booming demand for AI, calling for more data capacity, industry executives said.
Rupee ends flat as state-run banks' dollar sales offset fall in Asian peers
The rupee closed at 83.5075 against the U.S. dollar, against 83.4875 in the previous session. It hovered in a tight band of 83.4775 and 83.5175 during the session.
China's factory, services activity growth slows in April
The official purchasing managers' index (PMI) dropped to 50.4 in April from 50.8 in March, above the 50-mark separating growth from contraction, and beat a median forecast of 50.3 slightly in a Reuters poll.
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