Target Financial News

STOCKHOLM (Reuters) — Sweden's government promised tax cuts and more money for welfare, defence and the criminal justice system in its 2024 budget on Wednesday, but said spending had to be limited by the need to keep a lid on inflation.

By William Schomberg and Andy Bruce

The Federal Reserve is set to leave its key interest rate unchanged Wednesday as it seeks to guide the U.S. economy toward a “soft landing” of cooling inflation without triggering a deep recession

U.K. inflation came in at 6.7% in August, below expectations and down slightly from the previous month.

(This Sept. 18 story has been corrected to say inflation has stayed within the target range, not below, in paragraph 2 and BI was expected to keep rates up over 1.0%, not down 1.3%, in paragraph 3)

Below is a list containing mean price targets for banking stocks collated with data from the latest Stock Reports Plus report dated September 18, 2023. The list also contains a count of analysts evaluating each banking stock for the next 12 months.

IIFL Finance share price rose over a per cent in morning trade defying weak market sentiment after global financial firm HSBC initiated coverage on the stock with a buy recommendation, pegging the target price of ₹790, implying an upside of as much as 35 per cent from the stock's previous session's close of ₹586.35 on BSE. The stock opened at ₹589.45 against the previous close of ₹586.35 and soon rose over a per cent to the level of ₹592.75. The stock hit its 52-week high of ₹648 on September 11 this year.

Investing.com — Stocks sold off on Tuesday as investors awaited the outcome of the Federal Reserve's two-day policy meeting, and hoped for direction on where interest rates are headed.

HDFC Bank with a target price of Rs 2000. The current market price of HDFC Bank is Rs 1568.9. HDFC Bank, incorporated in the year 1994, is a banking company (having a market cap of Rs 1227907.75 Crore). HDFC Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2023.Financials For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 61021.29 Crore, up 6.76 % from last quarter Total Income of Rs 57158.84 Crore and up 38.05 % from last year same quarter Total Income of Rs 44202.32 Crore.

BPCL while Morgan Stanley maintained an overweight rating on HDFC Bank. HSBC initiated a buy rating on IIFL Finance and Axis Securities recommended a buy on Hindalco Industries.We have collated a list of recommendations from top brokerage firms from ETNow and other sources: Jefferies on oil & gas sector: BPCL, GAIL India Jefferies downgraded BPCL to underperform from hold and slashed the target price to Rs 310 from Rs 425 earlier. The global investment bank upgraded GAIL India to buy from underperform and raised the target price to Rs 136 from Rs 105 earlier. The company would be a beneficiary of high crude oil prices. Opec + production cuts and low US inventories are likely to keep oil prices elevated.Morgan Stanley on HDFC Bank: Overweight| Target Rs 2110 Morgan Stanley maintained an overweight rating on HDFC Bank with a target price of Rs 2110.

Ipca Laboratories with a target price of Rs 970. The current market price of Ipca Laboratories is Rs 923.05.

Hikal with a target price of Rs 324. The current market price of Hikal is Rs 310.95.

Yellow metal’s slide was despite some weakness in the dollar index (DXY) which was hovering around the 105.14 mark against a basket of six top currencies, down 0.05%. The MCX October gold futures were trading down by Rs 44 or 0.07% from the Monday closing price at Rs 59,238 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,298 per kg, higher by Rs 271 or 0.37%. Dollar Index (DXY) crossed the 105 mark on Monday against the basket of six top currencies and was down by 0.07%. On Comex, Gold futures were trading at $1,949 per troy ounce on Wednesday, down by $2.20 or 0.11% while Silver futures were at $23.345, lower by $0.111 or 0.470%. The October gold futures had ended with gains of Rs 11 or 0.02% per 10 gram at Rs 59270 on Tuesday while the December Silver futures closed lower at Rs 72,550, down by Rs 20 per kg or 0.03% on a holiday curtailed trading session.

