World Markets Turn Lower Ahead Of Comments By Fed Chair-The Total Investment & Insurance Solutions

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17 July 2018

Japan financial markets (The Total Investment & Insurance Solutions)

World markets turned lower on Tuesday as investors looked ahead to Federal Reserve Chairman Jerome Powell's testimony to Congress for clues on U.S. interest rates. The Total Investment & Insurance Solutions

KEEPING SCORE: Germany's DAX shed 0.2 percent to 12,537 and the CAC 40 in France was down 0.4 percent at 5,3889. The FTSE 100 index fell 0.1 percent to 7,589. U.S. stocks were poised for small losses ahead of the release of industrial production figures. Dow and S&P 500 futures were both down 0.1 percent.

ASIA'S DAY: Most Asian indexes closed lower as tensions over U.S. trade actions rattled investors. Japan's benchmark Nikkei 225 bucked the regional trend, gaining 0.4 percent to 22,697.36 after reopening from a public holiday. South Korea's Kospi lost 0.2 percent to 2,297.92 and Hong Kong's Hang Seng shed 1.3 percent to 28,181.68. The Shanghai Composite index dropped 0.6 percent to 2,798.13. Australia's S&P/ASX 200 gave up 0.6 percent to 6,203.60.

FED COMMENT: Investors are watching for guidance on monetary policy and the economic outlook from the Fed chair's semi-annual monetary report to Congress. The Fed said Friday it expects low unemployment and rising inflation will keep it on track to raise interest rates at a gradual pace over the next two years.

EU-JAPAN DEAL: The European Union and Japan signed a broad trade deal Tuesday that will eliminate nearly all tariffs, coming in contrast to the protectionist policies wielded by U.S. President Donald Trump. The deal covers a third of the global economy and more than 600 million people. Prices of European wine and pork will fall for Japanese consumers. Japanese machinery parts, tea and fish will get cheaper for Europe. The major step toward liberalizing trade has been discussed since 2013 and was largely finalized last year.

NETFLIX: Video streaming service Netflix's report that it is adding subscribers at a slower pace than envisioned, renewed fears that its growth may sputter as competition heats up. Monday's numbers marked the first time in a more than a year that Netflix hadn't exceeded its subscriber growth projection and its shares plunged 12.6 percent in aftermarket trading.

ANALYST VIEWPOINT: "The thud was heard up and down Wall Street as Netflix fell off a cliff in late trading after posting dispiriting subscriber growth last quarter," Stephen Innes of OANDA said in a commentary. "This negative Netflix result could spur more moves into to cash as investors may finally adopt a delayed 'Sell in May and go away' strategy."

ENERGY: Benchmark U.S. crude rose 4 cents to $68.10 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 4.2 percent to $68.06 in New York on Monday. Brent crude, used to price international oils, gained 22 cents to $72.06 per barrel. The Total Investment & Insurance Solutions

CURRENCIES: The dollar rose to 112.51 yen from 112.30 yen late Monday. The euro was steady at $1.1713. The Total Investment & Insurance Solutions

Nifty, Sensex Under Pressure – Monday closing report-The Total Investment & Insurance Solutions

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16 July 2018

The major indices of the Indian stock markets suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 313 advances, 1,450 declines and 307 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:

Rise in prices of manufactured products along with that of food articles and fuel types accelerated India's wholesale inflation rate at 5.77% compared to 4.43% in the previous month, official data showed on Monday. According to the Ministry of Commerce and Industry, last month's WPI (wholesale price index) rate was also higher on year-on-year (YoY) basis. It had risen by 0.90% in June 2017.

Petrol prices fell around 10 paise across the four metro cities on Monday after rising nearly a rupee and a half in the last 10 days. Prices of diesel also were down around 13-15 paise from the levels on Sunday.

