5 Minutes Read

Oil heads for quarterly advance as OPEC+ holds the line on cuts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

West Texas Intermediate futures rose toward $82 a barrel after a modest two-day drop, with Brent crude above $86.

Oil climbed to head for a solid quarterly gain on expectations OPEC+ supply cuts would tighten the global market.

West Texas Intermediate futures rose toward $82 a barrel after a modest two-day drop, with Brent crude above $86. The US crude benchmark has risen 14% this year, with key timespreads swinging from contango — a bearish pattern — to the opposite backwardated structure in that span.

OPEC+’s cuts of 2 million barrels a day have been extended to the end of June, underpinning expectations that global stockpiles will shrink. Ahead of a review meeting next week, delegates saw no need to recommend any changes as quotas were proving effective, according to several officials.

Crude’s revival in the first quarter has also been aided by Ukraine’s drone strikes on Russian energy infrastructure, geopolitical tensions in the Middle East, and demand growth in Asian economies including India. Still, an increase in US nationwide crude and gasoline stockpiles in data this week has undercut some of the tightness, with non-OPEC+ oil supply continuing to expand.

The bullish backdrop has spurred some banks to warn there’s scope for higher prices, depending on how events pan out. While sticking with existing forecasts, JP Morgan Chase & Co. said this week there’s a path for Brent to hit triple-digits by September if the impact of Russia’s production cuts isn’t balanced out by other counter-measures.

Also Read: Treasuries decline, Asian stocks fall on Japan

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Treasuries decline, Asian stocks fall on Japan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Shares in Japan slipped at the open following gains for the Nikkei 225 index Wednesday that pushed it within a whisker of setting a new high. Meanwhile, Australian stocks climbed to a fresh record, while futures for benchmarks in Hong Kong also pointed to gains.

Treasuries fell as a Federal Reserve official emphasized that recent US economic data might delay the number of interest-rate cuts seen this year. Japanese stocks dragged down broader Asian equities.

Yields on Treasuries advanced across tenors in early trading in Asia following Fed Governor Christopher Waller’s remarks after the Wednesday close that there is no rush to lower interest rates, and he wants to see “at least a couple months of better inflation data” before cutting. Two-year Treasury yields, which are more sensitive to policy moves, rose three basis points while the dollar strengthened against all of its Group-of-10 peers.

Shares in Japan slipped as they traded ex-dividend. The move also came after the Nikkei 225 index Wednesday advanced to near its record high. Meanwhile, Australian stocks climbed to a fresh record, while futures for benchmarks in Hong Kong pointed to gains.

Contracts for US equities were little changed in Asian trading after the S&P 500 closed at a record, with many institutional investors potentially rebalancing their portfolios.

In Asia, the yen will remain in focus. The currency steadied in early trading after pulling back from the lowest level since 1990. The yen had weakened to 151.97, beyond the level at which policymakers stepped in during October 2022.

“Market perception is they have drawn a line in the sand at 152,” said Paresh Upadhyaya, director of fixed income and currency strategy at Amundi Asset Management US. “The key question is their commitment.”

In commodities, oil climbed to head for a solid quarterly gain on expectations OPEC+ supply cuts would tighten the global market. Gold steadied Thursday after three sessions of gains.

Also Read: Trade Setup for March 28: 22,200 a barrier for the Nifty as March series, FY24 draw to a close

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Oil declines as industry report shows sizable US stockpile build

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Brent crude fell below $86 a barrel after a 0.6% decline on Tuesday, while West Texas Intermediate was near $81.

Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter.

Brent crude fell below $86 a barrel after a 0.6% decline on Tuesday, while West Texas Intermediate was near $81. The industry-funded American Petroleum Institute said nationwide stockpiles expanded by 9.3 million barrels last week, according to people familiar with the data. The API also reported a 2.4 million barrel increase in crude volumes at the key hub at Cushing, Oklahoma, although gasoline stockpiles shrank.

If confirmed by government data due later Wednesday, levels of crude at Cushing would have posted the biggest weekly gain in barrel terms since January 2023. Meanwhile, gasoline inventories would have fallen for an eighth week, the longest run of declines in almost a year.

Broader financial markets were weaker, weighing on crude and other commodities. Equity markets in Asia were set for a muted open after US benchmarks wiped out gains in the final half hour of trading as investors rebalanced their portfolios.

