- Arun Goswami
- 04 Jan, 2024
- Mumbai
Stocks rebounded in Mumbai trading, powered by a rise in financials and power companies.
The Sensex index decreased 329.62 points to 71,686.22, and the Nifty index eased 91.20 points to 21,608.55.
On the Mumbai stock exchange, 224 stocks traded at their 52-week highs and 5 stocks traded at their 52-week lows.
ONGC increased 2.2% to ₹213.40 after the oil exploration company won 7 of the 10 oil and gas exploration blocks auctioned by the central government.
Oil India, Sun Petrochemicals, and a consortium of Reliance Industries and BP plc won rights to explore one block each.
Adani Ports rose 1.7% to ₹1,112.80, and the company board approved the sale of non-convertible debentures and raised as much as ₹5,000 crore.
Bajaj Finance rose 3.5% to ₹7,647.95 after the company reported a surge in new customers, loan advances, and assets under management in the quarter ending in December.
The company added 38.5 lakh customers to 80 crore, assets under management, up 35% to ₹3.11 lakh crore, and new loans issued surged 26% to 0.98 crore.
Jio Financial Services rose 1.2% to ₹237.0 after the company and the U.S.-based Blackrock Financial filed an application to launch mutual funds in India.
Indusind Bank rose 2.8% to ₹1,646.0 after the company reported strong loan and deposit growth in the December quarter from the previous quarter.
Loans increased 4% to 3.27 lakh crore, and deposits rose 13% to 3.69 lakh crore.
Maruti Suzuki decreased 0.7% to ₹10,009.80 after the company said it plans to appeal the demand of ₹173.9 crore from the Gujarat GST authority.
Power companies were in focus after NTPC, Power Grid, Torrent Power, and Gujarat Industries Power signed non-binding agreements with the state of Gujarat to build power plants ahead of the launch of the annual Vibrant Gujarat summit.
NTPC increased 3.5% to ₹317.0, Torrent Power soared 10% to ₹1,038.85, Power Grid gained 1.4% to ₹240.90, and Gujarat Industries Power added 2.3% to ₹188.35.
Dhampur Sugar Mills decreased 0.4% to ₹268.60 after the company said it plans to repurchase 10 lakh of its shares at a price of ₹300 per share.
Life Insurance Corporation of India added 0.4% to ₹842.35 after the company received GST collection notices from Telangana, Gujarat, and Uttarakhand totaling ₹667.5 crore.
Indian Energy Exchange gained 2.7% to ₹167.50 after the company said trading volume jumped 16.9% from a year ago to 28,326 million units, or MU.
Electricity trading volume in December rose 8.7% from a year ago to 8,655 MU, and total energy trading volume advanced 14.9% from a year ago to 9,707 MU.
Rail Vikas Nigam gained 0.5% to ₹186.15 after the company signed a preliminary non-binding agreement to finance projects worth as much as ₹35,000 crore over the next five years.
- Arjun Pandit
- 04 Jan, 2024
- Mumbai
Stocks in Mumbai rebounded after declining for four days in a row, and Asian markets lacked direction for the third day this week.
The Sensex and the Nifty indexes advanced as much as 0.4% in early trading, and investors awaited the start of the earnings season next week.
Market sentiment in Asia was weak for the third consecutive day this week after the Federal Reserve's minutes of the meeting held in December showed policymakers agreed that interest rates may be near their peaks in this tightening cycle.
Committee members agreed that a total of 75 basis point rate cuts are likely in 2024, but they were not sure about the timing.
The hawkish tone of the Fed's meeting dragged market indexes lower on Wall Street for the second day in a row this week.
Asian Markets Extend Losses
Asian markets were on the defensive following the release of the Fed's minutes of meetings, and committee members said that economic developments will determine the future rate path.
Benchmark indexes in Hong Kong declined 0.5% and in mainland China fell 1.5%, and domestic and foreign investors continued to sell stocks on the persistent growth worries.
Property developers drifted lower in Hong Kong and mainland trading after new and existing home sales declined in December and in 2023.
Caixin purchasing managers' index of the services industry increased to 52.9 in December from 51.5 in the previous month, indicating that the industry expanded for the 12th month in a row.
Market indexes in Tokyo declined 0.6% after the financial markets reopened for the first time in 2024; the KOSPI index in Seoul declined 0.2%; and the ASX 200 index decreased 0.3% following weak metal prices.
India Indexes and Yields
The Sensex index decreased 329.62 points to 71,686.22, and the Nifty index eased 91.20 points to 21,608.55.
On the Mumbai stock exchange, 224 stocks traded at their 52-week highs and 5 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds held firm at 7.21%, and the Indian rupee hovered near ₹83.30 against the U.S. dollar.
The gold price increased by 0.34% to ₹62,756 per ten grams, and silver rose by 0.2% to ₹72,465 per kilo.
Crude oil increased by 0.4% to ₹6,094 per barrel, and natural gas rose by 0.9% to ₹225.0 per thermal unit.
India Stock Movers
ONGC increased 2.2% to ₹213.40 after the oil exploration company won 7 of the 10 oil and gas exploration blocks auctioned by the central government.
Oil India, Sun Petrochemicals, and a consortium of Reliance Industries and BP plc won rights to explore one block each.
Adani Ports rose 1.7% to ₹1,112.80, and the company board approved the sale of non-convertible debentures and raised as much as ₹5,000 crore.
