Most Asian stocks were up in trade in today as Japan surged almost 2% reports that Asia Development Bank chief Haruhiko Kuroda would become the next governor of the bank of Japan experts called Kuroda, "aggressive and dovish" on monetary policy.
Indian equity benchmarks ended lower Friday, the fourth successive weekly loss as traders and investors refrained from major commitments ahead of the Budget. The Sensex closed at 19317, down 8.35 points over the previous close and the Nifty ended at 5850.30, down 1.95 points.
Meanwhile, most Asian stocks were up in trade in today as Japan surged almost 2% reports that Asia Development Bank chief Haruhiko Kuroda would become the next governor of the bank of Japan experts called Kuroda, "aggressive and dovish" on monetary policy. Prime Minister Shinzo Abe is expected to make his nomination official by mid-week.
The US stocks finished near session highs, recovering from a two-day slump. The rebound was triggered off by upbeat economic data from Europe and after comments from St. Louis Fed President James Bullard that the central bank's aggressive easy money policy will stay for a long time.
The Dow made a slim weekly gain, avoiding its third-consecutive weekly decline. Meanwhile, the S&P 500 posted its first weekly loss this year, snapping its seven-week win streak.
The big cue which is in less than a week from today is the sequester deadline or the automatic spending cuts which will be triggered unless congress cuts a deal to avoid that. It seems as though there are now more dire warnings from the administration about the impact of the cuts
European markets staged a broad based recovery, closed with over 1 - 2 percent gains boosting the mood was data which showed German business morale surged at its fastest pace in over two years in February. The IFO business climate index rose to 107.4.
The euro is above 1.31 to the dollar as investors eye the Italian elections. The dollar index is at 80.50 levels. The yen skids to a 33-month low.
Brent crude gained to USD 114 level as German business sentiment improved. From the precious metals space, gold prices are at USD 1580 levels.
Back home, the Reserve Bank of India (RBI) released new bank licence norms and a key and important line in the RBI release was that it did not exclude any company in any specific sector to be eligible for the licence.
It has set July 1 as the deadline for new bank licences. Existing NBFCs and PSUs are eligible to apply for a licence, but it mentions that only companies with 10 years of sound financial track record can apply.
Additionally it says new banks' boards must have majority of independent directors and that sound credentials, integrity are a must for bank licence applicants.
Stocks in news
According to sources the Jet-Etihad deal is in jeopardy as Etihad is unhappy with the "lack of control". The Jet board meet was cancelled last week due to concerns raised by Etihad.
The airline is willing to revive stake sale talks at a later date if demands met. The Etihad board sought secondary sale, open offer as a part of deal while Jet Airways promoters are unwilling to give operation, management control to Etihad.
In the telecom space, the CBI has registered fresh case against Bharti Airtel and Tata Tele. The Bharti and Tata Tele international call arrangement allegedly violated DoT norms. They allegedly have illegal international call arrangement with Singapore telecom. The CBI has registered case under section 120b & 420 of Indian Penal Code.
Meanwhile the empowered group of ministers on telecom will be meeting today. It may approve the 2G auction notice inviting bids.