Oil has risen after breaking out from a tight range that held for the year’s first couple of months. Geopolitical uncertainty amid Ukrainian drone attacks on Russian oil infrastructure and OPEC+ supply cutbacks have buoyed prices, although a challenging economic outlook in China and robust non-OPEC supply growth remain headwinds.

Also Read: Asian stocks tick higher after Wall Street decline

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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 5 Minutes Read

Asian stocks tick higher after Wall Street decline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Shares climbed at the open in Japan, while Australian and South Korean stocks were little changed. Futures pointed to a decline in Hong Kong.

Stocks in Asia advanced Wednesday after US benchmarks wiped out gains in the final half hour of trading, with investors tweaking portfolios after a rally that’s already topped $4 trillion this year.

Shares climbed at the open in Japan, while Australian and South Korean stocks were little changed. Futures pointed to a decline in Hong Kong.

The S&P 500 fell for a third day, after a buying frenzy that’s seen it add almost 10% this quarter. The US equity benchmark is on track to notch five straight months of gains. Now, traders are debating whether the road gets rougher for the rally to keep chugging along as stock valuations remain elevated relative to history.

Japan’s Nikkei 225 is one of few Asian equity benchmarks that are able to match the pace of the US rally — advancing more than 20% this year and on track for one of its best quarters ever. Hong Kong has been unable to fully recover after plunging at the start of the year and is set for a slight decline, while Sydney is set to post a modest gain.

Investors will have to assess many moving parts when looking at potential month-end flows, which includes a holiday shortened week this month, according to Tony Sycamore, a market analyst at IG Australia Pty.

“Typically, rebalancing involves selling the best-performing stock markets, which for March would be Korea, Germany, Japan, and the US, and buying the laggards,” he wrote in a note. “More broadly, this month should, in theory, see outflows from equities and into fixed income, which has underperformed relative to equities.”

Recent advances in China’s equity markets may be tested as major financial institutions release earnings reports, starting with Industrial & Commercial Bank of China Ltd. later on Wednesday.

Also in focus will be Alibaba Group Holding Ltd. after calling off an initial public offering for its Cainiao logistics arm in Hong Kong, shelving a $1 billion-plus deal in a surprise move that underscores its new approach toward rejuvenating a flagging e-commerce empire.

Cocoa Surge

Treasuries steadied in Asian trading after rebounding from session lows on Tuesday following a $67 billion sale of five year-notes. The dollar was little changed.

Cocoa futures surged above an unprecedented $10,000 a metric ton on Tuesday before erasing gains and taking a breather from a historic rally that has seen prices of the key chocolate ingredient double this year.

Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets had a weaker tone ahead of the end of the quarter.

Meanwhile, as traders geared up for the Fed’s preferred inflation gauge on Friday — when markets will be closed — they parsed the latest economic readings. US consumer confidence held steady, durable goods orders climbed while home-price growth accelerated at the fastest rate since 2022.

For equities to warrant their gains in recent months, global central banks must ease monetary policy this year and companies have to deliver healthy earnings growth, according to JPMorgan Chase & Co.’s Marko Kolanovic.

Elsewhere, Apple Inc.’s iPhone shipments in China fell about 33% in February from a year earlier, according to official data, extending a slump in demand for the flagship device in its most important overseas market.

Also Read: Trade Setup for March 27: Can Nifty continue to hold on to its 50-DMA as expiry nears?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Oil holds advance with OPEC+ cutbacks and geopolitics in focus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Global benchmark Brent traded near $87 a barrel after gaining 1.6% on Monday, while West Texas Intermediate was above $82.

Oil held the biggest gain in a week, with OPEC+ set to affirm its policy of production cuts amid tensions in the Middle East and Russia.

Global benchmark Brent traded near $87 a barrel after gaining 1.6% on Monday, while West Texas Intermediate was above $82. OPEC+ delegates weren’t seeing a need to change supply policy at a review meeting next week, with quotas in place until June proving effective. In the Middle East, meanwhile, the Houthis renewed threats against Saudi Arabia if it supported US strikes.

Crude is headed for a surge of almost 13% this quarter after breaking out of a tight range that dominated the year’s opening weeks. Attacks by Ukraine on Russian refineries have aided gains, together with signs of strength in some product markets including gasoline. The positive overall market outlook has spurred hedge funds to increase their bullish bets on Brent.

