Oil rises about 1% despite surge in U.S. crude stockpiles
By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose on Thursday on expectations that U.S. interest rates had peaked, but gains were capped by a large build in U.S. crude stockpiles and a forecast Key Points
ThePrintGold likely to remain range-bound next week
US employers added 336k jobs versus the forecast of 170k jobs in September as a two-month payroll net revision was noted at +119k. The unemployment rate came in at 3.8%, which was slightly higher than the estimate of 3.70%. Key Points
Economic TimesWall Street climbs on signs of easing inflation; chip stocks gain
U.S. annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s Key Points
Business TodayUK unemployment edges up but pay growth beats forecasts
The Office for National Statistics said the unemployment rate rose to 3.8% - its highest since the second quarter of 2022 - rather than holding at 3.7%, as forecast by economists in a Reuters poll. Key Points
FinancialexpressGold rose 2% in a week but could see a fall amid rise in yields
Much awaited US nonfarm payroll report showed that the headline employment figure of 236k jobs added in March was higher than the forecast of 230k jobs. The unemployment rate slid 0.1% from February to 3.50% as against the forecast of 3.6%. Key Points
Economic Times
World Bank trims India's GDP growth forecast to 6.3% in FY24, but lifts global outlook
Real global GDP is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That's up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%. Key Points
Business TodayBRICS caught up with Goldman Sachs growth forecast a decade early, driven by India-China’s 25-yr streak
In his closing column, T.N. Ninan looks back at the forecast that the BRICS economies would overtake the US, Japan, Germany, UK, France, and Italy, and how far that prophecy has been fulfilled. Key Points
ThePrintWorld Bank lifts 2023 global growth forecasts, but cuts next year's outlook
Real global GDP is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That's up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%. Key Points
Economic TimesAyodhya DM adjusts school timings from 10 am to 3 pm due to severe cold weather
Due to severe cold weather, school timings in Ayodhya have been adjusted from 10 am to 3 pm until February 3. Necessary arrangements will be made to protect students from the cold. Key Points
mintIMF cuts India's FY24 GDP forecast to 5.9%
“Over the medium term, the prospects for growth now seem dimmer than in decades,” the IMF said in its flagship World Economic Outlook, lowering the global growth forecast for 2023 to 2.8% from 2.9% estimated earlier and sharply lower than the 3.4% expansion in 2022. Key Points
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Western Digital's first-quarter forecast disappoints as weak cloud demand weighs
Memory chipmaker Western Digital Corp (WDC.O) forecast first-quarter revenue below Wall Street targets and a bigger-than-expected loss on Monday as weak demand, particularly for its cloud business, forces it to cut production. Key Points
ReutersGlobal advertising revenue to reach $874.5 billion in 2023 says GroupM’s mid-year forecast
Global traditional newspaper revenue is forecast to be $18.9 billion in 2023, down from $101.4 billion 20 years ago, states the report Key Points
FinancialexpressDeadly winter weather keeps icy grip across much of the US
Frigid temperatures are forecast across two-thirds of the US for the days ahead, along with snow, freezing rain, and heavy showers. Winter storms and biting... Key Points
The Tribune IndiaGartner lifts annual earnings forecast on stable demand for research, consulting
Information Technolgy Consultant Gartner Inc (IT.N) beat third-quarter results estimates on Friday and nudged up its annual earnings forecast, as it benefits from stable demand for its research and consulting services. Key Points
ReutersCardinal lifts FY profit outlook again on strong sales of specialty drugs
Drug distributor Cardinal Health (CAH.N) on Friday raised its full-year earnings forecast for the second time in nearly three months, betting on strong demand for specialty medicines. Key Points
Reuters
Paycom forecasts weak fourth-quarter revenue; shares tank
Payroll processor Paycom Software (PAYC.N) on Tuesday forecast fourth-quarter revenue that was below market estimates hit by sluggish demand for payroll solutions and human resource management amid an uncertain economy, sending the company's shares down 28% in extended trading. Key Points
ReutersOnsemi forecasts weak fourth quarter on slowing demand for electric vehicles
Chipmaker Onsemi (ON.O) forecast fourth-quarter revenue and profit below market expectations on Monday, in a sign that slowing demand for electric vehicles was beginning to hurt orders for its chips from the automotive industry. Key Points
ReutersGartner lifts annual profit forecast on consulting, research demand
Gartner (IT.N) raised its annual profit forecast after beating quarterly earnings estimates on Tuesday, on steady demand for research and consulting services in a tough economy. Key Points
