Market Update
Chinese Companies Line Up to Sell U.S. Dollar Bonds as Stock Indexes Search for Lower Levels
Li Chen
16 Jul, 2024
Hong Kong
Amid a growing cautious outlook for the second half, investors dialed back their economic growth outlook after a string of weak economic data releases on Monday.
The Hang Seng index fell as much as 1.5%, and the CSI 300 index, tracking larger stocks on the mainland, edged slightly lower and extended losses for the second session in a row.
Investors continued to lighten their holdings after China's second quarter economic growth, retail sales, and fixed-asset investment fell short of expectations.
Policymakers in Beijing are struggling to develop a plan to rebuild consumer confidence and financial market-supportive measures amid falling consumer demand and a multi-year decline in broader market indexes.
The Chinese government has limited financial flexibility as the country's debt hovers near 300% of GDP, and banks are struggling to account for losses linked to the residential property market.
The Chinese Communist Party's third plenum is expected to release its broad outline of macroeconomic plans to bolster economic growth at the end of a four-day meeting on Thursday.
However, investors have lowered their expectations of deep economic reform, including local and regional governments' huge losses that are not reflected in their annual finances.
Meanwhile, private businesses continue to keep foreign earnings overseas amid widespread belief that the People's Bank of China is not in a position to sustain the current level of the yuan as economic growth continues to slow to 2% annual long-term growth.
China Stock Movers
The Hang Seng index decreased 1.4% to 17,770.46, and the CSI 300 index added 0.1% to 3,480.74.
Tech stocks were among the leading decliners in Tuesday's trading.
Alibaba Group declined 1.4% to HK $75.50, Baidu fell 3.6% to HK $90.60, Tencent Holdings decreased 2.2% to HK $381.80, and Meituan eased 1% to HK $118.0.
Ping An Insurance Group declined 5.2% to HK $34.20, and the insurance giant announced its plan to sell $3.5 billion of convertible bonds.
Several Chinese companies prepared to float U.S. dollar bonds amid growing expectations that U.S. interest rates are likely to ease in the coming months after the latest comments from Federal Reserve Chair Jerome Powell supported the possibility of a rate cut as early as September.
China Cinda, SM Investments, and Mitsubishi HC Finance are looking to sell bonds denominated in the U.S. dollar as early as in the third quarter.
India Movers: Angel One, Asian Hotels North, Hatsun Agro, HUL, Jio Financial, Tata Steel, Vedanta, Zee Entertainment
Arun Goswami
16 Jul, 2024
Mumbai
India indexes advanced as investors reacted to the latest batch of earnings. Wholesale price inflation accelerated in June from May amid sustained food price inflation.
The Sensex index increased by 0.01% to 80,736.20, and the Nifty index rose by 0.1% to 24,614.85.
On the Mumbai stock exchange, 111 stocks traded at their 52-week highs, and 9 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.97%, and the Indian rupee edged higher to ₹83.58 against the U.S. dollar.
Zee Entertainment gained 0.8% to ₹161.35, and the embattled media company's shareholders approved the company's plans to raise up to ₹2,000 crore through the sale of shares.
Asian Hotels (North) Ltd. increased 5% to ₹170.33, and the company's chief executive and managing director, Amritesh Jatia, resigned effective July 15.
Hatsun Agro Products jumped 6.7% to ₹1,267.0 after the dairy operator and a distributor reported a surge in revenue and earnings in the June quarter and declared a cash dividend of ₹6 per share.
Revenue increased by 10.6% to ₹2,375 crore, and net income soared 63% to ₹130.5 crore from a year earlier, respectively.
Angel One decreased 0.5% to ₹2,268.70 after the financial services company reported a double-digit increase in revenue and earnings in the June quarter.
Revenue increased 74% to ₹1,406 crore, and net income soared 33% to ₹292.7 crore from a year earlier, respectively.
Vedanta increased 0.6% to ₹462.0, and the company launched its secondary offering to raise with a floor price of ₹461.25 per share.
Hindustan Unilever increased 0.8% to ₹2,641.0, and the company's board approved the sale of its Pureit, a water purification unit, to AO Smith India Water Products for 601 crore, or $72 million.
