Connect with us

News

French bonds and stocks rocked by political turmoil – as it happened | Business

FinCrypto Staff

Published

on

French bonds and stocks rocked by political turmoil – as it happened | Business

Franco-German borrowing spread hits seven-year high

The gap between French and German borrowing costs has blown out to its highest level in seven years this morning.

Investors are piling into safe-haven German debt today, amid anxiety over the French parliamentary elections.

French bond prices tumbled on Monday, after president Macron called snap elections. There’s been a modest recovery since, but not enough to repair the damage.

In contrast, German bund prices are rising today, which pushes down the yield (or interst rates on the bond).

So, while German 10-year bunds are trading at a yield of 2.37% today, the French equivalent is 3.25%.

Ad this chart shows, this is the biggest gap between Paris and Berlin’s borrowing costs since 2017.

A chart showing the spread between German and French borrowing costs Photograph: LSEG

Jim Reid, strategist at Deutsche Bank, explains:

For reference, the last time it was this wide in 2017 came just before the first round of the presidential election that year, when Macron came first and set up a run-off in the second round against Marine Le Pen. Then spreads tightened again after Macron’s first-round win, as markets moved to price in a strong likelihood of a Macron presidency.

The real concern unfolding is an outright election victory for Marine Le Pen’s RN party in the parliamentary elections, and a move away from the EU’s fiscal rules, says Chris Weston, Head of Research at Pepperstone.

If there was fresh fiscal indiscipline (spending rises or tax cuts), France’s credit rating could be in focus once again.

Weston explains:

It is also worth considering that Le Pen is unlikely to go too hard on unfunded spending measures, as a blowout in the deficit could be taken in a similar light to the disastrous Liz Truss budget in 2022 and result in bond yields on French debt spiking, which would increase interest costs at a time when debt/GDP is looking like it might head towards 140% by 2040.

It would also almost certainly lead to ratings agency Moody’s cutting France’s sovereign credit rating, joining Fitch and S&P who have already done so.

Share

Updated at 12.00 CEST

Key events

Show key events only

Please turn on JavaScript to use this feature

Closing post

And finally…. France’s stock market has ended a choppy week, deep in the red.

The CAC 40 stock index fell 2.7% today, taking its losses this week to over 6%, as worries over the upcoming national assembly elections revive market memories of the UK budget rout of 2022.

The premium charged for lending to France, over Germany, remains at a seven-year high too (see earlier post for details).

As Bob Savage of BNY Mellon puts it:

The biggest story of the week is in France post the EU parliamentary vote and the Macron snap election call.

The spread between German and French bonds is up 27 basis points in the week back to 2017 highs – trading 95bps today. The FinMin LeMaire warns of a financial crisis.

More here:

And here’s the rest of today’s business news:

Share

Both th US dollar and the gold price have rallied today.

The dollar is up agains tthe euro and the pound, while gold has gained around 1% to $2,320 per ounce.

Fawad Razaqzada, market analyst at City Index and FOREX.com, explains:

The dollar’s strength came primarily because of a weaker euro, which tumbled to below the $1.07 handle amid ongoing political turmoil in France – something which also hurt European indices and undermined other risk-sensitive currencies.

Europe’s mainland indices were showing losses of 1.5% to 3.2%. The resulting risk-off trade further boosted the appeal of the precious metal as the spread between French and German 10-year government bonds continued to widen.

Share

The chairman of Tesco told investors today he had “no difficulty” defending the £10m pay packet awarded to CEO Ken Murphy.

Gerry Murphy (no relation) told today’s AGM:

“I have no difficulty in defending Ken’s absolute level of pay given the complexity (and) scale of the business, but also particularly its performance.

“We do recruit from time to time at very senior levels from the global market and frankly we just have to be competitive with that market.”

Share

Supermarket sandwich supplier issues recall amid UK E coli outbreak

Sarah ButlerSarah Butler

The sandwich maker Greencore, which supplies big supermarkets including Tesco, is one of a number of companies recalling products after being potentially linked to a recent UK outbreak of E coli that caused dozens of people to be hospitalised.

It is understood that the company, which also supplies Asda and Sainsbury’s, is recalling thousands of items, including at least 30 different sandwiches and wraps containing a certain variety of salad leaf linked to the outbreak identified this month by the UK Health Security Agency (UKHSA).

The other manufacturers issuing recalls have yet to be identified as investigations are ongoing into exactly which products have been affected.

Sources said the items being recalled were not believed to contain E coli, as the batch of leaves affected has now been used up, but customers and retailers are being asked to return the items as a precaution.