ReutersAllegion raises profit forecast on price hikes, strong demand for security systems
Allegion (ALLE.N) raised its annual profit forecast on Wednesday after price increases and solid demand for its electric security devices helped it beat quarterly earnings estimates. Key Points
ReutersUS stocks: Wall Street closes down as focus shifts to inflation data, debt talks
International Business News: The Dow Jones Industrial Average closed below its last session by almost 57 points, or 0.17%, the S&P 500 lost 18.95 points, or 0.46%, and the Nasdaq Key Points
Times Of India
WPI inflation declines to 25-month low of 3.85% in Feb, government data shows
WPI inflation: The reading was lower than the Reuters forecast of 4.00% and the 4.73% recorded in the previous month. Key Points
Hindustan TimesDeveloping Asia to end 2023 on brighter note as China's economy recovers - ADB
The ADB raised its 2023 growth forecast for developing Asia to 4.9% from 4.7% projected in September, but kept its growth outlook for the region at 4.8% next year. Key Points
Business TodayIEA raises oil demand forecast despite global economic slowdown: Report
The IEA has adjusted its 2023 growth forecast to 2.4 million barrels per day (bpd), moving closer to OPEC's forecast of 2.46 million bpd. Key Points
India TodayAmetek raises profit outlook, buys Paragon Medical in $1.9 bln deal
Ametek (AME.N), which makes electronic instruments, raised its full-year forecast on Tuesday and announced its fifth and sixth acquisitions for 2023 as it expands into different markets and drives earnings growth. Key Points
ReutersHP forecasts 2024 profit in line with estimates, boosts annual dividend
HP Inc (HPQ.N) on Tuesday forecast fiscal 2024 earnings largely in line with estimates and raised its annual dividend, reflecting stabilizing demand in the personal computers market. Key Points
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Emerson raises fiscal 2023 forecast on demand for industrial automation
U.S. engineering and industrial software firm Emerson (EMR.N) on Wednesday raised its fiscal 2023 forecast, as companies increase spending on automation in response to a tight labor market. Key Points
ReutersIndia's growth slowed to 4.4% in Oct-Dec, says govt data
India's October-December gross domestic product (GDP) was below Reuters forecast of 4.6%. Key Points
Hindustan TimesWhere is gold headed in the coming weeks? Bears could push it towards $1,780
Gold is drawing some support from geopolitical concerns as the US-China verbal wrangling continues unabated. US Treasury Secretary Ms. Yellen has warned China and other nations against providing material support to Russia. Key Points
Economic TimesOECD sees limited growth pick-up as rate hikes weigh
The world economy is set to grow 2.7% this year, the Organisation for Economic Cooperation and Development (OECD) said, up from its previous forecast of 2.6% in March. Key Points
Economic TimesAMD soars as AI chip sales prediction bodes well for rivalry with Nvidia
Shares of Advanced Micro Devices (AMD.O) jumped 8% on Wednesday, after an upbeat AI chip sales forecast signaled the company was making progress in its bid to catch up with market leader Nvidia (NVDA.O). Key Points
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IMF raises India's FY24 GDP growth forecast to 6.3% - report
India's economic growth forecast for the current fiscal year has been raised to 6.3% from 6.1% earlier, the International Monetary Fund said in its October 2023 World Economic Outlook (WEO) report that was released on Tuesday. Key Points
ReutersFitch revises India FY24, FY25 GDP forecast upwards, expects economy to continue 'strong expansion'
Fitch Ratings revised India's GDP growth forecast upwards for FY24 to 7.8% and for FY25 to 7.0%, citing strong economic expansion driven by domestic demand, particularly investment. Meanwhile, it downgraded China's 2024 forecast to 4.5%, attributing it to property sector challenges and deflationary pressures, despite increased fiscal support. Key Points
Economic TimesIMF raises India's FY24 growth forecast to 6.7% from 6.3%, says global 'soft landing' in sight
The IMF has forecast global growth of 3.1% in 2024, up two-tenths of a percentage point from its October forecast, and said it expected unchanged growth of 3.2% in 2025 Key Points
Business TodayIndian weather office's monsoon forecast needs to go right for the sake of the economy
The Southwest monsoon irrigates more than half of India's farmlands, which eventually is key for the economy's well being and our daily lives. It is crucial for the weather office's normal monsoon prediction to come true, as the Mint Street and New Delhi are still fighting intense price pressures amid global recession risks. IMD's rain forecast is precariously placed on the lower end of the margin and a slip from there would mean below-normal rainfall, which will spell trouble for the economy. Key Points
Economic TimesOECD sees limited global economic growth pick-up as rate hikes weigh
The OECD forecast that inflation in the Group of 20 major economies would fall from 7.8% last year to 6.1% this year and 4.7% in 2024 - still well above many central banks' targets despite the interest rate hikes. Key Points
