2023-11-23 02:46
MUMBAI, Nov 23 (Reuters) - The Indian rupee is expected to open higher-to-flat on Thursday with the drop in oil prices and inflows likely offset by the dollar's recovery against its major peers. Non-deliverable forwards indicate the rupee will open at around 83.28-83.32 to the U.S. dollar compared with 83.32 in the previous session. Dollar inflows related to initial public offerings and expected flows connected to the MSCI index changes helped rupee reach 83.25 on Wednesday. While the rupee will be helped "at margin" by inflows and oil, it's "all about just a 4-6 paisa move right now", a forex trader at a bank said. "Both dips and rallies are difficult to come by currently." Brent crude was at $80.55 a barrel in Asia following a volatile session on Wednesday. Brent posted a low of $78.41 in the New York session after the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts. The dollar index witnessed a bit of recovery and U.S. Treasury yields rose after U.S. initial jobless claims fell more than expected, prompting investors to not increase their wagers of a dovish Federal Reserve next year. "U.S. data were not weak enough to sway more Fed cut bets into the long Thanksgiving weekend," DBS Research said in a note. The U.S. 1 year-ahead inflation expectations rose to 4.5%, providing another reason for investors to demand a higher yield and boosting the dollar on Wednesday. It's Thanksgiving Day holiday in U.S., which means there will be no cash dollar demand, the FX trader said. Asian currencies and shares were mixed amid the positive cues from U.S. KEY INDICATORS: ** One-month non-deliverable rupee forward at 83.36; onshore one-month forward premium at 6.5 paisa ** Dollar index at 103.78 ** Brent crude futures down 1.2% at $81 per barrel ** Ten-year U.S. note yield at 4.41% ** As per NSDL data, foreign investors sold a net $18.3 mln worth of Indian shares on Nov. 21 ** NSDL data shows foreign investors bought a net $81.4 mln worth of Indian bonds on Nov. 21 https://www.reuters.com/markets/currencies/inflows-oil-prices-boost-rupee-countering-dollars-recovery-2023-11-23/
2023-11-23 00:00
Deere drops on weak forecast Nvidia falls on China sales slowdown concerns Weekly jobless claims lower than expected Indexes: Dow up 0.5%, S&P 500 up 0.4%, Nasdaq up 0.5% NEW YORK, Nov 22 (Reuters) - U.S. stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient. Economic reports on jobless claims, durable goods, and consumer sentiment seemed to suggest the economy is easing but may stay strong enough to avoid recession. Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. Tuesday's minutes on the last Fed meeting showed a cautious approach toward monetary policy. Still, stocks have risen sharply in recent weeks on the view the Fed is done hiking rates. "Overall you have a solid backdrop to the market," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. "The signals for the market, despite concerns over the economy and consumer spending, is that this market has sustainability in what is probably the most hospitable season for the market." She said stocks tend to rise just before the U.S. Thanksgiving holiday and also rally heading into year-end. The market will be closed on Thursday for Thanksgiving. The Dow Jones Industrial Average (.DJI) rose 184.74 points, or 0.53%, to 35,273.03, the S&P 500 (.SPX) gained 18.43 points, or 0.41%, at 4,556.62 and the Nasdaq Composite (.IXIC) added 65.88 points, or 0.46%, at 14,265.86. Big tech-related shares were among those giving the S&P 500 its biggest boost. Communication services (.SPLRCL) rose 0.9%, leading S&P 500 gains in all sectors except for energy (.SPNY), which fell 0.1%. Among the day's negatives, Nvidia's (NVDA.O) shares fell 2.5%, a day after the chip designer forecast overall fourth-quarter revenue above Wall Street targets, but warned U.S. export curbs could lead to a steep drop in sales in China. Among other big movers, Deere & Co (DE.N) shares dropped 3.1% after the farm equipment maker forecast 2024 profit below analysts' estimates. Volume on U.S. exchanges was 8.57 billion shares, compared with the 10.82 billion average for the full session over the last 20 trading days. Advancing issues outnumbered decliners on the NYSE by a 1.97-to-1 ratio; on Nasdaq, a 1.67-to-1 ratio favored advancers. The S&P 500 posted 45 new 52-week highs and one new low; the Nasdaq Composite recorded 89 new highs and 104 new lows. https://www.reuters.com/markets/us/futures-muted-nvidia-slips-peak-rate-optimism-ebbs-2023-11-22/
2023-11-22 22:17
Nov 22 (Reuters) - Crypto-focused bank Silvergate Capital said on Wednesday it had fully repaid all remaining deposit liabilities, following the bank's decision earlier this year to wind down operations. Silvergate, which now holds less than $10,000 according to the statement, said in March it intended to voluntarily liquidate after being hit with losses following the dramatic collapse of crypto exchange FTX. "Silvergate continues to focus on implementing the Bank Liquidation," it said in a statement on Wednesday. California-based Silvergate, once among the crypto industry's favored banks, had reported a $1 billion quarterly loss before the winding down decision, as investors spooked by the FTX debacle pulled out more than $8 billion in deposits. The cryptocurrency market lost more than a trillion dollars in value in 2022 as concerns about an impending economic collapse were heightened by increasing interest rates. https://www.reuters.com/business/finance/silvergate-capital-fully-repays-deposit-liabilities-2023-11-22/
2023-11-22 22:08