Jio Financial Services declined 2.1% to ₹348.25, and the company reported weaker-than-expected June quarter results.
Revenue edged slightly lower to 417.8 crore from 418.1 crore, and net income decreased 0.6% to 312.6 crore from 310.6 crore in the previous quarter, respectively.
Tata Steel increased 0.9% to ₹168.36, and the company said its UK-based operation will continue with its plans to transition to a new electric arc furnace, despite resistance from the labor union.
U.S. Market Rally Enters Seventh Week, China Economic Data Confirms Slowdown
Alexander Garcia
15 Jul, 2024
Miami
Market indexes extended gains for the seventh week in a row as investors geared for the next batch of earnings this week.
The S&P 500 index and the Nasdaq Composite advanced on Monday as the earnings season gathered momentum, and investors are hoping that a strong economic backdrop will provide support for earnings momentum.
Goldman Sachs reported better-than-expected quarterly results, and BlackRock said assets under management advanced in the second quarter, boosting market sentiment.
This week, investors are looking forward to quarterly results from more than 700 U.S. companies, including Charles Schwab, United Health, American Express, Blackstone, Novartis, and J&J.
The Russell 2000 index gained for the fourth day in a row as investors rotated out of large-cap tech stocks to smaller companies.
The small-cap focused stocks advanced 2% and extended this year's gain to 8.9%, still lagging the 19% increase in the S&P 500 index.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.6% to 5,650.28, and the Nasdaq Composite rose 0.8% to 18,540.77.
The yield on 2-year Treasury notes edged lower to 4.497, 10-year Treasury notes increased to 4.22%, and 30-year Treasury bonds edged higher to 4.47%.
WTI crude oil decreased $0.12 to $82.08 a barrel, and natural gas prices edged down 10 cents to $2.23 a thermal unit.
Gold increased by $22.38 to $2,433.64 an ounce, and silver rose 15 cents to $30.92.
The dollar index, which weighs the U.S. currency against a basket of foreign currencies, edged lower to 104.10.
U.S. Stock Movers
Goldman Sachs increased by 0.7% to $483.0 after the financial services company reported better-than-expected revenue and earnings in the second quarter.
The company reported revenue of $12.73 billion and pre-tax earnings per share of $8.62.
BlackRock declined 0.5% to $824.27, and the exchange-traded funds manager reported quarterly results that surpassed market expectations.
Super Micro increased 3.2% to $939.0, and the company is scheduled to be included in the Nasdaq 100 index before July 22.
Trump Media & Technology soared 52% to $47.23 after Sunday's assassination attempt on former president Donald Trump at a political rally in Pennsylvania.
Trump was released from the hospital, and the gunman was killed by the security service, but the gunman managed to fire multiple shots before he was killed by a secret service agent.
Alphabet declined 0.2% to $186.31, and the parent company of Google is in advanced talks to acquire cloud company Wiz for as much as $23 billion.
The news was first reported by the Wall Street Journal.
European Markets Turned Lower, Industrial Output Eased In May
European markets halted a three-day rally as investors reviewed global developments.
Benchmark indexes in Paris, London, and Frankfurt declined around 0.5% after China reported mixed economic data, and U.S. election uncertainty reached a new high after an assassination attempt on former president Donald Trump.
Closer to home, industrial output fell less than expected in May, Eurostat reported Monday.
Industrial output declined by 0.6% from the previous month in May, following a flat reading in the previous month.
On an annual basis, output decreased 2.9% in May from an upwardly revised 3.1% in April.
Europe Indexes and Yields
The DAX index decreased by 0.4% to 18,676.88; the CAC-40 index fell by 0.7% to 7,673.76; and the FTSE 100 index rose by 0.4% to 8,224.75.
The yield on 10-year German bonds edged lower to 2.49%. French bonds inched lower to 3.15%; the UK gilts inched lower to 4.11%; and Italian bonds decreased to 3.77%.
The euro edged lower to $1.09; the British pound inched higher to $1.29; and the U.S. dollar weakened to 89.36 Swiss cents.
Brent crude decreased $0.14 to $84.89 a barrel, and the Dutch TTF natural gas rose by €0.39 to €31.18 per MWh.
