Target Financial News

All three major U.S. stock indexes retreated in the wake of announcement, with interest rate sensitive megacap stocks Microsoft Corp, Apple Inc and Nvidia Corp pulling the Nasdaq down most. The Fed's announcement was accompanied by its Summary Economic Projections (SEP) and dot plot, which sees an additional 25 basis point rate hike this year, peaking in the 5.50%-5.75% range. The SEP projections also called for 50 basis points of rate cuts next year. «It's your standard Fed day volatility,» said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska.

US Federal Reserve on Wednesday kept the benchmark interest rates unchanged, in line with the street estimates. The Fed Chair Jerome Powell-led Federal Open Market Committee (FOMC) unanimously voted to leave the Fed funds rate at a 22-year high of 5.25% to 5.5% after the two-day meeting held on September 19 and 20.

Buy or sell stocks for today: Following mixed global cues, Indian stock market ended lower for second straight session on Wednesday. Nifty 50 index went down 231 points and ended at 19,901 levels, BSE Sensex corrected 796 points and ended at 66,800 levels whereas Nifty Bank index nosedived 595 points and finished at 45,384 mark.

Investors may not want to bet heavily on an autumn stock surge as the fuel behind this year’s rally runs low, said Lisa Shalett, chief investment officer for wealth management at Morgan Stanley.

Market regulator Sebi’s attempt to regulate the social media-based influencer community, though a step in the right direction, might miss its primary target of reining in the fraudulent tricksters active in the online world, say founders of wealthtech companies.Earlier this month, Sebi chairperson Madhabi Puri Buch invited ‘finfluencers’ — social media influencers who offer advice and information on financial products to their followers — to get

Incubate Fund Asia, a sector-agnostic and Japan-origin venture capital firm, on Wednesday announced the first close of its third fund, which has a target corpus of $50 million (Rs 416 crore). The Singapore-based fund also said it is rebranding itself as Incubate Fund Asia. Previously, as Incubate Fund India, it only backed domestic startups such as Captain Fresh, Yulu, ShopKirana and Plum from its first two funds since 2016. It has backed 27 companies so far.

Nuvama Wealth Management, a company spun off from Edelweiss Financial Services, is poised for its stock market debut next week, a top executive said. The company is expected to list with a market capitalisation of ₹8,000-9,000 crore. The wealth management firm, earlier called Edelweiss Wealth Management, has received approvals from shareholders and almost all the authorities, including the National Company Law Tribunal and stock exchanges, for listing, chief executive and managing director Ashish Kehair said. The other two listed pure wealth management entities, 360 One WAM and Anand Rathi Wealth, currently trade at about 32 and 35 times their earnings per share for the past 12 months, with market capitalisations of ₹18,664 crore and ₹6,320 crore, respectively. For the year through March 2023, Nuvama reported a net profit of ₹323 crore, while 360 One WAM posted ₹658 crore and Anand Rathi Wealth reported ₹169 crore. Under the demerger plan, Nuvama allotted 10.5 million shares to the shareholders of Edelweiss Financial on a proportionate basis as consideration for demerger. Private equity fund PAG owns a 56% stake in Nuvama, while Edelweiss Group has about 14%.

By Yasin Ebrahim

WASHINGTON — Below is the statement the Fed released Wednesday after its policy meeting ended:

India has advised its citizens to be careful when traveling to Canada as a rift between the two nations widens further in the wake of Ottawa’s allegations that India may have been involved in the killing of a Sikh separatist leader in suburban Vancouver

A venture capital firm that has backed buzzy new companies has become symbolic of the fight over corporate diversity policies

Detroit carmakers are announcing more layoffs that they blame on fallout from the United Auto Workers strike

New Delhi: PFC and SJVN Ltd have signed an MoU for providing financial support to various projects, including massive renewable energy ventures totaling 12,178 MW capacity, along with a 660 MW thermal generation project for an estimated project cost of around ₹1.18 trillion The MoU was signed by Manoj Sharma, Director (Commercial) PFC, and Akhileshwar Singh, Director (Finance) SJVN in the presence of Parminder Chopra, CMD PFC, Shri Nand Lal Sharma, CMD, SJVN and Geeta Kapur, Director (Personnel) SJVN. Under the MoU, PFC's financial support in form of term loan is tentatively proposed to range from ₹80,000 crore to ₹90,000 crore, demonstrating a substantial commitment to the realization of these vital projects.

NEW DELHI : India is facing criticism from several World Trade Organization (WTO) members for failing to notify the trade body of its numerous export restrictions to secure domestic food supplies before national elections next year, three people aware of the development said. Commerce secretary Sunil Barthwal will chair a high-level meeting on Friday to potentially discuss India’s priorities at WTO’s 13th Ministerial Conference (MC13) in Abu Dhabi in February and chalk out arguments explaining New Delhi’s stance on the issue. This comes as India, the largest rice exporter, imposed curbs on exports of the commodity after a rainfall deficit during the monsoon triggered food security concerns.

NEW DELHI : Diplomatic tensions between India and Canada mounted after New Delhi released a scathing travel advisory counselling its citizens to exercise caution while travelling to Canada. “In view of growing anti-India activities and politically condoned hate crimes and criminal violence in Canada, all Indian nationals there and those contemplating travel are urged to exercise utmost caution. Recently, threats have particularly targeted Indian diplomats and sections of the Indian community who oppose the anti-India agenda.

WASHINGTON—Federal Reserve officials voted to hold interest rates steady at a 22-year high but signaled they were prepared to raise rates once more this year to combat inflation. With economic activity stronger than anticipated, a majority of officials also expected they would need to maintain interest rates near their current level through next year, according to projections released Wednesday at the conclusion of their two-day policy meeting. Fed officials raised their benchmark federal-funds rate at their previous meeting in July to a range between 5.25% and 5.5%.

US Federal Reserve announced its interest rate decision on September 20, after a two-day Federal Open Market Committee (FOMC) meeting and left the benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent. Fed policymakers have raised the US gross domestic product (GDP) projection to 2.1 per cent this year, a notable upgrade from the 1 per cent growth projected in June, and expanding by 1.5 per cent next year.

Geoff Wilson is taking a hall pass from his long-lasting love affair with listed investment companies, preparing to raise $500 million to $1 billion for an open-ended fund version of the firm’s successful WAM Leaders.

The Federal Reserve left its benchmark interest rate unchanged while signaling borrowing costs will likely stay higher for longer after one more hike this year.

The Federal Reserve held interest rates steady in a decision released Wednesday, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year.

The Federal Reserve stayed put on Wednesday, but forecast it will raise interest rates one more time this year, according to the central bank's projections released on Wednesday.