Indian Shares Seen Flat To Lower As Fed Worries Persist

RTTNews | 819 days ago
Indian Shares Seen Flat To Lower As Fed Worries Persist

(RTTNews) - Indian shares are seen opening a tad lower on Thursday as TCS posted disappointing earnings for the fourth quarter and oil prices continue to climb, raising worries over central banks keeping rates higher for longer.

IT bellwether company Tata Consultancy Services (TCS) posted healthy growth in Q4 of FY23, but broadly missed the street's expectations for the quarter.

Crude oil prices rose 2 percent on Wednesday to their highest in more than a month amid signs of cooling U.S. inflation.

There is some good news on the data front, as India's factory output growth improved in February and retail inflation returned within RBI's tolerance band of 2-6 percent for the first time since December.

India's industrial production expanded 5.6 percent year-over-year in February, slightly above the revised 5.5 percent growth seen in January, official data showed while economists had forecast 5.1 percent growth.

Additionally, India's consumer price inflation eased more-than-expected in March to its lowest level in fifteen months amid a slowdown in food prices.

The consumer price index climbed 5.66 percent year-over-year in March, which was slower than the 6.44 percent rise in February. Economists had forecast the rate to drop to 5.80 percent.

Benchmark indexes Sensex and Nifty rose around half a percent to extend gains for an eighth consecutive session on Wednesday amid optimism about India's economic growth in the face of global uncertainties. The rupee settled the day higher by 3 paise at 82.09 against the dollar.

Asian stocks were seeing modest losses this morning on concerns that moderating inflation in the U.S. won't be enough to prevent the Federal Reserve from hiking rates again in May.

The dollar was on the back foot and Treasury yields held in a narrow range, helping gold prices push higher. Oil prices were little changed after a two-day rally on mounting signs of tighter supplies.

WTI crude prices hit fresh 2023 highs overnight as an EIA report highlighted tightness at Cushing and strong gasoline demand.

U.S. stocks ended lower overnight after minutes from the Federal Reserve's March 21-22 policy meeting showed that central bank officials are concerned about elevated inflation and the regional bank liquidity crisis.

U.S. inflation rate eased to 5 percent in March, the lowest rise in almost 2 years, but many economists said they still expect the Fed to raise rates by another quarter point early next month.

The Dow slipped 0.1 percent, the S&P 500 shed 0.4 percent and the tech-heavy Nasdaq Composite lost 0.9 percent.

European stocks closed slightly higher on Wednesday as U.S. inflation eased in March and a top IMF official warned of a 'hard landing" for the U.S. economy.

The pan-European STOXX 600 edged up 0.1 percent. The German DAX edged up 0.3 percent, France's CAC 40 finished marginally higher and the U.K.'s FTSE 100 added half a percent.

read more
Swiss Market Ends On Firm Note

Swiss Market Ends On Firm Note

Swiss stocks turned in a fine performance on Thursday, in line with most of the markets across Europe, amid optimism about a U.S.-EU trade deal materialising sometime soon.
RTTNews | 16 minutes ago
European Stocks Close Broadly Higher On Trade Deal Hopes

European Stocks Close Broadly Higher On Trade Deal Hopes

European stocks closed on a positive note on Thursday with the undertone remaining firm amid expectations the European Union and the U.S. will strike a trade deal soon. Investors also looked ahead to the earnings season that is set to start next week.
RTTNews | 34 minutes ago
Canadian Market Modestly Higher At Noon

Canadian Market Modestly Higher At Noon

After a flat start and a subsequent drop into negative territory, the Canadian market climbed higher Thursday morning and remained firmly well placed in positive territory at noon. The mood remains somewhat cautious amid concerns about tariffs following U.S. President Donald Trump confirming a 50% levy on copper imports, and hinting at additional tariffs on semiconductors and pharmaceuticals.
RTTNews | 1h 55min ago
U.S. Jobless Claims Unexpectedly Slip To 227,000

U.S. Jobless Claims Unexpectedly Slip To 227,000

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 4h 12min ago
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 5h 25min ago
Bay Street Seen Opening On Mixed Note

Bay Street Seen Opening On Mixed Note

Canadian shares may open on a slightly mixed note on Thursday tracking the trend in the commodity markets, and somewhat firm European stocks. The focus, once again, will be on trade negotiations between the U.S. and several other major nations.
RTTNews | 5h 28min ago
FTSE 100 Rises To Record High As Mining Stocks Rally

FTSE 100 Rises To Record High As Mining Stocks Rally

The UK stock market climbed to a new record high Thursday morning, lifted by strong gains in the mining sector. The undertone in major European markets is quite firm today amid optimism about a potential trade deal between the U.S. and the European Union.
RTTNews | 6h 37min ago
CAC 40 Moderately Higher On Trade Deal Hopes

CAC 40 Moderately Higher On Trade Deal Hopes

French stocks are gaining some ground in positive territory on Thursday amid rising hopes the European Union will strike a trade deal with the U.S. sometime soon.
RTTNews | 7h 12min ago