Europe Stock Movers
The Swatch Group dropped 10.9% to CHF 169.60 after the Swiss watch group reported a sharp decline in sales and earnings in the first half due to a slowdown in China.
Burberry Group plunged 16.9% to 738.60 pence after the UK-based luxury group issued a profit warning and rehired its chief executive.
Luxury stocks in Paris declined after China reported mixed economic data and slower-than-estimated second-quarter economic growth of 4.7%.
LVMH, Kering, and Hermes declined between 2% and 4%.
Ericsson AB decreased 1.1% to SEK 70.10, and the Swedish telecom equipment maker signed a cross-licensing patent agreement with the China-based mobile handset maker Oppo.
Brunner Investment Trust increased 1.1% to 1,390.0 pence after the investment fund reported an increase in profit in the first half.
ME Group International PLC gained 0.5% to 182.68 pence, and the UK-based vending machine operator reported strong results in the six months ending in April.
BayWa plunged 33% to €15.18 after the Germany-based agriculture nutrition company said that the financially challenged company is seeking a restructuring opinion.
CompuGroup Medical decreased 0.1% to €15.97 after the German medical software company reported its second quarter results.
Japanese Market Indexes Expected To Trade Volatile Tracking Yen Turbulence
Benchmark indexes in Tokyo dropped sharply in Friday's trading after the yen jumped more than 3%.
The Nikkei 225 stock average and the Topix declined between 2% and 1%, respectively.
Financial markets are closed on Monday in Japan for a public holiday.
The suspected market intervention by the Bank of Japan and the ministry of finance lifted the battered yen to 157.85 against the U.S. dollar for the second session in a row.
Moreover, the Bank of Japan stepped up pressure on currency traders and conducted exchange rate verification for the euro-yen trade.
The Bank of Japan has been struggling to balance its government bond purchase plan while keeping the yen from falling rapidly.
However, mixed messages from the Bank of Japan policymakers exacerbated the yen weakness due to the wide yield differential between Japanese and U.S. government bonds.
Tech stocks were among the leading decliners in Friday's trading, following the weakness in the sector after investors rotated out to smaller company stocks in New York.
China Stocks Declined After Weak Economic Growth and Retail Sales Data
Amid cautious market sentiment, indexes in Shanghai and Hong Kong traded down after weaker-than-expected economic data.
The Hang Seng index plunged as much as 1.5%, and the CSI 300 index traded volatile but stayed closed to the flatline.
GDP growth in the second quarter fell short of market expectations, and a significant increase in retail sales in June showed persistent consumer demand weakness.
China's economy expanded at an annual pace of 4.7% in the second quarter, falling short of the market estimate of an increase of 5.1%, the National Bureau of Statistics reported Monday.
Growth in the second quarter slowed to 0.7% from the increase of 1.6% in the first quarter, due to persistent demand weakness amid a protracted property market slump.
In separate reports, the statistical agency said retail sales in June from a year ago rose 2.0%, slower than 3.7% in May, and industrial output growth slowed to an annual pace of 5.3% from 5.6% in May.
Property market weakness continues to hamper China's overall fixed-asset investment growth.
Fixed-asset investment increased 3.9% in the five-month period to May from a 4% annual pace in the period a year ago.
Property investment declined 10.1% in June, matching the rate in the previous month.
The weakness in the property market, compounded by the slowdown in retail sales and fixed-asset investment, is likely to keep the second-largest economy's growth in check and may miss the 5% annual growth target set by the government.
Moreover, China's urban jobless rate held steady at 5% in June, matching the rate in the previous month.
China's economic data, especially the job market update, are widely viewed with skepticism because local governments have fudged economic growth estimates for years.
Aggregate new home prices in the 70 largest cities in China declined 0.7% from the previous month in June and slowed to 0.71% in May, the National Bureau of Statistics reported Monday.
New home prices declined 4.5% from a year ago in June, accelerating from a 3.9% decline in the previous month.
Moreover, property prices declined for the 12th month in a row and dropped at the fastest pace since June 2015.
Except for Shanghai, prices declined in all major cities across China.