Bajaj Finance rose 3.5% to ₹7,647.95 after the company reported a surge in new customers, loan advances, and assets under management in the quarter ending in December.
The company added 38.5 lakh customers to 80 crore, assets under management, up 35% to ₹3.11 lakh crore, and new loans issued surged 26% to 0.98 crore.
Jio Financial Services rose 1.2% to ₹237.0 after the company and the U.S.-based Blackrock Financial filed an application to launch mutual funds in India.
Power companies were in focus after NTPC, Power Grid, Torrent Power, and Gujarat Industries Power signed non-binding agreements with the state of Gujarat to build power plants ahead of the launch of the annual Vibrant Gujarat summit.
NTPC increased 3.5% to ₹317.0, Torrent Power soared 10% to ₹1,038.85, Power Grid gained 1.4% to ₹240.90, and Gujarat Industries Power added 2.3% to ₹188.35.
Dhampur Sugar Mills decreased 0.4% to ₹268.60 after the company said it plans to repurchase 10 lakh of its shares at a price of ₹300 per share.
Life Insurance Corporation of India added 0.4% to ₹842.35 after the company received GST collection notices from Telangana, Gujarat, and Uttarakhand totaling ₹667.5 crore.
- Brian Turner
- 03 Jan, 2024
- New York City
The number of job openings declined by 62,000 to 8.79 million in November, the U.S. Bureau of Labor Statistics reported Wednesday.
The number of job openings declined to the lowest level since March 2021, fell for the third consecutive month in a row, and decreased from a record high of 12 million in March 2022.
In November, the number of hires decreased by 363,000 to 5.5 million, total separations declined by 292,000 to 5.3 million, and quits edged down by 157,000 to 3.5 million.
During the month, job openings declined in transportation, warehousing, and utilities by 128,000 and in federal government by 58,000, but job openings expanded in wholesale trade by 63,000.
Across the nation, job openings fell in the South by 128,000, in the Northeast by 29,000, and in the West by 7,000, but increased in the Midwest by 102,000.
- Barry Adams
- 03 Jan, 2024
- New York City
Stocks remained under pressure for the second day this week, and investors curbed their enthusiasm for rate cuts amid economic uncertainties and elevated inflation.
Investors reviewed the latest Fed's rate-setting committee meeting minutes, the job opening report for November, and ISM's manufacturing industry survey for December.
The Fed's meeting confirmed that policymakers agreed that rate cuts are likely in 2024, but members were not sure if and when those rate cuts would take place.
The S&P 500 index and the Nasdaq Composite declined for the second day in a row, and Treasury yields edged slightly higher.
Tech stocks led the decliners after AI-driven, cloud computing, and cyber security stocks traded down on valuation worries following the surge in 2023.
Investors also dialed down rate-cut optimism and sold tech winners in 2023 after the 10-year Treasury yield approached 4%.
Market participants are worried that the Federal Reserve may not lower rates as early as March, despite the steady decline in inflation over the last ten months and softening labor market conditions.
Labor market conditions are easing but remain tight, supporting wage gains that are not consistent with the Fed's goal of lowering inflation to 2%.
Job Openings Declined to a 31-month Low
The number of job openings declined by 62,000 to 8.79 million in November, the U.S. Bureau of Labor Statistics reported Wednesday.
The number of job openings declined to the lowest level since March 2021, fell for the third consecutive month in a row, and decreased from a record high of 12 million in March 2022.
In November, the number of hires decreased by 363,000 to 5.5 million, total separations declined by 292,000 to 5.3 million, and quits edged down by 157,000 to 3.5 million.
During the month, job openings declined in transportation, warehousing, and utilities by 128,000 and in federal government by 58,000, but job openings expanded in wholesale trade by 63,000.
Across the nation, job openings fell in the South by 128,000, in the Northeast by 29,000, and in the West by 7,000, but increased in the Midwest by 102,000.
U.S. Manufacturing Activities Extended the Longest Decline in Two Decades
The Manufacturing Purchasing Managers' Index improved slightly to 47.4 in December from 46.7 in November, the Institute for Supply Management reported Wednesday.
The index indicated that factory activities shrank for the 14th consecutive month, extending the longest period of declining activity since 2000 and 2001.
The index for production rebounded to 50.3 from 48.5, but new orders fell to 47.1 from 48.3, employment edged higher to 48.1 from 45.8, and inventories continued to shrink with the index easing to 44.3 from 44.8.
U.S. Indexes and Yields
The S&P 500 index decreased 0.4% to 4,722.15, and the Nasdaq Composite dropped 0.7% to 14,663.76.
The yield on 2-year Treasury notes increased to 4.34%, 10-year Treasury notes inched higher to 3.96%, and 30-year Treasury bonds eased to 4.11%.
WTI crude oil increased $2.10 to $72.50 a barrel, and natural gas prices decreased 10 cents to $2.67 a thermal unit.
Gold decreased $24.81 to $2,033.99 an ounce, and the yellow metal price traded down for the second day after investors dialed back rate-cut optimism.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 102.43.
U.S. Stock Movers
PGT Innovations increased 3.5% to $41.70 after the window and door maker received an unsolicited offer from Miter Brands for $41.50 a share.
PGT agreed to a $41 per share offer from Masonite International on December 18.
Bloomin' Brands increased 2.6% to $28.01 after the owner of Outback Steakhouse added two board members, as agreed with activist investor Starboard Value.
