Rupee weakens to 68 07 stocks slide

In May, the employee was paid Rs 1.42 crore (165,398,851 Chilean pesos) instead of his salary of Rs 43,000 (500,000 pesos). (Representative Image) The rupee touched a record low, sliding near 79 to a dollar, on June 29 as foreign investors continued selling local equities and crude oil prices rose. Experts say the sharp fall of the rupee can be attributed to the strength of the greenback and lower forward premiums, among others. Moneycontrol explains the reasons for the rupee’s depreciation. How much did the rupee depreciate? The rupee opened at 78.85 per dollar and slid to 78.95, an all-time high, during intra-day trade on Wednesday. On a weekly basis, the currency has depreciated 1.2 percent. Close Why is the rupee in a free fall? Central banks led by the US Federal Reserve tightening interest rates globally, increases in crude oil and commodity prices, lower forward premiums and weakening forex reserves are some of the reasons experts cite for … [Read more...] about MC Explains | Will RBI let the rupee adjust to new lows?

Share to Twitter Share to Linkedin Topline Cruise stocks tanked on Wednesday after yet another major Wall Street firm warned that weak demand and higher costs could sink industry profits and lead to another demand shock, with Morgan Stanley cautioning that Carnival shares could lose all of their value if the economy falls into a recession. Key Facts Shares of Carnival plunged 14% to less than $9 per share on Wednesday after Morgan Stanley warned that the company could face heavy losses amid weakening demand and higher costs. The investment bank slashed its price target on the stock to $7 per share from $13, one of the lowest forecasts on Wall Street, while also warning that Carnival’s earnings in 2022 and 2023 are likely to take a hit. Morgan Stanley slashed full-year EBITDA estimates for the company from nearly a $1 billion profit to a $900 million loss, “due to weaker than expected occupancies, weakening pricing, elevated unit costs and … [Read more...] about Carnival Shares Plunge Nearly 15% As Morgan Stanley Warns Of Potential Stock Wipeout

- A + A LONDON (June 30): Stocks sank on Thursday to extend what is the worst first half of a year for global share prices on record, as investors fret that the latest show of central bank determination to tame inflation will slow economies rapidly. Central bank chiefs from the US Federal Reserve, the European Central Bank and the Bank of England met in Portugal this week and voiced their renewed commitment to control inflation no matter what pain it caused. While there was little new in the messaging, it was another warning that the era of cheap cash which had turbocharged share prices for years is coming to an end. Traders are now focused on data on US core prices due at 1230 GMT that are expected to underline the extent of the inflation challenge. Read full story The MSCI World Equity Index was last down 0.67%, with its year-to-date losses down more than 20% — the worst fall since the index's creation. The falls have wiped US$13 trillion off stock values. On … [Read more...] about Stocks sink on fears for global economy, capping worst 1H on record

- A + A (July 1): US stocks slipped on Thursday, setting the Dow up for its worst first six months since 1962, on concerns that a dogged pursuit by central banks to tame inflation would hamper global economic growth. Fears over slowing growth and surging prices have rippled through markets, with recession worries taking center stage as monetary policymakers across the world look to aggressively raise borrowing costs. Federal Reserve Chair Jerome Powell on Wednesday vowed to not let the U.S. economy slip into a "higher inflation regime", even if it means raising interest rates to levels that put growth at risk. The tech-heavy Nasdaq Composite came off session lows but was still set for its largest declines ever for the first-half, while the benchmark S&P 500 tracked its biggest January-June percentage drop since 1970. All the three main indexes are on course to post their second straight quarterly declines for the first time since 2015. Fed policymakers in … [Read more...] about Wall St slides, Dow set for worst first-half since 1962

Share to Twitter Share to Linkedin Ryan Cohen, the billionaire founder of Chewy.com who has gone on to make splashy investments in GameStop and Bed Bath & Beyond, has bet big on turnarounds at fixer-upper companies. He’s still waiting on one at Bed Bath & Beyond. The home goods retailer’s stock price took another nosedive on Wednesday, after reporting a 25% drop in quarterly sales, widening losses and announcing the departure of its CEO. Shares have fallen 66% this year, versus 20% for the S&P 500 and 29% for the Nasdaq. The stock slide has delivered a blow to Cohen, 36, who owns almost 10% of the company and is one of its five largest shareholders. His stake is now worth $100 million less than when he announced the position four months ago, falling from about $150 million in value to $50 million. It makes up a small part of his fortune, which Forbes estimates at $2.2 billion. About half of his fortune stems from his stake in GameStop, … [Read more...] about Billionaire Ryan Cohen’s Bet On Bed Bath & Beyond Isn’t Going Great

