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BENGALURU, June 14 (Reuters) - India’s retail inflation accelerated to 6.3% in May from a year ago, government data released on Monday showed. Rising crude prices and logistics costs have also led to higher prices, outweighing weaker demand pressures. The surge in inflation has been across all components including, food, fuel and core inflation. Inflation is definitely a concern and the RBI is likely to be perturbed by this. While the RBI will continue to focus on growth, it will have to finetune its inflation projection for FY22 sooner than later.”
Persons: SHASHANK MENDIRATTA, ” “, ” YUVIKA SINGHAL, ” RAJANI SINHA, KNIGHT FRANK INDIA, ” MADHAVI ARORA, ” SUJAN HAJRA, ANAND, ” KUNAL KUNDU, ” PRITHVIRAJ SRINIVAS, GARIMA KAPOOR, RUPA REGE, Organizations: IBM, NEW, Reserve Bank of, SOCIETE GENERALE, CPI Locations: BENGALURU, NEW DELHI, DELHI, WPI, MUMBAI, INDIA
MSCI’s benchmark, the S&P 500 and a key European index surged to record highs after the U.S. Labor Department said the consumer price index in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008. In a sign of market complacency, the 10-year U.S. Treasury note’s yield fell 1.2 basis points to 1.4772% after earlier rising above 1.5% following the data’s release. On Wall Street, the Dow Jones Industrial Average rose 0.35%, the S&P 500 gained 0.45% and the Nasdaq Composite added 0.49%. A surprisingly strong U.S. inflation print in April spooked investors, sparking a cautious run into Thursday’s of May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , , MSCI’s Organizations: U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, European Central Bank, Morgan Locations: New York, Natixis, U.S, Treasuries
TREASURIES-Yields higher after consumer price data
  + stars: | 2021-06-10 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield was up 2.7 basis points at 1.5161% in morning trading and had reached as high as 1.535%. The increase in the 10-year yield broke a pattern of declines in recent days but left the note still below its range of last week. The trading pushed up the part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations. It was at 136 basis points, about 2 basis points higher than Wednesday's close. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up less than a basis point at 0.1568%.
Persons: Ross Kerber, steepening, Subadra Rajappa, Chizu Nomiyama Organizations: Traders, Treasury, U.S . Labor Department, U.S . Federal Reserve, Societe Generale, U.S Locations: U.S, New York, Boston
Stocks rally, dollar stable after jump in U.S. CPI data
  + stars: | 2021-06-10 | by ( Herbert Lash | Simon Jessop | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo/File PhotoMSCI’s all-country world index surged to a record intra-day high after the U.S. Labor Department earlier said the consumer price index in the 12 months through May accelerated 5.0%, the biggest year-on-year increase since August 2008. The benchmark 10-year U.S. Treasury yield rose 3.0 basis points to 1.5194% after the data’s release, while the dollar index was essentially flat, down 0.08%. A surprisingly strong U.S. inflation print in April spooked some investors, leading to a cautious run into the release on Thursday of the May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, Atlantic, European Central Bank, Morgan Locations: City, City of London, Britain, New York, Natixis, COVID, U.S, Treasuries
Stocks rally, yields drop as U.S. CPI data calms investors
  + stars: | 2021-06-10 | by ( Herbert Lash | ) www.reuters.com + 0.00   time to read: +4 min
The report was largely in line with expectations, said Subadra Rajappa, head Of U.S. rates strategy at Societe Generale in New York. “The (equity) market is going to ignore the data. MSCI’s all-country world index rose 0.45% to 718.81, nudging past its previous record set Tuesday. In the United States, data showed people filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months. The dollar index fell 0.071%, with the euro down 0.07% to $1.217.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , MSCI’s, Thomas Hayes, ” Hayes, , Brent Organizations: YORK, Global, London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Societe Generale, Treasury, Americas, European Central Bank, Dow Jones, Nasdaq, Great, Great Hill Capital, ECB, U.S, West Texas Locations: City, City of London, Britain, New York, Natixis, Great Hill, United States
REUTERS/Ralph OrlowskiJust emerging from a pandemic-induced double-dip recession, the 19-country euro zone economy has relied on unprecedented ECB stimulus to stay afloat. Panetta flatly rejected any reduction in emergency bond buys while Lagarde said it was “far too early” to discuss tapering the bank’s 1.85 trillion euro Pandemic Emergency Purchases Programme (PEPP). Underlying price pressures, a key focus for the ECB, remain anaemic and wage growth is weak, pointing to excessively low inflation for years to come. That will put pressure on policymakers to start plotting a course beyond the emergency bond buys. The ECB will announce its policy decision at 1145 GMT, followed by Lagarde’s news conference at 1230 GMT.