Walt Disney decreased 0.03% to $90.66, and activist investor ValueAct Capital agreed to support the company's latest slate of board members, giving the management a leg up against activist investor Trian Partners.
Cryptocurrency-focused stocks traded down after Bitcoin declined 5.5% to $42,395.60.
Marathon Digital Holdings dropped 10.5% to $20.58, and Coinbase Global declined 7.5% to $146.0.
Apple declined 0.7% to $184.09 and extended its loss for the second day after falling 3.6% in the previous session following a downgrade by Barclays analysts.
BYD Class H shares in New York traded down 2.5% to $26.85 despite the company ramping up sales of its new energy vehicles in 2023 to 3 million.
BYD produced 1.6 million battery-powered passenger cars and 1.4 million hybrid cars.
Tesla still leads the battery-powered vehicle segment with 1.8 million vehicles in 2023.
European Markets Turned Lower Second Consecutive Day
European markets lacked direction, and investors reviewed the latest economic reports from around the world.
Germany's jobless rate edged slightly higher to 5.9% in December from the revised 5.8% in the previous month, the Federal Employment Agency reported Wednesday.
The jobless rate advanced to the highest since May 2021 and increased for the eleventh month in a row by 5,000 to 2.703 million.
The number of unemployed increased by 186,000 from the previous year, but the jobless rate ranged from 3.4% in Bavaria to 6.0% in Brandenburg to 9.2% in Berlin.
Europe Indexes and Yields
The DAX index decreased 1.4% to 16,538.39, the CAC-40 index fell 1.6% to 7,411.86, and the FTSE 100 index inched lower by 0.5% to 7,682.33.
The yield on 10-year German bonds decreased to 2.05%; French bonds inched lower to 2.59%; the UK gilts edged up to 3.64%; and Italian bonds advanced to 3.73%.
The euro edged lower to $1.092, the British pound inched lower to $1.262, and the U.S. dollar eased to 85.43 Swiss cents.
Brent crude decreased $2.12 to $78.02 a barrel, and the Dutch TTF natural gas increased by €2.22 to €32.80 per MWh.
Europe Stock Movers
Maersk increased 4.4% to DKK 13,475.0 after the company announced its plan not to resume shipping through the Red Sea lanes "until further notice."
ASML Holding declined 1.9% to €651.80 and extended its loss from the previous session after the Dutch government halted shipments of advanced chipmaking equipment to China.
Atos SE decreased 4.8% to €6.65 after the company said it plans to initiate due diligence talks with Airbus with a potential sale of its big data and security unit.
Ryanair Holdings plc decreased 4.4% to €18.29 after the budget airline said the number of online travel platforms had suspended selling its flights in early December.
The budget airline said the removal of its flights is not likely to affect its financial outlook and passenger count, but the move has affected its load factor in December and January by "1% to 2%."
The online travel platforms, including Kayak, Booking.com, and Kiwi, dropped the company's flights following the Irish court granting the airline a permanent injunction against the screenscraper Flightbox for "unlawfully scraping Ryanair content" and distributing it to online travel platforms.
The budget airline also announced that its December traffic increased by 9% to 12.54 million, but the load factor declined to 91% from 92% a year ago.
Wizz Air Holdings declined 3.4% to 2,142.0 pence, and the budget carrier said December traffic increased 18% from a year ago to 4,964,857.
- Scott Peters
- 03 Jan, 2024
- New York City
Stocks declined for the second day this week after investors recalibrated their rate-cut expectations amid ongoing economic uncertainties.
The S&P 500 index decreased 0.5% to 4,718.48, and the Nasdaq Composite dropped 0.6% to 14,679.88.
The yield on 2-year Treasury notes increased to 4.34%, 10-year Treasury notes inched higher to 3.96%, and 30-year Treasury bonds eased to 4.11%.
PGT Innovations increased 3.5% to $41.70 after the window and door maker received an unsolicited offer from Miter Brands for $41.50 a share.
PGT agreed to a $41 per share offer from Masonite International on December 18.
Bloomin' Brands increased 2.6% to $28.01 after the owner of Outback Steakhouse added two board members, as agreed with activist investor Starboard Value.
Walt Disney decreased 0.03% to $90.66, and activist investor ValueAct Capital agreed to support the company's latest slate of board members, giving the management a leg up against activist investor Trian Partners.
Cryptocurrency-focused stocks traded down after Bitcoin declined 5.5% to $42,395.60.
Marathon Digital Holdings dropped 10.5% to $20.58, and Coinbase Global declined 7.5% to $146.0.
Apple declined 0.7% to $184.09 and extended its loss for the second day after falling 3.6% in the previous session following a downgrade by Barclays analysts.
BYD Class H shares in New York traded down 2.5% to $26.85 despite the company ramping up sales of its new energy vehicles in 2023 to 3 million.
BYD produced 1.6 million battery-powered passenger cars and 1.4 million hybrid cars.
Tesla still leads the battery-powered vehicle segment with 1.8 million vehicles in 2023.
- Barry Adams
- 03 Jan, 2024
- New York City
Stocks were under pressure for the second day this week, and investors curbed their enthusiasm for rate cuts amid economic uncertainties and elevated inflation.
The S&P 500 index and the Nasdaq Composite declined for the second day in a row, and Treasury yields edged slightly higher.
Tech stocks led the decliners after AI-driven, cloud computing, and cyber security stocks traded down on valuation worries following the surge in 2023.
Investors also dialed down rate-cut optimism and sold tech winners in 2023 after the 10-year Treasury yield approached 4%.