After reaching new landmarks in the last couple of trading sessions, the key Indian equity indices are witnessing another eventful week, with major quarterly earnings and a key macro-economic data point, the Wholesale Price Index, in this week. The Total Investment & Insurance Solutions

According to market observers, further developments in the ongoing trade tensions between the US and China also would set the cues for the global markets. The markets next week would look forward to the earnings season as larger companies such as HUL (Hindustan Unilever), Bajaj group of companies will come out with their results, said market analysts. Market is expecting 19% growth in PAT (profit after tax) for Sensex index stocks and 14.7% for Nifty50 index stocks in Q1, FY19 compared to a washout in last quarter. From here on market trend will largely depend on progress of results season, pointed out market analysts. The Total Investment & Insurance Solutions

Pidilite Industries in JV (joint venture) with MacBertan Pvt. Ltd., has set up an adhesive manufacturing plant in Sri Lanka. Pidilite Lanka is to earmark Rs20 crore as investment towards the plant. The new plant will strengthen Pidilite's position in the adhesive market in Sri Lanka. The company’s shares closed at Rs1,048.00, down 1.55% on the NSE.

Suven Life Sciences has secured product patents from Europe and South Korea corresponding to the New Chemical Entities for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2033 and 2034. The company’s shares closed at Rs216.20, down 0.44% on the NSE.

Lupin has received approval from UK MHRA for its Goa facility. The unit was inspected by UK MHRA in March 2018 and there were no critical or major observations cited. Lupin shares closed at Rs816.00, down 5.73% on the NSE.

Minda Industries will be acquiring an 80% stake in iSYS RTS GmbH, Germany for a cash consideration of EUR 5 Mn and infusing EUR 1.5 Mn in the equity shares of iSYS. The Board approved JV (joint venture) with Kosei Group, Japan for setting up a manufacturing unit of Moulds for Alloy Wheel at Bawal, Haryana. The company’s shares closed at Rs419.00, up 0.01% on the NSE.

Aurobindo Pharma signed a definitive Agreement to acquire Apotex' businesses in Poland, Czech Republic, the Netherlands, Spain and Belgium for a cash consideration of EUR 74 million. This would add over 200 generics and more than 80 OTC (over the counter) products to Aurobindo's European portfolio. The company’s shares closed at Rs574.95, down 4.52% on the NSE.

Cochin Shipyard signed a shipbuilding contract with Inland Waterways Authority of India for Design, Construction and Supply of 10 Ro-PAX and Ro-Ro Vessels. The contract value is Rs102.6 crore and is to be delivered within a period of 18 months. The company’s shares closed at Rs429.70, down 1.79% on the BSE.

Tata Motors Credit rating has been downgraded by Moody's for 'JLR Automotive PLC'. Corporate Family Rating, Senior Unsecured Instrument Rating have been downgraded to 'Ba2'. Portability of Default Rating has been downgraded to 'Ba2-PD'. The outlook for the company is stable. The problems of the company are due to deterioration in credit matrix. The company’s shares closed at Rs251.55, down 4.77% on the BSE. The Total Investment & Insurance Solutions

Hindustan Unilever Q1 FY19 results have been declared. Revenues were at Rs9,487 crore (Rs8,529 crore in the same quarter of the previous year), up 11.2% year-on-year. Profit after tax was at Rs1,529 crore (Rs1,283 crore in the same quarter of the previous year), up 19.2% year-on-year. Hindustan Unilever shares closed at Rs1,753.85, up 0.73% on the BSE.

CCL Products Q1 FY19 consolidated results have been declared. Revenues were at Rs294.44 crore (Rs246.76 crore in the same quarter of the previous year – 19.3% growth year-on-year. Profit after text was at Rs39.46 crore (Rs27.03 crore in the same quarter of the previous year – 46% growth year-on-year). Earnings per share were at Rs2.97 (Rs2.03 in the same quarter of the previous year). The company’s shares closed at Rs269.25, down 4.35% on the NSE.

