09:07 (IST)
Gold inches up
Gold prices inched higher on Wednesday as the dollar weakened amid plans to ease major economies out of coronavirus lockdowns, while investors awaited any forward guidance from the U.S. Federal Reserve’s policy statement due later in the day.
09:02 (IST)
SGX Nifty points towards positive start
Aditya Agarwala, Senior Technical Analyst, YES Securities, said: "SGX Nifty in pointing towards another positive start for the Indian markets which is currently trading higher by 50 points and beyond the stiff resistance mark of 9400. The Asian pack is mostly trading in the green barring the NIKKEI which is trading flat to negative. TAIWAN and KOSPI are leading the gains followed by JAKARTA, SHANGHAI, STRAIT TIMES and HANGSENG respectively. Overnight the European ended with handsome gains while the US markets ended trade lower. Currently, Dow Jones Futures is trading in the green with gains of 0.80%.
Coming back to our markets, Nifty shut shop at the 9400 resistance mark and following a 50 point GAP up opening in trade today as indicated by SGX Nifty; bulls will finally propel the Index beyond this stiff resistance zone. A sustained trade above 9400 will extend the gains to levels of 9500-9560-9630. However, failure to do so will invite the bears to push the Index down again with fresh shorts and drag it to levels of 9300-9250.”
09:01 (IST)
Fitch warns India against further deterioration in fiscal outlook
India’s sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country through the coronavirus crisis, rating agency Fitch said on Tuesday.
Fitch currently rates India at BBB-, with a stable outlook, but any downgrade would consign its sovereign debt to junk bond territory.
The rating agency noted that India is likely to post dismal economic growth this year as a result of the coronavirus pandemic, and the government has limited room to provide fiscal stimulus.
“The government may tighten fiscal policy again once the pandemic is under control, but India’s record of meeting fiscal targets and implementing fiscal rules has been mixed in recent years, which will colour our assessment of any official commitment to tighten fiscal policy over the medium term,” Fitch warned.
08:59 (IST)
'COVID-19 has pushed everything back'
#CNBCTV18Exclusive | Impact of #COVID19 was felt only towards end of the quarter; 'COVID-19 has pushed everything back,' says Amitabh Chaudhry, Managing Director & Chief Executive Officer of Axis bank #RestartingIndia pic.twitter.com/aAJUr49iJB
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
08:58 (IST)
Govt should consider lifting lockdown
Govt should lift lockdown entirely now, else face severe implications: @AxisBank CEOhttps://t.co/wnhTW3zkfh
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
08:57 (IST)
British Airways set to slash as many as 12,000 jobs; Q1 losses widen
British Airways plans to cut as many as 12,000 jobs in response to the coronavirus crisis that means that passenger numbers will take years to recover, its owner International Consolidated Airlines Group said on 28 April.
IAG, which also owns Iberia, Aer Lingus and Vueling, reported first-quarter operating losses before exceptional items of 535 million euros ($580 million), compared with a profit of 135 million a year ago. Revenue dropped 13 percent to 4.6 billion euros.
IAG warned it expects results to get worse in a statement also setting out plans for a sweeping restructuring at BA.
Pre-tax profits were hit by an exceptional charge of 1.3 billion euros due to overhedging of its fuel and foreign currency needs for the rest of 2020, it said.
08:56 (IST)
Stocks in focus today
#StocksToWatch | Here's the list of stocks that are in focus going into trade today pic.twitter.com/LDaIIASnYi
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
08:56 (IST)
Air Asia launches PPE uniform for crew
.@AirAsiaFilipino launches PPE uniform for cabin crew as part of a trial run, @AirAsia assessing whether group-wide usage of PPEs for cabin crew will be possible. Separately, @AirAsia says it will deny boarding to passengers without masks @CNBCTV18Livehttps://t.co/0TuSrAFinA
— Anu Sharma (@awnusharma) April 29, 2020
08:55 (IST)
FundsIndia.com introduces “MeraSuraksha.com”
FundsIndia, the online retail investment platform, has launched MeraSuraksha.com, to house insurance products. It will offer Term Insurance plan. The entire end-to-end process of getting insured can be done on a single platform, the company said in a statement.
