500 Financial News

Despite the negative forecasts for equity markets at the beginning of 2023, the year has unfolded more favorably, defying the pessimistic scenario. Most indexes have demonstrated robust positive performance since January, with Nasdaq standing out with an impressive +36% gain so far.

Central banks around the world will start to ease back on interest rates and inflation will continue at a slower pace, but what are the other key themes are likely in 2024?

ArcelorMittal South Africa Ltd on Tuesday said it plans to shut down its long steel operations due to weak demand and persistent infrastructure problems, which will result in layoff of around 3,500 jobs. In a statement, the steelmaker said that steel consumption in Africa's most advanced economy has fallen 20% over the past 7 years, due to limited infrastructure spend and project delays. South Africa's persistent rail logistics problems and an intensifying electricity crisis had also added costs to the business, ArcelorMittal South Africa added.

Yesterday was a fairly uneventful day, with the S&P 500 falling roughly 20 bps. Meanwhile, the 2-year auction at 11:30 AM was fairly ugly, with the new issue tailing one bps, while indirect acceptance fell to 57.4% from 62% last month.

Wall Street week ahead: Investors eye key US economic data, OPEC+ meet While the US economy is slowing, it has not deteriorated enough to justify the Federal Reserve beginning to cut interest rates, the firm noted. As a result, the economy will likely suffer from the squeeze of tighter credit longer than markets appear to anticipate, it said.

S&P 500 (SPX) recorded the fourth consecutive weekly close higher last week, ultimately closing at the highest level since July. It also marks the longest weekly run since June.

With drones finding wider applications, Magellanic Cloud is expecting that its order book from the segment may increase to Rs 200-400 crore in FY24 with the potential of reaching Rs 2500 crore in FY25. “On securing the DGCA license we are confident on getting immediate orders of 100-150 drones and in the course of time we shall look for bigger orders with a smooth facilitation process,” said Sanjay Chauhan, CFO, Magellanic Cloud. Edited excerpts from an interview: After an impressive growth in the first two quarters of the fiscal year, how do things look like for the next two quarters of the fiscal year? We have set an ambitious goal to boost revenue by approximately 30-40% in the fiscal year 2024. This reflects our confidence in our business model and strategic direction. The company is committed to sustaining a robust net profit margin after tax, maintaining a steady 15-20% of revenue from operations. This again demonstrates the determination of Magellanic Cloud towards its growth and aims to establish itself as a leader in the market.

Deutsche Bank strategists anticipate that the S&P 500 will surge to a record 5,100 by the end of the next year.

S&P 500 (SPX) recorded the fourth consecutive weekly close last week, ultimately closing at the highest level since July. It also marks the longest weekly run since June.

Perhaps now is an opportune moment to recall that historically, the period from November through January stands out as the most bullish three-month stretch of the entire year. Not only that, it marks the start of the most bullish six-month phase for the stock market.

MapmyIndia board has approved the company's plan to raise Rs 500 crore, the home-grown navigation services firm said in a regulatory filing on Monday. CE Info System, which operates under the brand name of MapmyIndia, will need to seek shareholders' nod and other statutory approval before fundraising through equity dilution. The company said the board has approved «raising of funds by way of issuance of such number of equity shares having a face value of Rs 2 each of the company (equity shares), for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) in accordance with the applicable laws».

Deutsche Bank strategists anticipate that the S&P 500 will surge to a record 5,100 by the end of the next year.

Citi strategists see the S&P 500 extending the bull run into the next year as earnings growth is expected to broaden from here.

Whether you see the past week-and-a-half action in the Russell 2000 (IWM) as a bullish ascending triangle or pennant, it's clear there is a significant bullish turn in momentum since the early November gap higher (on higher volume accumulation).

Lava plans to pump in over ₹500 crore into research and development, and marketing in the next two years, targeting 100% year-on-year growth in the coming years with a focus on '5G-fying' the budget smartphone segment, newly elevated managing director Sunil Raina told ET. The company has seen its revenue triple in the past three years since relaunching its smartphone brand in 2020, while its volumes have grown 2.5 times, underpinning a resurgence after being pushed out of the market by Chinese brands since its peak in 2014. «My top priority is to see how to bring more value to the consumers. Secondly, it is to make sure that we grow at least at a 100% rate for the next 3-4 years, that's the key objective.

LONDON (Reuters) -Britain's biggest high street bank Lloyds (LON:LLOY) is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to slash costs.

Binance, the world’s largest crypto exchange by trading volume, has added fuel to the frenzy surrounding the Solana-based meme coin BONK by announcing the launch of a BONK futures offering.

Nifty Bank index bounced back on Thursday supported by buying seen in key index heavyweights such as HDFC Bank, SBI. The index rose over 100 points to close at 43,577. It hit an intraday high of 43,649 and an intraday low of 43,451.

While coming in as a technical distribution day, the generally low volume yesterday was a sign that Thanksgiving trading has come early. I won't be expecting much until next Monday, but Black Friday is more likely to be bullish.

RBC Capital Markets has introduced its year-end 2024 S&P 500 price target of 5,000 as the new year approaches.

Nifty may hit a target of 22,584 in the next 12 months even as the market manoeuvres through headwinds like US interest rates, El Nino's impact on crops and inflation, volatile crude prices and the election year in India, Prabhudas Lilladher said in a note on Wednesday. The brokerage remains positive on auto, banks, capital goods, hospitals, and discretionary consumption and picks Max Healthcare, Hindalco Industries, Eris Lifesciences and Sunteck Realty as its conviction buys. As its contra picks, Prabhudas has added Kajaria Ceramics and Restaurant Brands Asia while removing SBI, Carborundum, Chalet Hotels and Crompton Greaves Consumer Electricals. The broking firm has also raised its target price on Maruti Suzuki, Ceat, Aarti Industries, Axis Bank, ICICI Bank, Supreme Industries, Voltamp Transformers, RR Kabel, Fortis, Max Healthcare Institute, Jindal Stainless, IPCA and Lupin.