DCB Bank Q1 FY19 results have been declared. Net interest income was at Rs272.97 crore (Rs233.16 crore in the same quarter of the previous year – 17.1% growth year-on-year). Net profit was at Rs69.50 crore (Rs65.22 crore in the same quarter of the previous year – 6.6% growth year-on-year). Provisions were at Rs33.23 crore (Rs35.50 crore in the same quarter of the previous year). Gross non-performing assets were at 1.86% (1.74% in the same quarter of the previous year). Net non-performing assets were at 0.72% (0.92% in the same quarter of the previous year). The bank’s shares closed at Rs159.60, down 10.99% on the NSE.

Bhansali Engineering Polymers Q1 FY19 standalone results have been declared. Net revenues were at Rs201.68 crore (Rs224.03 crore in the same quarter of the previous year – 10% negative growth year-on-year).  Profit after tax was at Rs16.77 crore (Rs16.88 crore in the same quarter of the previous year – negative growth of 0.70% year-on-year).  Earnings per share were at Rs1.01 (Rs1.02 in the same quarter of the previous year). The company’s shares closed at Rs128.20, down 4.97% on the NSE. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below:

The closing values of the major Asian indices are given in the table below:The Total Investment & Insurance Solutions

Indices (The Total Investment & Insurance Solutions)

India's wholesale inflation rate rises to 5.77% in June-The Total Investment & Insurance Solutions

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16 July 2018

 

wholesale inflation(The Total Investment & Insurance Solutions)

Rise in prices of manufactured products along with that of food articles and fuel types accelerated India's wholesale inflation rate at 5.77 per cent compared to 4.43 per cent in the previous month, official data showed on Monday.

According to the Ministry of Commerce and Industry, last month's WPI rate was also higher on year-on-year (YoY) basis. It had risen by 0.90 per cent in June 2017. The Total Investment & Insurance Solutions

"The annual rate of inflation, based on monthly WPI, stood at 5.77 per cent (provisional) for June 2018 (over June 2017) as compared to 4.43 per cent (provisional) for the previous month and 0.90 per cent during the corresponding month the previous year," the Ministry said.

"Build up inflation rate in the financial year so far was 2.49 per cent compared to a build up rate of (-) 0.44 per cent in the corresponding period of the previous year." The Total Investment & Insurance Solutions

On a sequential basis, the expenses during the month under consideration on primary articles, which constitute 22.62 per cent of the WPI's total weightage, rose by 5.30 per cent, from a marginal rise of 3.16 per cent in May 2018.

Among primary articles, food articles, which has a weightage of 15.26 per cent in the index, edged up last month by 1.80 per cent from a acceleration of 1.60 per cent reported for May. The Total Investment & Insurance Solutions

The cost of fuel and power, which commands a 13.15 per cent weightage in the index, increased at a fast pace of 16.18 per cent during the month, from a rise of 11.22 per cent in May. The Total Investment & Insurance Solutions

Similarly, expenses on manufactured products increased by 4.17 per cent, from 3.73 per cent in the previous month.

On a YoY basis, onion prices in June soared higher by 18.25 per cent and potatoes by 99.02 per cent. The Total Investment & Insurance Solutions

Similarly, the prices of both high-speed diesel and petrol climbed higher than in the previous month of last year, by 17.45 per cent and 21.63 per cent.The Total Investment & Insurance Solutions

Government gives more time to 15 SEZ developers, units to complete projects -The Total Investment & Insurance Solutions

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16 July 2018

 

special economic zone developers (The Total Investment & Insurance Solutions)

The government has granted more time to as many as 15 special economic zone developers and units, including HBS Pharma, Electronics Corporation of Tamil Nadu and DLF Info Park, to execute their projects. 

The decision was taken by the Board of Approval, chaired by Commerce Secretary Rita Teaotia, at its meeting on June 19. 

The board is the highest decision making body related to special economic zones (SEZs).The Total Investment & Insurance Solutions

HBS Pharma SEZ got one more year till June 2019 to complete its project in Gujarat. DLF Info Park too got additional time till June next year for its IT/ITeS project in Maharashtra. The Total Investment & Insurance Solutions 

Similarly, the board also gave one more year till May 2019 to five projects of Electronics Corporation of Tamil Nadu in different states including Kerala. 