However, existing home prices declined at a slower pace of 0.9% in June from the 1% fall in May, a separate report from the statistical agency showed.
China Stock Movers
The Hang Seng index decreased 1.5% to 18,021.19, and the CSI 300 index added 0.1% to 3,475.09.
Tech stocks led the decline in Hong Kong trading, and financial, industrial, and travel-related stocks were also among the decliners.
Baidu decreased 6% to HK $93.65, Tencent Holdings dropped 2% to HK $389.20, and Meituan fell 2.4% to HK $118.90.
Property stocks were also under pressure after property prices continued to decline in June and fixed-asset investment in the sector fell in June.
China Vanke decreased 2.2% to HK $4.66, China Resources Land declined 3.2% to HK $27.05, and Evergrande Property Services Group fell 4.2% to HK $0.68.
U.S. Movers: Alphabet, BlackRock, Goldman Sachs, Super Micro, Trump Media
Scott Peters
15 Jul, 2024
New York City
Goldman Sachs increased by 0.7% to $483.0 after the financial services company reported better-than-expected revenue and earnings in the second quarter.
The company reported revenue of $12.73 billion and pre-tax earnings per share of $8.62.
BlackRock declined 0.5% to $824.27, and the exchange-traded funds manager reported quarterly results that surpassed market expectations.
Super Micro increased 3.2% to $939.0, and the company is scheduled to be included in the Nasdaq 100 index before July 22.
Trump Media & Technology soared 52% to $47.23 after Sunday's assassination attempt on former president Donald Trump at a political rally in Pennsylvania.
Trump was released from the hospital after a few hours, and the gunman was killed by the security service, but the gunman managed to fire multiple shots before he was killed by a secret service agent.
Alphabet declined 0.2% to $186.31, and the parent company of Google is in advanced talks to acquire cloud company Wiz for as much as $23 billion.
The news was first reported by the Wall Street Journal.
U.S. Major Averages Advanced as Earnings Roll In
Barry Adams
15 Jul, 2024
New York City
Benchmark indexes on Wall Street advanced as investors looked forward to a flood of earnings this week.
The S&P 500 index and the Nasdaq Composite advanced in early trading on Monday as the earnings season picked up pace this week.
Market sentiment was boosted after Goldman Sachs reported better-than-expected earnings and BlackRock said assets under management advanced in the second quarter.
This week, investors are looking forward to quarterly results from more than 700 companies, including Charles Schwab, United Health, American Express, Blackstone, Novartis, and J&J.
The Russell 2000 index gained for the fourth day in a row as investors rotated out of large-cap tech stocks to smaller companies.
The small-cap focused stocks advanced 1% and extended this year's gain to 7.8%, still lagging the 19% increase in the S&P 500 index.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.4% to 5,643.08, and the Nasdaq Composite rose 0.8% to 18,539.12.
The yield on 2-year Treasury notes edged lower to 4.49%, 10-year Treasury notes increased to 4.22%, and 30-year Treasury bonds edged higher to 4.47%.
WTI crude oil decreased $0.03 to $82.20 a barrel, and natural gas prices edged down 10 cents to $2.22 a thermal unit.
Gold increased by $4.90 to $2,415.07 an ounce, and silver fell 15 cents to $30.62.
The dollar index, which weighs the U.S. currency against a basket of foreign currencies, edged lower to 104.15.
U.S. Stock Movers
Goldman Sachs increased by 0.7% to $483.0 after the financial services company reported better-than-expected revenue and earnings in the second quarter.
The company reported revenue of $12.73 billion and pre-tax earnings per share of $8.62.
BlackRock declined 0.5% to $824.27, and the exchange-traded funds manager reported quarterly results that surpassed market expectations.
Super Micro increased 3.2% to $939.0, and the company is scheduled to be included in the Nasdaq 100 index before July 22.
Trump Media & Technology soared 52% to $47.23 after Sunday's assassination attempt on former president Donald Trump at a political rally in Pennsylvania.
Trump was released from the hospital, and the gunman was killed by the security service, but the gunman managed to fire multiple shots before he was killed by a secret service agent.
Alphabet declined 0.2% to $186.31, and the parent company of Google is in advanced talks to acquire cloud company Wiz for as much as $23 billion.
