- Barry Adams
- 05 Mar, 2024
- New York City
Stocks turned lower, and volatile tech stocks faced resistance after surging in previous weeks on valuation worries ahead of the release of non-farm payroll and JOLT reports.
The S&P 500 index and the Nasdaq Composite eased, extending losses in the previous session.
Investors debated the future direction of interest rates amid moderating but tight labor market conditions and better-than-expected earnings despite multiple rate hikes over the last eighteen months.
Market participants have generally bid up high-growth tech stocks linked to the expected boom in artificial intelligence applications across the economy.
Energy stocks were also in focus after crude oil prices traded volatile because of the elevated tensions in the Middle East and rising Houthi rebel activities in the Red Sea.
Moreover, drought conditions in Panama have slowed down the passage of container ships from Asia to the U.S. East Coast, as the canal operator has restricted the flow of daily vessels by half.
U.S. Factory Orders Decline Accelerated
New orders for manufactured goods in January, down three of the last four months, decreased $21.5 billion or 3.6% to $569.7 billion, the U.S. Census Bureau reported today.
This followed a 0.3% decline in December.
The monthly decline was the largest since April 2020, driven by 16.2% fall in transportation orders, and orders excluding transportation orders decreased 0.8%.
U.S. Indexes and Yields
The S&P 500 index decreased 0.9% to 5,085.84, and the Nasdaq Composite decreased 1.5% to 15,963.81.
The yield on 2-year Treasury notes increased to 4.58%, 10-year Treasury notes inched down to 4.17%, and 30-year Treasury bonds edged down to 4.31%.
WTI crude oil decreased $0.39 to $78.33 a barrel, and natural gas prices decreased 1 cent to $1.91 a thermal unit.
Gold increased by $15.27 to $2,130.27 an ounce, and silver fell 11 cents to $23.76.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 103.88.
U.S. Stock Movers
Apple decreased 2.2% to $171.25 after a research report from Counter Point estimated the company's iPhone sales in China dropped as much as 24% in the first six weeks of 2024, facing tougher competition from Huawei.
Target Corp. soared 8.2% to $162.99 after the retailer reported better-than-expected holiday-quarter sales and earnings.
Revenue in the fiscal fourth quarter ending on February 3 rose to $31.9 billion from $31.4 billion, net income soared 58% to $1.38 billion from $0.87 billion, and diluted earnings per share advanced to $2.98 from $1.89 a year ago.
Operating margin in the quarter improved to 5.8% from 3.7% a year ago after consumers returned to buy higher-margin items like apparel and beauty products.
For the first quarter of 2024, the company expects comparable sales to fall between 3% and 5%, and first quarter GAAP and adjusted EPS are both expected to range from $1.70 to $2.10.
For the full year, the company expects a modest increase in comparable sales in a range from flat to 2%, and GAAP EPS and adjusted EPS are both expected to range from $8.60 to $9.60.
GitLab plunged 23.8% to $56.75 after the database developer estimated weaker-than-expected sales in the current year.
AMD decreased 1.9% to $201.55 after a Bloomberg News report suggested that the company's sales in China hit the U.S. regulatory hurdles that will prevent the company from selling advanced semiconductors to process artificial intelligence applications.
European Markets On Hold Ahead of Rate Decisions
European markets headed lower ahead of the European Central Bank's interest rate decision on Thursday and the UK's general budget on Wednesday.
Benchmark indexes in Frankfurt, Paris, and London decreased on the ongoing rate path worries compounded by China's lack of stimulus measures to tackle the protracted downturn in the property market.
Spain's Private Sector Expanded Third Consecutive Month
Spain's private sector showed notable expansion for the third month in a row in February, according to the latest survey released by S&P Global.
The HCOB Spain PMI increased to 53.9 in February from 51.5 in the previous month, after the service sector expanded at the fastest pace in nine months and the manufacturing sector rebounded.
Rising operating costs forced businesses to pass on the largest increase in prices to their customers.
France's Industrial Output Eased in January
France's industrial production declined from the previous month but rose from a year ago in January, the statistical agency INSEE reported Tuesday.
Industrial production decreased 1.1% monthly and increased 0.8% from the previous year after manufacturing output declined 1.6% compared to a rise of 0.5%, construction activity growth slowed to 0.3% from 1.8%, and mining and quarrying rebounded to 1.6% from the decline of 0.3% in the previous month, respectively.
On a yearly basis, industrial output rose 0.8% after rising 0.9% in December.
China's Economic Measures Fall Short of Expectations
The Chinese government set 2024 economic growth, inflation, and unemployment targets that are likely to push the country's already high den to new record levels.
The second-largest economy in the world is aiming to expand its economy by "around 5%," retail inflation at 3%, and create 12 million urban jobs to keep urban unemployment level at 5.5%.
The Chinese government has little room to provide financial stimulus and fund wasteful infrastructure projects as the country's official debt-to-GDP ratio hovers at 286%, the largest among the top 20 economies in the world.
The government is also planning to sell special Treasury bonds to raise one trillion yuan, or $139 billion.
Chinese policymakers are struggling to balance economic growth above 5% with weak productivity growth and a shrinking and aging labor force.
The government's plan failed to quell investor anxieties, and investors resumed selling in Hong Kong.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 17,698.40, the CAC-40 index fell 0.3% to 7,932.82, and the FTSE 100 index inched higher by 0.1% to 7,646.16.
The yield on 10-year German bonds edged down to 2.38%; French bonds inched lower to 2.84%; the UK gilts edged lower to 4.08%; and Italian bonds inched lower to 3.77%.
The euro edged higher to $1.085, the British pound inched higher to $1.268, and the U.S. dollar weakened to 88.60 Swiss cents.
Brent crude decreased $0.54 to $82.32 a barrel, and the Dutch TTF natural gas increased by €0.57 to €27.47 per MWh.
Europe Stock Movers
Energy explorer Shell, BP. Repsol, and TotalEnergies traded volatile after crude oil extended losses for the second day in a row despite OPEC+ nations extending voluntary production quotas to June.
The two-month-long crude oil price rally has stalled on the lack of demand growth from China and the steady supply growth in the U.S.
Thales SA increased 8.2% to €149.70 after the defense electronics maker increased its dividend and estimated organic sales growth between 4% and 6%.
Ashtead Group declined 5.5% to 5,412.0 pence after the power equipment rental company narrowed its full-year growth outlook, citing weak demand in North America.
Spirent Communication soared 59% to 172.64 pence after the UK-based telecom company agreed to be acquired by telecom equipment company Vivavi Solutions for £1.01 billion.
Bayer AG decreased 1.7% to €27.77 after the biotechnology and pharmaceutical company reported a decline in sales in the fourth quarter.
Schaeffler AG declined 3.75 to €6.32 after the precision bearing product maker reported lower fiscal year earnings.
