500 Financial News

British government is in talks with Tata Steel, the country's biggest steel producer, to provide 500 million pounds ($629 million) of funding to help secure the long-term future of a key part of its steel industry, Sky News reported on Saturday. (more to come)

The Adidas /// Studio, also known as the Triple Stripes Studio, has launched a Web3-based digital artist in residency program to showcase and support budding creators in the NFT space.

(Reuters) — Shares of Blackstone (NYSE:BX) and Airbnb rallied in extended trade on Friday after S&P Dow Jones Indices said the two companies would join the S&P 500 index.

Investing.com — The S&P 500 gave up some gains to trade flat Friday, even as a monthly jobs report showing slower wage growth underpinned optimism that slowing inflation will likely persist encouraging the Federal Reserve keep rates steady next month.

There’s a stark contrast between public perception and the reality of how homeless people spend money, says a researcher who gave 50 homeless people in British Columbia $7,500 each to do with as they wished.

Adani Group companies recovered on Friday with the market valuation going up by Rs 13,500 crore a day after a report by OCCRP alleged that billionaire Gautam Adani used family associates to secretly invest hundreds of millions of dollars through «opaque» Mauritius-based investment funds to fuel the rise in group stocks.

Nifty failed to reclaim the short-term moving average i.e. 20 EMA despite positive global cues to form a long negative candle on the daily chart as it ended 5 points higher. Technically, this pattern indicates a bearish counterattack-type candle pattern after a small bounce.

Nvidia and other megacap growth stocks after a drop in monthly job openings cemented expectations of a pause in interest rate hikes by the U.S. Federal Reserve. The S&P 500 logged its strongest one-day gain since June 2, while the Nasdaq notched its strongest session since July 28, and both indexes closed at more than two-week highs. The sharp gains came after the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) showed the number of job openings stood at 8.827 million in July, falling for the third straight month and signaling easing labor market pressures. Investors also parsed a report from the Conference Board showing consumer confidence in the United States fell to 106.1 in August, compared with expectations of 116. Interest rate futures signaled an 87% chance the Fed will keep rates steady at its September meeting and a 54% chance it will keep rates on hold through November, according the CME Group's FedWatch tool. «Investors are of the mindset that 'You know what, maybe interest rate hikes are indeed behind us.

Investing.com — The S&P 500 rose Tuesday, as data pointing to a softer economy pushed Treasury yields lower as investors boosted bets that the Federal Reserve will likely skip rate hikes in September.

₹24,500 crore. Together, the Pre-IPO and IPO of Aeroflex raised ₹426 crores for the company and its corporate promoter, Sat Industries Ltd.

Wall Street ended higher on Monday, with gains in 3M and Goldman Sachs ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve's interest rate path. All three major stock indexes rose as investors digested last Friday's comments from Fed Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained. Focus now shifts to a report on the personal consumption expenditures price index, the Fed's preferred inflation gauge, to be released on Thursday, and non-farm payrolls data due on Friday. «The fact that Powell didn't come out and say anything particularly hawkish or particularly unnerving to markets — that has proven to make this a bit of a risk-on day, even if he wasn't outright dovish either,» said Ross Mayfield, Investment Strategy Analyst at Baird. Nvidia rose 1.78% and was the most traded stock in the S&P 500, with $31 billion worth of the chipmaker's shares exchanged. Other megacaps also gained, with Apple and Alphabet both adding 0.9%. 3M jumped 5.2% after a report that the conglomerate has tentatively agreed to pay more than $5.5 billion to resolve over 300,000 lawsuits claiming it sold the U.S.

Jan Dhan Yojana (PMJDY), the government's financial inclusion programme, crossed 500 million in August, said Vivek Joshi, secretary-financial services, Ministry of Finance. The scheme, launched by the Prime Minister Narendra Modi to enable financial inclusion, completes nine years on 28 August 2023. As of 16 August, Joshi said, the total number of PMJDY accounts stood at 500 million, up from 147.2 million at the end of March 2015.

