News
Live updates on the June Fed rate decision
3 minutes ago
Fed needs more “good data” on inflation, says Powell
This year’s inflation data has not yet given the Federal Reserve “greater confidence” that it is approaching the 2% target, according to Fed Chairman Jerome Powell.
“We will need more good data to reinforce our confidence that inflation is moving sustainably towards 2%,” he said.
In the Fed statement, central bank leaders acknowledged that there had been “modest” further progress in reducing price growth to 2%. Earlier, the Fed had said there was a “lack” of recent progress.
-Alex Harring
6 minutes ago
Higher prices show signs of easing, based on recent readings, says Powell
The most recent series of inflation readings shows signs of easing price pressures, according to Federal Reserve Chairman Jerome Powell.
“Inflation data received earlier this year was higher than expected, although the most recent monthly readings were down a bit,” Powell said Wednesday. “Long-term inflation expectations appear well anchored.”
-Brian Evans
8 minutes ago
Inflation ‘has decreased substantially’ but is still too high, says Powell
Inflation has declined substantially since its peak, but remains too high, Federal Reserve Chairman Jerome Powell said during his press conference on Wednesday.
“Our economy has made considerable progress… the labor market has achieved a better balance, with continued strong employment gains and a low unemployment rate,” he said. “Inflation has declined substantially, from a peak of 7% to 2.7%, but it is still too high. We are strongly committed to returning inflation to our 2% target, in support of a strong economy that benefits everyone.”
The Fed maintains its tight stance on monetary policy, Powell added.
-Pia Singh
10 minutes ago
Federal Reserve is ‘obligated to keep rates higher for longer,’ economist says
The Federal Reserve will likely keep interest rates high as it seeks sustainable progress toward its 2% inflation target, an economist said.
“There is no denying progress toward the Fed’s 2% target, but the real debate is the deadline. Barring any exogenous shocks, the economy will slowly converge toward the Fed’s target,” wrote Jeffrey J. Roach, chief economist at LPL Financial.
“Because parts of the economy are less sensitive to interest rates in this economic cycle, the Fed is forced to keep rates higher for longer,” Roach added.
-Sarah Min
12 minutes ago
Economy has made progress toward both Fed goals, Powell says
Federal Reserve Chairman Jerome Powell began his press conference by noting that the US economy has made progress toward both of the central bank’s goals: reducing inflation to 2% and maximizing employment.
“Our economy has made considerable progress toward both goals in recent years,” Powell said.
“The labor market has achieved a better balance, with continued strong employment gains and a low unemployment rate. Inflation has declined substantially since [about] 7% to 2.7%. But it’s still too high,” he said.
—Fred Imbert
16 minutes ago
A question for Powell: How did Wednesday’s CPI report factor into the projections?
How much of Wednesday’s CPI report factored into the Fed’s projections is one of the things traders will be looking for at Powell’s press conference, according to Seema Shah, chief global strategist at Principal Asset Management.
“A key question for Powell will be: Did the FOMC know the inflation print before presenting its projections? If it did, this would perhaps imply that they need more than three months of softer inflation prints before they can be convinced to cut inflation fees.” Shah said in a note.
-Jesse Pound
30 minutes ago
Stocks Hold Gains After Fed Highlights “Modest” Progress on Inflation
The Federal Reserve has maintained a firm grip on interest rates, but is only calling for a rate cut in 2024.
The S&P 500 and Nasdaq Composite maintained their gains as of 2:19 p.m. ET, with the broad-market benchmark rising 1% and the technology-heavy index rising nearly 1.8%.
The Dow Jones Industrial Average added around 32 points.
—Darla Mercado
39 minutes ago
See what changed in the Fed’s new statement
In the Fed’s statement released Wednesday, central bank leaders acknowledged that they have begun to see “modest” progress toward the 2% inflation target. Click here to see a comparison of the most recent and previous statements.
