Stock Market LIVE: Indices set to open strong; SGX Nifty in green

Wall Street stocks rose on Thursday despite data showing the US economy contracted for a second straight quarter as more S&P 500 companies reported results and beat analyst expectations. Tokyo stocks opened higher on Friday, extending rallies on Wall Street.

29 Jul 2022, 08:30:12 AM IST

Alibaba Selloff Extends Into 3rd Day as Earnings Woes Dominate; drags Hang Seng 1.5%

Shares were down as much as 4.5% in Hong Kong on Friday, among the biggest decliners on the Hang Seng Tech Index. The tech giant is expected to report its first-ever negative quarterly revenue growth next week.

The Hang Seng Tech Index fell as much as 1.5% to trade below its 50-day moving average. Other big decliners included Bilibili Inc. and JD Health International Inc.

29 Jul 2022, 08:18:05 AM IST

India’s first global gold exchange IIBX to allow jewelers import precious metal

India’s first global gold exchange — India International Bullion Exchange (IIBX) — aims to create a regional bullion hub that will allow more jewelers to import the precious metal, Bloomberg reported on 29 July. The exchange is expected to attract dealers, refineries and foreign banks.

The spot exchange will be launched on Friday by Prime Minister Narendra Modi, and trade will be in the form of bullion depository receipts.

29 Jul 2022, 08:16:56 AM IST

OPEC+ meeting on Aug. 3: Oil prices rise on tight supply

Oil prices gained about $1 in early trade on Friday, lifted by supply concerns and a weaker U.S. dollar as attention turns to what OPEC and allies including Russia agree at a meeting next week marking the end of their 2020 output reduction pact. (Full Report)

29 Jul 2022, 08:13:36 AM IST

Asian shares mixed as markets bet on more gradual rate hikes

Asian stocks took their cue on Friday from a late rally on Wall Street, as markets focused on a possible slowdown in the pace of rate hikes rather than a U.S. recession after data showed its economy shrinking for a second straight quarter.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.41%. Japan’s Nikkei share average opened up 0.36%. However, China’s and Hong Kong’s composite went in red after a strong opening. 

29 Jul 2022, 08:00:15 AM IST

Bank credit rises 12.89%; deposit 8.35%: RBI data

Bank credit rose by 12.89% to 122.81 lakh crore and deposits by 8.35% to 168.09 lakh crore in the fortnight ended July 15, showed RBI data released on Thursday.

In the fortnight ended July 16, 2021, advances stood at 108.78 lakh crore and deposits at 155.14 lakh crore, according to the Reserve Bank of India’s (RBI) Scheduled Banks’ Statement of Position in India as on July 15, 2022.

29 Jul 2022, 07:48:54 AM IST

Adani Group plans IPO for NBFC unit

After FMCG subsidiary Adani Wilmar, Asia’s richest man, Gautam Adani is now planning to launch an initial public offering (IPO) of its non-bank lender Adani Capital. The NBFC is planning to raise approximately 1,500 crore ($188 million) through the issue. The IPO is expected to launch in early 2024.

29 Jul 2022, 07:36:35 AM IST

5G spectrum auction stretches to 4th day; bids worth ₹1,49,623 crore received so far

The auction of 5G spectrum for ultra high speed internet services will stretch to the fourth day on Friday, after 16 rounds of bidding conducted so far fetched bids worth 1,49,623 crore.

Billionaire Mukesh Ambani’s Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani’s flagship Adani Enterprises are in the race to bid for 5G spectrum, that offers speeds about 10 times faster than 4G and lag-free connectivity.

29 Jul 2022, 07:35:34 AM IST

European gas prices slide as Russian flows steady at low levels

European natural gas prices fell after Russian pipeline flows stabilized, albeit at levels far lower than the continent’s economy needs.

Shipments through the Nord Stream pipeline to Germany, the main gas link to the European Union, remain stable after Gazprom PJSC cut them to 20% of capacity. Deliveries via Ukraine, which initially looked like they might fall, were steady Thursday.

Futures declined 3.1% after surging 33% over the previous six days. On Wednesday they hit their highest level since early March, during the first weeks of Russia’s war in Ukraine. Soaring prices for fuel have been fanning inflation and hurting the continent’s economy.

29 Jul 2022, 07:34:33 AM IST

IMF downgrades Asia Pacific forecast as shocks keep rolling

The International Monetary Fund has lowered its growth forecast for the Asia Pacific region this year to 4.2% — 0.7 percentage point lower than it expected in April, and well below the region’s 6.5% growth in 2021.

The fund also cut its 2023 forecast for the area to 4.5%, down by 0.6 percentage point.

Much of the downgrade reflects the ongoing spillover from shocks including Russia’s invasion of Ukraine, China’s economic slowdown and rising global interest rates.

29 Jul 2022, 07:32:39 AM IST

FMCG volume growth slowed in May as buyers cut spending

Volumes of fast-moving consumer goods grew 4% in the 12 months ended 31 May, down from 7% in the year-ago period, showed data from research firm Kantar Worldpanel, which tracks household consumption.

The deceleration in growth points to a moderation in demand for products, such as shampoos, toilet cleaners and detergents. Consumers had stocked up on the products in the initial months of covid and re-prioritized their shopping baskets as high commodity inflation ate into household budgets, it said. (Full Report)

29 Jul 2022, 07:30:31 AM IST

Rupee rises 22 paise to close at 79.69 against US dollar on Thursday

The rupee appreciated 22 paise to close at 79.69 against the US dollar on Thursday, as a rally in the domestic equities and less hawkish signals from the US Fed triggered risk-on sentiments in the markets.

Fresh foreign capital inflows also supported the domestic unit, forex traders said. However, elevated global crude prices and a strong greenback overseas capped the rupee’s gain, they added.

29 Jul 2022, 07:28:48 AM IST

Wall Street ends up sharply for the second day

U.S. stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

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