World Markets
24 March 2021
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
Dollar surpasses two-week high as safe haven demand helps
Asian shares slip, dollar rises on flight to safety
Oil prices fall on concerns over Europe COVID-19 surge
Currency
The dollar index rose against a basket of most major currencies on Tuesday, surpassing a two-week high, while yields on U.S. Treasuries slipped as U.S. Federal Reserve Chair Jerome Powell told Congress inflation will not get out of hand.
The dollar index was last up 0.65% at 91.8, reversing course from Monday when it dipped but hovered below four-month highs, as investors sought safe havens.
Yields on U.S. Treasuries also slipped again, at 1.624%. Earlier Tuesday, the Treasury drew solid demand for two-year notes, with investors looking ahead to auctions for longer-dated notes later in the week.
Equity
Asian shares hit a two-week low on Wednesday, oil weakened further and the dollar neared four-month highs as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite, leading to a flight to safety
Japan’s Nikkei stumbled 1.8% while South Korea’s KOSPI slipped 0.5%. Chinese shares were in the red for a second day with the blue-chip CSI300 index down 1.2%. Hong Kong’s Hang Seng skidded 1.7%.
World equity benchmarks and oil prices drifted lower on Tuesday while safe-haven assets gained as an extended economic lockdown in Germany and U.S. and European sanctions on China curbed risk appetite.
MSCI’s gauge of stocks across the globe shed 0.88% following broad declines in Europe and Asia.
On Wall Street, the Dow Jones Industrial Average fell 308.05 points, or 0.94%, to 32,423.15, the S&P 500 lost 30.07 points, or 0.76%, to 3,910.52 and the Nasdaq Composite dropped 149.85 points, or 1.12%, to 13,227.70.
Oil
Rising concerns over a third wave of the coronavirus pandemic amid slow vaccine rollouts in Europe hurt oil and travel companies as investors priced in a longer road to economic recovery.
Germany extended its lockdown until April 18, and Chancellor Angela Merkel urged citizens to stay at home for five days over the Easter holiday.
U.S. crude fell 6.51% to $57.55 per barrel and Brent was at $60.51, down 6.36% on the day.
Financial News
Business Standard
Ø Govt reintroduces clause on 5% withholding tax for FPIs
Ø RBI defers applicability of limits on non-centrally cleared derivative exposures for banks
Ø NCLAT closes insolvency proceedings against Jyoti Ltd after settlement with financial creditors
Ø Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest
Ø Saudi Aramco remains in discussion to pick stake in Reliance unit
Ø India files appeal against Cairn arbitration award
Business Line
Ø Govt garners Rs 30,369 crore as dividend from PSUs so far this fiscal
Ø Bank NPAs declined to Rs 5.70 trillion at December-end: Anurag Thakur
Ø Oil tumbles 4% on concerns over Europe restrictions, vaccine rollouts
Ø Bharti Airtel picks up stake in Avaada’s solar company
Ø Gas price for ONGC to inch up to $1.82, fall below $4 for Reliance-BP
Ø Bharti Airtel picks up stake in Avaada’s solar company
Mint
Ø PF deposit threshold limit raised to ₹5 lakh for earning tax-free interest
Ø JSW Steel raises ₹2,500 cr to fund BPSL deal
Ø IMPAL to buy ZF UK’s stake in Brakes India for ₹70 crore
Ø Ircon International expects ₹6,000-cr revenue
Ø Glenmark Pharmaceuticals gets $40-million Covid loan from IFC
Financial Express
Ø India, Afghanistan resolve to deepen economic and trade links
Ø Supreme Court refuses to extend moratorium, allows compound interest waiver
Ø Real estate worth $36 billion could be listed under REITs: JLL
Ø Govt to raise nearly ₹755 crore by selling 15% stake in Rail Vikas Nigam
Ø India Ratings upgrades long term issuer rating of JK Tyre to ‘Stable’
Business World
Ø Niti Aayog to empanel transaction advisor for PSU assets monetisation, disinvestment
Ø Microsoft eyeing Discord acquisition for more than $10 billion: Report
Ø Adani Ports to acquire controlling stake in Gangavaram Port for Rs 3,604 cr
Ø West sanctions China over Xinjiang abuses, Beijing hits back at EU
Major Economic Events
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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