Net earnings attributable to shareholders in 2023 decreased to €310 million from €557 million a year ago.
Inchcape plc dropped 11.1% to 605.50 pence after the vehicle distribution company estimated moderate revenue growth in the current fiscal year.
Lindt & Spruengli dropped 1.8% to CHF 105,800.0 after the Swiss chocolate maker reported higher profit despite cost headwinds in fiscal year 2023.
Greggs plc jumped 3.9% to 2,817.91 pence after the UK-based bakery chain reported a 13% increase in its annual profit in 2023.
Asian Stock and Commodities Markets Turn Lower After China Disappointments
Stock market sentiment in Asia was mixed as investors remained cautious after China set economic targets and failed to provide specific measures to tackle the protracted property market slump.
Market indexes in Japan eased following the weakness in New York, and indexes in India declined on valuation worries.
Nikkei 225 In Tokyo Edged Lower
Market indexes in Japan edged lower following the weakness in tech stocks in overnight trading in New York.
In domestic economic news, the Tokyo area's core inflation rate rose to 2.5% in February from 1.8% in the previous month, crossing above the target rate of 2% set by the Bank of Japan.
Also, Japan's service purchasing managers' index was revised higher to 52.9 in February from 52.6 in January, a four-month low, S&P Global reported Tuesday.
The Nikkei 225 Stock Average fell 0.06% to 40,083.37, and the Topix index rose 0.5% to 2,719.07.
Stock market sentiment remained positive in the hopes of a stronger-than-expected rebound in corporate earnings in the March quarter because of the economic strength in the U.S. and the sharply lower yen in the year.
SoftBank, Advantest, Tokyo Electron, and Disco declined between 1.2% and 1.7%.
Leading conglomerates, also known as Sogo Shosha, Marubeni, Sumitomo, Mitsubishi, Mitsui, and Itochu, gained between 0.3% and 1.6%.
China's Economic Measures Fall Short of Expectations
The Chinese government set 2024 economic growth, inflation, and unemployment targets that are likely to push the country's already high den to new record levels.
The second-largest economy in the world is aiming to expand its economy by "around 5%," retail inflation at 3%, and create 12 million urban jobs to keep urban unemployment level at 5.5%.
The Chinese government has little room to provide financial stimulus and fund wasteful infrastructure projects as the country's official debt-to-GDP ratio hovers at 286%, the largest among the top 20 economies in the world.
The government is also planning to sell special Treasury bonds to raise one trillion yuan, or $139 billion.
Chinese policymakers are struggling to balance economic growth above 5% with weak productivity growth and a shrinking and aging labor force.
The government's plan failed to quell investor anxieties, and investors resumed selling in Hong Kong.
The CSI index increased 0.4% to 3,556.97, and the Hang Seng index dropped 2.5% to 16,189.27.
Moreover, foreign investors are still lowering their holdings in China, and foreign direct investment has plunged by 90% over the last two years after tensions between the nation and the U.S. rose.
Tech stocks led the decliners, with Alibaba Group, JD.com, Tencent, and Baidu declining between 2% and 4%.
Chinese property developers plunged after a lack of specific measures to revise the protracted slump in the property market.
China Resources Land, China Vanke, Henderson Land, and Longfor Group dropped between 2% and 6%.
India Stocks Trend Lower
Stocks in Mumbai traded sideways as investors looked abroad in the absence of domestic economic news.
The Sensex and the Nifty indexes traded down in early trading amid weak global sentiment, and market indexes in the U.S., Japan, India, Germany, and France traded near record highs.
Crude oil continued to advance as Houthi rebels stepped up attacks in the Red Sea, with no end in sight of the conflict between Israel and Palestine.
Precious metals, such as gold and silver, edged higher after investors bid up prices in the hopes of a rate cut in the U.S. and the Euro Area and rising demand from China and India.
Closer to home, market sentiment remained positive after India's economic growth accelerated in the December quarter, driven in part by sustained infrastructure spending by the government.
Moreover, foreign investors are still lowering their holdings in China, and foreign direct investment has plunged by 90% over the last two years after tensions between the nation and the U.S. rose.
The Sensex index decreased 0.2% to 73,730.21, and the Nifty index fell 0.1% to 22,373.35.
On the Mumbai stock exchange, 116 stocks traded at their 52-week highs and 25 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds increased to 7.06%, and the Indian rupee strengthened to ₹82.91 against the U.S. dollar.
- Scott Peters
- 05 Mar, 2024
- New York City
Apple decreased 2.2% to $171.25 after a research report from Counter Point estimated the company's iPhone sales in China dropped as much as 24% in the first six weeks of 2024, facing tougher competition from Huawei.
Target Corp. soared 8.2% to $162.99 after the retailer reported better-than-expected holiday-quarter sales and earnings.
Revenue in the fiscal fourth quarter ending on February 3 rose to $31.9 billion from $31.4 billion, net income soared 58% to $1.38 billion from $0.87 billion, and diluted earnings per share advanced to $2.98 from $1.89 a year ago.
Operating margin in the quarter improved to 5.8% from 3.7% a year ago after consumers returned to buy higher-margin items like apparel and beauty products.
For the first quarter of 2024, the company expects comparable sales to fall between 3% and 5%, and first quarter GAAP and adjusted EPS are both expected to range from $1.70 to $2.10.
For the full year, the company expects a modest increase in comparable sales in a range from flat to 2%, and GAAP EPS and adjusted EPS are both expected to range from $8.60 to $9.60.
GitLab plunged 23.8% to $56.75 after the database developer estimated weaker-than-expected sales in the current year.
AMD decreased 1.9% to $201.55 after a Bloomberg News report suggested that the company's sales in China hit the U.S. regulatory hurdles that will prevent the company from selling advanced semiconductors to process artificial intelligence applications.
- Barry Adams
- 05 Mar, 2024
- New York City
Stocks in early trading meandered, and investors took a wait-and-see approach ahead of the release of non-farm payrolls and JOLT reports.
The S&P 500 index decreased 0.2% and the Nasdaq Composite eased 0.3%, extending losses in the previous session.
Investors debated the future direction of interest rates amid moderating but tight labor market conditions and better-than-expected earnings despite multiple rate hikes over the last eighteen months.
Market participants have generally bid up high-growth tech stocks linked to the expected boom in artificial intelligence applications across the economy.
Energy stocks were also in focus after crude oil prices traded volatile because of the elevated tensions in the Middle East and rising Houthi rebel activities in the Red Sea.
Moreover, drought conditions in Panama have slowed down the passage of container ships from Asia to the U.S. East Coast, as the canal operator has restricted the flow of daily vessels by half.
U.S. Indexes and Yields
The S&P 500 index decreased 0.2% to 5,123.76, and the Nasdaq Composite decreased 0.4% to 16,156.63.
The yield on 2-year Treasury notes increased to 4.58%, 10-year Treasury notes inched down to 4.17%, and 30-year Treasury bonds edged down to 4.31%.