Persons: Ralph Orlowski, Christine Lagarde, Fabio Panetta, Panetta, Lagarde, , Holger Schmieding, ” Anatoli Annenkov Organizations: European Central Bank, REUTERS, ECB, Federal Reserve, Societe Generale, Reuters Locations: FRANKFURT, Frankfurt, Germany, Europe, United States, U.S
FRANKFURT — Despite the whole world preparing for a return of inflation, market participants in Europe are actually expecting the European Central Bank to keep its foot on the stimulus pedal this week. "The effects will be transitory but could last easily until next year's summer, keeping inflation elevated for a while," he said. The ECB at Thursday's meeting will update its quarterly staff projections for inflation and growth, alongside its traditional rate decision and press conference. The key question is when the ECB will start to taper its massive stimulus program. But as always, withdrawing monetary stimulus is a tricky exercise and markets can react violently.
Persons: Mark Wall, Carsten Brzeski, Dirk Schumacher, Anatoli Annenkov, Holger Schmieding Organizations: European Central Bank, ECB, Deutsche Bank, ING Diba, Thursday's, Societe Generale Locations: FRANKFURT, Europe, Sintra
PRECIOUS-Gold falls on stronger dollar ahead of U.S. inflation data
  + stars: | 2021-06-08 | by ( Nakul Iyer | ) www.reuters.com + 0.00   time to read: +2 min
Spot gold eased 0.4% to $1,891.47 per ounce by 11:47 a.m EDT (1547 GMT), while U.S. gold futures fell 0.2% to $1,894.40. The dollar index strengthened 0.2%, lowering gold’s appeal for other currency holders, while benchmark Treasuries fell to a one-month trough. Analysts noted that higher U.S consumer price index data due on Thursday could spark some fears over the Fed tapering its expansionary monetary policy and drive gold prices lower. Societe Generale, however, said gold prices could reach $2,000 by end-2021. Meanwhile, silver fell 0.9% to $27.62, palladium dropped 1.2% to $2,800.96, and platinum slipped 1.5% to $1,155.46.
Persons: ” Phillip Streible, Janet Yellen, Streible, Michael Matousek, Nakul Iyer, Jonathan Oatis, David Gregorio Organizations: Treasury, Blue, Societe Generale, Global Investors Locations: U.S, Chicago, cryptocurrencies, Bengaluru
Acciona kicks off IPO of its energy unit, names bookrunners
  + stars: | 2021-06-07 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
MADRID (Reuters) - Spanish energy and infrastructure group Acciona on Monday formally kicked off the listing of its energy unit, saying it has hired banks including Credit Suisse, Bank of America and Banco Santander as bookrunners. Though the energy group has still not disclosed details of its valuation range nor how much Acciona Energy plans to raise, it submitted on Monday a document with its official intention to float, without providing a calendar. It is also expected to be one of the biggest stock market listings this year, with the unit expected to be valued at 8 billion euros ($9.73 billion), banking sources told Reuters in April. Renewable energy stocks have pulled back from their January highs, casting some doubt over whether the sector would be as warmly viewed by investors as previously. A third person familiar with the matter said in April the deal could value the business at more than 10 billion euros.
Persons: OPDenergy, Ecoener, Acciona, , Goldman Sachs, Morgan Stanley Organizations: Monday, Credit Suisse, Bank of America, Banco Santander, bookrunners, Credit Agricole, HSBC, Societe Generale, Energy, Reuters, Citi, JPMorgan, Bestinver Securities Locations: MADRID, Europe, Madrid
An employee of the Korea Exchange Bank counts one hundred U.S. dollar notes during a photo opportunity at the bank's headquarters in Seoul April 28, 2010. REUTERS/Jo Yong-Hak/File PhotoThe dollar stabilised on Monday after dropping on Friday following lower-than-expected U.S. jobs data, and currency markets broadly lacked momentum as investors looked ahead to key inflation data later this week. The Australian dollar, which is seen as a proxy for risk appetite, was up 0.2% versus the U.S. dollar at 0.77535 . Market participants were focused on U.S. inflation data and the European Central Bank meeting, both on Thursday. Speculators decreased their net short dollar positions in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.
