US Stock Reports, Quotes and News
Indian IT stocks decline, affecting benchmarks. Concerns over US Fed rates and IT demand recovery persist. Infosys\’ guidance for FY25 awaited. Market cautious pre-results, with Nifty IT Index closing below 200 EMA.
U.S. Federal Reserve Chair Jerome Powell said on Tuesday that a string of disappointing data will likely cause the central bank to take longer than expected to become confident that inflation is falling.
Fairfax\’s Odyssey Reinsurance offers Rs 500 crore debt to IIFL Finance for gold loans. Prem Watsa\’s subsidiary provides secured, rated bonds at 9.5% coupon. ET\’s comment requests to IIFL Finance and Fairfax go unanswered.
Rising geopolitical tensions kept risk sentiment in check, lifting prices of gold and oil, while investor focus in Asia turns to China with GDP data due at 0200 GMT.
San Francisco Federal Reserve Bank President Mary Daly said on Monday there is no urgency to cut U.S. interest rates, with the economy and labor market strong, and inflation still above the Fed\’s 2% target.
India’s oil purchases from Russia jumped after the war as New Delhi purchased discounted crude. The share of Russian oil in India’s total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa.
How about leaving a tip in rupees at a beach bar in Pattaya or a spa in Bangkok? Well, that could be a reality if India can pull off a currency deal with Thailand, which has emerged as one of the preferred destinations for holidays, conferences and corporate offsites, especially since the visa relaxation last year.
Gold rose to a fresh all-time peak after a mild reading for producer price inflation kept alive hopes for Fed easing this year, though U.S. Treasury yields stuck close to five-month highs in the wake of hotter-than-expected consumer price data mid-week that forced a paring back of rate cut bets.
Big technology-related company earnings are expected to again lead S&P 500 profit growth in the upcoming U.S. reporting period, which could refuel optimism for stocks after a weak start to April.
Indian indices drop on U.S. inflation concerns. TCS to report. Sun Pharma, Asian Paints, Kotak Bank, NTPC, Maruti top laggards.