WTI crude oil decreased $0.79 to $77.75 a barrel, and natural gas prices decreased 2 cents to $1.89 a thermal unit.
Gold increased by $11.26 to $2,126.22 an ounce, and silver rose 14 cents to $24.02.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 103.88.
U.S. Stock Movers
Apple decreased 2.2% to $171.25 after a research report from Counter Point estimated the company's iPhone sales in China dropped as much as 24% in the first six weeks of 2024, facing tougher competition from Huawei.
Target Corp. soared 8.2% to $162.99 after the retailer reported better-than-expected holiday-quarter sales and earnings.
Revenue in the fiscal fourth quarter ending on February 3 rose to $31.9 billion from $31.4 billion, net income soared 58% to $1.38 billion from $0.87 billion, and diluted earnings per share advanced to $2.98 from $1.89 a year ago.
Operating margin in the quarter improved to 5.8% from 3.7% a year ago after consumers returned to buy higher-margin items like apparel and beauty products.
For the first quarter of 2024, the company expects comparable sales to fall between 3% and 5%, and first quarter GAAP and adjusted EPS are both expected to range from $1.70 to $2.10.
For the full year, the company expects a modest increase in comparable sales in a range from flat to 2%, and GAAP EPS and adjusted EPS are both expected to range from $8.60 to $9.60.
GitLab plunged 23.8% to $56.75 after the database developer estimated weaker-than-expected sales in the current year.
AMD decreased 1.9% to $201.55 after a Bloomberg News report suggested that the company's sales in China hit the U.S. regulatory hurdles that will prevent the company from selling advanced semiconductors to process artificial intelligence applications.
- Inga Muller
- 05 Mar, 2024
- Frankfurt
European markets were on hold ahead of the European Central Bank's rate decision on Thursday and the U.K.'s general budget on Wednesday.
The DAX index decreased by 0.2% to 17,683.01, the CAC-40 index fell 0.2% to 7,945.10, and the FTSE 100 index inched lower by 0.1% to 7,629.88.
The yield on 10-year German bonds edged down to 2.38%; French bonds inched lower to 2.84%; the UK gilts edged lower to 4.08%; and Italian bonds inched lower to 3.77%.
Energy explorer Shell, BP. Repsol, and TotalEnergies traded volatile after crude oil extended losses for the second day in a row despite OPEC+ nations extending voluntary production quotas to June.
The two-month-long crude oil price rally has stalled on the lack of demand growth from China and the steady supply growth in the U.S.
Thales SA increased 8.2% to €149.70 after the defense electronics maker increased its dividend and estimated organic sales growth between 4% and 6%.
Ashtead Group declined 5.5% to 5,412.0 pence after the power equipment rental company narrowed its full-year growth outlook, citing weak demand in North America.
Spirent Communication soared 59% to 172.64 pence after the UK-based telecom company agreed to be acquired by telecom equipment company Vivavi Solutions for £1.01 billion.
Bayer AG decreased 1.7% to €27.77 after the biotechnology and pharmaceutical company reported a decline in sales in the fourth quarter.
Schaeffler AG declined 3.75 to €6.32 after the precision bearing product maker reported lower fiscal year earnings.
Net earnings attributable to shareholders in 2023 decreased to €310 million from €557 million a year ago.
Inchcape plc dropped 11.1% to 605.50 pence after the vehicle distribution company estimated moderate revenue growth in the current fiscal year.
Lindt & Spruengli dropped 1.8% to CHF 105,800.0 after the Swiss chocolate maker reported higher profit despite cost headwinds in fiscal year 2023.
Sales in 2023 increased 4.6% to CHF 5.2 billion from CHF 4.97 billion, and net income advanced 17.9% to CHF 671.4 million from CHF 569.7 million.
The company hiked dividend per share by 7.7% to CHF 1,400 from CHF 1,300 a year ago.
Greggs plc jumped 3.9% to 2,817.91 pence after the UK-based bakery chain reported a 13% increase in its annual profit in 2023.
2023 total sales increased to £1.8 billion from £1.5 billion, and diluted earnings per share rose to 139.2 pence from 117.5 pence.
The company declared a regular dividend of 62 pence and a special dividend of 40 pence per share.
- Bridgette Randall
- 05 Mar, 2024
- Frankfurt
European markets headed lower ahead of the European Central Bank's interest rate decision on Thursday and the UK's general budget on Wednesday.
Benchmark indexes in Frankfurt, Paris, and London decreased on the ongoing rate path worries compounded by China's lack of stimulus measures to tackle the protracted downturn in the property market.
Spain's Private Sector Expanded Third Consecutive Month
Spain's private sector showed notable expansion for the third month in a row in February, according to the latest survey released by S&P Global.
The HCOB Spain PMI increased to 53.9 in February from 51.5 in the previous month, after the service sector expanded at the fastest pace in nine months and the manufacturing sector rebounded.
Rising operating costs forced businesses to pass on the largest increase in prices to their customers.
France's Industrial Output Eased in January
France's industrial production declined from the previous month but rose from a year ago in January, the statistical agency INSEE reported Tuesday.
Industrial production decreased 1.1% monthly and increased 0.8% from the previous year after manufacturing output declined 1.6% compared to a rise of 0.5%, construction activity growth slowed to 0.3% from 1.8%, and mining and quarrying rebounded to 1.6% from the decline of 0.3% in the previous month, respectively.
On a yearly basis, industrial output rose 0.8% after rising 0.9% in December.
China's Economic Measures Fall Short of Expectations
The Chinese government set 2024 economic growth, inflation, and unemployment targets that are likely to push the country's already high den to new record levels.
The second-largest economy in the world is aiming to expand its economy by "around 5%," retail inflation at 3%, and create 12 million urban jobs to keep urban unemployment level at 5.5%.
The Chinese government has little room to provide financial stimulus and fund wasteful infrastructure projects as the country's official debt-to-GDP ratio hovers at 286%, the largest among the top 20 economies in the world.
The government is also planning to sell special Treasury bonds to raise one trillion yuan, or $139 billion.
Chinese policymakers are struggling to balance economic growth above 5% with weak productivity growth and a shrinking and aging labor force.
The government's plan failed to quell investor anxieties, and investors resumed selling in Hong Kong.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 17,683.01, the CAC-40 index fell 0.2% to 7,945.10, and the FTSE 100 index inched lower by 0.1% to 7,629.88.
The yield on 10-year German bonds edged down to 2.38%; French bonds inched lower to 2.84%; the UK gilts edged lower to 4.08%; and Italian bonds inched lower to 3.77%.
The euro edged higher to $1.085, the British pound inched higher to $1.268, and the U.S. dollar weakened to 88.60 Swiss cents.
Brent crude decreased $0.12 to $82.92 a barrel, and the Dutch TTF natural gas increased by €1.47 to €28.35 per MWh.