FundsIndia has partnered with ICICI Prudential Life Insurance to provide their term life product “I Protect Smart” to the customers through MeraSuraksha.com. Moving forward, partnerships with various other Insurance providers will be added to the platform. In the near future, this platform will be upgraded to provide a plethora of Insurance plans like Motor, Home, Travel, and Health Insurance.
08:50 (IST)
Markets could open positive
Deepak Jasani, Head Of Research, HDFC Securities, said: "Global markets cautiously up ahead of US Fed meet outcome and crude oil prices inching up. Indian markets could open in the positive today following largely positive Asian markets today and mildly negative US markets on Tuesday.
US stocks closed lower Tuesday, giving up early gains, as technology stocks took a hit ahead of earnings reports while investors weighed moves to reopen the economy in coming weeks. Consumer confidence in April plunged to 86.9 from 118.8 in March in a survey by the Conference Board, missing forecasts of 90. US trade deficit expanded to $64.2 billion in March, from $59.9 billion in February and above the consensus estimate of $56.5 billion
The Fed will conclude its policy meeting Wednesday, followed by a briefing from Chairman Jerome Powell, that economists expect will be geared toward reassuring investors and the public that it has the largest economic downturn since the Great Depression under control. No changes to interest rates are expected.
India’s sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country through the coronavirus crisis, rating agency Fitch said on Tuesday. Fitch currently rates India at BBB-, with a stable outlook, but any downgrade would consign its sovereign debt to junk bond territory.
Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 percent, from 2.5 percent projected in March. For 2021, Moody's expects India's growth to rebound to 6.2 percent.
Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve’s policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.
Indian indices ended on positive note for the second consecutive day on April 28 and the Nifty closed up 98.60 points or 1.06% at 9380.90. Indian markets opened up, sold off in the first hour of trade and then recovered the entire lost ground to close near its intraday high. Nifty Bank index, was the outperformer ending with gains of 3 percent at 20,671. Financials and stray old economy shares did well.
Technically, with the Nifty moving up further, the short term trend remains up. Further upsides are likely once the immediate resistance of 9403 is taken out. In that case a move towards 9590 is likely. Crucial supports to watch for resumption of weakness are at 9260.
08:38 (IST)
SGX Nifty trading levels up
#CNBCTV18Market | SGX Nifty trading levels around 9,451 against NiftyApril Futures' previous close of 9,400, indicating gains at the opening for the Indian market pic.twitter.com/KzZwva5t3S
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
08:29 (IST)
US markets close weak
#CNBCTV18Market | US market ends lower on Tuesday after a slew of corporate earnings; investors also eye the possibility of resuming normal economic activity. Dow gives up four-day gaining streak pic.twitter.com/AXzr2ELy5v
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
08:28 (IST)
Moody's slashes economic and oil forecasts again
Credit rating agency Moody's slashed its global economic and oil forecasts again on Tuesday, predicting ongoing coronavirus lockdowns would now see the G20 group of major economies contract 4 percent this year before bouncing back 4.8 percent in 2021.
The cuts by Moody's, though more narrowly-focused, look even more pessimistic than the -3 percent worldwide drop forecast by the International Monetary Fund this month, and the 2.4 percent contraction estimated by rival rating firm S&P Global.
Moody's individual country forecasts included a -5.7 percent slump in the United States, -6.5 percent plunges in both Japan and the euro zone and -7 percent and -8.2 percent ones in Britain and Italy. China is expected to manage just 1 percent growth though next year could see a strong 7.1 percent rebound.
"There are significant downside risks to our forecasts in the event that the pandemic is not contained and lockdowns have to be reinstated," Moody's said in a report.
08:27 (IST)
Samsung Electronics expects second-quarter profit fall
Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.
Samsung said its operating profit rose 3% in the January-March period, in line with an earlier estimate, as work-from-home orders boosted demand for server and computer chips.
The South Korean conglomerate joined other tech giants in warning of uncertainty over how long the coronavirus will continue to hurt the industry.