Persons: Jo Yong, we’ve, Kit Juckes, Lee Hardman, Hao Zhou, bitcoin Organizations: Korea Exchange Bank, REUTERS, U.S . Federal Reserve, U.S, Societe Generale, European Central Bank, Federal Reserve, ECB, Fed, Reuters, U.S . Commodity Futures, Commission, Google, ING, Thomson Locations: Seoul, United States, Britain
Dollar dips slightly as investors wait on the sidelines
  + stars: | 2021-06-07 | by ( Sinéad Carew | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) - The dollar edged lower on Monday as investors looked ahead to European and U.S. central bank meetings and U.S. inflation data after Friday’s lower-than-expected jobs data. REUTERS/Jo Yong-Hak/File PhotoFriday’s U.S. jobs data had put pressure on the dollar as investors bet that jobs growth was not strong enough to raise expectations for the U.S. Federal Reserve to tighten its monetary policy. {.N]The dollar index was down 0.1% while the euro was up slightly against the dollar, at $1.2177 . While Rai said there was “some risk the dollar will rally” he noted that investors are waiting for Federal Reserve’s meeting next week. Speculators decreased their net short dollar positions in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.
Persons: Jo Yong, You’ve, , Bipan Rai, Rai, we’ve, Kit Juckes, CIBC’s Rai, bitcoin Organizations: YORK, Korea Exchange Bank, REUTERS, U.S . Federal Reserve, CIBC Capital Markets, Federal, Societe Generale, European Central Bank, Reuters, U.S . Commodity Futures, Commission, ., Google, U.S Locations: U.S, Seoul, North America, United States, Britain
Dollar doldrums are back as inflation worries heat up
  + stars: | 2021-06-07 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com + 0.00   time to read: +3 min
Fears of rising inflation are taking a bite out of the dollar, as are expectations that the Federal Reserve will keep interest rates near zero for the foreseeable future despite inflation concerns. A weaker dollar could be bad news for any American looking to travel abroad anytime soon as well as US consumers looking to buy exported goods, which become more expensive as the dollar falls. SPDR Portfolio Emerging Markets ETF SPEM Companies in emerging markets, especially China, stand to gain from a weak dollar too. It seems that he'd rather let inflation pick up a little steam, even if it hurts the dollar. "Policy remains easy, for now, and that has delivered a weaker dollar."
Persons: it's, Russell, Tom Essaye, Jerome Powell, Naeem Aslam, Powell doesn't, Powell, Kit Juckes Organizations: CNN, Federal Reserve, Apple, Microsoft, SPDR, SPEM Companies, BlackRock Investment Institute, Societe Generale Locations: York, Europe, Asia, China, BlackRock
Expert views: RBI keeps rates at record low on virus fallout
  + stars: | 2021-06-04 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +7 min
FILE PHOTO: A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi, India, November 9, 2018. REUTERS/Altaf Hussain/File PhotoThe RBI on Friday held the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%. “The RBI also raised its inflation projections slightly on account of upside risks emanating from the second wave. “Overall, while we do not see any action on the policy rate front in the coming months, we are poised to see a more accountable and action-oriented RBI ahead. However, despite negative real rates and record-low mortgage rates, credit impulse in the system has continued to remain weak.
Persons: Altaf Hussain, GAURAV GARG, ” SHASHANK MENDIRATTA, ” MADHAVI ARORA, ” YUVIKA SINGHAL, TANVEE GUPTA JAIN, ” DEEPTHI MATHEW, SAKSHI GUPTA, ” PRITHVIRAJ SRINIVAS, KUNAL KUNDU Organizations: Reuters, Reserve Bank of India, Bank of India, REUTERS, IBM, NEW, , SDL, INDIA, UBS, SAP, HDFC BANK, SOCIETE GENERALE Locations: New Delhi, India, MUMBAI, NEW DELHI, COVID, DELHI, KOCHI, INDIA, BENGALURU
Shaktikanta Das, the Reserve Bank of India (RBI) Governor, attends a news conference in Mumbai, India, December 12, 2018. "At this point of time the MPC has very consciously taken the decision to focus on growth," said RBI Governor Shaktikanta Das during a press briefing. India's annual economic growth rate picked up in January-March compared with the previous three months, but economists are increasingly pessimistic about the June quarter after a huge wave of COVID-19 cases triggered lockdowns in several states. Indian financial markets showed little reaction to the monetary policy announcement, which was widely expected. Retail inflation is seen at 5.1% in 2021/2022 and RBI deputy governor Michael Patra said the MPC's view is that inflation is not "persistent".
