Trade Financial News

Sales for the holiday 2023 season slowed from its blistering pace a year ago but the season still ended up being solid, despite some economic hurdles, according to the nation’s largest retail trade group

₹4.6 trillion loss on investors as key indices fell the most in 19 months. Provisional data from BSE showed that foreign portfolio investors (FPIs) sold ₹10,578.13 crore worth of shares, the highest in a day, pulling down the Nifty and the Sensex by over 2%. HDFC Bank, India’s largest private lender with the highest weight in the indices, contributed to over a fifth of the day’s total wealth erosion.

The Apple (NASDAQ:AAPL) Watch Series 9 and Apple Watch Ultra 2 – the two models equipped with blood oxygen features – face another sales ban in the United States, effective as of 5:00 pm ET on January 18, 2024.

Apple on Wednesday failed to convince a federal appeals court to allow U.S. imports of Apple Watches with technology for reading blood-oxygen levels while it challenges a government tribunal's decision that the devices infringe patents belonging to medical technology company Masimo. The ruling by the U.S. Court of Appeals for the Federal Circuit means the affected watches cannot be imported while Apple appeals the underlying ban issued by the U.S. International Trade Commission.

₹1.7-1.8 trillion because of lower international prices and smaller urea imports, said chemicals and fertilizer minister Mansukh Mandaviya on Wednesday. In FY23, the Centre spent ₹2.25 trillion on fertilizer subsidies, as per revised estimates. The budgeted estimates for the ongoing fiscal year is ₹1.75 trillion.

Tata Motors, the country’s leading passenger electric vehicle maker, cautioned on Wednesday. Shailesh Chandra, managing director, Tata Motors’ passenger vehicles and passenger EV divisions, said hybrid vehicles use a small battery pack and a motor that relies heavily on a fossil-fuel engine, effectively making them gasoline-run vehicles.

Charles Schwab Corp.’s shares tumbled after the brokerage reported declines in profit, new assets and deposits as it navigated a tumultuous year of interest rate hikes that dented the firm’s balance sheet.  

The Securities and Exchange Commission (SEC) is meeting Coinbase today in federal court, with both parties presenting their first oral arguments amid their industry-defining lawsuit.

Crypto exchange Gemini has received approval to operate as a virtual asset services provider in France.

The US Treasury Department and Internal Revenue Service (IRS) have announced that businesses are not required to report the receipt of digital assets in the same manner as cash until specific regulations are issued.

Everix Edge is a crypto trading platform that promises to allow investors to interact with the wild frontier of crypto trading via highly advanced investment tools. The platform claims to bring the Bitcoin market to a wide range of investors.

Investing.com — Charles Schwab (NYSE:SCHW) has reported a 22% dip in net profit in 2023, as the financial services group said it dealt with «challenges» posed by a tighter interest rate environment.

By Chuck Mikolajczak

Deutsche Bank's assessment of Boeing (NYSE:BA) stock indicates a perceived market capitulation after shares dropped nearly 8% on Tuesday.

(Reuters) — Charles Schwab (NYSE:SCHW)'s fourth-quarter profit fell 47% as bigger interest payments on its client deposits and debt dented gains from a jump in asset management fees, the brokerage reported on Wednesday.

Evercore ISI equity analysts updated their Tactical, Action & Positioning (TAP) List as Q4 earnings season gets into the full swing.

Shares of Rivian Automotive (NASDAQ:RIVN) were down by more than 3.5% in pre-market trading Wednesday morning after Deutsche Bank downgraded the automaker to a Hold rating (From Buy) and cutting their 12-month price target to $19.00 (From $29.00).

Spirit Airlines (NYSE:SAVE) stock is down a further 18.5% in early New York trading on Wednesday after a federal judge blocked JetBlue's (JBLU) $3.8 billion acquisition, prompting concerns about the feasibility of other mergers in the airline industry.

Maize prices increased by 20% in the first two weeks of January compared to October as demand picked up after the government’s plans to procure the commodity for ethanol production due to restrictions on the use of sugar for producing biofuel. As per trade estimates, maize prices increased to Rs 2,366 per quintal in Gulabbagh in Bihar and feed-grade maize prices increased to Rs 2,400 per quintal in Ahmedabad in Gujarat. “The prices will stay firm in the coming months because the demand is going to go up significantly,” said Gopal Sharma, a maize trader from Begusarai in Bihar adding that there even could be shortage of the commodity going forward. India is promoting the use of maize as an alternative to sugar to boost ethanol production and ensure sufficient supply of the sweetener in the market.

trade unions and farmers bodies has given a call for a nationwide general strike and Grameen Bandh (rural close down) on February 16, to protest 'against the anti-worker, anti-farmer and anti-national policies' of the central government. The forum is pressing for their demands which include higher minimum (crop MSP) support price, minimum wage of Rs 26,000 per month for workers, repeal of four labour codes, repeal amendments made to IPC/CrPC, guaranteed employment as fundamental right etc.

FTSE Russell will remove the partly paid rights shares of Grasim Industries from four of its major indices with effect from January 23, following the commencement of trading in its rights entitlement. On January 4, Grasim Industries announced raising Rs 4,000 crore through the rights issue of shares. Following the announcement, FTSE Russell temporarily added the partly paid rights line in its major indices from January 10.