Business in the Week Ahead: April 1-5, 2024
RBI monetary policy, March PMIs, automobile sales, Bharti Hexacom IPO and bank credit are the key events, data to track
Alibaba group to scrap Hong Kong IPO plans of its logistics unit Cainiao
The Chinese e-commerce giant Alibaba Group said it's offering up to $3.75 billion to buy out the 36 percent stake it does not already own in Cainiao. Group Chairman Joe Tsai said there was "significant long-term opportunity" in building out a global logistics network, saying the firm had decided to double down on the business. Watch for more details
The Eastern Window: What prompted the US to finally allow the UN vote for ceasefire in Gaza
The US has withdrawn its protection of Israel allowing the UN to call for a ceasefire in Gaza. The Biden administration is trying to save itself from blame as thousands are massacred in Gaza, particularly at a time when it is preparing for the next election.
Fed must manage rate cut timing judiciously in election year; Oil may top $90/bbl: Peter McGuire
With 67% of analysts anticipating a rate hike in June, there's a strong indication of confidence in the market. However, the timing of these cuts must be approached cautiously, especially considering the upcoming November US election, says the CEO of XM Australia.
Live: US Fed Chair Jerome Powell on FOMC meeting outcome | Interest rates unchanged
US Federal Chairman Jerome Powell announces interest rate decision. Federal Reserve officials maintained their outlook for three quarter-point rate cuts this year but forecast fewer cuts than before in 2025 following a recent uptick in inflation. Officials decided unanimously to leave the benchmark federal funds rate in a range of 5.25% to 5.5%, the highest since 2001, for a fifth straight meeting. Policymakers signalled they remain on track to cut rates this year for the first time since March 2020, but they now see just three reductions in 2025, down from four forecasts in December, based on the median projection. “The committee judges that the risks to achieving its employment and inflation goals are moving into better balance,” said the central bank’s policy-making Federal Open Market Committee.
One wonderful business can offset many mediocre decisions, writes Warren Buffett
Both AMEX and Coke will almost certainly increase their dividends in 2024 – about 16% in the case of AMEX – and we will most certainly leave our holdings untouched throughout the year, Buffett added.
No possibility of repeating Berkshire’s ‘eye-popping’ performance, says Warren Buffett
There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, Buffett wrote in his annual letter.
Wait for rate cut gets longer after red hot US CPI data; action only in June or July, says this EM expert
Independent Emerging Markets commentator Geoffery Dennis feels that the Fed will likely maintain its projection of three rate cuts this year.
V-Guard Q3: Primed for success
The company is an exception in the consumers durables industry hobbled by a dull operation performance
Crude oil may stay in $78-85 range; see more momentum in Bitcoin: Peter McGuire
Gold has maintained its allure but Bitcoin presents an alternative to traditional currencies and has the potential to surge higher, says the CEO of international investment firm XM Australia.
Star China funds turn to duds in 2024 as stocks rout gets ugly
Most of its holdings are small-cap stocks, which as a category have suffered steep losses lately.
Xi to discuss China stocks with regulators as rescue bets build
The CSI 300 benchmark closed 3.5% higher in its best day since late 2022. Small-cap equities that have so far borne the brunt of the rout also jumped, with the CSI 1000 gauge up 7%, the most since 2008.
China’s small-cap crash shows what happens without market rescue
Quantitative hedge funds are seen to have amplified the recent selloff, and authorities have banned some of them from placing sell orders completely along with other measures, Bloomberg reported late Monday.
Qatar looks to sell more LNG to India in sales blitz
Indian buyers are demanding rates that are below previous deals that Qatar has signed in the last few years, the traders said.
China stocks slump; tech earnings surge ahead of US payrolls
The tech rally looked set to spill over to European markets, with EUROSTOXX 50 futures up 0.8%. Nasdaq 100 futures extended gains to be up 1% while S&P 500 futures rose 0.6%.
REC shares spike 7% on 13.6% surge in Q3 net profit
Net interest income (NII) for the reporting period was around Rs 4,159 crore, 18 percent higher than the previous fiscal.
Charting the Global Economy: Fed to lead pivot toward interest-rate cuts
Year of rate cuts anticipated, led by the Federal Reserve. Traders bet on Fed's aggressive approach as inflation control poses challenges.
U.S. spot bitcoin ETFs could win approval next week after last-minute application updates
Investment firms, stock exchanges, and the SEC discussed final wording changes on spot Bitcoin ETF filings, possibly paving the way for approval next week, say sources.
US stocks mixed after lackluster start to 2024
Around 10 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 37,523.14, and the broad-based S&P 500 was flat at 4,704.64.
Shares dip to cap stellar year; Treasuries end volatile 2023 flat
Shares around the world have risen sharply in the last two months of the year as benchmark bond yields fell on expectations of central bank rate cuts in 2024.
BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF
The SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week, said those sources, who spoke on background given the confidential nature of the discussions.
Wall Street ends slightly lower, capping blockbuster year
The S&P 500 posted 31 new 52-week highs and no new lows; the Nasdaq Composite recorded 87 new highs and 53 new lows.
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OpenAI in talks to raise new funding at $100 billion valuation
OpenAI is reportedly in preliminary discussions to secure a new funding round at a valuation of $100 billion or more, according to sources cited by Bloomberg News on Friday.
Stocks edge up, dollar eases before long holiday weekend
Global stock indexes mostly climbed, and the U.S. dollar fell to a near five-month low on Friday before the long holiday weekend. Cooler-than-expected U.S. inflation data reinforced the belief that the Federal Reserve might cut borrowing costs in the new year.