Signs of a shift in monetary policy have also supported the mood. The US Federal Reserve has signaled a willingness to cut interest rates later this year, buoying appetite for risk assets.

Technicals are positive, too, with Brent’s moving averages close to forming a golden cross, a bullish pattern. That’s when an asset’s 50-day moving average exceeds the corresponding 200-day figure. Its last formation in August preceded Brent surging by more than $10 a barrel to above $95.

Also Read: Asian traders cautious as Wall Street surge stalls

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Question 1 of 5

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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Asian traders cautious as Wall Street surge stalls

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Japanese equities swung between gains and losses, while shares in Australia declined. The S&P 500 fell for a second day Monday at the start of a week that will feature the Federal Reserve’s preferred inflation measure.

Stocks in Asia were mixed after US equities pulled back from a rally that drove the S&P 500 Index to multiple records, spurring speculation the market has gone too far, too fast.

Japanese equities swung between gains and losses, while shares in Australia declined. The S&P 500 fell for a second day Monday at the start of a week that will feature the Federal Reserve’s preferred inflation measure.

Investors in Asia will be monitoring what comes next in China after the yuan advanced on Monday after the central bank signaled support for the currency, while the country’s equities declined.

“There are no signs of any major imminent shift in policy in China but it is worth keeping in mind that China’s policymakers rarely signal such changes in advance,” Jeffrey Kleintop, chief global investment strategist at Charles Schwab & Co., wrote in a note. “China may remain a drag on the MSCI Emerging Market Index and a key reason emerging market stocks remain less attractive relative to those in developed international markets.”

The yen held in a narrow range within 0.5% of a 17-month low against the dollar, fanning speculation the authorities will remain alert to slow any further losses in the currency.

Treasuries and the dollar were little changed in early Asian trading.

Investors took a cautious stance on bets the personal consumption expenditures price index — due on Good Friday when US markets will be closed — will show inflation probably remained uncomfortably high. On that same day, Jerome Powell is due to speak.

Pullback ‘Overdue’

A sense of prudence prevailed among investors early this week as concern about a disconnect between earnings expectations and share prices have grown. Morgan Stanley and JPMorgan Chase & Co. strategists were the latest to warn it’ll be hard to justify lofty valuations if profit acceleration fails to materialize.

“We continue to see sentiment as stretched and think a US equity market pullback is overdue,” said Lori Calvasina at RBC Capital Markets.

In a sign of how overheated the stock market has been, the S&P 500 finished last week 14% above its 200-day moving average. Still, the combination of healthy US economic data, expectations the Fed will cut rates and optimism about artificial intelligence have all driven the S&P 500 up almost 10% this year.

Goldman Sachs Group Inc. strategists are sticking with their year-end prediction of 5,200 — but have a scenario in which tech megacaps lead the index up to 6,000.

“Although AI optimism appears high, long-term growth expectations and valuations for the largest TMT stocks are still far from ‘bubble’ territory,” the strategists led by David Kostin wrote.

In other markets, oil held the biggest gain in a week, with OPEC+ set to affirm its policy of production cuts amid geopolitical tensions in the Middle East and Russia. Gold was little changed.

Also Read: Trade Setup for March 26: Nifty to see more volatility in truncated expiry week?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Question 1 of 5

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Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Oil ticks higher as sanctions and Russian attacks take spotlight

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Brent crude rose toward $86 a barrel after retreating by more than 2% in the final three days of last week, while West Texas Intermediate was above $81.

Oil advanced after a three-day drop on signs of a tightening market driven by sanctions, geopolitical risks, and OPEC+ supply cuts.

Brent crude rose toward $86 a barrel after retreating by more than 2% in the final three days of last week, while West Texas Intermediate was above $81. Indian oil refiners, Russia’s largest customers after China since the 2022 invasion of Ukraine, will no longer accept tankers owned by state-run Sovcomflot PJSC due to sanctions risks, hampering flows.

Continued drone strikes by Ukraine are also crimping Russia’s crude-refining capabilities. In addition, a terrorist attack in Moscow over the weekend left more than 130 people dead. The assault was claimed by Islamic State, although President Vladimir Putin hinted at Ukrainian involvement.

Crude is headed for a third monthly gain as OPEC+ presses on with output curbs. While China’s shaky demand outlook has been a headwind, Premier Li Qiang said Beijing was stepping up policy support to spur growth, and that systemic risks were being addressed. Reflecting the bullish mood, money managers’ net-long positions on Brent have risen to the highest in more than a year.