-Alex Harring
41 minutes ago
Federal Reserve Holds Rates Stable, Predicts a Rate Cut This Year
The central bank kept its interest rate unchanged at between 5.25% and 5.5%, but removed two rate cuts from the table for this year.
The Federal Open Market Committee adjusted its rate forecast for one reduction this year, down from three in March.
“In recent months, there has been modest progress towards the Committee’s 2 percent inflation target,” the policymakers said in their statement.
Read more from CNBC’s Jeff Cox on the Fed’s latest statement and your outlook for rates here.
—Darla Mercado
58 minutes ago
Here’s where markets stand ahead of the Fed’s rate decision at 2pm ET
O S&P 500 and the Nasdaq Composite rose on Wednesday, driven by the cooler-than-expected May consumer inflation report.
At around 1:50 pm ET, this is where the main market averages were. The S&P 500 rose about 1%, while the Nasdaq jumped nearly 1.8%. Both indices reached new all-time highs in the session.
O Dow Jones Industrial Average was the laggard, rising around 22 points.
Treasury yields declined, with the 10 year note falling more than 13 basis points to 4.266%. The tax on 2 year note fell nearly 14 basis points to 4.695%. Bond yields move inversely to their prices. One basis point is equal to one hundredth of one percent.
—Darla Mercado
One hour ago
Don’t get too excited about rate cut prospects just yet, even after CPI, says director Shah
May’s consumer price index reading – which was flat on a monthly basis and rose 3.3% from a year earlier – raises hopes for rate cuts from the Federal Reserve, but investors should keep optimism in check, warns Seema Shah, chief global strategist at Principal Asset Management.
“Today’s soft inflation print eases fears that labor market strength could drive renewed inflation strength and likely bolsters President [Jerome] Powell’s conviction that the hot first quarter inflation data was just a bump in the road,” she said.
“While current inflation data keeps a Fed cut in September firmly in the picture, it does not reopen the door for a cut in July,” she added. “The Fed will need today’s evidence of softer price pressures to also be borne out in inflation prints in the coming months before it can be confident enough to ease.”
—Darla Mercado
One hour ago
This is where consumer rates are ahead of the Fed’s decision
The Federal Reserve’s rate hike campaign has had a notable effect on consumers’ wallets, increasing the income they earn from savings while also increasing financing costs.
The CNBC data team compared the rate situation ahead of the March 2022 Fed meeting – where it began raising rates this latest cycle – with last week.
Consumers are shelling out more to cover mortgage interest costs, with the 30-year fixed loan rate reaching 7.15%, according to Mortgage News Daily. This is compared to the rate of 4.29% immediately before the Fed’s initial move to raise rates. Credit card rates also jumped more than 400 basis points to 20.68% last week, up from 16.34% two years ago, per Bankrate.
However, when it comes to saving, consumers’ fortunes have improved. The annual percentage yield on a six-month certificate of deposit is now 3.406%, up from 0.22% in March 2022, per LendingTree. The higher rates were also a boon for fixed-income investors, as the 10-year Treasury yield hit 4.4% last week, compared with the rate of just over 2% in March 2022, it found. Refinitiv.
-Darla Mercado, Nick Wells
One hour ago
All eyes are on the Fed’s dot plot as traders seek clarity on rate cut path
Traders will focus on the Federal Reserve dot chart interest rate expectations as the central bank concludes its policy meeting.
The dot chart, a quarterly report that shows the direction of the federal funds rate that policymakers see, is closely watched by traders.
Previously, the Fed had indicated three rate cuts for 2024, but given the recent burst of strong employment reports and other upbeat economic data, many expect the forecast to show two cuts.
The central bank’s updates – and its latest rate decision – will be released just hours after May consumer price index reading. On a monthly basis, the core CPI reading has held steady since April but is up 3.3% from a year ago, according to the Bureau of Labor Statistics.
-Darla Mercado, Jeff Cox
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.
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.”
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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:
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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News
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.
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