The news was first reported by the Wall Street Journal.
Europe Movers: BayWa, Burberry Group, Brunner Trust, CompuGroup, Ericsson, Luxury Stocks, ME Group, Swatch Group
Inga Muller
15 Jul, 2024
Frankfurt
European markets halted a 3-day rally, and luxury stocks declined after China reported mixed economic data.
Industrial output in the eurozone declined less than expected in May.
The DAX index decreased by 0.4% to 18,676.88; the CAC-40 index fell by 0.7% to 7,673.76; and the FTSE 100 index rose by 0.4% to 8,224.75.
The yield on 10-year German bonds edged lower to 2.49%. French bonds inched lower to 3.15%; the UK gilts inched lower to 4.11%; and Italian bonds decreased to 3.77%.
The Swatch Group dropped 10.9% to CHF 169.60 after the Swiss watch group reported a sharp decline in sales and earnings in the first half due to a slowdown in China.
Burberry Group plunged 16.9% to 738.60 pence after the UK-based luxury group issued a profit warning and rehired its chief executive.
Luxury stocks in Paris declined after China reported mixed economic data and slower-than-estimated second-quarter economic growth of 4.7%.
LVMH, Kering, and Hermes declined between 2% and 4%.
Ericsson AB decreased 1.1% to SEK 70.10, and the Swedish telecom equipment maker signed a cross-licensing patent agreement with the China-based mobile handset maker Oppo.
Brunner Investment Trust increased 1.1% to 1,390.0 pence after the investment fund reported an increase in profit in the first half.
ME Group International PLC gained 0.5% to 182.68 pence, and the UK-based vending machine operator reported strong results in the six months ending in April.
BayWa plunged 33% to €15.18 after the Germany-based agriculture nutrition company said that the financially challenged company is seeking a restructuring opinion.
CompuGroup Medical decreased 0.1% to €15.97 after the German medical software company reported its second quarter results.
European Markets Turned Lower, Industrial Output Eased In May
Bridgette Randall
15 Jul, 2024
London
European markets halted a three-day rally as investors reviewed global developments.
Benchmark indexes in Paris, London, and Frankfurt declined around 0.5% after China reported mixed economic data, and U.S. election uncertainty reached a new high after an assassination attempt on former president Donald Trump.
Closer to home, industrial output fell less than expected in May, Eurostat reported Monday.
Industrial output declined by 0.6% from the previous month in May, following a flat reading in the previous month.
On an annual basis, output decreased 2.9% in May from an upwardly revised 3.1% in April.
Europe Indexes and Yields
The DAX index decreased by 0.4% to 18,676.88; the CAC-40 index fell by 0.7% to 7,673.76; and the FTSE 100 index rose by 0.4% to 8,224.75.
The yield on 10-year German bonds edged lower to 2.49%. French bonds inched lower to 3.15%; the UK gilts inched lower to 4.11%; and Italian bonds decreased to 3.77%.
The euro edged lower to $1.09; the British pound inched higher to $1.29; and the U.S. dollar weakened to 89.36 Swiss cents.
Brent crude decreased $0.14 to $84.89 a barrel, and the Dutch TTF natural gas rose by €0.39 to €31.18 per MWh.
Europe Stock Movers
The Swatch Group dropped 10.9% to CHF 169.60 after the Swiss watch group reported a sharp decline in sales and earnings in the first half due to a slowdown in China.
Burberry Group plunged 16.9% to 738.60 pence after the UK-based luxury group issued a profit warning and rehired its chief executive.
Luxury stocks in Paris declined after China reported mixed economic data and slower-than-estimated second-quarter economic growth of 4.7%.
LVMH, Kering, and Hermes declined between 2% and 4%.
Ericsson AB decreased 1.1% to SEK 70.10, and the Swedish telecom equipment maker signed a cross-licensing patent agreement with the China-based mobile handset maker Oppo.
Brunner Investment Trust increased 1.1% to 1,390.0 pence after the investment fund reported an increase in profit in the first half.
ME Group International PLC gained 0.5% to 182.68 pence, and the UK-based vending machine operator reported strong results in the six months ending in April.