More here.

Share

Reuters: Equinor suspends UK North Sea Rosebank sale ahead of UK elections

Norwegian energy giant Equinor has suspended efforts to sell a stake in the giant Rosebank oil development in the UK North Sea due to fiscal uncertainty ahead of next month’s general election, sources close to the matter have told Reuters.

In its manifesto, the Labour Party has pledged not to issue new licences to explore new fields in the North Sea, arguing that more drilling there would not cut bills and would accelerate the climate crisis.

The Conservatives, though, are pledging to conduct annual licensing rounds of oil and gas production in the North Sea.

Share

Updated at 16.11 CEST

Just in: US consumers are gloomier than expected this month, according to the University of Michigan’s latest sentiment report, just released.

*MICHIGAN PRELIM. JUNE CONSUMER SENTIMENT FALLS TO 65.6; EST 72

*MICHIGAN PRELIM. JUNE CONSUMER SENTIMENT LOWEST SINCE NOV.

*MICHIGAN YEAR-AHEAD INFLATION EXPECTATIONS UNCHANGED AT 3.3%

*MICHIGAN 5-10 YR INFLATION EXPECTATIONS RISE TO 3.1%

— Michael Brown (@MrMBrown) June 14, 2024

Surveys of Consumers director Joanne Hsu says:

Sentiment is currently about 31% above the trough seen in June 2022 amid the escalation in inflation.

Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes. Overall, consumers perceive few changes in the economy from May.

Share

Back in the UK, Tesco’s shareholders have approved all the resolutions at its AGM today.

Just 6.5% of votes were cast against the remuneration report, vs 93.5% in favour, despite the concerns over CEO Ken Murphy’s £10m pay packet (see opening post).

Share

European markets remain on the back foot today, says Joshua Mahony, chief market analyst at Scope Markets.

Soaring borrowing costs are already hitting the French government, as the perceived risk attached to a potential victory for the Far Right pushed the cost of sovereign debt higher.

Comments from the French Finance minister over the potential financial crisis could be a potential warning sign to the electorate, but it also sends a message to the market which has clearly been heard.

Share

Updated at 15.27 CEST

Defense stocks have been hit by the rise in support for the far right in Europe, Reuters reports.

Shares in Rheinmetall, which makes artillery shells and military vehicles, are down almost 5% today, while the UK’s BAE Systems are down 2.8%.

Reuters reports that ODDO BHF analyst Yann Derocles has suggested that Chancellor Olaf Scholz’ Social Democratic Party’s poor performance in the recent European elections weaken his position, making the governing coalition’s negotiations over the defence budget more difficult.

Share

Updated at 15.23 CEST

The anxiety in European stock markets today extends beyond Paris.

Italy’s FTSE MIB has had a rough day too, down 2.7%, while Germany’s DAX has dropped by 1.2%.

In London, though, the FTSE 100 is basically flat.

Share

This week’s share selloff puts France at risk of losing its crown as the largest equity market in Europe, reports Bloomberg.

They add:

The euro is the worst-performing major currency this week against the dollar.

Share

French finance minister warned of financial crisis if far right wins election

French finance minister Bruno Le Maire added to the jitters in the markets today, by warning of the risk of a financial crisis if the far right were to win snap elections in the coming weeks.

Le Maire told franceinfo radio early this morning that:

“When I look at the far right, I see a program that is made of lies,”

And he urged voters instead to back President Emmanuel Macron’s centrist party’s candidates.

Marine Le Pen’s National Rally (RN) party has promised to cut electricity prices, and lower the VAT on petrol, and increase public spending on services such as health.

Share

Updated at 13.32 CEST

Could France face Liz Truss-style market panic?

Ouch. The selloff in Paris is gathering pace, sending the Cac40 index down by 2.3% today.

Politicial uncertainty is hurting stocks, with investors anxious that Emmanual Macron’s centrists could lose badly in the upcoming parliamentary elections, spelling the end of pro-growth reforms.

Holger Schmieding, chief economist at Berenberg bank, suggests the consequences could be more wide-ranging, and suggests three potential scenarios:

  1. France ends up with a hung parliament in which neither the far right nor the united left nor Macron’s centrists call the shots. Amid gridlock, not much would get done, but no major reforms might be reversed either. The required fiscal consolidation would become even more difficult. At the EU level, further progress towards capital markets union, common defence projects, EU enlargement and other initiatives may stall. That would be unfortunate, but probably just about bearable.