Persons: Shaktikanta Das, Danish Siddiqui, Das, Kunal Kundu, Michael Patra, Sandip Organizations: Reserve Bank of India, REUTERS, Danish, Bank of India, MPC, SAP, Societe Generale, Thomson Locations: Mumbai, India, COVID
European stocks slip ahead of data deluge
  + stars: | 2021-06-03 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)June 3 (Reuters) - European stocks slipped on Thursday after hitting record highs earlier this week as investors looked ahead to U.S. and European economic data to gauge the future path of monetary policy. The pan-European STOXX 600 index was down 0.1% by 0712 GMT, in line with cautious moves in Asian stocks. The top drag on the STOXX index was Swiss drugmaker Roche , down 1.0%, after Societe Generale downgraded the stock to “hold”. French spirits group Remy Cointreau rose 3.9% as it topped estimates for full-year operating profit growth and handed investors an 85% dividend hike. French construction materials group Saint-Gobain gained 3.2% after forecasting record operating income and margin in the first half of the year.
Persons: Swiss drugmaker Roche, Remy Cointreau, Sruthi Shankar, Sriraj Kalluvila Organizations: Societe Generale Locations: Swiss, Bengaluru
EQT in 1.8 bln euro bid for Telefonica submarine cables, website reports
  + stars: | 2021-06-01 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
Security guards walk past a screen displaying the logo of Spanish Telecom company Telefonica at its headquarters in Madrid, Spain, May 12, 2021. REUTERS/Sergio PerezThe Swedish fund EQT (EQT.N) has offered 1.8 billion euros ($2.2 billion) to buy Telefonica's (TEF.MC) submarine cable business, Spanish website El Confidencial reported on Tuesday, citing unidentified sources close to the operation. Telefonica, which is advised by investment banks Societe Generale and Greenhill, would make a decision by the summer, El confidencial said. A Telefonica spokesman declined to comment, while a spokesman for EQT was not immediately able to comment. Greenhill and Societe Generale did not respond to requests for comment.
Persons: Sergio Perez, El Confidencial, Amancio, El confidencial, EQT, Greenhill Organizations: Spanish Telecom, Telefonica, REUTERS, KKR, Societe Generale, Thomson Locations: Madrid, Spain, Swedish, Spanish, Telxius, Greenhill, El
BENGALURU, May 31 (Reuters) - India’s economic growth picked up to 1.6% year-on-year in the January-March quarter, official data showed on Monday, before a harsh second wave of COVID-19 hit the country last month. The read-out for the March quarter was faster than the 1.0% growth forecast of analysts in a Reuters poll and upwardly revised 0.5% growth rate for the previous quarter. It could, however, reduce its FY22 growth estimate by 0.5%-1.0%. We admit the situation is still in a flux, and it is too nascent to gauge the true impact of the second wave on macro variables. While the GVA expansion rose sharply to 3.7%, exceeding our 3% forecast, GDP growth improved more modestly to 1.6%, and trailed our expectation of a 2% y/y rise.
Persons: RADHIKA RAO, , , KUNAL KUNDU, ” ANUBHUTI SAHAY, ” SAKSHI GUPTA, SHASHANK MENDIRATTA, ” “, YUVIKA SINGHAL, ” GARIMA KAPOOR, ” MADHAVI ARORA, ” DEEPTHI MATHEW, ” GAURAV GARG, ADITI NAYAR, ICRA, GURUGRAM Organizations: DBS BANK, SOCIETE GENERALE, OF SOUTH, HDFC BANK, IBM, NEW, Reserve Bank of, Locations: BENGALURU, SINGAPORE, INDIA, MUMBAI, NEW DELHI, Q4FY21, COVID, DELHI, Reserve Bank of India, KOCHI, INDORE, Q1FY22, India
MSCI’s broadest index of world stocks drifted 0.1% higher, putting the gauge on track for a 1.4% gain for May. It is the longest monthly rising streak for the index since August 2020, when it marked a five-month run of gains, according to Refinitiv data. Asian shares edged higher, and in Europe indexes consolidated gains after last week’s record close ahead of manufacturing PMI data on Tuesday. Concerns about global inflation and slowing growth have proved to be a boon for gold, with prices for the yellow metal rising 8% this month, vaulting comfortably above $1,900. All eyes will be on OPEC this week as it reviews its supply agreement, and any hint of an increase in output could pressure prices.
Persons: , Sebastien Galy, Ulrich Leuchtmann, Brent, Ethereum Organizations: payrolls, Fed, Reserve, Societe Generale, European Central Bank, U.S, ING Locations: United States, Britain, Europe, Iran
World stocks set for 4th month of gains, yuan slips
  + stars: | 2021-05-31 | by ( Saikat Chatterjee | ) www.reuters.com + 0.00   time to read: +4 min
REUTERS/Kim Kyung-Hoon/File PhotoMSCI’s broadest index of world stocks drifted 0.1% higher, putting the gauge on track for a 1.4% gain for May. It is the longest monthly rising streak for the index since August 2020, when it marked a five-month run of gains, according to Refinitiv data. Asian shares edged higher, and in Europe indexes consolidated gains after last week’s record close ahead of manufacturing PMI data on Tuesday. The yuan was the big mover in global currency markets after policymakers directed financial institutions to hold more foreign exchange in reserve, a move that analysts say was aimed at curbing yuan strength. Concerns about global inflation and slowing growth have proved to be a boon for gold, with prices for the yellow metal rising 8% this month, vaulting comfortably above $1,900.