Market participants are worried that the Federal Reserve may not lower rates as early as March, despite the steady decline in inflation over the last ten months.
Labor market conditions remain tight, supporting wage gains that are not consistent with the Fed's goal of lowering inflation to 2%.
Investors are awaiting the release of the Fed's December meeting minutes, the job opening report for November, and ISM's manufacturing industry survey for December.
U.S. Indexes and Yields
The Nasdaq index was up 44.2% in 2023 before Friday's trading, its best annual gain since 2003.
The S&P 500 index decreased 0.5% to 4,718.48, and the Nasdaq Composite dropped 0.6% to 14,679.88.
The yield on 2-year Treasury notes increased to 4.34%, 10-year Treasury notes inched higher to 3.96%, and 30-year Treasury bonds eased to 4.11%.
WTI crude oil increased $0.51 to $70.89 a barrel, and natural gas prices decreased 3 cents to $2.60 a thermal unit.
Gold decreased $15.70 to $2,043.34 an ounce, and the yellow metal price traded down for the second day after investors dialed back rate-cut optimism.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 102.43.
U.S. Stock Movers
PGT Innovations increased 3.5% to $41.70 after the window and door maker received an unsolicited offer from Miter Brands for $41.50 a share.
PGT agreed to a $41 per share offer from Masonite International on December 18.
Bloomin' Brands increased 2.6% to $28.01 after the owner of Outback Steakhouse added two board members, as agreed with activist investor Starboard Value.
Walt Disney decreased 0.03% to $90.66, and activist investor ValueAct Capital agreed to support the company's latest slate of board members, giving the management a leg up against activist investor Trian Partners.
Cryptocurrency-focused stocks traded down after Bitcoin declined 5.5% to $42,395.60.
Marathon Digital Holdings dropped 10.5% to $20.58, and Coinbase Global declined 7.5% to $146.0.
Apple declined 0.7% to $184.09 and extended its loss for the second day after falling 3.6% in the previous session following a downgrade by Barclays analysts.
BYD Class H shares in New York traded down 2.5% to $26.85 despite the company ramping up sales of its new energy vehicles in 2023 to 3 million.
BYD produced 1.6 million battery-powered passenger cars and 1.4 million hybrid cars.
Tesla still leads the battery-powered vehicle segment with 1.8 million vehicles in 2023.
- Inga Muller
- 03 Jan, 2024
- Frankfurt
Benchmark indexes in Europe lacked direction, and investors reviewed the latest updates on the German jobless rate and awaited the release of the Fed's minutes of the last meeting in December.
The DAX index decreased 0.6% to 16,677.88, the CAC-40 index fell 1.0% to 7,453.23, and the FTSE 100 index inched lower by 0.53% to 7,680.34.
The yield on 10-year German bonds decreased to 2.05%; French bonds inched lower to 2.59%; the UK gilts edged up to 3.64%; and Italian bonds advanced to 3.73%.
Maersk increased 4.4% to DKK 13,475.0 after the company announced its plan not to resume shipping through the Red Sea lanes "until further notice."
ASML Holding declined 1.9% to €651.80 and extended its loss from the previous session after the Dutch government halted shipments of advanced chipmaking equipment to China.
Atos SE decreased 4.8% to €6.65 after the company said it plans to initiate due diligence talks with Airbus with a potential sale of its big data and security unit.
Ryanair Holdings plc decreased 4.4% to €18.29 after the budget airline said the number of online travel platforms had suspended selling its flights in early December.
The budget airline said the removal of its flights is not likely to affect its financial outlook and passenger count, but the move has affected its load factor in December and January by "1% to 2%."
The online travel platforms, including Kayak, Booking.com, and Kiwi, dropped the company's flights following the Irish court granting the airline a permanent injunction against the screenscraper Flightbox for "unlawfully scraping Ryanair content" and distributing it to online travel platforms.
The budget airline also announced that its December traffic increased by 9% to 12.54 million, but the load factor declined to 91% from 92% a year ago.
Wizz Air Holdings declined 3.4% to 2,142.0 pence, and the budget carrier said December traffic increased 18% from a year ago to 4,964,857.
- Bridgette Randall
- 03 Jan, 2024
- Frankfurt
European markets lacked direction, and investors reviewed the latest economic reports from around the world.
Germany's jobless rate edged slightly higher to 5.9% in December from the revised 5.8% in the previous month, the Federal Employment Agency reported Wednesday.
The jobless rate advanced to the highest since May 2021 and increased for the eleventh month in a row by 5,000 to 2.703 million.
The number of unemployed increased by 186,000 from the previous year, but the jobless rate ranged from 3.4% in Bavaria to 6.0% in Brandenburg to 9.2% in Berlin.
Europe Indexes and Yields
The DAX index decreased 0.6% to 16,677.88, the CAC-40 index fell 1.0% to 7,453.23, and the FTSE 100 index inched lower by 0.53% to 7,680.34.
The yield on 10-year German bonds decreased to 2.05%; French bonds inched lower to 2.59%; the UK gilts edged up to 3.64%; and Italian bonds advanced to 3.73%.
The euro edged lower to $1.092, the British pound inched lower to $1.262, and the U.S. dollar eased to 85.43 Swiss cents.
Brent crude decreased $0.05 to $75.85 a barrel, and the Dutch TTF natural gas increased by €1.15 to €31.73 per MWh.
