Month: March 2015

Modi teams up with Twitter to launch new service

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

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Indian Prime Minister Narendra Modi has teamed up with Twitter to launch a new service that allows government officials to send tweets via SMS in a move to boost e-governance in the world’s largest democracy.

The service called Twitter Samvad – which means dialogue in Hindi – was unveiled by CEO Dick Costolo and Modi late Tuesday in New Delhi and is part of the government’s Digital India program to transform the nation into a digitally empowered society.

A social media aficionado, Modi is known for his active presence on Twitter, amassing 10.9 million followers since joining the microblogging site in 2009. He is the second most followed politician behind U.S. President Barack Obama.

By enabling tweets to be sent out as an SMS, any Indian with a mobile device, with or without a data plan, is able to receive messages from political leaders and government bodies. Mobile users can activate the service through a missed call to an assigned phone number.

“People who sign up will receive a set of curated Tweets based on the highest engagement throughout the day to stay up-to-date with real-time information about government-related news, policies and activities,” Twitter said.

Read More Cramer: Twitter flies higher for the long haul

“And you can use Twitter Samvad during emergency situations to receive live updates from government bodies, such as time-sensitive information and details about rescue efforts,” it said.

So far, a total of 16 political leaders and ministries are linked up to Twitter Samvad. Modi was the first leader to kick off the service.

Twitter Samvad is built on the technology of ZipDial, a Bangalore-based mobile marketing and analytics company that Twitter acquired in January.

Political parties including the ruling Bharatiya Janata Party and the Indian National Congress partnered with Twitter and ZipDial to offer a similar service during 2014’s general election to make their Twitter accounts accessible to all mobile users in India.

More recently, some local news outlets offered SMS tweets during the presentation of the government’s annual budget on February 28.

Twitter’s service of SMS tweets activated by a missed call is currently only available in India although the company is looking to roll out the service in other emerging markets.

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

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

What to expect from Mark Zuckerberg at Facebook’s F8

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

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When Mark Zuckerberg takes the stage at this year’s F8, he won’t just be talking about Facebook’s signature social network.

This year the developer conference will be about just how broad and wide-reaching Facebook’s family of products has become. In a sign of Zuckerberg’s commitment to his strategy of building out a portfolio of apps, it’s also featuring speakers and giving updates on Oculus, WhatsApp, LIveRail, Parse and Instagram.

For the first time the conference will be two days instead of one, with more than 2,000 developers coming in from around the world.

Here are some key topics that could make headlines – game changers for developers, and potentially investors as well.

1) Ad tech will be in the spotlight; Facebook could launch a new mobile ad platform to compete directly with Twitter’s MoPub.

 Last year Facebook acquired start-up LiveRail, a tool for publishers to sell video ad space. There’s been a lot of speculation that it would be a natural extension for LiveRail to start auctioning off ad space for other companies.

Read More: Trading tech: 4 networking plays

That would put it in direct competition with Twitter’s MoPub as well as Google’s ad exchange. This would effectively allow Facebook’s technology to own the entire life cycle of the ad-buying process. In addition to buying ads on Facebook and measuring their impact with Facebook’s Atlas, marketers could buy across the Web through LiveRail.

To drive more adoption of its app-install ads, Facebook’s expected to launch new tracking tools to measure their impact across devices

2) Details on Oculus’ launch

 The big keynote Thursday is about virtual reality and Facebook’s Oculus platform. The key question there is whether the company will provide any updates on when the platform will be ready to hit the market.

3) Plans to turn its Facebook messenger app into a platform

On the heels of announcing the ability to send money to friends through Messenger, we could hear more about Facebook’s plans to turn the app into a more of a platform.

Read More: Facebook wants to change how you read news

In addition to enhancing the instant messaging with more info about callers, Facebook could also introduce ways to incorporate news and other content or services into the service.

4) Bringing articles into Facebook

Facebook has been making a big push for video content companies, like Buzzfeed, to publish videos directly into Facebook’s video player. Now we could hear details on plans to integrate news content directly into Facebook, instead of making users click outside the site to NYTimes.com or BuzzFeed.com to finish an article. The New York Times laid out this proposition in an article published Monday.

Read More: Munster: This is how Facebook will monetize

The question is how Facebook lures publishers over to its site – and what kind of ad revenue split, or promotion it promises. Facebook will have to make it worth publishers’ while to justify ceding control of the user experience, and their ownership over ad and subscription revenue.

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

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

Gold is going to $1,300 by May: BofA technician

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

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Gold has risen for five straight sessions and is now positive on the year. And according to one top technician, the rally has just begun.

