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Tag: Stock

  • US Dollar Clings To Gains As Bets On Further Fed Hikes Firm

    US Dollar Clings To Gains As Bets On Further Fed Hikes Firm

    THE Dollar Fought For A Footing In Choppy Trade On Thursday, With Support From Upbeat U.S. Data And Hawkish Policymaker Comments, While The Prospect Of Higher Energy Prices Helped Exporters’ Currencies And Weighed On Those Of Importers. The Dollar Rose 1% On The Euro And 1.3% On Sterling Overnight And Was Trying To Hold Those Gains In Bumpy Early Trade In Asia. The Euro Has Now Made Two UnsuccessfulAattempts To Regain Parity This Week And Last Bought $0.9916. Sterling’s Rebound From Record Lows Has Paused Just Below.





    The U.S. services industry posted another month of expansion in September, data showed overnight, while labour market figures were solid and the trade deficit narrowed. San Francisco Fed President Mary Daly reiterated policymakers’ focus on inflation fighting and dismissed market hopes for rate cuts in 2023. I think that just reminded people that you might be a bit premature in trying to price in rate cuts in the U.S.,” said Westpac currency strategist That pushed up rates and pushed up the U.S. dollar,” he said, as the Federal Reserve’s aggressive moves to rein in inflation sets the pace for central banks around the globe.

    Its One Trade For The Whole World, Said No One Currency’s Interest Rates Are Really Able To GO Off And Do Their Own Thing Independently.

    Bond markets globally sold sharply. Interest rate futures imply more than 130 basis points of tightening ahead for the Fed before the middle of next year The U.S. dollar index wobbled 0.06% lower to 110.86, off lows near 110 from earlier in the week, though some distance below last week’s 20-year high of Sterling last bought $1.1367, while the Australian and New Zealand dollars each rose about 0.4%, taking the Aussie to $0.6518 and the kiwi to.



    The yen, which has been held steady by the risk of further Japanese intervention, sat at 144.57 per dollar.

    The Saudi Arabia-led cartel of oil producers agreed to steep production cuts on Wednesday, lifting Brent crude futures to a three-week high of $93.99 a barre Higher energy prices would have a much more direct impact on the European region given the more direct relationship to their finances,” said NatWest Markets’ strategist Jan Nevruzi Later on Thursday the European Central Bank releases minutes from last month’s policy meeting. Traders are also awaiting Friday’s U.S. labour market data to gauge how fast and far the Fed might be willing to lift interest rates.

  • Oil Heads For Fourth Straight Monthly Loss as OPEC Meeting Looms

    Oil Heads For Fourth Straight Monthly Loss as OPEC Meeting Looms

    Oil prices rose slightly on Friday, but were set for a fourth straight month of losses amid growing concerns over weakening demand, with the focus now turning to a potential supply cut by the OPEC next week London-traded Brent oil futures, the global benchmark,  were flat at $87.50 a barrel by 21:55 ET (01:55 GMT), while U.S West Texas Intermediate curse futures rose 0.4% to $81.56 a barrel. Both contracts were set to lose about 9% in September Prices took mixed signals from Chinese manufacturing data on Friday. While the Official Government Reading showed that activity expanded in September, a Private survey showed that activity sank far more than expected Oil prices tumbled from annual highs this year amid growing concerns that rising interest rates will crimp economic activity, weighing on crude demand. Several major central banks, led by the Federal Reserve, have adopted an extremely hawkish stance this year.




    The Fed’s rate hikes boosted the dollar, which dented crude demand by making imports more expensive. The U.S. government has also drawn steadily from its Strategic Petroleum Reserve this year, increasing supply.

    Fears of an economic meltdown in the UK, as the pound crashed to record lows, rattled crude markets. A swathe of weak economic readings from China, the U.S. and the Eurozone this month also battered crude prices with the prospect of more demand destruction.