TSX ends up 3.99 points at 20,113.96 Consumer staples sector rallies 2.6% Real estate adds 1.1% Energy falls 1.5%; oil settles 0.9% lower Nov 22 (Reuters) - Canada's commodity-linked main stock index ended slightly higher on Wednesday as rising expectations that interest rates have peaked offset lower oil prices. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 3.99 points at 20,113.96, in a rebound from Tuesday. On Monday it notched its highest closing level in two months at 20,246.47. "Markets are in a good mood," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. The recent drop in bond yields on hopes that the Federal Reserve and Bank of Canada are done raising rates has bolstered sentiment, Small added. Bank of Canada Governor Tiff Macklem said interest rates might have peaked, given that excess demand has vanished and weak growth is expected to persist for many months. The biggest gainers were so-called bond proxies, sectors that tend to produce predictable cash flows and could particularly benefit from a peak in interest rates. The consumer staples sector rallied 2.6% as George Weston Ltd (WN.TO), which owns Canada's largest food and drug retailer Loblaw, climbed 6.7%. Real estate added 1.1% and the utilities sector was up 0.4%. Energy was a drag, falling 1.5% as oil settled 0.9% lower at $77.10 a barrel after OPEC+ producers unexpectedly delayed a meeting on production cuts. https://www.reuters.com/markets/tsx-futures-slip-lower-oil-copper-prices-2023-11-22/
2023-11-22 21:48
BUENOS AIRES, Nov 22 (Reuters) - Argentina's President-elect Javier Milei selected a senior energy executive to lead state oil company YPF on Wednesday, his spokesperson announced, in one of the leader's first major economic decisions after his triumph at the polls last weekend. Horacio Marin heads exploration and production for Tecpetrol, which runs the Fortin de Piedra oil and gas field within Argentina's prolific Vaca Muerta shale formation, one of the world's largest. Milei's press team distributed a photo of Marin on Wednesday, seated at a table along with other members of the transition team. YPF is one of Argentina's top domestic sellers of refined fuels, and also leads development of Vaca Muerta, a key supplier of natural gas and crude oil. Milei, a far-right libertarian, won last Sunday's run-off presidential election, and will take office on December 10. During the campaign he vowed to privatize state-controlled companies like YPF (YPFD.BA), but stressed that such entities would need to gain value first. YPF shares traded in New York are up nearly 40% since Monday, while the company's shares listed in Buenos Aires have gained nearly 55% since Tuesday. The Argentine government holds 51% of YPF shares. Marin was a key force behind the successful development of the Fortin de Piedra and El Tordillo fields, according to a source who requested anonymity to speak candidly about the pick. Tecpetrol, which produces oil and gas in countries including Argentina, Mexico and Colombia, is a unit of Luxembourg-based Techint, the parent of steelmakers Tenaris (TENR.MI) and Ternium (TX.N). YPF was seized by the Argentine government of then-President Cristina Fernandez de Kirchner from Spain's Repsol (REP.MC) in 2012. Milei's libertarian, pro-privatization policies are in sharp contrast to the statist ones of leftist Fernandez de Kirchner, who is the country's outgoing vice president. https://www.reuters.com/business/energy/argentinas-milei-taps-new-ypf-chief-one-first-major-decisions-2023-11-22/
2023-11-22 21:48
Nov 23 (Reuters) - A look at the day ahead in Asian markets from Lewis Krauskopf, markets correspondent. Markets were buoyant ahead of Asia trading and the Thanksgiving holiday in the U.S., with stocks resuming their massive rally this month that has been fueled by hopes of a more benign interest rate backdrop. Wall Street's benchmark S&P 500 (.SPX) closed up 0.4%, and was nearing a fresh high for 2023. The S&P 500 and MSCI's all-country index (.MIWD00000PUS) are both up over 8% this month alone, with the tech-heavy Nasdaq Composite (.IXIC) up 11%. Markets were still digesting minutes from the Federal Reserve's latest meeting, which revealed that central bank officials agreed they would proceed carefully and only raise interest rates if progress in controlling inflation faltered. Indeed, many investors now seem confident the Fed may be done raising rates for this cycle, and are eyeing the middle of next year for when the central bank may start to make cuts. Even Nvidia's (NVDA.O) selloff following its results couldn't dampen Wednesday's mood. After soaring well over 200% this year, Nvidia shares ended down 2.5% on Wednesday amid fears that widening U.S. chip curbs would sap growth in China. Aside from Nvidia, other members of the Magnificent Seven megacap group rallied on Wednesday, with Amazon (AMZN.O) gaining nearly 2% and Alphabet (GOOGL.O) and Microsoft (MSFT.O) up over 1%. A Reuters poll of stock market experts found most key global stock indexes are forecast to rise modestly over the coming year. Japanese markets were also set to be closed for a national holiday on Thursday. On Wednesday, the Nikkei .N225 edged up 0.3%, putting the Japanese index near a fresh three-decade high. Also in Wednesday's session, China stocks slid as market participants awaited more stimulus for the Chinese economy. The blue-chip CSI 300 Index (.CSI300) sank 1%. Reuters reported that Chinese government advisers will recommend economic growth targets for next year ranging from 4.5% to 5.5% to an annual policymakers' meeting, as Beijing seeks to create jobs and keep long-term development goals on track. Meanwhile, the dollar index rose, bouncing back from a 2-1/2 month low. Economic data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. The yen weakened on Wednesday, trading at around 150 per dollar. While speculation that the Bank of Japan could exit from negative interest rates early next year stands to help stabilize the yen, the Japanese currency still faces strong headwinds. Oil prices dropped as OPEC+ producers unexpectedly delayed a meeting on production cuts. Trading volumes were set to be subdued for the rest of the week with markets in the U.S. closed on Thursday. Here are key developments that could provide more direction to markets on Thursday: - Singapore CPI - Indonesia Central Bank meeting - Euro zone flash PMIs https://www.reuters.com/markets/asia/global-markets-view-asia-graphics-pix-2023-11-22/