The Indian ExpressUS dollar gains as strong economic data could reduce rate cuts this year
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The U.S. dollar advanced on Thursday, boosted by data showing hotter-than-expected producer prices last month and fewer people seeking unemployment Key Points
ThePrintIMF projects strong India growth in 2024, says global 'soft landing' in sight
Growth in India is projected to remain strong at 6.5% in both 2024 and 2025, with an upgrade from October by 0.2 percentage point for both years Key Points
mintNifty crosses 21,000 for 1st time as RBI keeps repo rate unchanged
The Nifty 50 rose to an all-time high of 21,006.10 soon after Reserve Bank of India Governor Shaktikanta Das announced that the central bank’s Monetary Policy Committee decided to keep the repo rate unchanged at 6.5 per cent. Key Points
India TodayInsulet lifts sales growth forecast on resilient demand for insulin pumps
Insulet Corp (PODD.O) on Thursday raised its full-year revenue growth forecast after posting strong third-quarter sales, banking on strong demand for its tubeless insulin pumps. Key Points
ReutersPayPal forecasts quarterly revenue above estimates as consumers shrug inflation worries
Payments firm PayPal Holdings (PYPL.O) forecast third-quarter revenue above estimates on Wednesday, expecting consumers to remain resilient in the face of a tough economy. Key Points
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Panasonic Q1 profit jumps, maintains FY forecast
Japan's Panasonic Holdings (6752.T) posted a 42% rise in first quarter profit on Monday, buoyed by a weaker yen and stronger sales in its automotive and energy segments, while it stuck to its full-year outlook. Key Points
ReutersHow did corporate India perform in the final quarter of 2022-23?
India’s GDP grew 6.1% in Q4 2022-23, as per official estimates, higher than the 5.1% forecast in Bloomberg's survey of economists. How did India Inc perform? | Latest News India Key Points
Hindustan TimesAfter cool May, brace for warm week ahead in Delhi
The normal amount of rainfall in Delhi in June is around 74.1 mm, based on a long-period average. Key Points
The Indian ExpressIndian stocks to gain only modestly in 2023 despite RBI rate hike pause: Poll
Indian equity strategists have scaled back their year-end outlook as a new bull run in India's already-richly valued stock market is unlikely, according to a Reuters poll. The Sensex and Nifty 50 indexes were expected to gain 3.8% and 4.6%, respectively, from Tuesday's close to end-2023, slightly downgraded from a February poll. Over 70% of analysts believe Indian stocks will trade in a narrow range for the next three months. While an end to the RBI's modest rate-hiking cycle was positive, the high probability of a U.S. recession this year is likely to limit Indian stocks' gains. Key Points
Economic TimesNomura hikes India's FY24 GDP forecast by 80 bps on higher-than-expected Q2 reading
Research firm Nomura revised its forecast for India's FY24 GDP growth to 6.7%, up from 5.9%, following a stronger-than-expected Q2 reading. Barclays and Citigroup also adjusted their forecasts to 6.7%, from previous estimates of 6.3% and 6.2%, respectively. The report notes that while the current growth is robust, it is largely driven by the government, with private sector participation still lacking strength. Key Points
Economic TimesOil reverses gains after US posts large crude build
By Stephanie Kelly NEW YORK (Reuters) - Oil prices reversed earlier gains on Thursday in a volatile session, after a large build in U.S. crude stockpiles outweighed expectations that U.S. interest Key Points
ThePrintIntel forecasts third-quarter profit above estimates
Chipmaker Intel (INTC.O) on Thursday posted a surprise profit as a PC market slump started to ease, and it forecast third-quarter earnings above Wall Street expectations, sending its shares up over 5%. Key Points
ReutersUS weather forecast: Heavy rain alert for Washington, D.C, New York, and other parts; Flash flood warning
US weather forecast today predicted sudden heavy rainfall for Washington, D.C, New York, and Philadelphia and a flash flood warning for northeastern parts of the country. Key Points
Economic TimesChina's Q4 GDP grows 5.2% y/y, below market forecast
For the full-year 2023, the economy grew 5.2%, data from the National Bureau of Statistics data showed, partly helped by the previous year's low-base effect which was marked by COVID-19 lockdowns. Analysts had forecast 5.2% growth. Key Points
Economic TimesBeware of ‘long stocks’: Instead of focusing on companies’ future growth, consider current profitability
Theres often a movement of capital towards ‘long stocks when interest rates are low. These are the stocks of companies believed to have many years of rapid growth ahead. For these companies, more of the projected cash flows are in the distant future. Yet, investors may become more attracted to these stocks when the rates are low. Key Points
Economic Times
Nike cuts annual sales forecast, seeks $2 billion in cost savings amid ‘softer’ outlook; shares plunge