Iranian-backed Houthis, meanwhile, fired a missile at Chinese-owned oil tanker Huang Pu on Saturday, US Central Command said, highlighting continued risks to shipping in the seas off Yemen. The assault came even after the militant group previously said they wouldn’t attack vessels from China.

“On one hand, demand and supply seems balanced, with the Saudis maintaining spare capacity, but on the other hand disruptions are around the corner” amid supply risks, said Stefano Grasso, senior portfolio manager at Singapore-based fund 8vantedge Pte. “Given the supportive macro picture and two wars near oil-producing countries, we remain surprised on how low oil prices have been.”

Also Read: Stock Market Holiday: NSE, BSE to remain closed today on the occasion of Holi

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Japanese stocks fall on Yen support, yuan rebounds

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Treasuries were mostly steady following a rally on Friday that wiped seven basis points from the 10-year yield. Australian and New Zealand bond yields ticked lower Monday.

Japanese stocks declined as the yen rose after the country’s top currency official warned against speculative moves in the foreign-exchange market.

The yuan climbed following signs of support from Chinese authorities.
Tokyo’s Topix index dropped as much as 1% after recording its biggest weekly gain in two years. South Korea’s equity benchmark also fell while mainland Chinese, Hong Kong and Australian shares inched higher — offering a mixed picture for the region.

The offshore yuan rose as the dollar weakened and China’s central bank set a stronger-than-expected daily reference rate. The gap between the yuan’s daily fixing versus estimates was the widest since November, while Bloomberg calculations indicated the People’s Bank of China injected a net 40 billion yuan ($5.56 billion) in open market operations.

Chinese Premier Li Qiang had earlier downplayed investor concerns of challenges facing the economy, saying Beijing was stepping up policy support to spur growth and systemic risks are being addressed.

“Just saying the risks are not as much as people think is not going to draw investors back,” says Vey-Sern Ling, managing director at Union Bancaire Privee. “China is not just a ‘show me’ story for investors, it’s a ‘show me a lot more than I expect’ story

Treasuries were mostly steady following a rally on Friday that wiped seven basis points from the 10-year yield. Australian and New Zealand bond yields ticked lower Monday.

Those moves come ahead of a busy week of economic data that will include the Federal Reserve’s preferred inflation gauge due Friday. The core personal consumption expenditures index, which excludes food and energy costs, is seen rising 0.3% on the heels of its biggest monthly increase in a year.

Inflation readings are also due in Australia, France, Italy and Spain later this week, offering clarity on rising prices as investors begin to position for rate cuts.

US equity futures were little changed after a muted end to the week on Wall Street with the S&P 500 declining 0.1% and the Nasdaq index rising by the same margin on Friday.

The recent advances for the dollar reflect a shift in investor thinking about the world’s reserve currency. At the start of the year, many expected the dollar to weaken against its peers as the Fed edged closer to rate cuts. Now, the prospect that other developed market central banks will also cut has rekindled the currency’s appeal.

“Tightening usually causes recessions when it triggers financial crises that turn into credit crunches,” said Ed Yardeni, president of his eponymous research firm, said in a Monday note. “That sequence of events is unlikely now,” he said, citing the Fed’s use of emergency liquidity measures to address crises, such as the stress in the US banking system in March last year.

Forecasts for Fed cuts have spurred renewed interest in the so-called bond steepener trade, where investors load up on short-dated US bonds that offer attractive short-term price appreciation as rates fall.

In commodities, oil advanced after a three-day drop on signs of a tightening market driven by sanctions, geopolitical risks, and OPEC+ supply cuts. Gold edged higher, extending a weekly gain.

Also Read: Stock Market Holiday: NSE, BSE to remain closed today on the occasion of Holi

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
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10 Questions · 5 Minutes
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Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Oil steadies after two-day drop as rates, geopolitics dominate

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Brent crude traded below $86 after falling almost 2% over the previous two days, while West Texas Intermediate was near $81.

Oil held a two-day drop, with traders assessing the outlook for global interest rates and geopolitical tensions in the Middle East.

Brent crude traded below $86 after falling almost 2% over the previous two days, while West Texas Intermediate was near $81. A surprise rate cut from the Swiss National Bank boosted the dollar, a headwind for commodities priced in the US currency.

