Stock Market
India CPI (YOY) (FEB) inflation came in at 6.44% VS 6.52% YoY. The street was expecting inflation at 6.40%. This is fodder for the bears as RBI will use this data for considering a rate hike in its next policy meeting.
US futures came down sharply as more banks started slumping at the pre-market. PacWest Bancorp slumped 24% Premarket. First Republic also fell 60% in pre-market. First Foundation was also down 9% in pre-market. As expected, the contagion effect happened. Dow future was up over 300 points pared and is trading in red now and trading at a discount.
European markets while writing this report are down over 2%. Dax is trading down at 2.4% while CAC 40 is down 2.4%. FTSE is down 2%.
Germany’s 10-year bond yield is down 24 bps at 2.25% set for the biggest one-day fall since 2011. Similarly, US 10-year bond is also set for the largest two-session drop since 1987. UK’s two-year bond yield is also set for the biggest daily drop since 1992. There is more to it than meets the eye as more banks are slumping. Bears are having a field day.
The bears had a field day today and may continue to do so if more banks slump and if Fed raises interest rates. Nifty may continue to see downward pressure amid continued negative global cues.
These gifts to world leaders reflect the diverse traditions, arts, and crafts of India, emphasizing…
Dr Singh stressed the importance of reaching a GDP of $15 trillion by 2047 to…
Criminal lawyer Vijay Aggarwal weighed in on the charges against Adani. He believes the indictment…
After a major sell-off earlier in the week, Adani Group stocks, led by Ambuja Cements…
A sharp rally in financial stocks and encouraging US labor market data fueled the uptrend.…
PM Narendra Modi held 31 bilateral meetings and discussions during his visit to Nigeria, Brazil,…