Europe Stock Movers
Energy explorer Shell, BP. Repsol, and TotalEnergies traded volatile after crude oil extended losses for the second day in a row despite OPEC+ nations extending voluntary production quotas to June.
The two-month-long crude oil price rally has stalled on the lack of demand growth from China and the steady supply growth in the U.S.
Thales SA increased 8.2% to €149.70 after the defense electronics maker increased its dividend and estimated organic sales growth between 4% and 6%.
Ashtead Group declined 5.5% to 5,412.0 pence after the power equipment rental company narrowed its full-year growth outlook, citing weak demand in North America.
Spirent Communication soared 59% to 172.64 pence after the UK-based telecom company agreed to be acquired by telecom equipment company Vivavi Solutions for £1.01 billion.
Bayer AG decreased 1.7% to €27.77 after the biotechnology and pharmaceutical company reported a decline in sales in the fourth quarter.
Schaeffler AG declined 3.75 to €6.32 after the precision bearing product maker reported lower fiscal year earnings.
Net earnings attributable to shareholders in 2023 decreased to €310 million from €557 million a year ago.
Inchcape plc dropped 11.1% to 605.50 pence after the vehicle distribution company estimated moderate revenue growth in the current fiscal year.
Lindt & Spruengli dropped 1.8% to CHF 105,800.0 after the Swiss chocolate maker reported higher profit despite cost headwinds in fiscal year 2023.
Greggs plc jumped 3.9% to 2,817.91 pence after the UK-based bakery chain reported a 13% increase in its annual profit in 2023.
- Arjun Pandit
- 05 Mar, 2024
- Mumbai
Stock market sentiment in Asia was mixed as investors remained cautious after China set economic targets and failed to provide specific measures to tackle the protracted property market slump.
Market indexes in Japan eased following the weakness in New York, and indexes in India declined on valuation worries.
Nikkei 225 In Tokyo Edged Lower
Market indexes in Japan edged lower following the weakness in tech stocks in overnight trading in New York.
In domestic economic news, the Tokyo area's core inflation rate rose to 2.5% in February from 1.8% in the previous month, crossing above the target rate of 2% set by the Bank of Japan.
Also, Japan's service purchasing managers' index was revised higher to 52.9 in February from 52.6 in January, a four-month low, S&P Global reported Tuesday.
The Nikkei 225 Stock Average fell 0.06% to 40,083.37, and the Topix index rose 0.5% to 2,719.07.
Stock market sentiment remained positive in the hopes of a stronger-than-expected rebound in corporate earnings in the March quarter because of the economic strength in the U.S. and the sharply lower yen in the year.
SoftBank, Advantest, Tokyo Electron, and Disco declined between 1.2% and 1.7%.
Leading conglomerates, also known as Sogo Shosha, Marubeni, Sumitomo, Mitsubishi, Mitsui, and Itochu, gained between 0.3% and 1.6%.
China's Economic Measures Fall Short of Expectations
The Chinese government set 2024 economic growth, inflation, and unemployment targets that are likely to push the country's already high den to new record levels.
The second-largest economy in the world is aiming to expand its economy by "around 5%," retail inflation at 3%, and create 12 million urban jobs to keep urban unemployment level at 5.5%.
The Chinese government has little room to provide financial stimulus and fund wasteful infrastructure projects as the country's official debt-to-GDP ratio hovers at 286%, the largest among the top 20 economies in the world.
The government is also planning to sell special Treasury bonds to raise one trillion yuan, or $139 billion.
Chinese policymakers are struggling to balance economic growth above 5% with weak productivity growth and a shrinking and aging labor force.
The government's plan failed to quell investor anxieties, and investors resumed selling in Hong Kong.
The CSI index increased 0.4% to 3,556.97, and the Hang Seng index dropped 2.5% to 16,189.27.
Moreover, foreign investors are still lowering their holdings in China, and foreign direct investment has plunged by 90% over the last two years after tensions between the nation and the U.S. rose.
Tech stocks led the decliners, with Alibaba Group, JD.com, Tencent, and Baidu declining between 2% and 4%.
Chinese property developers plunged after a lack of specific measures to revise the protracted slump in the property market.
China Resources Land, China Vanke, Henderson Land, and Longfor Group dropped between 2% and 6%.
India Stocks Trend Lower
Stocks in Mumbai traded sideways as investors looked abroad in the absence of domestic economic news.
The Sensex and the Nifty indexes traded down in early trading amid weak global sentiment, and market indexes in the U.S., Japan, India, Germany, and France traded near record highs.
Crude oil continued to advance as Houthi rebels stepped up attacks in the Red Sea, with no end in sight of the conflict between Israel and Palestine.
Precious metals, such as gold and silver, edged higher after investors bid up prices in the hopes of a rate cut in the U.S. and the Euro Area and rising demand from China and India.
Closer to home, market sentiment remained positive after India's economic growth accelerated in the December quarter, driven in part by sustained infrastructure spending by the government.
Moreover, foreign investors are still lowering their holdings in China, and foreign direct investment has plunged by 90% over the last two years after tensions between the nation and the U.S. rose.
The Sensex index decreased 0.2% to 73,730.21, and the Nifty index fell 0.1% to 22,373.35.
On the Mumbai stock exchange, 116 stocks traded at their 52-week highs and 25 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds increased to 7.06%, and the Indian rupee strengthened to ₹82.91 against the U.S. dollar.
- Arun Goswami
- 05 Mar, 2024
- Mumbai
Major averages in Mumbai edged lower as investors reassessed interest paths and market valuation amid weak foreign investor sentiment.
The Sensex index decreased 0.2% to 73,730.21, and the Nifty index fell 0.1% to 22,373.35.
On the Mumbai stock exchange, 116 stocks traded at their 52-week highs and 25 stocks traded at their 52-week lows.
Tata Motors jumped 4% to ₹1,027.0 after the vehicle maker said it plans to separate its passenger car and commercial vehicle businesses.
NBCC gained 2.2% to ₹135.30 after the company won a ₹92 crore construction order from the Post Graduate Institute of Medical Research in Chandigarh.
Biocon Ltd., after the company's subsidiary Biocon Biologics settled with Bayer and Regeneron Pharmaceuticals, paving the way for the launch of biosimilar Yesafili to Eyela for the treatment of various eye diseases in Canada.
Macrotech Developers advanced 1.6% to ₹1,204.15 after the residential property developer launched its institutional offering to raise ₹3,300 crore.
NTPC increased 0.3% to ₹354.90 after the company's green energy subsidiary formed a joint venture with Uttar Pradesh to develop renewable energy projects in the state.
AU Small Finance Bank decreased 0.4% to ₹578.05 after the company's merger with Fincare Small Finance Bank with a combined balance sheet of ₹1.16 lakh crore.