    But the consistent crude losses have spurred speculation that the Organization of Petroleum Exporting Countries will trim production when it Meet Next Week . Several members of the group have flagged potential measures to support prices Oil prices were set to end the week higher on that notion. WTI futures were up 3.4% this week, while Brent was set to add over 1%, with both contracts also breaking a four-week losing streak Weakness in the dollar, as investors locked in profits at 20-year highs, also benefited crude prices, as did data showing an unexpected decline in U.S. crude stockpiles Oil prices could potentially benefit from more tightening supply in the fourth quarter, particularly in light of an escalation in the Russia-Ukraine conflict. A harsher-than-expected European winter could also tighten supply by pushing up the use.

  • As Facebook’s user base grows again, Meta Platforms’ stock rises 19%

    meta

    Meta Platforms, the parent company of Facebook, saw its stock rise as much as 19% on Thursday after the company reported that its main platform added more users than expected in the first quarter, assuaging concerns that the company is losing steam as a new generation flock to younger sites like TikTok.

    Meta announced on Wednesday that its primary platform has 1.96 billion daily users, a return to growth following the first-ever fall in the December quarter. Analysts had predicted a total of $1.94 billion.

    Revenue increased 6.6 percent to $27.9 billion, the smallest growth in a decade, and would have been higher if not for the conflict in Ukraine, according to the company.

    Investors became increasingly concerned that Meta’s core business and profit engine, advertising in its social media feeds, was losing steam, and the stock had plummeted nearly 50% this year.

    Those fears appear to have been allayed — at least for the time being — since Facebook just added 31 million new daily active users. Many of Meta’s problems still exist. Mark Zuckerberg, Facebook’s CEO, has admitted that TikTok, a video-sharing app, is a significant competitor for young users’ attention.
    The stock soared to a high of $208.20 per share, the most intraday gain since July 2013.

    A sustained decline would make it more difficult for the company to justify Zuckerberg’s costly, virtual-reality-fueled metaverse vision, a business that won’t turn a profit for years, if ever.

    On a conference call with analysts on Wednesday, Zuckerberg repeated that Meta’s Reality Labs section, which is developing AR and VR technology, will not contribute significantly to the company’s business for several years. Meanwhile, Facebook has announced that it will invest billions of dollars and hire thousands of people to turn the platform, which Zuckerberg sees as the next major computing shift, into a fully immersive digital environment where users will interact virtually while working, shopping, and playing games.

  • Profit-booking in banking, financial, and IT stocks has sent the indices back into the red

    After a recent rise, the Sensex and Nifty50 stock indices fell roughly 1% on Wednesday due to profit-booking in banking, financial, and IT firms.

    The 30-stock BSE Sensex fell 537.22 points, or 0.94 percent, to 56,819.39, as 24 of its constituents fell. It fell 772.57 points, or 1.34 percent, during the day, reaching a low of 56,584.04.

    The broader NSE Nifty50 index fell 162.40 points (0.94%) to 17,038.40, with 39 of its constituents ending the day in the red.
    With a 7.24 percent decline, Bajaj Finance was the worst performer on the Sensex. ICICI Bank fell 2.21 percent, Bajaj Finserve fell 3.88 percent, and SBI fell 1.78 percent.
    Infosys was down 1.68 percent, and Wipro was down 1.91 percent. Titan was down 2.19 percent, Dr. Reddy’s was down 1.94 percent, UltraTech Cement was down 1.63 percent, M&M was down 1.46 percent, and Maruti was down 1.44 percent.

    Tata Steel, on the other hand, increased by 1%, as did Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries, and HDFC Bank.
    The BSE midcap index fell 0.88 percent, while the smallcap index fell 0.61 percent in the broader market.

    Power slid the most (1.86%) among BSE sectors indices, followed by utilities (1.81%), telecom (1.72%), banking (1.40%), and oil and gas (1.40%). (1.24 per cent). Metal was the sole asset to gain ground, gaining 0.02 percent.

    There were 2,202 stocks that fell, 1,161 that rose, and 120 that were constant.

    Stock markets dropped substantially lower in continuation of the current consolidation period, according to Ajit Mishra, VP – Research, Religare Broking Ltd.