Europe Stock Movers
Maersk increased 4.4% to DKK 13,475.0 after the company announced its plan not to resume shipping through the Red Sea lanes "until further notice."
ASML Holding declined 1.9% to €651.80 and extended its loss from the previous session after the Dutch government halted shipments of advanced chipmaking equipment to China.
Atos SE decreased 4.8% to €6.65 after the company said it plans to initiate due diligence talks with Airbus with a potential sale of its big data and security unit.
Ryanair Holdings plc decreased 4.4% to €18.29 after the budget airline said the number of online travel platforms had suspended selling its flights in early December.
The budget airline said the removal of its flights is not likely to affect its financial outlook and passenger count, but the move has affected its load factor in December and January by "1% to 2%."
The online travel platforms, including Kayak, Booking.com, and Kiwi, dropped the company's flights following the Irish court granting the airline a permanent injunction against the screenscraper Flightbox for "unlawfully scraping Ryanair content" and distributing it to online travel platforms.
The budget airline also announced that its December traffic increased by 9% to 12.54 million, but the load factor declined to 91% from 92% a year ago.
Wizz Air Holdings declined 3.4% to 2,142.0 pence, and the budget carrier said December traffic increased 18% from a year ago to 4,964,857.
- Arun Goswami
- 03 Jan, 2024
- Mumbai
Stocks on Dalal Street declined for the second day on the worries of a rebound in inflation after the transport workers' strike entered its second day.
The Sensex index decreased 610.37 points to 71,661.31, and the Nifty index eased 159.50 points to 21,582.40.
On the Mumbai stock exchange, 207 stocks traded at their 52-week highs and 12 stocks traded at their 52-week lows.
Adani Group stocks were in focus after the Supreme Court refused to interfere with the SEBI investigative authorities.
The highest court in the nation also rejected the U.S.-based short seller Hindenburg's request to refer the case to the CBI.
The Supreme Court asked the SEBI to complete its investigation in the allegation in the next three months.
The court also asked the Government of India and the SEBI to investigate the short-seller Hindenburg and fine the company if found to violate any Indian laws.
Adani Enterprises jumped 3.6% to ₹3,040.0, Adani Ports gained 2.9% to ₹1,109.20, Adani Power advanced 4.2% to ₹540.0, and Adani Wilmar increased 4.4% to ₹382.65.
Hero Motocorp declined 2.8% to ₹3,999.0 after the company reported total vehicle sales in December fell 0.1% from a year ago to 393,952 units and motorcycle sales eased 0.6% from a year ago to 354,658 units.
Maruti Suzuki decreased 1.1% to ₹10,084.05 after the vehicle maker reported weaker-than-expected sales in December.
Total passenger vehicle sales declined to 119,518 from 124,135 and passenger car sales fell to 64,802 from 86,582 a year ago, respectively.
Avenue Supermarts declined 3.9% to ₹3,972.40 after the retailer said standalone revenue in the third quarter rose 17.2% from a year ago to ₹13,247 crore.
VST Industries jumped 0.3% to ₹4,072.10 after mutual funds controlled by the State Bank of India and investor Radhakrishnan Damani increased their stakes in the cigarette maker through open market transactions.
The Hyderabad-based VST is an affiliate company of British American Tobacco, which controls about 32% of the company.
- Arjun Pandit
- 03 Jan, 2024
- Mumbai
Stocks in Mumbai declined for the second day in a row, and Asian markets extended losses in the new year.
The Sensex and the Nifty indexes declined more than 0.5% on the worries of a rebound in inflation after truck transport workers launched a strike across the nation.
Transport workers launched a 3-day strike after the central government tightened the rules for hit-and-run accidents and increased the maximum jail time to 10 years from 2 years and the maximum fine to ₹10 lakh.
The central government revised the penalty following the directive by the Supreme Court, leveling the penalty and fines for all drivers.
The new provision triggered strikes in Maharashtra, Madhya Pradesh, Punjab, Himachal Pradesh, and Jammu and Kashmir.
Asian markets traded down for the second day in a row in the new year, and markets in Japan are scheduled to reopen on January 4 in the new year.
China market indexes declined for the second day in a row due to persistent economic worries and ongoing property market woes.
Moreover, the latest official manufacturing sector survey showed the sector shrank for the third month in a row in December, and woes for the top 100 property developers deepened.
China Property Market Decline Accelerated In December
Property sales at the top 100 developers declined accelerated to 34.6% from a year ago to 451.3 billion yuan, or about $63 billion, after falling to 29.6% in November, the China Real Estate Information Corporation reported Sunday.
Full-year sales declined 16.5% to 5.4 trillion yuan, despite the developers pushing sales with higher discounts in the final month of the year.
The Hang Seng index in Hong Kong dropped more than 1% and fell to a two-week low, and the Shanghai Composite index fell 0.2% on persistent worries related to the property sector and an uneven economic rebound.
The Hang Seng Tech Index declined 2.3% following the sell-off in tech stocks in overnight trading in New York.
India Indexes and Yields
The Sensex index decreased 610.37 points to 71,661.31, and the Nifty index eased 159.50 points to 21,582.40.
On the Mumbai stock exchange, 207 stocks traded at their 52-week highs and 12 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds held firm at 7.20%, and the Indian rupee hovered near ₹83.31 against the U.S. dollar.
The gold price increased by 0.03% to ₹63,311 per ten grams, and silver rose by 0.03% to ₹74,115 per kilo.