  2. Marine Le Pen and her allies can determine the shape of the next government, and of fiscal and economic policies. However, if Le Pen then focusses on her main goal, winning the 2027 presidential election, she might still choose to not rock the boat too badly, concentrating on some signature policies (eg being tough on immigration) rather than on expensive or disruptive promises. If so, the result may be close to the first scenario: no more reform progress, but only a few damaging reversals.

  3. However, if Le Pen calls the shots in parliament and pursues major parts of her expensive fiscal and protectionist “France first” agenda, the result could be a Liz Truss-style financial crisis. At the moment, we rate this as a serious risk, not as a forecast.

Share

Updated at 13.02 CEST

Sterling on track for best week of year against the euro

It’s also been a strong week for the pound against the euro.

Sterling is on track for its biggest weekly gain against the euro in nearly seven months on Friday, up almost 1% since Monday morning. That would be the best performance since the last week of November 2023.

The pound is trading at €1.1887

Share

Franco-German borrowing spread hits seven-year high

The gap between French and German borrowing costs has blown out to its highest level in seven years this morning.

Investors are piling into safe-haven German debt today, amid anxiety over the French parliamentary elections.

French bond prices tumbled on Monday, after president Macron called snap elections. There’s been a modest recovery since, but not enough to repair the damage.

In contrast, German bund prices are rising today, which pushes down the yield (or interst rates on the bond).

So, while German 10-year bunds are trading at a yield of 2.37% today, the French equivalent is 3.25%.

Ad this chart shows, this is the biggest gap between Paris and Berlin’s borrowing costs since 2017.

A chart showing the spread between German and French borrowing costs Photograph: LSEG

Jim Reid, strategist at Deutsche Bank, explains:

For reference, the last time it was this wide in 2017 came just before the first round of the presidential election that year, when Macron came first and set up a run-off in the second round against Marine Le Pen. Then spreads tightened again after Macron’s first-round win, as markets moved to price in a strong likelihood of a Macron presidency.

The real concern unfolding is an outright election victory for Marine Le Pen’s RN party in the parliamentary elections, and a move away from the EU’s fiscal rules, says Chris Weston, Head of Research at Pepperstone.

If there was fresh fiscal indiscipline (spending rises or tax cuts), France’s credit rating could be in focus once again.

Weston explains:

It is also worth considering that Le Pen is unlikely to go too hard on unfunded spending measures, as a blowout in the deficit could be taken in a similar light to the disastrous Liz Truss budget in 2022 and result in bond yields on French debt spiking, which would increase interest costs at a time when debt/GDP is looking like it might head towards 140% by 2040.

It would also almost certainly lead to ratings agency Moody’s cutting France’s sovereign credit rating, joining Fitch and S&P who have already done so.

Share

Updated at 12.00 CEST

A bad week for French stock market

Over in Paris, shares are falling again today as political uncertainty continues to hit the French stock market.

The Cac40 index of the largest companies listed in Paris has fallen by 1.7% so far today, taking its losses this week over 5%.

Stocks have been hit by Emmanual Macron’s shock decision last Sunday to all snap parliamentary elections, which could lead to a win for the far-right National Rally (RN).

Investors fear there could be “policymaking paralysis” if RN held a majority in parliament, leading to a “cohabitation” scenario in which the President is from a different political party to the Prime Minister.

Share

The BoE’s latest Inflation Attitudes Survey also found a small drop in inflation expectations – although prices are still expected to rise faster than its 2% target.

The survey shows the public expects inflation of 2.8% next year (vs 3.0% one quarter ago) and 2.6% in two years (vs 2.8% one quarter ago).

Professor Costas Milas, of the management school at University of Liverpool, tells us these are “very disappointing data on public inflation expectations”.

He explains:

These expectations matter because they set the tone for wage increases and therefore impact on future inflation. The BoE sets interest rates with the aim of hitting the 2% target two years ahead.

From the Chart below, the correlation between the Bank’s base rate and public expectations of inflation two years ahead is only 0.16. Today’s data are quite disappointing and definitely point to no interest rate action this month, to say the least…

Photograph: Professor Costas MilasShare

Public: Cut UK interest rates to help the economy

The UK public are increasingly keen for the Bank of England to lower interest rates to help the economy.

The BoE’s latest Inflation Attitudes Survey, released this morning, shows that 42% of people polled thought it would be best for the economy for borrowing costs to come down.

That’s a small increase on February’s 41%, and – Reuters points out – the highest reading since 2008. In contrast, 10% of people thought higher rates would help the economy.