Taiwan's defence ministry said Saturday that China sent dozens of aircraft and vessels toward the island, just days after the United States approved $500-million arms sale to Taiwan. The defence ministry said in a statement that 32 aircraft from the People's Liberation Army and nine vessels from the navy were detected in the 24 hours between 6 am Friday and 6 am Saturday. Of these, 20 aircraft either crossed the median line of the Taiwan Strait or breached Taiwan's air defense identification zone. In response, Taiwan tasked its own aircraft, vessels and missile systems to respond to the activities, the defense military said. China sees self-ruled Taiwan as a renegade province to be taken by force if necessary.

Central Bank of India is likely to raise up to ₹1,500 crore through the issuance of tier-2 bonds next week. The state-owned bank's bond issue is likely to have a base size of ₹500 crore and a greenshoe option of ₹1,000 crore, with bidding for the sale expected to take place on August 29, sources said. The bonds are likely to be of 10-year maturity.

Investing.com — The S&P 500 pared some gains Friday as rising Treasury yields kept a lid on gains in tech after Federal Reserve chairman Jerome Powell signaled there was still more work to do to curb inflation.

Nasdaq after this week's sharp gains and as investors were nervous ahead of Federal Reserve Chair Jerome Powell's speech Friday. Shares of Nvidia ended barely higher after they hit a record high early in the session. The company late Wednesday gave a much stronger-than-expected forecast amid demand for its artificial intelligence chips and said it would buy back $25 billion in stock. All of the major S&P 500 sectors were down on the day, however, and an index of semiconductors dropped 3.4%. Central bankers and other economic leaders gathered Thursday for an annual symposium in Jackson Hole, Wyoming.

₹5,797 crore during the session. As per the NSE data, FIIs cumulatively bought ₹12,992.74 crore of Indian equities, while they sold ₹11,467.87 crore --- resulting in an inflow of ₹1,524.87 crore.

Reserve Bank of India's policy meeting minutes, Indian equity markets opened higher on Thursday, led by banking, financial, and IT stocks. The BSE Sensex was trading 467 points or 0.71% higher at 65,752. Nifty50 was trading at 19,567, up 132 points or 0.68% at around 9.55 a.m. Among Sensex stocks, L&T, Tech Mahindra, JSW Steel, and Infosys opened with gains, while only Jio Financial Services and NTPC opened with losses.Atul Auto shares opened over 4% higher after European firm Societe Generale bought 140,000 shares of the firm.

HDFC Capital Advisors and the House of Abhinandan Lodha (HoABL) have formed an alliance to set up a joint venture platform with investments of over ₹1,500 crore to undertake both plotted developments and low-rise projects across key property markets in India. HDFC Capital Advisors will be investing in this new platform through HDFC Capital Affordable Real Estate Fund-3 and the Investment is expected to result in a gross development value (GDV) of over ₹4,500 crore. «We believe there is a significant unmet demand for mid-income low-rise housing in the peripheral areas of tier 1 cities and tier 2 cities, driven by improved connectivity on the back of rapid development of road, rail and air infrastructure projects across India,» said Vipul Roongta, MD & CEO, HDFC Capital Advisors. According to him, through this platform, HDFC Capital will continue to focus on partnering with trusted realty brands to meet the increasing demand for high-quality low-rise developments at affordable prices. «The joint venture with HDFC Capital is a testament to our shared vision of creating exceptional living experiences. By combining our expertise and resources, we are set to redefine the landscape of branded low-rise projects.

Shell Energy India on Wednesday said it will invest Rs 3,500 crore in Gujarat to set up a renewable energy facility, charging stations for electric vehicles, and an LNG regasification terminal, which would create nearly 4,300 jobs. A memorandum of understanding (MoU) in this regard was signed between the Gujarat government and Shell Energy India in Gandhinagar on Wednesday in the presence of Chief Minister Bhupendra Patel, a government release said. The agreement has been signed as part of the upcoming 10th edition of the Vibrant Gujarat Global Summit to be held in January next year, said the release. Under this MoU, Shell Energy India will invest Rs 2,200 crore to set up a renewable energy production facility on 1,200 acres in Banaskantha district of north Gujarat. The facility will provide direct and indirect employment to more than 1,000 people, and it is expected to commence commercial production by 2026.

By Caroline Valetkevitch