On Tuesday’s episode of “Futures Now,” Bank of America Merrill Lynch’s head of global technical analysis, MacNeil Curry, said a near-term “correction” in the dollar over the “next couple of weeks,” paired with declining yields on Treasurys, should lay the groundwork for a sustained and sizable rally in gold that could see it break above USD 1,300 by the end of May.

“Rates are headed lower, and the dollar is likely to remain in a corrective sequence in general,” said Curry. “Gold should rally in that environment.”

According to Curry’s chart work, gold has been in a “sizable corrective phase” since November 2014. But recently, the yellow metal has shown signs of life. Moreover, Curry points out that gold’s inverse relationship to the dollar appears have broken down, which he interprets as another bullish sign for bullion.

Read More Gold set for fifth day of gains on U.S. rate speculation

“Gold has been on its own, really, since November,” Curry said. He points out that in November, gold “went from USD 1,132 up to USD 1,307 and throughout that time, the dollar index actually rose from about 87.5 to almost 95.”

Since gold is denominated in dollars, a rising U.S. currency often weighs on the value of bullion.

“The big thing here is that we’re going to see continued breakdown in the negative correlation between gold and the dollar over the course of the next couple of weeks,” Curry said.

The next important technical level that Curry said to watch is the 200-day moving average, which is around USD 1,238 per ounce. Beyond that, he sees bullion breaking out to USD 1,307 by May.

“If you look at the price action,” he said, “it says gold should probably resume higher.

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

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

US crude hovers above $47.50 on inventory, economic data

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

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US crude futures held above USD 47.50 a barrel on Wednesday, finding support from strong economic data and industry figures showing a smaller than expected crude inventory build with gasoline and distillate stocks falling.

US crude oil for May delivery gained 7 cents at USD 47.58 a barrel as of 0036 GMT after settling up 6 cents at USD 47.51 in the previous session.

Brent futures for May delivery also rose 13 cents at USD 55.24 a barrel after previously ending at USD 55.11 per barrel, down 81 cents.

Data from the American Petroleum Institute showed on Tuesday that US crude inventories rose by 4.8 million barrels in the week to March 20, compared with analysts’ expectations for an increase of 5.1 million barrels. Gasoline stocks fell by 2.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.6 million-barrel decline.

Read More Oil headed to USD 100? USD 30? It may not matter

The US Commerce Department announced that new home sales jumped 7.8 percent to a seasonally-adjusted annual rate of 539,000 units last month, the highest since February 2008.

Financial information services firm Markit said its US Manufacturing Purchasing Managers’ Index rose to its highest since October.

Stronger-than-expected global oil demand should help support crude prices at around USD 55-USD 60 a barrel in the next two months despite some signs of a growing glut in the United States, a senior Gulf OPEC delegate told Reuters on Tuesday.

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

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

Asian equities subdued on poor US lead

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

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Asian equity markets traded mixed early Wednesday, with cautious sentiment still in the air after an uninspiring lead from Wall Street overnight.

Overnight, US stocks closed lower as investors weighed the possibility that a stronger dollar could have on earnings. The Dow Jones Industrial Average and S&P 500 closed down 0.6 percent each, while the tech-heavy Nasdaq shed 0.3 percent.

Nikkei slips 0.2 percent

Japan’s Nikkei 225 index fell into negative territory as the yen strengthened modestly to 119.66.

Eisai, which has rallied nearly 30 percent over the past two sessions, lost 5 percent. The company’s stock has been supported by hopes that its drug can treat Alzheimer’s disease.

ASX adds 0.1 percent

Australia’s S&P ASX 200 edged up, with the financials widening gains as the central bank voiced confidence in tighter home loan standards.

National Australia Bank and Westpac added 0.6 and 0.7 percent, respectively, while Commonwealth Bank of Australia and Australia & New Zealand Banking Group inched up 0.3 percent each.

“All four major banks are enjoying good operating conditions… with a modest recovery in credit growth and business credit growth is improving, albeit modestly from low levels. Credit quality continues to improve in Australia and we expect that to last for another 18 months,” David Ellis, head of Australian Banking Research at Morningstar, told CNBC’s “The Rundown.”

Shanghai Comp down

China’s Shanghai Composite opened down 0.5 percent, seemingly set to snap a ten-session winning streak.

Agricultural Bank of China outperformed the sector with a rise of 0.3 percent, despite posting an unexpected decline in profit as net fee income fell and bad-loan provisions swelled.

Kospi flat

South Korea’s Kospi index hovered above the flatline amid mixed trading among index heavyweights. KB Financial Group and Hyundai Motor notched down more than 1 percent each, while Samsung Electronics drifted 0.2 percent higher.

