Fag-end buying in pvt banks, RIL help lift Sensex 72 pts, Nifty atop 19,400
Closing Bell on November 10, 2023: Among sectors, the Nifty Media index fell 1.2 per cent, followed by the Nifty Auto index (down 0.35 per cent)
 "Markets continue to rally on RBI policy fillip; Sensex rises 164 points")
8:34 AM
Gift Nifty cues :: Index down 94 points to 19,361
8:30 AM
Tesla shares drop 5% after HSBC calls it a ‘very expensive auto company’
>> Tesla shares closed down about 5% on Thursday at $209.98 after HSBC Global initiated coverage with a “reduce” rating and a $146 price target.
>> The analysts also pointed to "hope" already baked into Tesla’s share price around the company's many ambitious future tech projects, from its long-delayed driverless systems to humanoid robots and supercomputers. "Arguably the ideas need to become reality to support the current share price," the analysts said.
>> On the bearish side, HSBC analysts wrote, "Significant delays or developments that show lack of technological and/or regulatory feasibility for a commercial launch of these projects pose a significant risk for Tesla."
Source: CNBC
>> The analysts also pointed to "hope" already baked into Tesla’s share price around the company's many ambitious future tech projects, from its long-delayed driverless systems to humanoid robots and supercomputers. "Arguably the ideas need to become reality to support the current share price," the analysts said.
>> On the bearish side, HSBC analysts wrote, "Significant delays or developments that show lack of technological and/or regulatory feasibility for a commercial launch of these projects pose a significant risk for Tesla."
Source: CNBC
8:27 AM
China banks rush to raise funds after cash crunch spooks market
>> Chinese banks have ramped up their borrowing of short-term funds, a sign that fears of a cash crunch still loom large even as Beijing sought to calm traders after a recent liquidity squeeze.
>> Onshore lenders this week doubled their issuance of so-called negotiable certificates of deposit, a form of debt with maturities from one to 12 months, to more than 1 trillion yuan ($137 billion).
>> That’s the largest weekly issuance of such debt on record, according to data compiled by Bloomberg.
Source: Reuters
>> That’s the largest weekly issuance of such debt on record, according to data compiled by Bloomberg.
Source: Reuters
8:24 AM
World’s largest bank hit by ransomware Gang
>> Industrial & Commercial Bank of China Ltd. is suspected of being hacked by the same group that has — just in the past year — also hit Boeing Co., ION Trading UK and the UK’s Royal Mail.
>> The prolific gang known as Lockbit is suspected to have orchestrated a ransomware attack against the US unit of ICBC, the world’s largest lender by assets, according to people familiar with the situation, who asked not to be identified because the information isn’t public.
>> The attack has resulted in disruptions across the US Treasury market, with some transactions failing to clear and traders being asked to reroute their deals.
Source: Reuters
>> The attack has resulted in disruptions across the US Treasury market, with some transactions failing to clear and traders being asked to reroute their deals.
Source: Reuters
8:21 AM
Commodity corner :: Oil prices rise after Fed's hawkish statement
8:17 AM
Australia central bank sees risk of upside surprises to inflation
>> Australia's central bank on Friday warned there were risks of further upside surprises to inflation following its latest hike in interest rates,
>> It also raised forecasts for economic growth and employment.
>> "Whether further tightening of monetary policy is required to ensure that inflation to target in a reasonable timeframe will depend on the data and the evolving assessment of risks," the RBA added.
>> "There is potential for further upside surprises to inflation," the RBA cautioned, pointing to domestic cost pressures and external factors such as global warming. Such surprises would risk de-anchoring inflation expectations and require even higher interest rates, the RBA said.
Source: Reuters
>> It also raised forecasts for economic growth and employment.
>> "Whether further tightening of monetary policy is required to ensure that inflation to target in a reasonable timeframe will depend on the data and the evolving assessment of risks," the RBA added.
>> "There is potential for further upside surprises to inflation," the RBA cautioned, pointing to domestic cost pressures and external factors such as global warming. Such surprises would risk de-anchoring inflation expectations and require even higher interest rates, the RBA said.
Source: Reuters
8:13 AM
Dollar eyes best week against yen in three months
>> The dollar was headed for its best week against the yen in three months on Friday, after Federal Reserve Chair Jerome Powell and a chorus of Fed officials poured cold water on market expectations of a peak in US rates.
>> The dollar stood near a one-year high at 151.38 yen on Friday and touched one-week highs against the Australian and New Zealand dollars.
>> The greenback, however, regained its footing this week and was eyeing a weekly gain of roughly 1.3% against the yen, its best performance since August.