BayWa plunged 33% to €15.18 after the Germany-based agriculture nutrition company said that the financially challenged company is seeking a restructuring opinion.
CompuGroup Medical decreased 0.1% to €15.97 after the German medical software company reported its second quarter results.
Japanese Market Indexes Expected To Trade Volatile Tracking Yen Turbulence
Akira Ito
15 Jul, 2024
Tokyo
Benchmark indexes in Tokyo dropped sharply in Friday's trading after the yen jumped more than 3%.
The Nikkei 225 stock average and the Topix declined between 2% and 1%, respectively.
Financial markets are closed on Monday in Japan for a public holiday.
The suspected market intervention by the Bank of Japan and the ministry of finance lifted the battered yen to 157.85 against the U.S. dollar for the second session in a row.
Moreover, the Bank of Japan stepped up pressure on currency traders and conducted exchange rate verification for the euro-yen trade.
The Bank of Japan has been struggling to balance its government bond purchase plan while keeping the yen from falling rapidly.
However, mixed messages from the Bank of Japan policymakers exacerbated the yen weakness due to the wide yield differential between Japanese and U.S. government bonds.
Tech stocks were among the leading decliners in Friday's trading, following the weakness in the sector after investors rotated out to smaller company stocks in New York.
In other economic news in the region, China's economic growth and retail sales in the second quarter fell short of market expectations.
Growth in the second quarter in the world's second-largest economy slowed to 4.7%, and retail sales slowed to 2% in June, the government data showed.
Moreover, fixed-asset investment growth eased to 3.9% in the first five months of May after property market investment plunged sharply from a year ago.
Moreover, the jobless rate held at 5% in June, matching the rate in the previous month.
Japan Stock Movers
In Friday's trading, the Nikkei 225 stock average dropped 2.5% to 41,190.68, and the Topix index declined 1.1% to 2,894.56.
Tokyo Electron, Advantest, Disco Corp., Lasertec, and SoftBank declined between 2% and 4%.
China Stocks Declined After Weak Economic Growth and Retail Sales Data
Li Chen
15 Jul, 2024
Mumbai
Amid cautious market sentiment, indexes in Shanghai and Hong Kong traded down after weaker-than-expected economic data.
The Hang Seng index plunged as much as 1.5%, and the CSI 300 index traded volatile but stayed closed to the flatline.
GDP growth in the second quarter fell short of market expectations, and a significant increase in retail sales in June showed persistent consumer demand weakness.
China's economy expanded at an annual pace of 4.7% in the second quarter, falling short of the market estimate of an increase of 5.1%, the National Bureau of Statistics reported Monday.
Growth in the second quarter slowed to 0.7% from the increase of 1.6% in the first quarter, due to persistent demand weakness amid a protracted property market slump.
In separate reports, the statistical agency said retail sales in June from a year ago rose 2.0%, slower than 3.7% in May, and industrial output growth slowed to an annual pace of 5.3% from 5.6% in May.
Property market weakness continues to hamper China's overall fixed-asset investment growth.
Fixed-asset investment increased 3.9% in the five-month period to May from a 4% annual pace in the period a year ago.
Property investment declined 10.1% in June, matching the rate in the previous month.
The weakness in the property market, compounded by the slowdown in retail sales and fixed-asset investment, is likely to keep the second-largest economy's growth in check and may miss the 5% annual growth target set by the government.
Moreover, China's urban jobless rate held steady at 5% in June, matching the rate in the previous month.
China's economic data, especially the job market update, are widely viewed with skepticism because local governments have fudged economic growth estimates for years.
Aggregate new home prices in the 70 largest cities in China declined 0.7% from the previous month in June and slowed to 0.71% in May, the National Bureau of Statistics reported Monday.
New home prices declined 4.5% from a year ago in June, accelerating from a 3.9% decline in the previous month.
Moreover, property prices declined for the 12th month in a row and dropped at the fastest pace since June 2015.
Except for Shanghai, prices declined in all major cities across China.
However, existing home prices declined at a slower pace of 0.9% in June from the 1% fall in May, a separate report from the statistical agency showed.