Asiana Airlines said Tuesday its board of directors gave their go-ahead to set up another low-cost airline. Shares of the country’s number 2 carrier inched down 0.1 percent at the open.

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

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

India telecoms debt rises on record spectrum spend

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

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India will net a record 1 trillion rupees (USD 16 billion) windfall from intense bidding for the country’s latest spectrum auctions, but at the cost of sharply higher debts for telecoms operators and looming price hikes for nearly 850 million mobile subscribers.

Market leaders Vodafone, Bharti Airtel and Idea are fighting to retain existing licences in the contest, which is expected to conclude this week, while also picking up badly-needed new spectrum in a process complicated by the participation of billionaire Mukesh Ambani’s new cash-rich Reliance Jio telecoms venture.

Also read: Unlimited data plans cost telecoms USD 45B in losses

Although the auction is ongoing, the battle for the most expensive and desirable spectrum has largely concluded, analysts say, following two weeks of frantic bidding that have made this the most expensive competition in Indian telecoms history, easily eclipsing earlier estimates of Rs 800bn (USD 13bn).

Both Bharti and Vodafone have previously attacked India’s government for doing too little to help spectrum-starved operators, but industry figures said the leading players were likely to be satisfied with their spectrum hauls, if not the prices they had to pay to win them.

The UK’s Vodafone, the second-biggest mobile group by revenue in India’s market, is set to be the highest spender, investing around USD 4.9bn to guarantee it retained all its existing licences, according to broker India Infoline.

Idea and Bharti are likely to be the next biggest participants, spending about USD 4.7bn and USD 4bn respectively. Mr Ambani’s Reliance Jio service, which is due to launch later this year, is investing around USD 2.3 bn, while Telenor of Norway has also tried to rejuvenate its struggling Indian division, spending roughly USD 750m.

The companies declined to comment until the auctions are formally concluded, but analysts said the record sums invested were now likely to leave Indian operators among the most indebted in Asia.

Also read: Vodafone CEO: We want to be ‘Unilever of telecom’

“Debt servicing is going to go up and balance sheets will be stressed” said Romal Shetty, head of telecoms at KPMG India. The auctions would add close to 50 percent to the balance sheets of Indian telcos which already had cumulative net debt levels of around USD 40bn, he added.

Higher debts in turn are likely to mean sharp price rises in a country that pioneered ultra-cheap mobile calls to suit India’s poorer mass-market, but where operators have recently struggled to sustain previous growth levels in the face of bitter price wars and regulatory battles.

“India has some of the most expensive spectrum in the world and not justified by the fact that India still has the cheapest tariffs in the world – prices have to go up,” said Nitin Soni, a director at Fitch Ratings.

Also read: Get picky on emerging markets: Goldman Sachs

This year’s auctions, which sold off a range of spectrum suitable for traditional voice and faster data services, are set easily to surpass India’s most expensive previous contests, which raised USD 14.5 bn and USD 10 bn in 2010 and 2014 respectively.

The result may also now finally prompt a long-mooted market consolidation, according to Deepti Chaturvedi of broker CLSA, in a country that still boasts well over half a dozen major telecom companies.

“India is the last of the markets which is yet to see big consolidation, This auction the line which will accelerate that process,” he says. “The market will be dominated by a small number of top payers.” 

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

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

Nikkei, Shanghai Comp hit new highs on US lead

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

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Equity markets in Tokyo and Shanghai outperformed the region to scale fresh multi-year highs early Monday, drawing strength from a strong finish on Wall Street last week.

US stocks jumped about 1 percent to close near intra-day highs on Friday following a pullback in the US dollar. The Dow Jones Industrial Average and the S&P 500 index closed up 0.9 percent each, while the Nasdaq gained 0.7 percent.

Meanwhile, Lee Kuan Yew, former prime minister and founding father of Singapore, passed away at age 91 on Sunday, according to a statement from the prime minister’s office. The benchmark Straits Times index drifted 0.4 percent higher to a near four-week high and the Singapore dollar last traded at 1.3792 per dollar.

Nikkei jumps 1 percent

Japan’s Nikkei 225 index touched a fresh 15-year high as a strong finish on Wall Street offset the impact of a rangebound yen.

Sharp surged 3.8 percent, boosted by news that Taiwan’s Hon Hai Precision Industry is considering joining efforts to help rescue it. Among other exporter plays, Suzuki Motor and Nintendo leaped more than 4 percent each, while blue-chip Toyota Motor rose 1.2 percent.