Nike projected full-year revenue to rise 1%, down from its previous forecast of mid-single-digit percentage growth. Analysts had expected a 3.8% increase, according to LSEG data. Key Points
mintNetApp lifts annual profit forecast on upbeat cloud service demand
NetApp (NTAP.O) raised its annual profit forecast on resilient demand for its cloud-based data solutions as companies push on digital transformation projects, sending its shares up 10% after the bell on Thursday. Key Points
ReutersSchools in Chennai, other areas shut as rain batters Tamil Nadu, more in forecast
The India Meteorological Department (IMD) has predicted more rain in at least 12 districts of Tamil Nadu, including Chennai on Saturday. A similar forecast has been made for Puducherry and Karaikal as well. Key Points
India TodayHP forecasts downbeat first-quarter profit amid slow PC market recovery
HP Inc (HPQ.N) on Tuesday forecast first-quarter profit below Wall Street estimates but maintained its annual earnings outlook, a sign that demand in the personal computers market is still recovering. Key Points
ReutersAd tech firm Trade Desk sinks as auto, Hollywood strikes hit forecast
Shares of advertising tech firm Trade Desk (TTD.O) plunged more than 24% on Friday following a quarterly revenue forecast dented by a slowdown in spending by labor strike-hit automakers and media companies. Key Points
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Take-Two Interactive forecasts third-quarter net bookings below estimates
Take-Two Interactive Software (TTWO.O) on Wednesday forecast third-quarter net bookings below market expectations, hurt by a slowdown in spending on the company's gaming titles such as "Grand Theft Auto" and "Red Dead Redemption". Key Points
ReutersDatadog tops quarterly estimates on robust bookings, raises annual forecast
Datadog (DDOG.O) on Tuesday topped estimates for third-quarter results and raised its forecast for annual adjusted profit and revenue, driven by demand from customers seeking better security solutions due to increasing cybersecurity threats. Key Points
ReutersGlobalFoundries projects profit above estimates in positive sign for chip market
Contract chipmaker GlobalFoundries (GFS.O) forecast fourth-quarter profit above analysts' estimates on Tuesday, providing the latest sign that a supply glut in the semiconductor industry was easing. Key Points
ReutersModerna tempers 2023 COVID vaccine sales forecast
Moderna (MRNA.O) on Thursday said it expected 2023 revenue of at least $6 billion, tempering its forecast to reflect weaker demand for COVID-19 vaccines, but added it would return to sales growth in 2025 and break even the following year. Key Points
ReutersFor investor with focus on long term wealth creation: 5 stocks with a right PEG ratio
PEG ratio is a complex process and comes with its own set of challenges. The challenge with PEG ratio is the quality of the earning forecast and given that in an ever changing macro environment , even the best of the forecast for any business can go wrong which may impact other elements which lead to some unexpected changes. However, even with these challenges, it is worth looking at PEG ratio before taking a long term investment decision. Key Points
Economic Times
4 stocks with the right PEG ratio for long-term wealth creation
Given the huge difference in what is value and what looks cheap due to one financial ratio, more often than not, relying on PE may lead to wrong investment decisions. It would be better to use the PEG ratio. Calculating it is a complex process and comes with its own set of challenges. The challenge with PEG ratio is the quality of the earning forecast and given that in an ever-changing macro environment, even the best of the forecast for any business can go wrong which may impact other elements which lead to some unexpected changes. Key Points
Economic TimesPredictable pause, and a CRR surprise
All MPC members voted for a pause in the repo rate at 6.5%. Five out of six members also voted for a continuation of the “withdrawal of accommodation” stance Key Points
mintAsian shares slip on China worries; U.S. inflation figures awaited
By Ankur Banerjee SINGAPORE (Reuters) - Asian stocks lost ground on Thursday, still hurting from China's slip into deflation, with investors particularly cautious ahead of a crucial U.S. inflation Key Points
ThePrintLong-term wealth creation: 4 stocks with the right PEG ratio
Calculating the PEG ratio is a complex process and comes with its own set of challenges. The challenge with PEG ratio is the quality of the earning forecast and given that in an ever changing macro environment , even the best of the forecast for any business can go wrong which may impact other elements which lead to some unexpected changes. However, even with these challenges, it is worth looking at PEG ratio before taking a long term investment decision. Key Points
Economic TimesAmazon Frankfurt-listed shares surge, Apple slides after results
Amazon (AMZN.O) shares surged on Friday in Frankfurt trading after the company issued an upbeat outlook for the third quarter, while Apple's German-listed shares (AAPL.O) fell after the company forecast a continued slide in sales. Key Points
Reuters