IIFL dropped 20% to ₹477.75 after the Reserve Bank of India barred the non-bank finance company to process new gold loans because of severe compliance weakness and "material supervisory concerns."
- Barry Adams
- 04 Mar, 2024
- New York City
Benchmark indexes lacked direction in Monday's trading after extending gains in the previous week as investors remained focused on earnings and overlooked ongoing interest rate uncertainties.
The S&P 500 index and the Nasdaq Composite traded near record highs reached last week after markets extended a five-month rally following the enthusiasm surrounding artificial intelligence and sharp gains in semiconductor industry stocks.
Investors bid up stocks after better-than-expected earnings contributed to the market's enthusiasm, and investors embraced the hotter-than-expected inflation report last week.
The personal consumption expenditures price index, an alternative measure of inflation that accounts for product substitution by consumers, increased by 0.3% on the month and by 2.4% from a year ago.
The inflation data met investors’ expectations, but the report also signaled that policymakers most likely will wait for another three months before lowering rates.
Seasonally adjusted new home sales in January rose 1.5% to 661,000, driven by lower mortgage rates in the month, the U.S. Census Bureau reported Monday.
The median sales price of new houses sold in January was $420,700, higher than $413,100 in December but lower than 432,100 a year ago.
The housing market report confirmed that affordability issues and tight market conditions are not likely to go away anytime soon.
The U.S. economic growth was revised downward in the fourth quarter to 3.2% from the preliminary estimate of 3.3%, following the 4.9% annual pace of increase in the third quarter, the U.S. Bureau of Economic Analysis reported Wednesday.
For the full-year 2023, the GDP growth in the second estimate was unrevised at 2.5%, compared to 1.9% in 2022.
This week, investors are expecting non-farm payrolls on Friday to expand by 190,000 in January, slower than the 353,000 job gains in December.
The unemployment rate is expected to hold steady at 3.7%, and wage growth is expected to cool to 0.2%.
Moreover, the JOLTs report on Wednesday is expected to show job openings shrank to 8.9 million, following two months of increases in a row.
U.S. indexes and Yields
The S&P 500 index decreased 0.1% to 5,131.86, and the Nasdaq Composite decreased 0.1% to 16,260.71.
The yield on 2-year Treasury notes decreased to 4.57%, 10-year Treasury notes inched down to 4.21%, and 30-year Treasury bonds edged down to 4.37%.
WTI crude oil increased $0.46 to $79.50 a barrel, and natural gas prices decreased 13 cents to $1.97 a thermal unit.
Gold increased by $1.21 to $2,082.22 an ounce, and silver fell 7 cents to $22.70.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 103.93.
U.S. Stock Movers
Apple decreased 1.7% to $177.14 after the European Commission fined the popular iPhone maker Є1.8 billion for its alleged "abusive" app store practices for streaming music service providers.
Cryptocurrency-linked stocks advanced after Bitcoin surged 3.5% to 65,367.20, only 5% shy of its record high of $69,000.
Coinbase advanced 6% to $219.32, MicroStrategy soared 9.2% to $1,183.0, Marathon Digital gained 4.5% to $28.09, Robinhood Markets inched up 3.2% to $17.11, and Riot Platforms traded up 4.4% to $17.11.
Super Micro and Deckers Outdoor advanced after the two companies were selected to be added later in the month to the popular benchmark S&P 500 index managed by S&P Dow Jones Indices.
Zions Bancorp and Whirlpool will be moved from the S&P 500 to the S&P MidCap 400 index.
Super Micro Computer jumped 15.96% to $1,050.02, and Deckers Outdoor jumped 4.3% to $942.0.
Spirit Airlines plunged 14% to $5.55 and JetBlue gained 4% to $6.70 after the two companies canceled their merger plans, facing antitrust regulatory hurdles.
European Markets Rest Near Record Peaks Ahead of Rate Decisions
European markets hovered near record highs as investors digested a flood of inflation data last week and awaited more clarity from central bankers.
The European Central Bank is set to announce its monetary decision on Wednesday, and the central bank is widely anticipated to keep rates steady but may clarify the rate path ahead.
Last week, inflation eased in the eurozone, Germany, France, and Spain but stayed above the 2% target set by the European Central Bank.
Retail sales in Germany decreased, and the jobless rate edged up to 5.9%, but payrolls in France held steady in the fourth quarter.
Swiss GDP growth slowed for the third year in a row to 0.8% in 2023, and UK home prices rose in February after falling in the previous eleven months in a row.
Swill annual inflation rate eased to 1.2% in February from 1.3% in January, the lowest level since October 2021, the Swiss Federal Statistical Office reported Monday.
Core inflation rate, which excludes fresh food and energy, in the month eased to 1.1% from 1.2% in the previous month.
Investors are also looking forward to the release of fourth-quarter GDP in the eurozone and international trade data for France and Germany.
In addition, retail sales in the eurozone are expected to rebound in January after falling at the fastest pace in one year in December.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 17,704.17, the CAC-40 index gained 0.1% to 7,940.28, and the FTSE 100 index inched lower by 0.6% to 7,638.03.
For the week, the DAX index advanced 1.8%, the CAC 40 decreased 0.4%, and the FTSE 100 index dropped 0.5%.
The yield on 10-year German bonds edged down to 2.38%; French bonds inched lower to 2.86%; the UK gilts edged lower to 4.09%; and Italian bonds inched lower to 3.84%.
The euro edged higher to $1.085, the British pound inched higher to $1.267, and the U.S. dollar weakened to 88.32 Swiss cents.
Brent crude decreased $0.41 to $83.15 a barrel, and the Dutch TTF natural gas increased by €1.10 to €26.19 per MWh.
Europe Stock Movers
BNP Paribas increased 1.7% to €57.03 after the financial services company launched a €1.055 billion stock repurchase plan.
Evonik Industries inched up 0.3% to €17.22 after the German chemical company announced plans to cut 2,000 jobs around the world by 2026 to streamline costs.
The company offered a muted business outlook in 2024.
Aviva decreased 0.1% to 447.20 pence after the insurance company agreed to acquire underwriting syndicate Probitas for £242 million.
Henkel declined 4.8% to €67.04 after the chemical and German consumer products company estimated slower organic sales growth between 2% and 4% in the current year.
Delivery Hero added 0.9% to €67.04 after the online food ordering and delivery company announced it extended its €1.1 billion loan facility by two years to August 2029 and raised a new debt of €500 million to repurchase convertible bonds and cover general corporate expenses.
The company also reiterated the previously announced growth in gross market volume between 7% and 9% in constant currency.
Nikkei 225 In Tokyo Closed at New Record High
In Asia, bench market indexes in Japan advanced on the speculation that the government is ready to declare the end of deflation, Chinese lawmakers gathered for their annual legislative meeting, and India's market looked higher.
The benchmark Nikkei index crossed 40,000 for the first time in the hopes of more support from the government and enthusiasm about the artificial intelligence boom lifting the sale of semiconductor chip-making equipment.