HDFC Bank share price declined over 3 per cent in early trade on BSE on Wednesday after brokerage firms expressed their mixed views on the stock post the bank's analyst and institutional investor meeting on Monday (September 18). The stock opened at ₹1,599 against the previous close of ₹1,629.05 and soon fell 3.31 per cent to the level of ₹1,575.15. HDFC Bank share price has strongly underperformed the benchmark Sensex in the last one year.

Day trading guide for today: On account of sell off trigger in global market, Indian stock market ended lower on Monday. NSE Nifty lost 59 points and closed at 20,133 levels, BSE Sensex went down 241 points and closed at 67,596 mark whereas Nifty Bank index corrected 251 points and ended at 45,979 levels. Volumes on the NSE continued to be on the lower side.

KMD Brands, which owns the Kathmandu outdoor clothing brand and surfwear business Rip Curl, says overall sales slipped by 6.4 per cent in August as households cut back on spending and warm weather reduced demand for puffer jackets.

Lloyd Austin urged allied defense leaders Tuesday to «dig deep» and provide more air defense systems for Ukraine to help it block increasing barrages of Russian missiles, even as debate grows in Congress over aid to Kyiv. But while the allies said they will discuss how they can best help Ukraine's counteroffensive in the coming winter months, they appeared no closer to commitments on the longer-range missiles that Kyiv's leaders insist they need as they struggle to retake land gained by Russia earlier in the conflict. «Air defense is saving lives,» Austin said. «I urged allies and partners to dig deep and donate whatever air defense munitions they can as Ukraine heads into another winter of war.» Speaking at the close of the meeting of the Ukraine Defense Contact Group at Ramstein Air Base in Germany, Austin said allies have done a «credible job» of getting some air defenses to the war, «but there's much more work to be done.

Gold prices fell on Wednesday after hitting a two-week highs in the last session, as traders await the U.S. Federal Reserve's policy decision for an updated outlook on the economy and monetary tightening path. FUNDAMENTALS * Spot gold eased 0.1% to $1,928.79 per ounce by 0111 GMT, after hitting its highest since Sept.

Federal Reserve convened for its much-anticipated two-day monetary policy meeting. All three indexes ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday, which is expected to culminate in a decision to leave key interest rates unchanged. «It's a big set up coming into tomorrow and markets are clearly focused on any change in communication from the Federal Reserve,» said Bill Northey, senior investment director at U.S. Bank Wealth Management, Helena Montana, who expects «intense focus on the Fed's perspective on inflation in the post-meeting press conference.» «Broad inflation readings have shown marked progress over the last year,» Northey added.

India and Canada, triggered by Prime Minister Justin Trudeau's allegation of Indian agents being behind the killing of a pro-Khalistan leader on his home soil, Canadian journalist Terry Milewski on Tuesday said he hoped that more «evidence» will come to the surface in the form of «leaks, or announcements or private briefings». Speaking to on Tuesday, Milewski said the allegation «better be good» as if it isn't, it will turn into a «bigger embarrassment for Prime Minister Trudeau». He said the «Indians were not going to sit quietly» unless the Canadian government presented «evidence» to back its claim of New Delhi's involvement in the killing of the wanted Khalistani leader. «So I think that over time, either through a procedure of leaks or some sort of announcement or some nice little off-the-record private briefing for chosen reporters, that in one way or the other, it's going to get out what the government is talking about...I can tell you that it better be good. Because if it's not, this is just going to blossom into an even bigger embarrassment for Prime Minister Trudeau,» Milewski added. Milewski is a former senior correspondent for Canada-based CBC television news. The Canadian journalist said there has been a persistent rumour within the Khalistan community in Canada that this (killing of Hardeep Nijjar) was not some local gangland killing. «The problem is that for the Canadians there has been a persistent but unconformable rumour...within the Khalistan community in Canada, which is large and very active, that this was not some local gangland killing, as it first appeared.

Buy or sell stocks for today: Following weak global market sentiments, Indian stock market fell on Monday. NSE Nifty lost 59 points and closed at 20,133 levels, BSE Sensex went down 241 points and closed at 67,596 mark whereas Nifty Bank index corrected 251 points and ended at 45,979 levels. Volumes on the NSE continued to be on the lower side.