Target Financial News

Stocks finished yesterday's session lower ahead of CPI report. Expectations are for headline CPI to increase by 0.1% month-on-month and 3.3% year-on-year, down from September’s increase of 0.4% m/m and 3.7% y/y reading. Core CPI is expected to rise by 0.3% month-on-month and 4.1% year-on-year, in line with last month’s reading.

Former St. Louis Fed President Jim Bullard says the Federal Reserve still has «a ways to go» in fighting inflation and that there is still a risk that prices pick up once again.

Security firm SlowMist has issued a warning about a wave of crypto thefts orchestrated by fake journalists. 

There is mounting evidence that the US is cutting its direct dependence on Chinese imports—to the lowest level in 17 years, by some measures. Mexico and Canada in the middle of this year overtook China as top exporters to the US. This points to both a gradual decoupling of the two largest economies in the world as well as the rise of friend-shoring.

UBS expects the U.S. Federal Reserve to cut interest rates by as much as 275 basis points in 2024, almost four times the market consensus, as the world's largest economy tips into recession.

Glencore has agreed to buy a majority stake in Teck Resources’s coal business for $US6.93 billion ($10.9 billion), ending a months-long saga and setting the stage for the commodity giant to spin off its own coal unit.

Vodafone said Tuesday that it sank into a first-half loss and revenue dipped after one-off gains from asset sales were not repeated as it undergoes a vast overhaul. Net losses totalled 346 million euros ($370 million) in the six months to the end of September, Vodafone said in a results statement. That compared with profit after tax of 945 million euros in the same period a year earlier. Revenues fell 4.3 percent to 21.9 billion euros, hit by adverse foreign exchange rate moves as well as the sale of Vantage Towers, Vodafone Hungary and Vodafone Ghana last time around. But services revenue grew 4.2 percent to 18.6 billion euros. Vodafone added that its transformation plan was «progressing», two weeks after it announced the sale of its Spanish division to investment fund Zegona for up to 5.0 billion euros. In a further streamlining, Vodafone in June agreed to merge British operations with Three UK, owned by Hong Kong-based CK Hutchison, to create Britain's biggest operator with 27 million customers, as it targets an acceleration in faster 5G connectivity. «During the first half of the year, we have delivered improved revenue growth in nearly all of our markets and have returned to growth in Germany in the second quarter,» said chief executive Margherita Della Valle. «Vodafone's transformation is progressing.

Aage dekha jayega (We will see)," Samajwadi Party chief Akhilesh Yadav said when he asked about INDIA's bloc's future at a time when a rift persists between his party and the Congress. Both the political parties are part of the INDIA alliance of 26 parties. Akhilesh Yadav's statement came after he took a dig at the Congress on Monday and questioned the timing of their demand for a caste census in India.

By Sam Nussey and Kaori Kaneko

By Roxanne Liu and Kane Wu

ANZ will make five key arguments in a hearing next month when it will attempt to convince the Australian Competition Tribunal to overturn the Australian Competition and Consumer Commission’s decision in August that blocked its $4.9 billion acquisition of Suncorp Bank. 

Strong demand for traditional auditing, accounting and tax services, along with fast-growing consulting offerings, helped boost annual revenue at mid-tier accounting firms by a breakneck 17 per cent, to $2.8 billion.

coal ministry on Monday said the coal production target for 2026-27 is 1.4 billion tonnes and for 2029-30 it is 1.58 billion tonnes. The production target for this financial year remains at marginally over 1 billion tonnes, which the ministry had earlier projected. Fuel to be supplied to domestic coal-based power plants is around 821 million tonnes for this fiscal. The ministry has taken note of the additional coal requirement for supplying to the planned 80 GW thermal power capacity which is to be added by 2030, it said. The coal requirement for additional thermal power capacity would be around 400 million tonnes at 85% plant load factor.

smallcap stocks have been the flavour of the season for Dalal Street investors, giving superlative returns. However, the sharp rally has prompted mutual funds to book profits in some of them. The monthly MF holdings data showed that the domestic institutions have reduced exposure to 10 such mid- and smallcap stocks for three consecutive months. Of the 10 stocks, nine of them have given double-digit returns of up to 43% so far in the current financial year, while one has turned multibagger. Mazagon Dock Shipbuilders, Bank of India, Thermax, Uno Minda, and Vedant Fashions are the five midcap stocks which saw mutual funds reducing their exposure for three months in a row, according to the data shared by Nuvama Institutional Equities. The five smallcap stocks that saw selling by MFs for three consecutive months were Galaxy Surfactants, Ingersoll Rand, BEML, Home First Finance, and MTAR Technologies. Mazagon Dock Shipbuilders/BEML These two defence sector superstars have given whopping returns to investors so far in FY24.

Coal India (CIL) after the company's second-quarter results beat market expectations. The stock jumped 5.3% to hit a 52-week high of ₹350, emerging as one of the biggest gainers on Monday. The average price target on Coal India of all analysts compiled by Bloomberg following the second quarter results is at ₹338.22, almost 3% lower than its closing price of ₹349.35 on Monday. Brokerage Jefferies said that the company's earnings outlook has improved due to better volume growth and lower-than-expected cost trajectory.

Saturn's renowned rings to disappear from Earth's view from 2025; here's all you need to know "Happy #Diwali to all those who celebrate," NASA wrote in a post on X (formerly Twitter). "NASAHubble captured a celestial festival of lights -- a globular cluster -- 30,000 light-years away from Earth, near the dense and dusty center of our own Milky Way galaxy," it added. The US Space Agency said that the cluster contains both old and new stars.

Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same period last year.

Investing.com -- The Federal Reserve's higher for longer rate regime will be followed up by a series of rate cuts starting in June next year that will go «well beyond» market expectations, Morgan Stanley says, expecting the Fed to achieve a soft landing as it embarks on the last mile to curbing inflation to target.  

According to a report by Bernstein on the U.S. semiconductors, particularly focusing on Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD), the PC market continues to improve following several quarters of channel inventory correction consequent of 2 years of pandemic-fueled demand pull-forward.

Investing.com — Stocks are muted with minutes to go before the closing bell on Monday as investors await the Tuesday release of consumer price index data for October.

Already in early August, see here, we warned that per the Elliott Wave Principle (EWP) a major top could be forming for the S&P 500. We followed up on our forecast regularly, with the market throwing the obligatory and occasional curve ball. But by the end of October, the index had lost 11%. Three weeks ago, see here, we found a reversal was likely and: