Recession fears have been weighing heavily on markets amidst stubborn inflation figures making investors pessimistic about consumer spending and further rate hikes by Fed and other central banks.
Metal Index under pressure, remains in red throughout the session.
India’s energy strategy mindful of commitments to global commons: Hardeep Puri
Twenty-five per cent of global energy demand growth in the next two decades is going to emanate out of India, Union Petroleum Minister Hardeep Puri said and noted that India’s energy strategy is mindful of commitments to the global commons.
Minister Puri made these remarks while attending a roundtable on “Opportunities in the India-US Strategic Partnership” in Houston, Texas.
“India’s energy strategy is mindful of commitments to the global commons, to green transition and to ensure energy availability, affordability and security to all,” Puri said while addressing the event. (ANI)
Credit Suisse slides on U.S. probe report
Credit Suisse dropped 3.6% after Bloomberg reported the U.S. Justice Department is investigating whether the Swiss lender continued helping U.S. clients hide assets from authorities, eight years after it paid a $2.6-billion tax evasion settlement.
Investigators are examining whether the bank aided U.S. account holders, particularly with South American passports, who may not have told the Internal revenue Service about assets worth hundreds of millions of dollar, the report said, citing people familiar with the matter. (Bloomberg/Reuters)
Tokyo stocks edge lower at close
Tokyo stocks ended flat on Wednesday, with investors taking a wait-and-see approach ahead of US inflation data.
The benchmark Nikkei 225 index inched down 0.02 percent, or 4.42 points, to end at 26,396.83, while the broader Topix index slipped 0.12 percent, or 2.24 points, to 1,869.00.
The dollar fetched 146.15 yen compared with 145.83 yen in New York late Tuesday, stronger than it was when Japan intervened to back its currency last month. (AFP)
Bajaj Auto shines in today’s session, gains 3%
Apple to roll out 5G in India in Dec amid early adoption push
Apple Inc will start upgrading its iPhone models in India in December to make them compatible with 5G networks, the company said on Wednesday, as Indian authorities pressed mobile phone manufacturers to adoption the high-speed network.
The company said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not support the network currently.
“We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance is completed,” Apple said in a statement. (Reuters)
India facing ‘cacophony of factors’ that may shake sovereign credit metrics: S&P
India is facing various factors that may shake its sovereign credit metrics but strong economic growth rate and external balance sheet are expected to neutralize the risks inherent in the global environment, S&P Global Ratings said on Wednesday.
In a credit FAQ titled ‘Can India Sovereign Ratings Withstand The Global Sputter’, S&P said despite India’s strong external balance sheet, it has not been able to escape the difficult landscape the rest of its emerging market peers have faced over the course of the year and ‘more severe conditions’, could apply downward pressure on India’s sovereign credit ratings.
S&P has the lowest investment grade rating of ‘BBB-‘ on India with a stable outlook. (PTI)
Noon Update: Amidst volatility, indices are in green now. Sensex is around 300 points higher and Nifty around 85 points
IT attrition rates likely to remain high at 20%
Attrition rates at information technology (IT) services firms are likely to remain at elevated levels for the near term, considering the recession fears in key markets such as the US and Europe, according to staffing firms. Attrition is at the highest levels, at about 20%, they added.
For instance, Tata Consultancy Services (TCS) reported attrition at 21.5% (LTM) in July-September, up from 19.7% in the first quarter. “ We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate,” TCS’s chief human resources officer Milind Lakkad said on Monday. (Read More)
Adani Enterprises drags in today’s session after its unit, Adani Data Network, was granted unified licence to provide all telecom services in the country
Oil retreats for third day as recession concerns rattle markets
Oil dropped for a third day on escalating concerns about a global slowdown, with US President Joe Biden saying a recession was possible.
West Texas Intermediate fell below $89 a barrel after losing more than 3% over the past two sessions. Biden’s comments to CNN, in which he downplayed the risks, followed similar gloomy assessments about the outlook from the International Monetary Fund and JPMorgan Chase & Co. boss Jamie Dimon.
As banks adjusted to the shifting outlook, RBC Capital Markets warned that global benchmark Brent could sink into the low $60s in 2023 in the event of a deep recession. It also outlined two more-benign scenarios, while cautioning that, given the cross-currents, “nailing an oil price is an exercise in futility.” (Bloomberg)
Worldline, NPCI join hands to expand UPI, RuPay services in Europe
Global payments services provider Worldline has joined hands with NPCI International Payments in a move to expand the acceptance of Indian payment means across Europe.
NPCI International Payments is the international arm of the National Payments Corporation of India (NPCI) — which is the driver of digital payments here in India.
As part of the partnership, Worldline will bring more convenience for Indian customers in the European markets by allowing merchants’ point-of-sale (POS) systems to accept payments from UPI, as well as RuPay — NPCI’s proprietary card payment network solution, a joint statement by the two entities said on Tuesday. (ANI)
India halts cough syrup production at factory linked to Gambia deaths
Indian authorities have halted production of cough syrup at a factory of Maiden Pharmaceuticals, a state minister said on Wednesday, after a WHO report that the medicine may be linked to the deaths of dozens of children in Gambia.
The health minister in Haryana state, Anil Vij, told Reuters partner ANI that authorities inspected a Maiden factory in the town of Sonepat in the state and found 12 violations of good practices. Production was ordered stopped, Vij said.
The WHO said last week that laboratory analysis of four Maiden products – Promethazine Oral Solution, Kofexmalin Baby Cough Syrup, Makoff Baby Cough Syrup and Magrip N Cold Syrup – had “unacceptable” amounts of diethylene glycol and ethylene glycol, which can be toxic and lead to acute kidney injury. (Reuters)
Multibagger stock revises record date for bonus share issue. Details here
The board of directors of Veeram Securities Ltd has revised therecord date for the bonus share issue. The small-cap company board has now fixed 15th October 2022 as the record date for the issuance of bonus shares instead of 14th October 2022. The bonus shares will be issued on an ex-date basis and shareholders of the company will be given one bonus share for holding every two shares of the company. This means the company has announced bonus shares in 1:2 ratio. (Read More)
Consumer Durable drags the market; sheds 1% in today’s trading
China, Hong Kong stocks languish near recent lows on COVID policy woes
China and Hong Kong stocks extended losses on Wednesday to hover around recent lows, as Beijing’s repeated vows to stick with its zero-COVID strategy dented sentiment, even as data showed China’s loan growth beat expectations.
** The blue-chip CSI 300 Index had lost 1.4% by the end of the morning session, hitting its lowest since March 2020, while the Shanghai Composite Index was down 1.2%.
** The Hang Seng Index…
Read More: Stock Market LIVE: Sensex up 300 pts, Nifty 100; Cons Durable lag; FMCG, IT up