Crude oil decreased by 1% to ₹5,881 per barrel, and natural gas fell by 1.4% to ₹215.50 per thermal unit.
India Stock Movers
Adani Group stocks were in focus ahead of the Supreme Court's verdict later in the day.
Adani Enterprises jumped 3.6% to ₹3,040.0, Adani Ports gained 2.9% to ₹1,109.20, Adani Power advanced 4.2% to ₹540.0, and Adani Wilmar increased 4.4% to ₹382.65.
Hero Motocorp declined 2.8% to ₹3,999.0 after the company reported total vehicle sales in December fell 0.1% from a year ago to 393,952 units and motorcycle sales eased 0.6% from a year ago to 354,658 units.
Maruti Suzuki decreased 1.1% to ₹10,084.05 after the vehicle maker reported weaker-than-expected sales in December.
Total passenger vehicle sales declined to 119,518 from 124,135 and passenger car sales fell to 64,802 from 86,582 a year ago, respectively.
Avenue Supermarts declined 3.9% to ₹3,972.40 after the retailer said standalone revenue in the third quarter rose 17.2% from a year ago to ₹13,247 crore.
- Barry Adams
- 02 Jan, 2024
- New York City
Stocks faced selling pressure on the first day of trading in the new year, and Treasury yields edged slightly higher.
The tech-heavy Nasdaq Composite index dropped as much as 1.9% after mega-cap tech stocks eased following a surge in 2023 as investors worried about future earnings growth.
Apple Inc. dropped as much as 3%, Microsoft declined 3%, Amazon fell 1.6%, and Meta Platforms decreased 2.6%.
The broad rally lifted the S&P 500 index by 24% and the Nasdaq Composite by 44% in 2023, surprising many market analysts.
Stocks staged a strong recovery in 2023, powered by the fourth quarter rally in tech stocks and benchmark indexes, the S&P 500 index and the Nasdaq Composite, which gained for nine consecutive weeks in a row.
The surge in market indexes in 2023 has only increased the price-to-earnings multiple of stocks, reflecting slower earnings growth across many industries.
Despite the steady decline in overall inflation in the last nine months, prices are still rising at a faster pace than preferred by policymakers, raising the prospects of interest rates staying higher for longer in 2024.
In today's trading, oil complex stocks rose amid rising tensions in the Middle East, and attacks on merchant ships in the Red Seas stoked fears of a wider war in the region. and potentially disrupting oil supplies.
U.S. Indexes and Yields
In December, the S&P 500 advanced 4.7% and the Nasdaq Composite gained 6.1%, and in the fourth quarter, the indexes gained 11.6% and 14.2%, respectively.
The Nasdaq index was up 44.2% in 2023 before Friday's trading, its best annual gain since 2003.
The S&P 500 index decreased 0.7% to 4,734.76, and the Nasdaq Composite dropped 1.9% to 14,732.89.
The yield on 2-year Treasury notes increased to 4.32%, 10-year Treasury notes inched higher to 3.92%, and 30-year Treasury bonds eased to 4.06%.
WTI crude oil decreased $1.31 to $70.29 a barrel, and natural gas prices decreased 10 cents to $2.56 a thermal unit.
Gold decreased $5.11 to $2,068.22 an ounce, and the yellow metal price rose 13% in 2023.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 102.08.
U.S. Stock Movers
Tesla increased 0.03% to $248.57, and the electric vehicle maker shipped more than expected vehicles in the fourth quarter.
Vehicle shipments in the fourth quarter increased to 484,507, increasing the total for 2023 to 1,808,581.
Tesla shipped 405,278 electric vehicles in the fourth quarter of 2022 and delivered 1,313,851 in 2022.
Tech stocks were on the defensive after Barclays analyst Tim Long downgraded Apple Inc., citing weakening unit sales of iPhones, iPads, Macs, and wearable devices.
Apple declined 3.2% to $186.43 following the stock downgrade, which dragged down other leading tech companies.
Microsoft fell 1.9% to $368.87, Amazon.com decreased $148.90, and Meta dropped 3.3% to $342.10.
European Markets Trade Higher
European markets advanced on the first day of trading in the new year, and investors focused on rising tensions in the Red Sea and debated future interest rate paths.
Market indexes in Frankfurt, Paris, and London edged higher, and bond yields in the eurozone and in the UK increased.
Crude oil jumped as much as 1.5% after the U.S. Navy destroyed three boats operated by Houthi rebels and Iran dispatched warships in the region.
Moreover, tensions also rose between Israel and Hamas as both parties refused to negotiate a settlement.
Eurozone Bank Lending Growth Stayed Weak In November
Bank lending to households slowed in November, but loans to non-financial institutions were unchanged, the European Central Bank reported Monday.
Household lending in the eurozone rose 0.5% from a year ago to Є6.87 trillion, the slowest pace since May 2015.
Lending to corporations was unchanged in the month after falling 0.3% in the previous month.
Overall lending, household and non-financial corporate lending, was steady at 0.4% in November, suggesting a significant slowdown after the European Central Bank launched its aggressive rate hike campaign.
Europe Indexes and Yields
The DAX index increased 0.1% to 16,769.39, the CAC-40 index fell 0.2% to 7,530.86, and the FTSE 100 index inched lower by 0.2% to 7,721.52.
The yield on 10-year German bonds increased to 2.07%; French bonds inched higher to 2.60%; the UK gilts edged up to 3.64%; and Italian bonds advanced to 3.74%.