When asked what would be ‘best for you personally’, 24% of respondents said it would be better for them if interest rates were to ‘go up’, up from 23% in February, 31% of respondents said it would be better for them if interest rates were to ‘go down’, down from 32% in February 2024.

Share

Shondaland CEO opens London trading as Bridgerton ‘boosts UK economy’

Shonda Rhimes (left) and LSEG CEO Julia Hoggett opening the London Stock Exchange this morning. Photograph: James Manning/PA

The CEO of the firm behind Netflix hit Bridgerton has opened trading at London Stock Exchange today.

Shonda Rhimes is in the City, to mark the return of Bridgerton to UK TV screens – with Netflix claiming that the Regency-style drama (now on its third season) has boosted the UK economy by £275m.

Bridgerton, which is produced by Rhimes’s company Shondaland, has supported 5,000 local businesses over the past five years, Netflix reports. The show has been filmed at many beautiful locations across the UK.

Rhimes says:

The Bridgerton universe occupies a special space in culture, resonating with young and old alike, creating conversation, starting trends and influencing everything from baby names to weddings.

“The shows have also had a seismic impact on the UK economy, boosting it by a quarter of a billion pounds over the last five years and supporting thousands of jobs and businesses.

“It is clear that the business of art and culture can make a huge economic contribution to local communities. I could not be prouder.”

Julia Hoggett, chief executive of the London Stock Exchange, said she was “thrilled to celebrate the significant economic and cultural impact” of the film and creative industries in the UK.

Shonda Rhimes and Julia Hoggett, in front of St Paul’s Cathedral ahead of opening the London Stock Exchange today Photograph: James Manning/PAShare

Updated at 10.57 CEST



Source

We are the editorial team of FinCrypto, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypto, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

News

Breakfast on Wall Street: The Week Ahead

FinCrypto Staff

Published

on

Wall Street Breakfast profile picture

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

Source

Continue Reading

News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

FinCrypto Staff

Published

on

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

Source

Continue Reading

News

Latest Business News Live Updates Today, July 11, 2024

FinCrypto Staff

Published

on

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

  • Thu, 11 Jul 2024 08:44 PM

    Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT

    • Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.

    Read the full story here

  • Thu, 11 Jul 2024 03:58 PM

    Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared

    • TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.

    Read the full story here

  • Thu, 11 Jul 2024 03:51 PM

    Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report

    • Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.

    Read the full story here

  • {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

  • Thu, 11 Jul 2024 03:09 PM

    LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’

    • Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.

    Read the full story here

  • Thu, 11 Jul 2024 02:39 PM

    LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says

    • An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.

    Read the full story here

  • Thu, 11 Jul 2024 01:39 PM

    LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX

    • AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of ​​expertise is signal processing and continuous automation.

    Read the full story here

  • {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

  • Thu, 11 Jul 2024 01:10 PM

    Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed

    • A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.

    Read the full story here

  • Thu, 11 Jul 2024 12:44 PM

    LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?

    • The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.

    Read the full story here

  • Thu, 11 Jul 2024 12:18 PM

    Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City

    • Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.

    Read the full story here

  • {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

  • Thu, 11 Jul 2024 11:30 AM

    Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report

    • The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.

    Read the full story here

  • Thu, 11 Jul 2024 11:04 AM

    LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock

    • TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.

    Read the full story here

  • Thu, 11 Jul 2024 10:22 AM

    LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies

    • Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.

    Read the full story here

  • {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

  • Thu, 11 Jul 2024 09:42 AM

    LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’

    • Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.

    Read the full story here

  • Thu, 11 Jul 2024 09:16 AM

    Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue

    • Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.

    Read the full story here

  • Thu, 11 Jul 2024 08:40 AM

    LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors

    • Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.

    Read the full story here

  • {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

  • Thu, 11 Jul 2024 08:35 AM

    LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week

    • Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.

    Read the full story here

  • Thu, 11 Jul 2024 07:59 AM

    LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’

    • In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.

    Read the full story here

  • Thu, 11 Jul 2024 07:45 AM

    Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies

    • The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.

    Read the full story here

  • {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

News / Business / Latest Business News Live Updates Today, July 11, 2024

Source

Continue Reading

News

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

FinCrypto Staff

Published

on

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore Latest Updates here!

Topics that may interest you

Source

Continue Reading

Trending

Copyright © 2024 FINCRYPTO.TECH. All rights reserved. This website provides educational content and highlights that investing involves risks. It is essential to conduct thorough research before investing and to be prepared to assume potential losses. Be sure to fully understand the risks involved before making investment decisions. Important: We do not provide financial or investment advice. All content is presented for educational purposes only.