>> Dollar/yen did trend higher this week and it's now back above 151. It does raise the risk of the BOJ stepping into the (forex) market to strengthen the yen.
Source: Reuters
>> The dollar stood near a one-year high at 151.38 yen on Friday and touched one-week highs against the Australian and New Zealand dollars.
>> The greenback, however, regained its footing this week and was eyeing a weekly gain of roughly 1.3% against the yen, its best performance since August.
>> Dollar/yen did trend higher this week and it's now back above 151. It does raise the risk of the BOJ stepping into the (forex) market to strengthen the yen.
Source: Reuters
8:10 AM
More junk-rated companies downgraded than upgraded in October: JPMorgan
>> More US high-yield bond issuers saw downgrades to their credit ratings than upgrades last month, JPMorgan said in a research report.
>> October saw downgrades to 18 junk bond issuers' ratings accounting for $22.2bn in debt, while just 16 issuers were given upgrades by ratings agencies.
>> This is the first time downgrades have surpassed upgrades on US junk-rated borrowers in four months, it added.
Source: Reuters
>> October saw downgrades to 18 junk bond issuers' ratings accounting for $22.2bn in debt, while just 16 issuers were given upgrades by ratings agencies.
>> This is the first time downgrades have surpassed upgrades on US junk-rated borrowers in four months, it added.
Source: Reuters
8:07 AM
ALERT :: Peru cuts interest rate again
>> Peru's central bank again lowered its benchmark interest rate by 25 basis points to 7.00% on Thursday
>> The bank's third consecutive cut comes as the rate of rising consumer prices has been coming down
>> It added that future adjustments to the key lending rate "will be conditioned on new information on inflation and its determinants."
Source: Reuters
>> The bank's third consecutive cut comes as the rate of rising consumer prices has been coming down
>> It added that future adjustments to the key lending rate "will be conditioned on new information on inflation and its determinants."
Source: Reuters
8:03 AM
New Zealand October manufacturing activity contracts by the most in over two years
>> New Zealand’s manufacturing sector contracted in October for the eighth straight month.
>> The Bank of New Zealand-BusinessNZ Performance of Manufacturing Index (PMI) fell to 42.5 in October from 45.1 in September.
>> The reading was much lower than the long-term average activity rate of 52.8.
>> The reading was much lower than the long-term average activity rate of 52.8.
>> It was also the biggest contraction since August 2021.
Source: CNBC
Source: CNBC
8:00 AM
SoftBank shares plunge on $6.2 billion quarterly loss amid WeWork collapse
>> Shares of Japan’s SoftBank Group plunged 7.39% in early trading, hitting their lowest level since early June.
>> SoftBank booked another loss during the second quarter of 931.1 billion yen ($6.2 billion) versus LSEG estimates of a loss of 114.1 billion yen.
>> Quarterly net sales were 1.67 trillion Japanese yen versus expectations of 1.6 trillion yen.
>> SoftBank’s losses were driven by the investment and financial support it provided to co-working space firm WeWork, which filed for Chapter 11 bankruptcy protection in the US this week.
Source: CNBC
Source: CNBC
7:57 AM
Biggest mistake would be to fail to control inflation, says Powell
>> Federal Reserve Chair Jerome Powell on Thursday said that while the Fed is "not going to ignore" a significant tightening in financial conditions from higher bond yields, there is no "direct line" from there to a monetary policy response.
>> We do not want to overtighten policy, but the biggest mistake we could make is really, to fail to get inflation under control, Powell said.
Source: Reuters
>> We do not want to overtighten policy, but the biggest mistake we could make is really, to fail to get inflation under control, Powell said.
Source: Reuters
7:53 AM
Bond market :: US Treasury yields spike overnight
7:51 AM
Powell says Fed is 'not confident' it has done enough
>> Federal Reserve Chairman Jerome Powell said Thursday that he and his fellow policymakers are encouraged by the slowing pace of inflation but are unsure whether they’ve done enough to keep the momentum going.
>> Powell said in remarks for an International Monetary Fund audience in Washington, D.C., that more work could be ahead in the battle against high prices.
>> Powell said that inflation is "well above" where the Fed would like to see it while describing policy as "significantly restrictive."
Source: CNBC
>> Powell said that inflation is "well above" where the Fed would like to see it while describing policy as "significantly restrictive."
Source: CNBC
7:48 AM
Global markets :: US index futures mixed after overnight selling
Topics : Stock Market MARKET LIVE MARKET WRAP Markets Q2 results Market news stock market trading Indian stock markets S&P BSE Sensex Nifty50 Global Markets US Federal Reserve US Fed US Fed interest rate
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First Published: Nov 10 2023 | 7:42 AM IST