The euro edged lower to $1.098, the British pound inched lower to $1.268, and the U.S. dollar eased to 84.87 Swiss cents.
Brent crude decreased $1.34 to $75.68 a barrel, and the Dutch TTF natural gas decreased by €1.78 to €30.58 per MWh.
Europe Stock Movers
Danone SA rose 0.8% to €59.16 after the French dairy company said it had agreed to sell its organic dairy business in the U.S. to a private equity firm, Platinum Equity.
Energy companies traded higher amid rising tensions in the Red Sea after Iran sent warships into the region after the U.S. Navy destroyed three Houthi rebel-controlled ships.
BP plc jumped 1% to 470.85 pence, and Shell PLC advanced 0.02% to 2,572.0 pence.
TotalEnergies SE increased 1.4% to €61.73, and the company said it commenced production at an offshore platform located in the Santos Basin off the coast of Rio de Janeiro, Brazil.
Hapag Llyod gained 1.6% to €138.90 after the German shipping company said on Friday that it plans to divert shipping away from Suez Canal Red Sea shipping lanes for security reasons.
AP Moeller-Maersk gained 4.5% to DKK 12,550.0, and the Danish shipping company temporarily suspended shipping through the Red Sea following an attack on one of its ships by Yemeni rebels.
Plexus Holdings PLC dropped 19.5% to 16.95 pence after the company expanded its license agreement with Schlumberger NV for $5.2 million.
The new intellectual property agreement provides a royalty-free perpetual-use license to Schlumberger for a wider set of applications but also frees the company to pursue other clients and markets to license its metal seal technology while continuing to operate in the surface wellhead production sector.
- Barry Adams
- 02 Jan, 2024
- New York City
Stocks fell sharply on Wall Street on the first day of trading in the new year, and Treasury yields edged slightly higher.
The tech-heavy Nasdaq Composite index dropped as much as 1.8% after mega-cap tech stocks eased following a surge in 2023.
Apple Inc. dropped as much as 3%, Microsoft declined 3%, Amazon fell 1.6%, and Meta Platforms decreased 2.6%.
Stocks staged a strong recovery in 2023, powered by the rally in tech stocks in the fourth quarter.
The S&P 500 index and the Nasdaq Composite gained for nine consecutive weeks in a row in the hopes that the Federal Reserve is more likely to lower rates before March.
The broad rally lifted the S&P 500 index by 24% and the Nasdaq Composite by 44% in 2023, surprising many market analysts.
The surge in market indexes in 2023 has only increased the price-to-earnings multiple of stocks, reflecting slower earnings growth across many industries.
Despite the steady decline in overall inflation in the last nine months, prices are still rising at the faster pace than preferred by policymakers, raising the prospects of interest rates staying higher for longer in 2024.
In today's trading oil complex, stocks rose amid rising tensions in the Middle East and attacks on merchant ships in the Red Seas.
U.S. Indexes and Yields
In December, the S&P 500 advanced 4.7% and the Nasdaq Composite gained 6.1%, and in the fourth quarter, the indexes gained 11.6% and 14.2%, respectively.
The Nasdaq index was up 44.2% in 2023 before Friday's trading, its best annual gain since 2003.
The S&P 500 index decreased 0.8% to 4,733.50, and the Nasdaq Composite decreased 1.7% to 14,763.38.
The yield on 2-year Treasury notes increased to 4.32%, 10-year Treasury notes inched higher to 3.92%, and 30-year Treasury bonds eased to 4.06%.
WTI crude oil decreased $0.27 to $71.37 a barrel, and natural gas prices decreased 9 cents to $2.57 a thermal unit.
Gold decreased $5.11 to $2,068.22 an ounce, and the yellow metal price rose 13% in 2023.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 102.08.
U.S. Stock Movers
Tesla increased 0.03% to $248.57, and the electric vehicle maker shipped more than expected vehicles in the fourth quarter.
Vehicle shipments in the fourth quarter increased to 484,507, increasing the total for 2023 to 1,808,581.
Tesla shipped 405,278 electric vehicles in the fourth quarter of 2022 and delivered 1,313,851 in 2022.
Tech stocks were on the defensive after Barclays analyst Tim Long downgraded Apple Inc., citing weakening unit sales of iPhones, iPads, Macs, and wearable devices.
Apple declined 3.2% to $186.43 following the stock downgrade, which dragged down other leading tech companies.
Microsoft fell 1.9% to $368.87, Amazon.com decreased $148.90, and Meta dropped 3.3% to $342.10.
- Inga Muller
- 02 Jan, 2024
- Frankfurt
European stocks traded higher on the first day of the new year, and oil complex stocks were in focus amid rising tensions in the Middle East and the Red Sea.
The DAX index increased 0.5% to 16,832.64, the CAC-40 index advanced 0.2% to 7,554.32, and the FTSE 100 index inched higher by 0.01% to 7,733.74.
The yield on 10-year German bonds increased to 2.07%; French bonds inched higher to 2.60%; the UK gilts edged up to 3.64%; and Italian bonds advanced to 3.74%.
Danone SA rose 0.8% to €59.16 after the French dairy company said it had agreed to sell its organic dairy business in the U.S. to a private equity firm, Platinum Equity.
Energy companies traded higher amid rising tensions in the Red Sea after Iran sent warships into the region after the U.S. Navy destroyed three Houthi rebel-controlled ships.
BP plc jumped 1% to 470.85 pence, and Shell PLC advanced 0.02% to 2,572.0 pence.