Israel said it would invade Rafah no matter what the US says, potentially escalating tensions in the Middle East, as it battles Iran-backed Hamas in the Gaza Strip. The Houthis in Yemen, meanwhile, assured China and Russia that their vessels wouldn’t be targeted in the Red Sea.

Crude has advanced in the first quarter, having broken out of a narrow range in recent weeks as OPEC+ extended production cuts and Ukrainian attacks on Russian territory, including against refineries, intensified. However, gains have been limited by surging supply from outside the group, including from drillers in the US, and a muddled economic outlook in top importer China.

Despite the divergent drivers, crude markets have been relatively calm, with a gauge of volatility for global benchmark Brent sinking to a four-year low. Gasoline, meanwhile, is showing signs of strength, with the profit margin for making the fuel from crude in the US near the widest since August.

Also Read: Asian stocks open mixed as US hits fresh highs

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Asian stocks open mixed as US hits fresh highs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Shares in Australia were little changed while Japanese stocks nudged higher. Futures contracts for Hong Kong equities declined. The moves followed Thursday’s sharp rally for a gauge of the region’s shares, which touched the highest level in almost two years.

Equities in Asia traded mixed Friday in a sign investors are rethinking the optimism that propelled the region’s shares higher in the prior session, as fresh signs of persistent inflation appeared in the US.

Shares in Australia were little changed while Japanese stocks nudged higher. Futures contracts for Hong Kong equities declined. The moves followed Thursday’s sharp rally for a gauge of the region’s shares, which touched the highest level in almost two years.

Contracts for US stocks rose in early Asian trading after the S&P 500 index rose 0.3% to a fresh high Thursday — its 20th of the year — led by gains in industrials and banks. Reddit Inc. shares soared 48% on their debut. Other tech stocks faltered, with Apple Inc. and Alphabet Inc. falling against the backdrop of heightened regulatory pressure.

The US Justice Department and 16 attorneys general are suing the iPhone maker for violating antitrust laws. In Europe, the company is said to be facing probes about whether it’s complying with the region’s Digital Markets Act. Apple shares fell more than 4%, wiping $115 billion in market value.

US economic data supported the argument the Fed may be forced to backtrack on its rate reduction forecasts a day after the central bank indicated three 25 basis point cuts in 2024. Housing, manufacturing and labor-market data released Thursday in the US pointed to a resilient economy that could prompt the Federal Reserve to reduce interest rates slower than the market expects.

The data pushed Treasuries down. The two-year Treasury yield rose three basis points Thursday, while the 10-year was less than one basis point higher. The upward pressure on yields supported an index of the dollar, which rose 0.4% in its previous session before steadying Friday.

The yen inched higher to trade at around 151 per dollar in early Friday trading as Japan’s inflation accelerated to the quickest pace in four months. Markets will keep focused on whether the Bank of Japan might follow its first interest rate hike since 2007 with further raises later this year.

Itchy Fingers
Treasury Secretary Lawrence Summers said the Fed has “itchy fingers to start cutting rates,” which may not be necessary for some time given the strong economy and buoyant financial markets. “I don’t know why we’re in such a hurry,” Summers said.

Societe Generale SA increased its S&P 500 year-end forecast to 5,500 from 4,750 — the highest forecast among strategists tracked by Bloomberg. “US exceptionalism is going from strength to strength,” wrote Manish Kabra, head of US equity strategy for the French bank. “Despite widespread market optimism, we view this as rational rather than excessive.”

Central banks remained firmly in focus. The Swiss National Bank expectedly cut interest rates, weakening its currency against peers, while Mexico’s central bank also cut rates as expected. The moves could be a prelude to policy easing in the UK, Europe and the US.

The Bank of England kept rates at a 16-year high of 5.25% Thursday. Two BOE hawks dropped their demands for hikes in a further sign the central bank is closer to rate cuts. The pound weakened on the news.

Ahead in Asia, the Reserve Bank of Australia will release a financial stability review, while Taiwan will publish February jobs data.

In commodities, oil held a two-day drop, with traders assessing the outlook for global interest rates and geopolitical tensions in the Middle East. Elsewhere, Bitcoin trading below $66,000, while gold fell after surging above $2,200 an ounce for the first time.

Also Read: Trade Setup For March 22: Will Nifty’s recovery on Thursday be offset by Infosys, TCS and peers?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?