"The board after deliberations extended the validity of the formal approval," the minutes of the BoA meeting said. 
Tech MahindraNSE 2.53 % (Unit IV) in the Noida SEZ wants extension of validity period of its letter of permission (LoP) beyond April. 

"The board, after deliberations, approved extension of the validity of the LoP up to September. The board also directed Development Commissioner NSEZ to issue show cause notice to the unit for non-utilisation of almost two-third of the land available with the unit," it said. The Total Investment & Insurance Solutions 

The other units which got extension include APPL IndustriesNSE -4.61 % and Camlin Fine Sciences. The Total Investment & Insurance Solutions 

SEZs have emerged as a major export hubs of the country. Setting up of new zones and timely operations of existing units will help in promoting exports from the country. The Total Investment & Insurance Solutions 

The commerce ministry is taking steps to promote these zones. It has set up a high level group to suggest changes in the policy. 

Exports from SEZs grew by about 15 per cent to Rs 5.52 lakh crore in 2017-18. The Total Investment & Insurance Solutions

China's Economic Growth Cools Amid Trade Tensions-The Total Investment & Insurance Solutions

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16 July 2018

China (The Total Investment & Insurance Solutions)

China's economic growth slowed in the quarter ending in June, adding to challenges for Beijing as its tariff battle with Washington escalates.

The world's second-largest economy expanded by 6.7 percent over a year earlier, down from the previous quarter's 6.8 percent, the government reported Monday.

Key drivers of growth including spending on construction and other investments were weakening even before the dispute with Washington erupted. Forecasters have expected a slowdown since Beijing tightened lending controls last year to rein in surging debt. The Total Investment & Insurance Solutions

Growth was "generally stable" but "the uncertainties of the external environment are mounting," said Mao Shengyong, a spokesman for the National Bureau of Statistics. The Total Investment & Insurance Solutions

Chinese leaders have expressed confidence their $12 trillion-a-year economy can survive the tariff war with U.S. President Donald Trump. Beijing is resisting American pressure to change industrial policies Washington says are based on stealing or pressuring foreign companies to hand over technology and might threaten U.S. industrial leadership.

But forecasters said the downturn is likely to deepen as Beijing tightens financial controls and trade tensions worsen.

"There are risks that Chinese growth will slow more abruptly," Citigroup economists said in a report. The Total Investment & Insurance Solutions

Washington imposed an additional 25 percent tariff on $34 billion of Chinese goods on July 6. Beijing retaliated with similar penalties on the same amount of U.S. imports. Washington fired back last week with a threat of 10 percent tariffs on an additional $200 billion list of goods.

Trade contributes less to China's economic growth than it did a decade ago but still supports millions of jobs. Even though Trump's first tariff hike didn't take effect the current quarter, exporters say American orders started to fall off as early as April. The Total Investment & Insurance Solutions

More broadly, anxiety about tariffs "is already dampening business confidence and delaying investment," said Louis Kuijs of Oxford Economics in a report.

Unless the two sides restart negotiations, "the conflict will escalate further, with major economic implications for themselves and the global economy," said Kuijs.

Of greater concern than trade is "slowing domestic demand within China's economy," said Tom Rafferty of the Economist Intelligence Unit in a report.

China is the No. 1 trading partner for its Asian neighbors and buys oil, iron ore and other raw materials from Australia, Brazil and elsewhere. Chinese consumers are an increasingly important market for food, clothes, electronics and other goods. The Total Investment & Insurance Solutions

Investment in factories, housing and other fixed assets decelerated in the latest quarter. It rose by 6 percent in the first half, down 1.5 percentage points from the first quarter. The Total Investment & Insurance Solutions

Chinese leaders are in the midst of a marathon effort to encourage self-sustaining growth driven by domestic consumption and reduce reliance on exports and investment. The Total Investment & Insurance Solutions

Beijing has responded to previous downturns by flooding the state-dominated economy with credit. But that has swelled debt, prompting concerns about risks to the banking system. The ruling Communist Party has made controlling financial risks a priority this year, suggesting it will resist easing lending controls. The Total Investment & Insurance Solutions

Consumer spending has risen more slowly than planned, leaving economic growth dependent on debt-supported investment.