TotalEnergies SE increased 1.4% to €61.73, and the company said it commenced production at an offshore platform located in the Santos Basin off the coast of Rio de Janeiro, Brazil.
Hapag Llyod gained 1.6% to €138.90 after the German shipping company said on Friday that it plans to divert shipping away from Suez Canal Red Sea shipping lanes for security reasons.
AP Moeller-Maersk gained 4.5% to DKK 12,550.0, and the Danish shipping company temporarily suspended shipping through the Red Sea following an attack on one of its ships by Yemeni rebels.
Plexus Holdings PLC dropped 19.5% to 16.95 pence after the company expanded its license agreement with Schlumberger NV for $5.2 million.
The new intellectual property agreement provides a royalty-free perpetual-use license to Schlumberger for a wider set of applications but also frees the company to pursue other clients and markets to license its metal seal technology while continuing to operate in the surface wellhead production sector.
- Bridgette Randall
- 02 Jan, 2024
- Frankfurt
European markets advanced on the first day of trading in the new year, and investors focused on rising tensions in the Red Sea and debated future interest rate paths.
Market indexes in Frankfurt, Paris, and London edged higher, and bond yields in the eurozone and in the UK increased.
Crude oil jumped as much as 1.5% after the U.S. Navy destroyed three boats operated by Houthi rebels and Iran dispatched warships in the region.
Moreover, tensions also rose between Israel and Hamas as both parties refused to negotiate a settlement.
Eurozone Bank Lending Growth Stayed Weak In November
Bank lending to households slowed in November, but loans to non-financial institutions were unchanged, the European Central Bank reported Monday.
Household lending in the eurozone rose 0.5% from a year ago to Є6.87 trillion, the slowest pace since May 2015.
Lending to corporations was unchanged in the month after falling 0.3% in the previous month.
Overall lending, household and non-financial corporate lending, was steady at 0.4% in November, suggesting a significant slowdown after the European Central Bank launched its aggressive rate hike campaign.
Europe Indexes and Yields
The DAX index increased 0.5% to 16,832.64, the CAC-40 index advanced 0.2% to 7,554.32, and the FTSE 100 index inched higher by 0.01% to 7,733.74.
The yield on 10-year German bonds increased to 2.07%; French bonds inched higher to 2.60%; the UK gilts edged up to 3.64%; and Italian bonds advanced to 3.74%.
The euro edged lower to $1.098, the British pound inched lower to $1.268, and the U.S. dollar eased to 84.87 Swiss cents.
Brent crude increased $1.62 to $78.65 a barrel, and the Dutch TTF natural gas decreased by €0.63 to €31.73 per MWh.
Europe Stock Movers
Danone SA rose 0.8% to €59.16 after the French dairy company said it had agreed to sell its organic dairy business in the U.S. to a private equity firm, Platinum Equity.
Energy companies traded higher amid rising tensions in the Red Sea after Iran sent warships into the region after the U.S. Navy destroyed three Houthi rebel-controlled ships.
BP plc jumped 1% to 470.85 pence, and Shell PLC advanced 0.02% to 2,572.0 pence.
TotalEnergies SE increased 1.4% to €61.73, and the company said it commenced production at an offshore platform located in the Santos Basin off the coast of Rio de Janeiro, Brazil.
Hapag Llyod gained 1.6% to €138.90 after the German shipping company said on Friday that it plans to divert shipping away from Suez Canal Red Sea shipping lanes for security reasons.
AP Moeller-Maersk gained 4.5% to DKK 12,550.0, and the Danish shipping company temporarily suspended shipping through the Red Sea following an attack on one of its ships by Yemeni rebels.
Plexus Holdings PLC dropped 19.5% to 16.95 pence after the company expanded its license agreement with Schlumberger NV for $5.2 million.
The new intellectual property agreement provides a royalty-free perpetual-use license to Schlumberger for a wider set of applications but also frees the company to pursue other clients and markets to license its metal seal technology while continuing to operate in the surface wellhead production sector.
- Arun Goswami
- 02 Jan, 2024
- Mumbai
Stocks in Mumbai traded down on valuation worries, and investors were also on the defensive after coronavirus cases rose across the nation.
The Sensex index decreased 610.37 points to 71,661.31, and the Nifty index eased 159.50 points to 21,582.40.
On the Mumbai stock exchange, 281 stocks traded at their 52-week highs and 12 stocks traded at their 52-week lows.
Life Insurance Corporation decreased 1.7% to ₹843.90 after the Mumbai tax office demanded a tax of ₹803 crore for the financial year 2018.
Zomato gained 1.9% to ₹126.80 after the delivery service company said it received record daily orders on New Year's Eve on its app.
Bharti Airtel increased 0.6% to ₹1,018.95, and the company agreed to acquire a 97.1% stake in Beetel Teletech.
Eicher Motors declined 3.2% to ₹3,909.0 after the company said sales of 2-wheeler vehicles declined in December.
Coal India increased 2.7% to ₹392.0 after the company said coal production increased 8.2% in December.
Alembic Pharmaceuticals soared 5% to ₹805.50 after the company received approval for various generic products from the U.S. Food and Drug Administration.
Lemon Tree Hotels soared 10.5% to a record high ₹131.55 on the expectations of higher earnings in the current fiscal year.
JBM Auto advanced 4.5% to ₹1,692.0 and extended a 3-day advance to 25% after the company said it is on track to deliver 2,000 e-buses in the fiscal year 2024.