“In the second half, uncertainties driven by COVID-19 will persist as the duration and impact of the pandemic remain unknown,” Samsung said in a statement.
08:26 (IST)
Crude climbs as storage fills less rapidly than feared
Oil prices climbed on Wednesday, trimming some of this week’s steep losses after US stockpiles rose less than expected and hopes grew for demand to pick up as some European countries and US cities moved to ease coronavirus lockdowns.
US West Texas Intermediate (WTI) crude CLc1 futures jumped to a high of $13.85 and were up 8.8 percent, or $1.09, at $13.43 at 0038 GMT, paring a 27 percent plunge over the first two days of this week.
Brent crude LCOc1 futures rose 1.8 percent, or 36 cents, to $20.82, adding to a 2.3 percent gain on Tuesday.
US crude inventories rose by 10 million barrels to 510 million barrels in the week to 24 April, compared with analysts’ expectations for a build of 10.6 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.
08:25 (IST)
Asian markets in green
#CNBCTV18Market | Asia follows cues from US Futures, trades largely higher; Hang Seng trades nearly 200 while Taiwan Index 150 points higher pic.twitter.com/GBJxukdUwd
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
08:24 (IST)
Asian stocks inch higher after mixed US corporate earnings
Asian equities made cautious gains in early trade on Wednesday following mixed US corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
Technology stocks drove all three major US stock indexes into the red, though they remained within 20 percent of their February all-time highs.
“There was a big sector rotation as money left high value, growth sectors in tech like Amazon and went to value and cyclical sectors like energy, industrial, financials,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Stock market today LIVE Updates: Indices could open positive, SGX Nifty trades higher; Moody’s slashes India growth forecast for 2020
Asian equities made cautious gains in early trade on Wednesday following mixed US corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
Technology stocks drove all three major US stock indexes into the red, though they remained within 20 percent of their February all-time highs.
“There was a big sector rotation as money left high value, growth sectors in tech like Amazon and went to value and cyclical sectors like energy, industrial, financials,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Alphabet Inc’s earnings beat analysts’ estimates for quarterly revenue as its Google unit posted double-digit advertising growth despite the coronavirus-induced slowdown. While users were searching more, they were looking up less commercial topics and advertisers were cutting spending.
In early Asian trade, Japan's Nikkei index slipped 0.06 percent. Australia was up 0.3 percent and South Korea climbed 0.2 percent. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent at 467.95.
Markets were looking for any forward guidance from the US Federal Reserve, which is due to issue a policy statement at the close of its two-day meeting on Wednesday. The European Central Bank meets on Thursday.
Analysts said it was unlikely the Fed would make further major policy moves, given the scope and depth of its efforts to counter the economic damage caused by the coronavirus.
Reassuring UBS earnings lifted European banks nearly 5 percent, while Wall Street digested upbeat numbers from industrial conglomerate 3M Co, a maker of N95 respirator masks, and drugmaker Pfizer Inc.
The Dow Jones Industrial Average fell 0.13 percent, the S&P 500 lost 0.52 percent and the Nasdaq Composite dropped 1.4 percent.
The greenback gave back some earlier losses as stocks came off their highs on concerns the coronavirus could spread further than previously thought if businesses reopened prematurely.
The dollar index against a basket of currencies fell 0.089 percent. The euro slipped 0.11 percent to $1.0816 while the euro index eased after Fitch cut Italy's credit rating to BBB-, just one notch above 'junk' status.
The Japanese yen strengthened 0.35 percent versus the greenback at 106.87 per dollar, while sterling was last trading at $1.242, down 0.06 percent on the day.
The benchmark 10-year US Treasury rose 12/32 in price to yield 0.6161 percent, from 0.654 percent late on Monday.
Oil prices ended mixed with Brent up on positive sentiment about the easing of lockdowns, while US crude traders remained cautious as storage capacity were filling up fast.
Crude prices rose in post-settlement trading after data showed a slightly smaller-than-expected buildup in stockpiles.
US crude recently rose 2.66 percent to $13.12 per barrel, and Brent was at $20.74, up 3.75 percent on the day.
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