Bank of Baroda reports profit of Rs 1779 crore in March quarter. Bank of Baroda has reported a standalone net profit of Rs 1,778.77 crore for the fourth quarter of 2021-22 as against a net loss of Rs 1,046.5 crore a year ago. However, on a sequential basis, the lender’s net profit fell 19 per cent from Rs 2,197.03 crore in the third quarter of last fiscal. Net interest income grew 21.2 per cent to Rs 8,612 crore from Rs 7,107 crore a year ago. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shares of Bank of Baroda (BoB) advanced higher in early trade on May 16, after the state-owned lender reported a nine-fold jump in its profit after tax (PAT) at Rs 7,272 crore for the financial year ended March 2022 as compared to a PAT of Rs 829 crore registered in FY21. At 11:20 am, the scrip traded at Rs 98.90 apiece on the BSE, up 4.16 … [Read more...] about Bank of Baroda shares gain after lender reports nine-fold jump in PAT for FY22

- A + A (June 30): All emerging Asian currencies were set for half-yearly losses on Thursday, with the South Korean won set to lose the most, as policy tightening by the US central bank and concerns over global economic outlook spurred selling in Asian assets. The won dropped 8.4% so far this year, while the Philippine peso and Indian rupee were on track to post half-yearly losses of 7.3% and 5.8%, respectively. Emerging markets in the six-month period were battered by capital outflows due to the US Federal Reserve kicking off its tightening cycle, Russia's invasion of Ukraine, and inflation from higher commodity prices. Among local drivers, China's insistence on a zero-Covid policy also spurred selling as the country's repeated imposition of restrictions means a slower economic recovery for the region's largest economy. "The broader market ... they need some more convincing because I think at the back of their mind, they've still got this hesitancy due to the … [Read more...] about Asian currencies set for half-year losses on rate hikes, inflation woes

In a statement, Moody's said the rupee has depreciated around 4.5 per cent since the start of the year. (Representative image) Moody's Investors Service on Thursday said global credit conditions have turned more negative amid rising borrowing costs, protracted Russia-Ukraine conflict and slower economic growth. It said the surge in energy and food costs spurred by the conflict in Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment. Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb, while their economies still have not fully recovered from the COVID-19 pandemic crisis, it said. "Global credit conditions have turned more negative and will be tighter for the rest of the year amid rising borrowing costs, the prospect of a protracted military conflict between Russia and Ukraine, materially slower growth of the … [Read more...] about Global credit conditions more negative amid rising borrowing costs, slower economic growth: Moody’s

udayan mukherjee Udayan Mukherjee, Consulting Editor at CNBC-TV18 said the probability of BJP winning 2:1 (two states out of Madhya Pradesh, Rajasthan and Chhattisgarh) should not be a great thing to be taken by the market and should not be a comfort level. Currently, BJP has 62 out of total 65 Lok Sabha seats from three states. If that count drops to around 35 then that will be taken badly by the market, he feels. After considering the lead taken by Congress in four states — Madhya Pradesh, Rajasthan, Chhattisgarh and Telangana, Udayan said, "Not much can be done economically through policy tweaking as the central government has very less time before the 2019 elections. Even if the ruling party opens taps now, it will be time for Lok Sabha polls," Udayan Mukherjee said. There are higher chances of lower growth in coming years which will be bigger worry for the market. The government will try to revive growth, but is left with little time to focus on economic growth … [Read more...] about Nifty could break below 10k considering political, economic cues: Udayan

Monitors are on display at a retail shop in Seoul. [NEWS1] Samsung Electronics and LG Electronics are facing historically-high inventory levels as demand for electronic devices weakens and the world finds itself awash in everything from smartphones to appliances. The flip from dearth to glut could have a wide-ranging impact. Companies are cutting orders from parts suppliers. Workers are getting fewer hours and losing their jobs. And earnings and balances sheets could be hit. Samsung Electronics, the world's largest manufacturer of televisions and smartphones, carried 47.6 trillion won ($36.6 billion) of inventory in the first quarter, up 55.4 percent on year. The figure, which has been reported by the company since 2000, is an all-time high. LG Electronics had 10.2 trillion won of inventory in the same period, up 27.7 percent on year. The excess inventories suggest lower-than-expected sales of smartphones, televisions and other home appliances as people struggle to afford … [Read more...] about Electronics companies dealing with a ‘mountain of inventory’