The Nikkei 225 average gained 0.5% to 40,099.09, and the TOPIX edged slightly lower by 0.07% to 2,707.47.
Tokyo Electron, Disco Corp., Screen Holdings, and Softbank gained between 1.3% and 3%.
The current market rally in benchmark indexes in Japan is largely driven by the hopes of sustained corporate governance reforms, a 34-year low yen, and the Nippon Individual Savings Account for individual investors.
Global funds' allocation to Japanese equities is still lower than benchmark weights, suggesting there is room for increasing allocation to Japan if corporate results continue to outperform expectations.
The Nikkei Stock Average has gained 19% in the year so far, following a 28% rally in 2023, and surpassed the previous high set in December 1989.
Japanese stocks are still viewed as reasonably priced, with a price-to-earnings ratio just above 17 and significantly lower than 60 at the height of the market bubble 34 years ago.
The weakening yen has also supported earnings growth at Japanese companies, but the rapid decline in the yen could become a negative factor for foreign investors, the main drivers of the current market rally.
China's Policy Uncertainties Keep Indexes Down
Market indexes in China drifted lower after trading mixed in the previous week as investors looked ahead to the release of economic targets for the current year and policies to revive property markets and stabilize financial markets.
Chinese lawmakers gather in Beijing this week for their annual legislative meetings, widely known as "Two Sessions" or "lianghui."
Lawmakers are likely to finalize the annual economic growth target, announce high-level personnel appointments, and ramp up national security rhetoric involving China's commitment to taking control of Taiwan.
Investors are also awaiting clarity on the government stimulus plans to revive the faltering economic rebound and step up market intervention to arrest falling market indexes.
Policymakers are expected to announce an annual economic growth target rate of at least 5% and a budget deficit of around 3% of gross domestic product.
The Chinese government's economic growth targets are perceived with deep skepticism, reflecting a widespread practice of managing figures to satisfy the leadership's objectives.
The CSI 300 index added 0.2% to 3,544.10, and the Hang Seng index declined 0.2% to 16,552.81.
Tech stocks were among the leading decliners in Monday's trading, and Tencent, Alibaba Group, and Trip.com declined between 1% and 3%.
EV makers were on the slide amid growing price competition in China's crowded EV market.
Li Auto fell 5%, BYD declined 1.5%, and Geely Automotive fell 1.2%.
India Indexes Traded Around Record Highs
Stocks in Mumbai opened higher in Monday's trading as investors digested the economic updates of last week and reassessed the economic growth and interest rate outlook.
The Sensex and the Nifty indexes edged higher by 0.1% and extended the previous week's gains, and investors focused on large-cap stocks in power, retail, consumer products, and financial services companies.
The faster-than-expected increase in economic growth of 8.4% in the December quarter overshadowed the muted increase in core industrial production in January.
Market sentiment remained positive despite the net investment outflow by foreign investors in January, as investors estimated higher economic growth would support growth in corporate earnings in the March quarter.
The Sensex index increased 0.1% to 73,875.02, and the Nifty index rose 0.2% to 22,413.0.
On the Mumbai stock exchange, 229 stocks traded at their 52-week highs and 18 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds increased to 7.06%, and the Indian rupee strengthened to ₹82.87 against the U.S. dollar.
- Scott Peters
- 04 Mar, 2024
- New York City
Apple decreased 1.7% to $177.14 after the European Commission fined the popular iPhone maker Є1.8 billion for its alleged "abusive" app store practices for streaming music service providers.
Cryptocurrency-linked stocks advanced after Bitcoin surged 3.5% to 65,367.20, only 5% shy of its record high of $69,000.
Coinbase advanced 6% to $219.32, MicroStrategy soared 9.2% to $1,183.0, Marathon Digital gained 4.5% to $28.09, Robinhood Markets inched up 3.2% to $17.11, and Riot Platforms traded up 4.4% to $17.11.
Super Micro and Deckers Outdoor advanced after the two companies were selected to be added later in the month to the popular benchmark S&P 500 index managed by S&P Dow Jones Indices.
Zions Bancorp and Whirlpool will be moved from the S&P 500 to the S&P MidCap 400 index.
Super Micro Computer jumped 15.96% to $1,050.02, and Deckers Outdoor jumped 4.3% to $942.0.
Spirit Airlines plunged 14% to $5.55 and JetBlue gained 4% to $6.70 after the two companies canceled their merger plans, facing antitrust regulatory hurdles.
- Barry Adams
- 04 Mar, 2024
- New York City
Stocks in early trading lacked direction, and benchmark indexes edged slightly lower in Monday's trading.
The S&P 500 index and the Nasdaq Composite traded near record highs reached last week after markets extended a five-month rally following the enthusiasm surrounding artificial intelligence and sharp gains in semiconductor industry stocks.
Investors bid up stocks after better-than-expected earnings contributed to the market's enthusiasm, and investors embraced the hotter-than-expected inflation report last week.
The personal consumption expenditures price index, an alternative measure of inflation that accounts for product substitution by consumers, increased by 0.3% on the month and by 2.4% from a year ago.
The inflation data met investors’ expectations, but the report also signaled that policymakers most likely will wait for another three months before lowering rates.
Seasonally adjusted new home sales in January rose 1.5% to 661,000, driven by lower mortgage rates in the month, the U.S. Census Bureau reported Monday.
The median sales price of new houses sold in January was $420,700, higher than $413,100 in December but lower than 432,100 a year ago.
The housing market report confirmed that affordability issues and tight market conditions are not likely to go away anytime soon.
The U.S. economic growth was revised downward in the fourth quarter to 3.2% from the preliminary estimate of 3.3%, following the 4.9% annual pace of increase in the third quarter, the U.S. Bureau of Economic Analysis reported Wednesday.
For the full-year 2023, the GDP growth in the second estimate was unrevised at 2.5%, compared to 1.9% in 2022.
This week, investors are expecting non-farm payrolls to expand by 190,000 in January, slower than the 353,000 job gains in December.
The unemployment rate is expected to hold steady at 3.7%, and wage growth is expected to cool to 0.2%.
Moreover, the JOLTs report is expected to show job openings shrank to 8.9 million, following two months of increases in a row.
U.S. indexes and Yields
The S&P 500 index decreased 0.1% to 5,131.86, and the Nasdaq Composite decreased 0.1% to 16,260.71.
The yield on 2-year Treasury notes decreased to 4.57%, 10-year Treasury notes inched down to 4.21%, and 30-year Treasury bonds edged down to 4.37%.
WTI crude oil increased $0.46 to $79.50 a barrel, and natural gas prices decreased 13 cents to $1.97 a thermal unit.
Gold increased by $1.21 to $2,082.22 an ounce, and silver fell 7 cents to $22.70.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 103.93.
