Stock Market LIVE: Indices expect positive start; SGX Index in green

Stocks on Wall Street extended a rally Thursday, bonds rose and the dollar held losses as the prospect of a slower pace of Federal Reserve monetary tightening filtered across global markets. The Fed raised rates by 75 basis points for a second month to fight inflation but indicated the pace of hike will slow down.

28 Jul 2022, 08:30:57 AM IST

Facebook parent Meta posts first revenue decline in history

Meta, the parent company of Facebook and Instagram, posted its first revenue decline in history Thursday, dragged down by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies.

The results largely followed a broader decline in the digital advertising market that is dinging Meta rivals such as Google, Twitter — which also posted a revenue decline — and Snap. Google’s parent company Alphabet reported its slowest quarterly growth in two years on Tuesday.

CEO Mark Zuckerberg said Meta is slowing its pace of investments and plans to “steadily reduce” employee growth after a hiring blitz earlier this year.

28 Jul 2022, 08:27:41 AM IST

Cryptocurrency prices today surge as Bitcoin, Shiba Inu jump 8%, Uniswap rallies 28%

Cryptocurrency prices today surged with Bitcoin trading above the $22,000 mark. The world’s largest and most popular cryptocurrency rose more than 8% to $22,757. The global cryptocurrency market cap today was above the $1 trillion mark, as it surged more than 7% in the last 24 hours to $1.09 trillion, as per CoinGecko.

28 Jul 2022, 08:13:54 AM IST

Tokyo stocks opened higher extending US gains but now trading flat

Tokyo stocks opened higher on Thursday, extending rallies on Wall Street after the US Federal Reserve announced a large interest rate hike. As the day went on, the caution kicked in and the index is now trading flat. 

28 Jul 2022, 08:10:29 AM IST

These 2 stocks are under F&O ban on NSE today

Two stocks have been put under the ban for trade on Thursday, July 28, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they has crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Indiabulls Housing Finance and Delta Corp continue to be part of F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day.

28 Jul 2022, 08:01:24 AM IST

Qualcomm cites alarm of sales slowdown from cooling smartphone demand

The US chip supplier Qualcomm Inc on 27 July forecast fourth-quarter revenue below Wall Street targets bracing for a difficult economy and a slowdown in smartphone demand which may hurt its mainstay handset chip business.

The US chip supplier Qualcomm Inc now expects smartphone sales to fall 5% in 2022, compared with its prior outlook for flat growth.

28 Jul 2022, 08:00:21 AM IST

Oil extends gains after US crude stockpiles drop, exports soar

Oil extended gains after a big draw in US crude inventories, while the prospect of a slower pace of interest-rate hikes from the Federal Reserve swept across markets, buoying commodities.

West Texas Intermediate futures climbed toward $99 a barrel after closing 2.4% higher in the previous session. US crude stockpiles dropped by the most since the end of May, while exports rose to a record, according to government data. The spread between WTI and global benchmark Brent is continuing to widen as a reduction in Russian flows exacerbates market tightness in Europe.

28 Jul 2022, 07:55:51 AM IST

How the big Fed interest rate hike can affect your finances

Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling. 

The Federal Reserve’ on Wednesday raised its benchmark interest rate by a sizable 0.75 percentage point for a second straight time. The step comes to cool the economy and defeat the worst outbreak of inflation in two generations

28 Jul 2022, 07:40:30 AM IST

Banks, financial institutions can look at having paperless branches: RBI discussion paper

The Reserve Bank on Wednesday suggested that banks and other financial institutions could consider eliminating the use of paper at their branches as well as introducing e-receipts at ATMs.

In a discussion paper on ‘Climate Risk and Sustainable Finance’, the RBI said it intends to prepare a strategy based on the global best practices on mitigating the adverse impacts of climate change, learnings from participation in standard-setting bodies and other international fora.

The thrust of the strategy would include broad guidance for all RBI Regulated Entities to have appropriate governance and strategies to address climate change risks and risk management structure to effectively manage them from a micro-prudential perspective, it said.

28 Jul 2022, 07:35:59 AM IST

RIL partners with IOA to make India global sporting powerhouse

Reliance Industries Limited (RIL) and Indian Olympic Association (IOA) on Wednesday announced a long-term partnership that aims to elevate the performances of Indian athletes, support the national sports federations and build the credentials of India as a global sporting nation, with an aspiration to host the Olympic Games in the future.

Under this partnership, RIL and IOA will also establish the first-ever India House at Paris Olympics 2024.

28 Jul 2022, 07:31:19 AM IST

Govt clears ₹1.64 trillion revival  package  for  BSNL

The Union government on Wednesday cleared a 1.64 trillion revival package for debt-ridden state-owned telecom company Bharat Sanchar Nigam Ltd., (BSNL) and a 26,316 crore scheme for extending fourth-generation telecom services (4G) to close to 25,000 remaining villages, Communications and Electronics and Information Technology minister Ashwini Vaishnaw said at a briefing.

28 Jul 2022, 07:30:41 AM IST

5G spectrum auction extends to 3rd day; receives bids worth ₹1.49 lakh cr on Day 2

India’s first 5G auction on Wednesday received bids worth 1.49 lakh crore on day two, as aggressive bidding across bands by players like Reliance Jio and Bharti Airtel pushed the sale over to the third day.

As many as five rounds of bidding were conducted on Wednesday for the 5G spectrum, capable of offering lag-free connectivity and ultra-high-speed internet.

Telecom Minister Ashwini Vaishnaw said that “good competition” was seen in almost all bands on offer.

28 Jul 2022, 07:29:09 AM IST

Stocks, Bonds Climb on Glimpse of Slower Fed Hikes

Stocks extended a rally Thursday, bonds rose and the dollar held losses as the prospect of a slower pace of Federal Reserve monetary tightening filtered across global markets. S&P 500 rose 2.6% and the tech-heavy Nasdaq 100 had its best day since 2020. US equity futures dipped.

The Fed raised rates by 75 basis points for a second month, said such a move is possible again and reiterated its commitment to fighting inflation. But Chair Jerome Powell added the pace of hikes will slow at some point.

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