Fall Financial News

Chip stocks like NVIDIA (NASDAQ:NVDA), AMD (NASDAQ:AMD), and Intel (NASDAQ:INTC) fell in early trading Tuesday after new rules from the Biden administration will make it harder for China to buy AI and other advanced U.S. chips.

By Ankika Biswas and Shashwat Chauhan

In real terms, adjusted for inflation using the Consumer Prices Index (CPI) and including housing costs, total pay rose year-on-year between June and August by 1.3%.

Federal Bank Ltd. traded 0.06 per cent down at Rs 148.35 on Tuesday at around 12:59PM (IST), while the benchmark BSE Sensex advanced 366.34 points to 66533.27. As many as 278,991 shares changed hands on the counter with a total value of Rs 4.15 crore.

Prime Day event that concluded Wednesday, a sequel to Amazon’s big sales promotion in July, is being closely scrutinized for signs of how the retail industry will fare during the holidays. Prime Day has morphed into a sector-wide bonanza, with retailers from Walmart Inc. to Macy’s Inc.

Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed today: downgrades at Cummins, JD.com, BioNTech, Crown Castle, and KB Home.

U.S. chip stocks like Nvidia (NASDAQ:NVDA), and Advanced Micro Devices (NASDAQ:AMD), among others, are trading lower early Monday following a Bloomberg News report that the U.S. will strengthen restrictions on China's access to advanced chip technology.

World shares have fallen and oil prices are mixed as investors brace for an expected invasion of Gaza by Israel

(Reuters) — Chicago Fed president Austan Goolsbee said it is «undeniable» that the slowdown in U.S. inflation is a trend rather than a momentary blip, despite a recent string of economic data showing persistent pressure on some prices, the Financial Times reported on Monday.

By Ludwig Burger

Israel-Hamas war. If the war escalates further and spreads to other countries, it will shoot up crude oil prices and also deal a severe blow to the global economy which is already struggling thanks to continuous rate hikes due to a sharp rise in inflation led by the Russia-Ukraine war in the post Covid-19 pandemic world. "Top US officials warned on Sunday that the war could escalate into a wider conflict across the Middle East.

Bitcoin was down 0.2% at $26,809 as of 11:30 p.m., while Ethereum was below the $1,550 level. Meanwhile, the global cryptocurrency market cap declined 0.5% to around $1.05 trillion in the last 24 hours. In today's trade, Toncoin and Solana fell up to 3%. While BNB, XRP, Dogecoin, Tron, and Polkadot also declined.

Varun Beverages Ltd. fell 0.65 per cent to Rs 922.75 in Monday's trade as of 01:34PM (IST) even as the benchmark Nifty ruled at 19753.3, up 2.25 points. The scrip had closed at Rs 928.85 in the previous session.

Avenue Supermarts fell over 4% in the early trade on Monday to the day's low of Rs 3,772.75 after top brokerages highlighted sustained margin pressures in the company's operations while a couple of them cut their FY24 net profit estimates. Among them were Jefferies which reiterated a 'Hold' on the stock, citing concerns over the company's general merchandise & apparel mix business which drove margin pressure. Kotak Institutional Equities, though raised its price target, recommended a 'Sell' on the stock. Meanwhile, both Nuvama and Motilal Oswal cut FY24 profit after tax (PAT) estimates even as they maintained a buy rating on the counter.

Oil prices fell on Monday, partly reversing Friday's rally as investors wait to see if the Israel-Hamas conflict draws in other countries, which could drive up prices and deal a fresh blow to the global economy. Brent futures slid 34 cents, or 0.4%, to $90.55 per barrel and U.S.

By Sinéad Carew, Shashwat Chauhan and Ankika Biswas

Investing.com — U.S. futures drifted lower Friday, as investors digested the release during the previous session of hotter than expected inflation data as well as key bank earnings.

International Criminal Court has jurisdiction over potential war crimes carried out by Hamas militants in Israel and Israelis in the Gaza Strip, even though Israel is not a member state, the ICC's top prosecutor told Reuters on Thursday. The occupied Palestinian territories including the Gaza Strip fall under the jurisdiction of the ICC, meaning the court has the authority to prosecute Hamas, the Palestinian militant group that rules Gaza. «If there is evidence that Palestinians, whether they're Hamas or Al Quds Brigades or the armed wing of Hamas or any other person or any other national of any other state party, has committed crimes. Yes, we have jurisdiction wherever they're committed, including on the territory of Israel,» ICC prosecutor Karim Khan said in an interview. In his first comments since Hamas launched brutal attacks on Israel on Saturday and Israel responded with devastating bombings of the Gaza Strip, he said the images are «heartbreaking».

Chinese e-commerce giant JD.com fell as much as 13% to a record low on Friday after several banks and brokers cut price targets and revenue growth forecasts for the firm, citing a weaker-than-expected recovery in consumer spending. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates. JD.com, which is listed in Hong Kong and the United States, is expected to report quarterly financial data in mid-November following China's main online shopping festival, Singles' Day. Shares in JD.com, which is also China's largest home appliance retailer, closed at their lowest level since their June 2020 debut. A debt crisis in the key property sector has contributed to slowing China's economic growth after the pandemic, while many Chinese have cut back on spending due to concerns over the economy and job security, hurting the retail sector. In March, JD.com warned it would take time to rebuild consumer confidence post-pandemic as it missed fourth-quarter revenue forecasts. Citi Research lowered its revenue assumption for JD.com by 3.4% and 4.3% for the third and fourth quarter, saying that it now estimates 0.8% and 1.3% growth respectively. The bank's analysts cited a «relatively muted consumption trend, high base, intense competition, and on-going impact from restructuring adjustment» for the change in estimates. Nomura said JD.com had yet to see any meaningful improvement in retail since the third quarter, adding that the company had also missed on any positives from the stimulus policies China has rolled out since September to rescue the property market. JD.com said it had no comment on the analyst revisions and its share price

Avenue Supermarts is likely to see its net profit for the quarter ended September 2023 decline on a year-on-year (YoY) basis. This is largely because of a weak operational performance. According to the provisional numbers released by the owner of DMart hypermarket chain earlier this month, the company’s standalone revenue increased by nearly 19% YoY in the September quarter to Rs 12,308 crore. However, the net profit is expected to decline about 3% on year to Rs 666 crore, according to the average of estimates given by five brokerages. The Radhakishan Damani-owned company will release its earnings on Saturday. Dalal Street investors will track the management’s commentary on the outlook for the current quarter, given that festival season will drive discretionary spending and increase footfalls in stores. Industry-wide commentary indicated a persistent slowdown in the discretionary category in the September quarter, but analysts expect it to improve in the current quarter with the onset of festive demand. The company’s overall view on the margin trajectory for the rest of the financial year will also be watched by investors. Store addition outlook and trend on revenue per square feet will also be a key monitorable. Revenue per sq ft, which remained subdued in the recent past mainly due to the addition of larger store sizes and weak discretionary spending, is now seeing a pick-up, said analysts at Motilal Oswal Securities. “We believe the improvement in revenue per sqft indicates an improved contribution from larger stores,” it said. As of September 30, the company's total number of stores stood at 336, with nine new additions in the last quarter.

Page Industries Ltd. traded 0.87 per cent down at Rs 39122.65 on Friday at around 12:07PM (IST), while the benchmark BSE Sensex declined 356.49 points to 66051.9. As many as 206 shares changed hands on the counter with a total value of Rs 0.82 crore.