Mainland indices up

China’s Shanghai Composite charged up 0.9 percent to its highest level since May 2008 amid a broad-based rally.

Property developers were among the top gainers in early trade, with China Merchants Property advancing 5.7 percent. Gemdale and Poly Real Estate climbed more than 3 percent each. China’s largest brokerage Huatai Securities also jumped 2.6 percent.

Hong Kong’s key Hang Seng index edged up 0.4 percent as corporate earnings remain in play.

Electronics retailer Gome opened up 1 percent, while mainland developer Sunac China gained 3.7 percent ahead of their corporate report cards today.

ASX sheds 0.2 percent

Australia’s S&P ASX 200 index fluctuated between gains and losses to hover near the 6,000 mark last touched more than seven years ago.

Mining and banking heavyweights were mixed; Fortescue Metals led losses in the resources space with a slump of 1.1 percent, while Commonwealth Bank of Australia and National Australia Bank slipped 0.6 and 0.2 percent each.

The top performer in early trade was Premier Investments, which rallied 11 percent, after delivering a 9 percent rise in first-half profit, in line with expectations.

Kospi adds 0.2 percent

South Korea’s Kospi index rebounded in mid-morning trade as most blue-chip stocks turned positive. KB Financial Group and Kepco bounced up 0.3 and 0.6 percent, respectively, while Hyundai Motor held on to a 2.2 percent loss.

SK Telecom tanked 1 percent following an announcement last Friday that it plans to acquire the remaining 49.4 percent stake in Kosdaq-listed SK Broadband. Shares of the internet services provider fell 12 percent.

Meanwhile, Asiana Airlines plunged 2.2 percent on news that the country’s budget airlines have submitted a petition against its move to establish a second low-cost carrier this year.

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

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

Asian shares lackluster on weak US lead, profit-taking

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

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Asian stocks were largely lower in Friday’s early trade, mirroring Wall Street’s finish overnight as the Fed-inspired rally lost steam.

Global markets cheered the Federal Reserve’s statement in the previous session, which hinted that the central bank might not pull the trigger on interest rates until later in the year.

Overnight, US stocks closed mixed as energy and materials-related counters fell. The Dow Jones Industrial Average and the S&P 500 closed down 0.7 and 0.5 percent, respectively, while the Nasdaq settled up 0.2 percent.

Mainland bourses down

China’s Shanghai Composite retreated from its highest level since May 2008, slipping just below the flatline.

Shares of the country’s second-biggest insurer Ping An Insurance surged nearly 5 percent on the back of a 39.5 percent rise in profit last year.

Developer Poly Real Estate and China Pacific Insurance also made it to the list of top gainers, by rallying more than 1 percent each.

Hong Kong’s key Hang Seng index sagged 0.3 percent as traders digest a raft of corporate earnings.

Li & Fung tanked 5.6 percent after an 11.8 percent fall in 2014 profit, while China Mobile lost nearly 1 percent as last year’s net profit fell more than 10 percent, its largest annual drop in over a decade.

Swire Properties receded 2 percent despite its underlying profit rose 12.7 percent in 2014, hitting 7.15 billion Hong Kong dollars, versus a year-ago profit of HKUSD 6.35 billion.

Nikkei flat

Japan’s Nikkei 225 index was subdued in early trade as profit-taking continues amid the yen’s rise against the U.S. dollar.

Recent top performers such as Fanuc sagged 1.3 percent, while financials like Mitsubishi UFJ Financial Group and SMFG drifted 0.7 and 0.3 percent lower.

However, the bourse’s fall was limited as online retailer Rakuten elevated 1.4 percent on news that it is acquiring US eBook company OverDrive for about USD 410 million. Yahoo Japan also soared 7.1 percent after announcing a dividend hike.

Meanwhile, minutes of the Bank of Japan’s (BoJ) policy meeting showed policy makers debating the effect of its massive asset purchases on the bond market. The BoJ kept its massive monetary policy stimulus intact on Tuesday, as widely expected.

Kospi sheds 0.2 percent

South Korea’s Kospi index edged down amid a broad-based slump after finishing at a six-month high on Thursday.

Brokerages were in focus after the country’s chief financial regulator pledged Thursday to ease regulations on the KONEX so as to encourage startups to go public. Samsung Securities, the country’s biggest brokerage by market value, and Hyundai Securities eased 0.5 and 0.1 percent each, while Daewoo Securities rebounded 0.4 percent.

Among gainers, the country’s top cosmetics maker AmorePacific bounced up 1.5 percent, buoyed by news of a share-split.