Retail spending in June rose by 9 percent over a year earlier, a half-percentage point higher than in May. The increase was driven by rapid growth in the sales of higher-end consumer goods such as cosmetics and audio-video equipment.

Forecasters say if threatened tariff hikes by both sides are fully carried out, that could cut China's 2019 growth by up to 0.3 percentage points.

Mao, the statistics bureau spokesman, declined to say how much the dispute might hurt Chinese economic growth.

"But generally speaking, trade frictions unilaterally started by U.S. will have an impact on the economy of both countries," Mao said.The Total Investment & Insurance Solutions

Global Shares Higher As Focus Turns To US Bank Earnings-The Total Investment & Insurance Solutions

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16 July 2018

South korea financial markets (The Total Investment & Insurance Solutions)

Global shares rose Friday as investors focused on a run of earnings statements from U.S. banks. The British pound, however, was in retreat after President Donald Trump appeared to dash hopes of any imminent U.S.-U.K. trade deal.

KEEPING SCORE: In Europe, Britain's FTSE 100 was up 0.4 percent at 7,683 while Germany's DAX rose 0.3 percent to 12,537. France's advanced 0.4 percent to 5,427. Wall Street was poised to flat with Dow futures and the broader S&P 500 futures down 0.1 percent. The Total Investment & Insurance Solutions

US BANKS: The absence of any fresh trade war comments has allowed traders to focus on the start of the U.S. corporate results season. On Friday, JP Morgan Chase, Citigroup and Wells Fargo all report results. Already, JP Morgan said its second-quarter profits rose by 18 percent from a year ago, as it continued to benefit from higher interest rates and a lower tax bill following last year's passage of President Donald Trump's tax law.

ANALYST TAKE: "Investors will be paying close attention not just to the results but also references to trade tariffs and the impact they are expected to have on future results, particularly those that have already been targeted in counter-measures taken or proposed against the U.S.," said Craig Erlam, senior market analyst at OANDA. The Total Investment & Insurance Solutions

US-CHINA TRADE: China has yet to give details on what kind of "firm and forceful measures" it would use to respond to the fresh round of potential tariff hikes on $200 billion of goods announced by the U.S. on Tuesday. But Beijing stepped up pressure on Washington by suggesting that U.S. companies lobby American leaders. The U.S. and China are yet to resume negotiations over the dispute that led to tariff hikes on each other's goods.

TRUMP'S UK VISIT: In an interview with The Sun newspaper, Trump slammed Prime Minister Theresa May's plans for Britain's departure from the European Union and praised her political rival Boris Johnson, who quit May's Cabinet this week over Brexit differences. He also criticized immigration in Europe and declared that London Mayor Sadiq Khan, a Muslim, had failed to stop terrorism. The pound fell 0.6 percent to $1.31 after Trump's comments, and May's government struggled to put a brave face on a presidential visit that has veered wildly off course. The Total Investment & Insurance Solutions

ASIA'S DAY: Asian markets finished mostly higher led by Japan, where the Nikkei 225 jumped 1.9 percent to 22,597.35, helped by a weakening in the yen against the U.S. dollar in a boon to blue chip manufacturers. South Korea's Kospi advanced 1.1 percent to 2,310.90 and Hong Kong's Hang Seng index added 0.2 percent to 28,525.44. But the Shanghai Composite Index fell 0.2 percent to 2,831.18.

OIL: Benchmark U.S. crude fell 7 cents to $70.26 a barrel on the New York Mercantile Exchange while Brent crude, used to price international oils, gave up 20 cents to $74.25 per barrel in London.

CURRENCIES: The euro was down 0.3 percent at $1.1635 while the dollar was steady at 112.55 yen.The Total Investment & Insurance Solutions