World Markets
28 July 2021
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
- China jitters lift haven currencies; dollar awaits Fed
- Asia shares sit at 2021 lows ahead of Fed verdict
Currency
The dollar was pinned below recent highs on Wednesday by a decline in real yields and by trepidation ahead of a Federal Reserve meeting, while other safe-haven currencies were in favour following an unnerving plunge in Chinese equity markets.
The Japanese yen rose about 0.5% on the dollar overnight to touch a one-week high, while the Swiss franc and euro also rose a little. Each held on to their gains at the beginning of the Asia session, with the yen last trading at 109.85 per dollar and the euro at $1.1819.
The gains by the yen, euro and franc combined to push the U.S. dollar index lower and it sat at 92.472 on Wednesday. Declining U.S. real yields, which hit another record low at the 10-year tenor overnight also cast a pall over the dollar and the global economic outlook.
Equity
Asian shares stayed stuck at seven-month lows on Wednesday, as markets continued to digest a storm in Chinese equity markets, while the dollar rested with traders reluctant to place large bets ahead of the outcome of the Federal Reserve meeting.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.35% in early trading, having fallen in each of the three previous sessions as regulatory crackdowns in China roiled stocks in the technology, property and education sectors, leaving international investors bruised.
Japan’s Nikkei slid 1.01%, Chinese bluechips dropped 1.51%, and Australian shares fell 0.43%. Hong Kong bucked the trend, rising 0.63%, after closing at its lowest level since November the day before. The Dow Jones Industrial Average ended Tuesday down 0.2%, the S&P 500 shed 0.5% and the Nasdaq Composite slid 1.2%. Earlier the pan-European STOXX 600 index finished 0.54% lower.
Business News Headlines
Economic Times
Ø Axis Bank buys 5.55% stake in financial technology firm IBBIC
Ø DLF’s Q1 sales bookings jump nearly 7-fold to Rs 1,014 crore despite second wave of COVID
Ø Tata Sons board will discuss and take a call on Chandrasekaran’s successor, says Ratan Tata
Ø Merger with BSNL may help save Vodafone Idea: Deutsche Bank
Ø Reliance Retail brands may soon come to kiranas
Ø Reliance Retail Venture’s open offer for Just Dial shareholders to commence on Sep 13
Ø Bank NPAs decline to Rs 8.34 lakh cr at March-end 2021: Minister
Ø China shares plunge to 8-month low on regulatory woes
Ø Equity good long-term bet; stagger investments
Ø Govt says 78 foreign cos registered in India last FY
Ø JSW Paints wants to grow and expand aggressively
Business Standard
Ø Govt extends bidding deadline for transaction for RINL till Aug 17
Ø Institutional buyers put in Rs 870 cr of bids for HUDCO share sale
Ø Vedanta to invest Rs 6,600 cr on Balco expansion over 18-24 months
Ø Near term headwinds for JLR due to chip shortage to weigh on Tata Motors
Ø Adani Ports raises $750 mn overseas via long-term bonds in two tranches
Ø Amazon eyes potential stake in Indian film, media biz; Inox denies report
Ø Tourism economy fell by 42.8%, estimated 14.5 mn jobs lost in Q1FY21: Govt
Ø FDI in food processing sector falls 57% to $393 million in FY21
Ø India sees venture capital investments surge to $8 billion in Q2: KPMG
Ø ESAF Small Finance Bank files Rs 998-crore IPO papers with Sebi
Financial Express
Ø IMF cuts India’s GDP growth forecast to 9.5 pc for FY22
Ø Tata Communications unveils IZO financial cloud platform in India
Ø ABB to divest Mechanical Power Transmission division to RBC Bearings for USD 2.9 bn
Ø Axis Bank buys 5.55 pc stake in financial technology firm IBBIC
Ø MSMEs have already exhausted resources during first Covid wave
Ø Basic customs duty removed, agri infra cess halved on lentils
Ø ICICI Prudential rating – Buy: Big beat on margins the highlight of Q1
Ø Sebi to RTAs: Develop inter-operable platform to enhance investor experience in MFs
Ø Govt’s net tax collection rises 86% to Rs 5.57 lakh cr in Q1
Mint
Ø IndusInd Bank hopes for a quick revival after a covid-ravaged Q1
Ø Info Edge stock faces fatigue despite Zomato IPO frenzy
Ø Big pharma quietly pushes back on global tax deal, citing covid-19 role
Ø ITC Q1 profit up 29%, revenues grow 37%
Ø ICICI Lombard, Dr Reddy’s join hands for cashless outpatient services
Ø Rolex Rings raises Rs219 crore from 26 anchor investors ahead of the IPO
Ø Future-RIL deal: Will decide if Emergency Arbitrator award valid, says SC
Ø Zydus Cadila submits additional data on its Covid vaccine to DCGI: Report
Ø Sebi says valuation must for all preferential allotment plans
Ø Bajaj Auto exports its way out of a slump
Ø Nearly ₹49,000 cr lying unclaimed with banks, insurers: Govt
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Disclaimer : All information in this report is collected from various sites on internet. Although we have taken all precautions for correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed is authors own views. We are not responsible for any losses on account of following the same.
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