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

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

Euro-dollar parity may be more elusive after Fed

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

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The Fed tripped up the dollar’s rally and may have pushed the greenback into a short-term correction with its forecasts for a slower pace of interest rate hikes, strategists say.

The dollar index slumped as much as 3 percent in the worst selloff in six years, after a dovish US central bank on Wednesday pared back its own forecasts for interest rate hikes, cut its outlook for inflation and warned the economy has been moderating. The euro hit a high of about USD1.10 to the dollar, in Wednesday afternoon trading, from a low point of USD1.05.

As the dollar fell, stocks rallied and bond yields declined. The strengthening greenback has been a key factor in markets, sending ripples through US equities, as traders worry about its impact on the profits of multinationals. The strong dollar has also fanned fears about deflation, as it pounded commodities markets, like oil and gold and weighed on emerging markets.

“I think it’s extremely important. What it shows you is the dollar move we had this year is really impacting their (Fed) thinking. They haven’t said that before, but they’re telling you that in their forecast,” said Jens Nordvig, global head of G-10 currency strategy at Nomura. “I think a lot of people were getting too relaxed about the ‘Fed doesn’t care about the dollar,’ but the forecasts tell you they are already taking it into account a lot.”

Fed officials pared back their rate hike forecasts to a slower and lower trajectory. They basically cut the midpoint expectation for 2015 in half, with a year-end rate of about 0.6 percent. The central bank also forecast inflation would slow to half its prior projection – or 0.6 to 0.8 percent for 2015. Fed officials also reduced expectations for the longer-run unemployment rate to 5 to 5.2 percent, from 5.2 to 5.5 percent.

Read More: Fed removes ‘patient’ but says no April hike coming

It also tweaked its growth forecast, trimming it to 2.3 to 2.7 percent for 2015 from 2.6 to 3 percent, and warned that export growth has weakened.

Nordvig said the about-face in the dollar, which had increased more than 10 percent year to date, could go on for several months. He expects a pullback “especially versus the EM currencies that have been beaten down significantly. I think this is something that could be a catalyst for a near-term turn,” he said.
But strategists also expect any dollar decline to be a blip in an otherwise upward trajectory.

Read More: Dollar hammered amid Fed, euro surges past USD1.10

“Everybody was tripping over themselves calling for 80 cents on the euro. It’s natural for the dollar to pause here,” said Boris Schlossberg, partner at BK Asset Management. “I don’t think the dollar rally is over by any stretch of the imagination … could we go close to parity? Yes, but for now I think USD1.05 holds.”

Fed Chair Janet Yellen noted during Wednesday’s briefing that the dollar’s gains were the result of a stronger US economy. The Fed’s steps toward tightening have been boosting the dollar at the same time other central banks, like the European Central Bank, have been easing. That has been a big factor in the euro’s decline.

As expected the Fed signaled it would move to hike rates, by dropping the word “patient” out of its statement. Economists had mostly expected the first hike in June or September but that has changed.

“Essentially what’s going on is June is starting to be priced out. It could be fully out. The question is are we going to have a question mark around September. … It’s not about shifting June to September,” said Nordvig.

Goldman Sachs economists for instance said their forecast remains for a first hike in September, but there are now risks it could be later.
Yellen also stressed that the removal of “patient” does not mean the Fed will move soon. Instead it will rely on data, especially on jobs and inflation.

Read More: Here’s what changed in the new Fed statement

Data expected Thursday include weekly jobless claims and the current account, at 8:30 a.m. ET. The Philadelphia Fed survey and leading economic indicators are released at 10 a.m.

Traders are also watching to see whether Apple impacts trading in the Dow. It was included in the Dow 30, effective as of Wednesday’s close, replacing AT&T. Dow component Visa also split 4-for-1. Other corporate news includes Lennar earnings, before the bell, and Nike earnings, after the market close.

But markets will also be focused on how the outcome of the Fed meeting shifts market expectations. Stocks jumped, with the Dow up 227 at 18,076. Bond yields moved dramatically Wednesday, with the short end of the curve seeing a big decline. The two-year was yielding 0.54 percent late in the day, moving from 0.67 percent before the Fed statement.

Read More: US stocks rebound on dovish Fed, with Dow topping 18K

Nordvig said his forecast for the dollar’s gains this year had been relatively conservative, compared to some. Many strategists had expected parity with the euro this year, but his year-end target for the euro remains USD1.05 per dollar.

“We were expecting the Fed to blink in the period before June. They’re blinking earlier than we thought,” he said. “It … suggests the dollar is going to trade with a less clear global trend than we’ve seen.”

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

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