The US Commerce Department said retail sales rose 1.7% in October from a revised rate in September, above expectations, as a range of companies reported increased business. But inflation is a concern.
Banks, IPOs attract MF money in October
Investments in equity mutual fund (MF) schemes declined in October, but sectors such as automobiles and banks remained attractive to fund managers. Newly listed stocks like Nykaa and Fino Payments also received mutual fund money during the month.
In October, MF exposure to private banks rose to a five-month high of 17.7 per cent, up 90 basis points (bps) over the previous month and 10 bps from the same period last year, according to data sourced from the Association of Mutual Funds. extended. Funds in India (Amfi) and NAV India analysis by Motilal Oswal Financial Services Ltd. Sector exposure of private banks was at a 29-month low of 16.8% in September. ,read here,
Fitch retains BBB-grade, negative outlook for India’s sovereign rating
Fitch Ratings on Tuesday reaffirmed its lowest investment grade (BBB-) sovereign rating for India with a negative outlook, assuming the country’s rating is still strong in the medium-term from a solid foreign-reserve buffer against high public debt. Balances growth outlook and external resilience. Weak financial sector and some backward structural issues.
Rating action by Fitch to maintain a negative outlook will disappoint the government, as Moody’s Investors Service last month stabilized India’s sovereign credit rating outlook from negative, while keeping its credit rating unchanged at Baa3, according to Financial sector to the overall economy, citing the risks posed. In July, S&P Global Ratings also reiterated its lowest investment grade rating with a stable outlook for India.
Oil falls as US gasoline stock draw raises chances of SPR release
Oil prices tumbled on Wednesday after US gasoline stocks fell more than expected last week, which could increase pressure on the Biden administration to release oil from emergency reserves to prop up rising gasoline prices.
US West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.9%, to $80.00 a barrel, down 12 per cent from Tuesday.
Brent crude futures fell 72 cents, or 0.9%, to $82.71, up 38 per cent from Tuesday.
Asian stocks fall; US economic data calls for tighter monetary policy
Most Asian stocks fell on Wednesday after strong US economic data lifted Wall Street stocks, Treasury yields and the dollar and more calls for tighter monetary policy.
Equities in Japan and Hong Kong were lower, including declines in Chinese technology stocks, while US futures were little changed. The S&P 500 expanded retail sales, and Walmart Inc. And fueled by a generally solid report from Home Depot Inc., a rally expanded overnight.
There was little change in the S&P 500 futures and little change in the Nasdaq 100 futures.
Japan’s Topix index fell 0.6%, Australia’s S&P/ASX 200 index fell 0.6%, South Korea’s Kospi index fell 0.9%, Hong Kong’s Hang Seng index fell 0.4% and China’s Shanghai Composite index fell 0.1%.
Overnight, the stock closed higher on Wall Street as investors reviewed solid earnings reports from large retailers and surprisingly strong reports on consumer spending.
The S&P 500 index rose 18.10 points, or 0.4%, to 4,700.90. The Dow Jones Industrial Average rose 54.77 points, or 0.2%, to 36,142.22. The Nasdaq closed up 120.01 points, or 0.8%, at 15,973.86.
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