U.S. Stock Movers
Apple decreased 1.7% to $177.14 after the European Commission fined the popular iPhone maker Є1.8 billion for its alleged "abusive" app store practices for streaming music service providers.
Cryptocurrency-linked stocks advanced after Bitcoin surged 3.5% to 65,367.20, only 5% shy of its record high of $69,000.
Coinbase advanced 6% to $219.32, MicroStrategy soared 9.2% to $1,183.0, Marathon Digital gained 4.5% to $28.09, Robinhood Markets inched up 3.2% to $17.11, and Riot Platforms traded up 4.4% to $17.11.
Super Micro and Deckers Outdoor advanced after the two companies were selected to be added later in the month to the popular benchmark S&P 500 index managed by S&P Dow Jones Indices.
Zions Bancorp and Whirlpool will be moved from the S&P 500 to the S&P MidCap 400 index.
Super Micro Computer jumped 15.96% to $1,050.02, and Deckers Outdoor jumped 4.3% to $942.0.
Spirit Airlines plunged 14% to $5.55 and JetBlue gained 4% to $6.70 after the two companies canceled their merger plans, facing antitrust regulatory hurdles.
- Inga Muller
- 04 Mar, 2024
- Frankfurt
European markets traded near record highs ahead of the interest rate decisions by the European Central Bank on Thursday.
The central bank is widely anticipated to hold rates steady and may provide insights into rate paths in the near future.
The DAX index increased by 0.05% to 17,786.77, the CAC-40 index gained a fraction to 7,934.74, and the FTSE 100 index inched lower by 0.3% to 7,658.12.
BNP Paribas increased 1.7% to €57.03 after the financial services company launched a €1.055 billion stock repurchase plan.
Evonik Industries inched up 0.3% to €17.22 after the German chemical company announced plans to cut 2,000 jobs around the world by 2026 to streamline costs.
The company offered a muted business outlook in 2024.
Aviva decreased 0.1% to 447.20 pence after the insurance company agreed to acquire underwriting syndicate Probitas for £242 million.
Henkel declined 4.8% to €67.04 after the chemical and German consumer products company estimated slower organic sales growth between 2% and 4% in the current year.
Delivery Hero added 0.9% to €67.04 after the online food ordering and delivery company announced it extended its €1.1 billion loan facility by two years to August 2029 and raised a new debt of €500 million to repurchase convertible bonds and cover general corporate expenses.
The company also reiterated the previously announced growth in gross market volume between 7% and 9% in constant currency.
Senior Plc increased 0.1% to 159.60 pence after the aerospace parts supplier reported strong annual results for the year 2023, and met targets set by the company.
SoftwareOne decreased 3.6% to CHF 15.97 after the company's founders terminated their negotiations with the private equity group Bain Capital to take company private.
- Bridgette Randall
- 04 Mar, 2024
- Frankfurt
European markets hovered near record highs as investors digested a flood of inflation data last week and awaited more clarity from central bankers.
The European Central Bank is set to announce its monetary decision on Wednesday, and the central bank is widely anticipated to keep rates steady but may clarify the rate path ahead.
Last week, inflation eased in the eurozone, Germany, France, and Spain but stayed above the 2% target set by the European Central Bank.
Retail sales in Germany decreased, and the jobless rate edged up to 5.9%, but payrolls in France held steady in the fourth quarter.
Swiss GDP growth slowed for the third year in a row to 0.8% in 2023, and UK home prices rose in February after falling in the previous eleven months in a row.
Swill annual inflation rate eased to 1.2% in February from 1.3% in January, the lowest level since October 2021, the Swiss Federal Statistical Office reported Monday.
Core inflation rate, which excludes fresh food and energy, in the month eased to 1.1% from 1.2% in the previous month.
Investors are also looking forward to the release of fourth-quarter GDP in the eurozone and international trade data for France and Germany.
In addition, retail sales in the eurozone are expected to rebound in January after falling at the fastest pace in one year in December.
Europe Indexes and Yields
The DAX index increased by 0.05% to 17,786.77, the CAC-40 index gained a fraction to 7,934.74, and the FTSE 100 index inched lower by 0.3% to 7,658.12.
For the week, the DAX index advanced 1.8%, the CAC 40 decreased 0.4%, and the FTSE 100 index dropped 0.5%.
The yield on 10-year German bonds edged down to 2.38%; French bonds inched lower to 2.86%; the UK gilts edged lower to 4.09%; and Italian bonds inched lower to 3.84%.
The euro edged higher to $1.085, the British pound inched higher to $1.267, and the U.S. dollar weakened to 88.32 Swiss cents.
Brent crude decreased $0.11 to $83.45 a barrel, and the Dutch TTF natural gas increased by €0.60 to €25.21 per MWh.
Europe Stock Movers
BNP Paribas increased 1.7% to €57.03 after the financial services company launched a €1.055 billion stock repurchase plan.
Evonik Industries inched up 0.3% to €17.22 after the German chemical company announced plans to cut 2,000 jobs around the world by 2026 to streamline costs.
The company offered a muted business outlook in 2024.
Aviva decreased 0.1% to 447.20 pence after the insurance company agreed to acquire underwriting syndicate Probitas for £242 million.
Henkel declined 4.8% to €67.04 after the chemical and German consumer products company estimated slower organic sales growth between 2% and 4% in the current year.
Delivery Hero added 0.9% to €67.04 after the online food ordering and delivery company announced it extended its €1.1 billion loan facility by two years to August 2029 and raised a new debt of €500 million to repurchase convertible bonds and cover general corporate expenses.
The company also reiterated the previously announced growth in gross market volume between 7% and 9% in constant currency.
- Arjun Pandit
- 04 Mar, 2024
- Mumbai
In Asia, bench market indexes in Japan advanced on the speculation that the government is ready to declare the end of deflation, Chinese lawmakers gathered for their annual legislative meeting, and India's market looked higher.
The benchmark Nikkei index crossed 40,000 for the first time in the hopes of more support from the government and enthusiasm about the artificial intelligence boom lifting the sale of semiconductor chip-making equipment.
The Nikkei 225 average gained 0.5% to 40,099.09, and the TOPIX edged slightly lower by 0.07% to 2,707.47.
Tokyo Electron, Disco Corp., Screen Holdings, and Softbank gained between 1.3% and 3%.
The current market rally in benchmark indexes in Japan is largely driven by the hopes of sustained corporate governance reforms, a 34-year low yen, and the Nippon Individual Savings Account for individual investors.
Global funds' allocation to Japanese equities is still lower than benchmark weights, suggesting there is room for increasing allocation to Japan if corporate results continue to outperform expectations.
The Nikkei Stock Average has gained 19% in the year so far, following a 28% rally in 2023, and surpassed the previous high set in December 1989.
Japanese stocks are still viewed as reasonably priced, with a price-to-earnings ratio just above 17 and significantly lower than 60 at the height of the market bubble 34 years ago.
