BSE SME cracks 5%, broader indices slip up to 2%; Sensex ends 165 pts up

Market wrap on March 12, 2024: The BSE MidCap and SmallCap indices shed 1.2 per cent and 2.1 per cent, respectively; while the SME index tumbled 4.5 per cent on Tuesday.

SI Reporter New Delhi

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8:15 AM

Japan's economy recovering but showing signs of weakness, says BOJ chief Ueda

>> Bank of Japan Governor Kazuo Ueda said on Tuesday the economy is recovering moderately, but said there were some weakness seen in recent data.

>> "We are focusing on whether a positive wage-inflation cycle is kicking off, in judging whether sustainable, stable achievement of our price target is coming into sight," Ueda told parliament.

Source: Agencies

8:12 AM

Biden's $7.3 trillion budget is campaign pitch for spending, tax goals

>> US President Joe Biden sketched his policy vision for a potential second four-year term on Monday, unveiling a $7.3 trillion election-year budget

>> Biden wants to raise taxes by trillions on corporations and high earners to help cut the deficit and pay for new programs assisting those who make less cope with high housing and childcare costs.

>> Biden's budget for the 2025 fiscal year, which starts this October, includes raising the corporate income tax rate to 28% from 21%, forcing those with wealth of $100 million to pay at least 25% of their income in taxes.

>> The government would bring back a child tax credit for low- and middle-income earners, fund childcare programs, funnel $258 billion to building homes, provide 12 weeks of paid family leave for workers, and spend billions on law enforcement.

Source: Reuters

8:08 AM

Crypto rush: Bitcoin hits record above $72K as demand frenzy intensifies

"The recent surge in Bitcoin's value ... underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also reflects the continued confidence and demand in the market," Bitfinex analysts said in a research note. READ MORE

8:05 AM

ALERT :: Reddit gives details on upcoming IPO

>> Reddit and the holders are planning to sell 22 million shares for $31 to $34 each

>> About 15.3 million of those shares will be sold by the company and the rest by the investors, who are Reddit employees.

>> At the top of that range, Reddit would have a market value of $5.4 billion, based on almost 159 million shares outstanding.

>> Fully diluted to include employee stock options and restricted share units, the company’s valuation would be about $6.4 billion, the filing with the US Securities and Exchange Commission shows.

>> About 8% of the IPO shares are being set aside for Reddit users and moderators who created accounts before Jan. 1, as well as some board members and friends and family of some employees and directors. Those shares won’t be subject to a lockup.

>> The company intends to price the IPO on March 20 and begin trading the following day.

Source: Bloomberg

8:00 AM

ALERT :: Japan’s February corporate inflation rate comes in higher than expected

>> Japan’s corporate goods price index rose 0.6% year-on-year in February beating the 0.5% expected by economists polled by Reuters and quicker than December’s figure of 0.2%.

>> On a month-on-month basis, the CGPI climbed 0.2%, a faster pace than the 0.1% expected in the Reuters poll and also more than the 0% reading in December.

7:57 AM