China Stock Movers
The Hang Seng index decreased 1.5% to 18,021.19, and the CSI 300 index added 0.1% to 3,475.09.
Tech stocks led the decline in Hong Kong trading, and financial, industrial, and travel-related stocks were also among the decliners.
Baidu decreased 6% to HK $93.65, Tencent Holdings dropped 2% to HK $389.20, and Meituan fell 2.4% to HK $118.90.
Property stocks were also under pressure after property prices continued to decline in June and fixed-asset investment in the sector fell in June.
China Vanke decreased 2.2% to HK $4.66, China Resources Land declined 3.2% to HK $27.05, and Evergrande Property Services Group fell 4.2% to HK $0.68.
India Movers: Avenue Supermarts, Bhansali Engineering, Geojit Financial, HCL Technologies, Jupiter Wagon
Arun Goswami
15 Jul, 2024
Mumbai
Consumer price inflation increased to a four-month high in June and stayed above the RBI's target range after food prices accelerated.
Industrial output rose to a seven-month high in May due to a surge in electricity production.
The Sensex index increased by 0.3% to 80,721.82, and the Nifty index rose by 0.3% to 24,567.70.
On the Mumbai stock exchange, 135 stocks traded at their 52-week highs, and 17 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.99%, and the Indian rupee edged higher to ₹83.54 against the U.S. dollar.
Jupiter Wagons increased 3.9% to ₹723.20, and the company completed a secondary offering and raised ₹800 crore.
HCL Technologies gained 2.7% to ₹1,601.90, and the software services provider reiterated revenue growth in the current financial year.
Revenue in the June quarter decreased 1.6% to ₹28,057 crore, and net income dropped 6.8% to ₹4,257 crore from a year earlier.
The company estimated constant currency revenue in the current fiscal year to increase between 3% and 5% and operating earnings margin between 18% and 19%.
The software service provider also declared a cash dividend of $12 per share.
Avenue Supermarts increased 0.7% to ₹4,981.15 after the grocery retailer reported June quarterly results that met investor expectations.
Revenue rose 18.5% to 18.6% to ₹14,069 crore, and net income advanced 17.5% to ₹774 crore from a year earlier.
Plastiblends India increased 3.4% to ₹326.35, and the manufacturing company reported better-than-expected quarterly results in the March quarter.
Revenue increased 8.1% to ₹211.6 crore, and net income surged 42% to ₹10.8 crore from a year earlier.
Bhansali Engineering Polymers decreased 1.4% to ₹141.83, and the plastic products maker reported higher-than-expected revenue and earnings in the June quarter.
Revenue increased 15% to ₹340 crore, and net income advanced 5.6% to ₹53.4 crore from a year earlier.
Geojit Financial Services advanced 5% to ₹110.80, and the company reported a surge in net income and revenue in the June quarter.
Consolidated revenue soared 56% to ₹181.2 crore, and net income jumped 107.5% to ₹45.8 crore from a year earlier.
U.S. Movers: Citigroup, JP Morgan Chase, Wells Fargo
Scott Peters
12 Jul, 2024
New York City
Citigroup decreased 0.8% to $65.15 after the global bank reported higher-than-expected revenue and earnings in the second quarter.
Total revenue in the second quarter increased 4% to $20.1 billion from $19.4 billion, net income advanced 10% to $3.2 billion from $2.9 billion, and diluted earnings per share rose to $1.52 from $1.33 a year earlier.
JP Morgan Chase declined 1.1% to $205.09 after the New York-based bank reported stronger-than-expected revenue in the second quarter.
Revenue increased 22% to $50.2 billion from $41.3 billion, net income advanced 25% to $18.1 billion from $14.5 billion, and diluted earnings per share rose to $6.12 from $4.75 a year ago.
Wells Fargo declined 6.6% to $56.19, and the financial service company reported weaker-than-expected net interest income in the second quarter.
Revenue in the quarter increased to $20.7 billion from $20.5 billion, net income decreased to $4.91 billion from $4.93 billion, and diluted earnings per share rose to $1.33 from $1.25 a year earlier.
Wells Fargo stock declined after net interest income declined 9% to $11.9 billion from $13.2 billion a year ago.