The weakening yen has also supported earnings growth at Japanese companies, but the rapid decline in the yen could become a negative factor for foreign investors, the main drivers of the current market rally.
China's Policy Uncertainties Keep Indexes Down
Market indexes in China drifted lower after trading mixed in the previous week as investors looked ahead to the release of economic targets for the current year and policies to revive property markets and stabilize financial markets.
Chinese lawmakers gather in Beijing this week for their annual legislative meetings, widely known as "Two Sessions" or "lianghui."
Lawmakers are likely to finalize the annual economic growth target, announce high-level personnel appointments, and ramp up national security rhetoric involving China's commitment to taking control of Taiwan.
Investors are also awaiting clarity on the government stimulus plans to revive the faltering economic rebound and step up market intervention to arrest falling market indexes.
Policymakers are expected to announce an annual economic growth target rate of at least 5% and a budget deficit of around 3% of gross domestic product.
The Chinese government's economic growth targets are perceived with deep skepticism, reflecting a widespread practice of managing figures to satisfy the leadership's objectives.
The CSI 300 index added 0.2% to 3,544.10, and the Hang Seng index declined 0.2% to 16,552.81.
Tech stocks were among the leading decliners in Monday's trading, and Tencent, Alibaba Group, and Trip.com declined between 1% and 3%.
EV makers were on the slide amid growing price competition in China's crowded EV market.
Li Auto fell 5%, BYD declined 1.5%, and Geely Automotive fell 1.2%.
India Indexes Traded Around Record Highs
Stocks in Mumbai opened higher in Monday's trading as investors digested the economic updates of last week and reassessed the economic growth and interest rate outlook.
The Sensex and the Nifty indexes edged higher by 0.1% and extended the previous week's gains, and investors focused on large-cap stocks in power, retail, consumer products, and financial services companies.
The faster-than-expected increase in economic growth of 8.4% in the December quarter overshadowed the muted increase in core industrial production in January.
Market sentiment remained positive despite the net investment outflow by foreign investors in January, as investors estimated higher economic growth would support growth in corporate earnings in the March quarter.
The Sensex index increased 0.1% to 73,875.02, and the Nifty index rose 0.2% to 22,413.0.
On the Mumbai stock exchange, 229 stocks traded at their 52-week highs and 18 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds increased to 7.06%, and the Indian rupee strengthened to ₹82.87 against the U.S. dollar.
- Arun Goswami
- 04 Mar, 2024
- Mumbai
Benchmark indexes in Mumbai lacked direction in Monday's trading and traded around record highs as investors reviewed the latest updates on economic growth and core industrial output.
The Sensex index increased 0.1% to 73,875.02, and the Nifty index rose 0.2% to 22,413.0.
On the Mumbai stock exchange, 229 stocks traded at their 52-week highs and 18 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds increased to 7.06%, and the Indian rupee strengthened to ₹82.87 against the U.S. dollar.
One 97 Communications declined 1% to ₹409.60 after the Financial Intelligence Unit of India fined the company 5.49 crore for failing to meet the requirements under the Prevention of Money Laundering Act.
Asian Paints decreased 0.5% to ₹2,842.35 after the company said it plans to invest 2,000 crore to set up a water-based paint production facility with an annual capacity of 400,000 kiloliters.
Swan Energy declined 1.8% to ₹718.0 after the company's LNG subsidiary said it has fully repaid its ₹2,206 crore loan to a consortium of banks, lowering its total debt to ₹1,675 crore.
MOIL increased 4.4% to ₹294.30 after the largest manganese ore mining company said February production increased 15% to a record 1,51,000 tons.
KPI Green Energy increased 1.4% to ₹1,783.0 after the company signed an agreement with Gujarat Urja Vikas Nigam to sell 200 MW of alternate current with a peak power of 240 MW from its 800 MW solar power plant projects.
Gujarat Ambuja Exports gained 0.8% to ₹407.20 after the company inaugurated a 120-ton liquid glucose unit at its West Bengal facility, increasing its total daily capacity to 900 across five manufacturing locations.
Patel Engineering advanced 2.7% to ₹69.75 after the company's joint venture won a ₹523 crore RCC protection wall construction project in Telangana.
The company's share of the project totaled ₹268 crore.
R K Swamy launched its bidding period for its ₹423 crore public offering with a price band between ₹270 and ₹287 per share scheduled to be listed on March 12.
The integrated marketing services provider said that the company plans to raise ₹173 crore and the remaining proceeds will go promoters selling their stakes in the company.
The company has already raised 187 core through an anchor investors as of March 1.
NTPC gained 3.5% to ₹354.45 after the company's board approved investment plan of ₹17,195 crore in Singrauli Super Thermal Power Project.
SJVN added 1.8% to ₹123.10 after the company's green energy subsidiary won a project to build 200 MW solar power plant with a preliminary development cost of 1,000 crore.
- Barry Adams
- 01 Mar, 2024
- New York City
Benchmark indexes struggled near highs after they advanced for the fourth month in a row in February.
The S&P 500 index and the Nasdaq Composite edged lower in Friday's trading as investors debated interest rate paths after the alternative measure of inflation net investors' expectations on Thursday.
The market rally extended to the fourth month in February after investors piled into technology stocks deemed to benefit from the boom in artificial intelligence.
Moreover, investors held out for the Federal Reserve to cut interest rates later than previously expected after the personal consumption expenditure index accelerated in January to 0.4% but met expectations.
In February, the Nasdaq Composite soared 6.2% and the S&P 500 index advanced 5.2%, and in the week, they gained 0.6% and 0.2%, respectively.
The popular cryptocurrency Bitcoin soared in February by 45% to 62,000 and extended gains to the sixth month in a row.
U.S. indexes and Yields
The S&P 500 index increased 0.3% to 5,096.75, and the Nasdaq Composite increased 0.5% to 16,016.38.
The yield on 2-year Treasury notes decreased to 4.61%, 10-year Treasury notes inched down to 4.24%, and 30-year Treasury bonds edged down to 4.37%.
WTI crude oil increased $1.38 to $79.64 a barrel, and natural gas prices decreased 1 cent to $1.84 a thermal unit.
Gold increased by $6.40 to $2,052.09 an ounce, and silver fell 7 cents to $22.70.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.12.
U.S. Stock Movers
Dell Technologies soared 25% to $119.05 after the personal computer and enterprise server maker reported better-than-expected fourth quarter results.
The company also indicated strong demand for its high-end servers that support artificial intelligence applications.
New York Community Bancorp plunged 18.3% to $3.91 after the regional bank reported in a regulatory filing with the SEC weakness in its internal controls related to its internal loan review resulting from "ineffective oversight and risk assessment."
The bank also announced a change in its leadership and said Executive Chairman Alessandro DiNello will assume the roles of president and CEO, effective immediately.