Usa Financial News

Gold rate today: On account of Israel-Hamas war entering 20th day and rising tension in the Middle East fueling geopolitical uncertaities, gold price today extended its rally during morning deals. Gold future contract on Multi Commodity Exchange (MCX) for December expiry opened at ₹60,824 per 10 gm levels and went on to hit intraday high of ₹60,968 per 10 gm levels within few minutes of commodity market's opening bell today. In international market, spot gold price is oscillating around $1,988 per ounce levels.

S Krishnakumar, Director, Lion Hill Capital, says “water, capex and water chemicals are big areas where there is a huge amount of growth that is kind of coming through. In addition to that, if you look at the green energy transition, people talk about hydrogen etc. A lot of global companies in India have their foot into those areas and we should look at some of the Indian listed entities of global MSEs. Valuations are a little steep because we are factoring in a lot of the next decade and less of the current numbers which are not as good as supportive valuations. So, one should definitely look at good entry points to get into some of these new trends.” We are seeing the US 10-year bond yield retreat to 4.8%. We are seeing positive global cues, but we are also seeing the Indian index in retreat mode. How should one look at it? In the near term definitely the global construct is not positive. Definitely, rising tensions in the Middle East is creating a lot of uncertainty on how this could go in the next one or two months. Also, the US 10-year has been moving up and hitting a 10-5% and above kind of a mark, bringing into focus the kind of stiff interstates kind of ahead of us for the next six to six months and more.

China's Belt and Road Initiative through a network of infrastructure projects, including a railroad connecting Saudi Arabia with Europe, President Joe Biden said. On the sidelines of the G20 Summit in September, key leaders of the world led by Prime Minister Narendra Modi and Biden had announced the launch of the ambitious India-Middle East-Europe Economic Corridor. «We are going to compete on that (Belt and Road Initiative) and we're doing it in a different way.

Bill Ackman, who traditionally invests in stocks, earned roughly $200 million from a bet against U.S. 30-year Treasury bonds, a person familiar with the trade said on Wednesday. Ackman said on Monday on X, «we covered our bond short» some 12 weeks after he announced the bet on the messaging platform formerly known as Twitter. «The economy is slowing faster than recent data suggests,» Ackman said in the post, adding «There is too much risk in the world to remain short bonds at current long-term rates.» The Financial Times first reported news of the gain. Stocks including Chipotle Mexican Grill, Alphabet Inc, Restaurant Brands International, and Canadian Pacific Kansas City Limited make up the bulk of the Pershing Square portfolio, which is mainly set up to benefit from equities moving higher.

Alphabet shares slid after the Google parent posted disappointing earnings and as U.S. Treasury yields rose, reviving fears that interest rates could stay higher for longer. The benchmark S&P 500 index notched its fifth daily decline in six to close below the closely watched 4,200 level.

Honda and US giant General Motors said Thursday they were scrapping a tie-up that was aimed at producing «affordable» electric vehicles from 2027. «After extensive studies and analysis, we have come to a mutual decision to discontinue the program,» the firms said in a joint statement. No reason was given, but automakers are reportedly slowing expansion plans in EVs because of cooling demand, particularly in China. GM said this week that it was «moderating the acceleration of EV production in North America to protect our pricing, adjust to slower near-term growth in demand, and implement engineering efficiency and other improvements». GM and other US automakers have also been hit by a lengthy strike by factory workers in the United States. Japanese automakers have lost market share in key markets in recent years due in part to a slow rollout of EV's, having long focused on hybrid vehicles instead. The tie-up announced in 2022 aimed to develop electric cars cheaper than the US firm's planned $30,000 Chevrolet Equinox. Honda added that it still hoped to achieve 100 percent electrified vehicle sales by 2040. Honda and GM are still working together in other areas, including a recently announced plan to launch driverless taxis in Tokyo in 2026.

Indian markets are likely to crash on Thursday fol... moreIndian markets are likely to crash on Thursday following losses in global peers as US yields rose, reviving fears that interest rates could stay higher for longer.

Ford agreed to a record 25% hourly wage hike over the life of the contract, which exceeds four years. With cost-of-living allowances, the top wage rate is expected to increase by 33%. The top pay will be over $40 an hour, the union said.

Blockchain forensic firm Elliptic says there’s “no evidence” that Hamas is receiving a significant volume of cryptocurrency donations to fund its attacks against Israel.

Buy or sell stocks for today: On account of uncertainties associated with the Israel-Hamas, strong US dollar and rising US Treasury yields, Indian stock market continue to remain under the grip of bears for fifth straight session on Wednesday. Nifty 50 index lost 159 points and closed at 19,122 levels, BSE Sensex corrected 522 points and ended at 64,049 mark whereas Bank Nifty index nosedived 319 points and closed at 42,832 levels.

Former President Donald Trump compares himself to Nelson Mandela after filing for New Hampshire primary During a break in the case, which was brought by New York Attorney General Letitia James regarding Trump's business practices, Trump made comments to reporters in a hallway. He referred to the judge as a "very partisan judge" with a "partisan" person sitting alongside him, insinuating that the clerk was the partisan individual. Justice Engoron considered Trump's comments as a clear violation of the gag order and labeled it as "blatant." Trump briefly took the witness stand and attempted to explain that he was referring to the judge and Michael Cohen.

Sensex closed 522.82 points, or 0.81%, lower at 64,049.06, while the Nifty 50 ended at 19,122.15, down 159.60 points, or 0.83%. “We expect Indian markets to remain volatile on the back of concerns over higher interest rates, ongoing Israel-Hamas war and mixed Q2 results. On the global front, investors will take cues from ECB interest rate decision on Thursday," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Sensex closed 522.82 points lower at 64,049.06, while the Nifty 50 ended at 19,122.15, down 159.60 points, or 0.83%. Nifty 50 formed a long bear candle on the daily chart, signaling back-to-back sharp declines in the market in the last two sessions. This also indicates a decisive downside breakout of the immediate supports around 19,300-19,250 levels.

Israel-Hamas War LIVE: President Joe Biden expressed his opposition on Wednesday to retaliatory attacks by Israeli settlers against Palestinians in the West Bank following the October 7 Hamas attacks on Israel.“It has to stop. They have to be held accountable.

By Jeslyn Lerh

Investing.com — US stock futures were trading lower during Wednesday's evening deals, as major US indices continued to sell off throughout the regular session amid a slew of corporate earnings results.

Investing.com-- Oil prices moved little in Asian trade on Thursday as markets hunkered down before key U.S. economic data due later in the day, while focus also remained on any more developments in the Israel-Hamas war. 

High-performing partners at Australia’s biggest law firms are agitating to take home a greater share of profit, as firms increasingly look towards US-style “eat what you kill” partner remuneration models, according to legal recruiters.

West Australian producer Pilbara Minerals has shelved plans to pay a special dividend or buy back its own shares after a steep fall in lithium prices last quarter.

Billions of dollars in future investment and tens of thousands of jobs in Western Australia’s critical minerals and wider resources sector are at risk from the Albanese government’s plans to reshape environmental protection laws, industry warns.

Paul Grewal, the Chief Legal Officer at Coinbase, voiced a strong stance against funding malicious entities through cryptocurrencies in a series of tweets on October 11, 2023. His tweets come amidst escalating geopolitical tensions involving Israel and the terrorist organization, Hamas. Grewal labelled the situation as «evil,» emphasizing that no funds should be directed towards supporting Hamas or similar organizations, irrespective of the form of assets—be it fiat currency, gold, or cryptocurrency.