Persons: Kim Kyung, , Sebastien Galy, Ulrich Leuchtmann, Brent, Ethereum Organizations: Nikkei, REUTERS, payrolls, Fed, Reserve, Societe Generale, European Central Bank, U.S, ING Locations: Tokyo, Japan, United States, Britain, Europe, Iran
World stocks set for 4th month of gains in data-heavy week
  + stars: | 2021-05-31 | by ( Saikat Chatterjee | ) www.reuters.com + 0.00   time to read: +4 min
REUTERS/Kim Kyung-Hoon/File PhotoMSCI’s broadest index of world stocks drifted 0.1% higher, putting the gauge on track for a 1.4% gain for May. Although U.S. inflation data last week was above estimates, another big miss on the jobs front would heap pressure on the Fed to postpone plans to wind down on stimulus. Elsewhere in equities, Asian shares edged higher and in Europe, indexes consolidated gains after last week’s record close ahead of manufacturing PMI data this week. [CNY/]Concerns about global inflation and slowing growth have proved to be a boon for gold with prices for the yellow metal rising 8% this month, vaulting comfortably above the $1,900 level. Usually volatile cryptocurrencies enjoyed a quiet start to the week with bitcoin steadying around $36,000 while its smaller rival Ethereum rose nearly 4% to $2,481.
Persons: Kim Kyung, , Sebastien Galy, YUAN, Brent, bitcoin Organizations: Nikkei, REUTERS, payrolls, Fed, Reserve, Societe Generale, Federal Reserve Locations: Tokyo, Japan, United States, Britain, Europe, Iran
At the same time, central banks in some other countries had appeared likely to move more quickly than the U.S. Federal Reserve to back away from easy money policies and let interest rates rise. The euro was up a bare 0.05% at $1.22 on Friday afternoon, compared with a four-month high of $1.2266 earlier in the week. The U.S. economic data had been seen as the big scheduled news of the week, but it did not move bond and stock markets much when it was released in the morning. The data showed that consumer prices increased in April far beyond the Federal Reserve's 2% annual rate target. The next big event for the markets is the Fed's monetary policy meeting on June 15 and 16, which could provide clues to when U.S. interest rates will increase.
Persons: David Henry NEW, Joseph Trevisani, Trevisani, Kenneth Broux, Broux, bitcoin, David Henry, Elizabeth Howcroft, Mark Heinrich, Will Dunham Organizations: David Henry NEW YORK, U.S . Federal Reserve, Societe Generale, New Zealand, greenback, RIC Locations: United States, Britain, U.S, Europe, Japan, Tokyo, New York, Norway, Sweden, London
The dollar index of major currencies rose 0.3% to 90.236 and a gain of nearly 1% from four-and-a-half month lows plumbed on Tuesday. The index is on track for its biggest weekly advance since the end of April. The turnabout came after the dollar index had lost about 3% since March as other major economies began to catch up with vaccination rates in the United States. The euro was down 0.3% at $1.216, compared with a four-month high of $1.2266 earlier in the week. The dollar continued to gain on the Japanese yen, hitting a seven-week high and rising 0.2% on the day to 110.02.
Persons: David Henry, Elizabeth Howcroft NEW, Kenneth Broux, Broux, bitcoin, Elizabeth Howcroft, Mark Heinrich Organizations: U.S . Federal, United, Societe Generale, New Zealand, greenback, RIC Locations: United States, Britain, U.S, Tokyo, New York, Norway, Sweden, London
Sources familiar with the offering said it would value the business at around 3 billion euros. About You, which competes with Shopify, SAP and Salesforce, said its appeal to younger shoppers and technology platform offered a compelling growth story to investors. It cited estimates that Europe’s fashion market was worth 400 billion euros, of which 75 billion euros was traded online. It forecasts that online fashion sales will growth at a annual rate of 10%. About You said it was encouraged by the strong start to its current fiscal year, and forecast revenue growth of 40-50%.
Persons: Otto, Anders Holch Povlson, Tarek Mueller, Mueller, , Goldman Sachs, Douglas Busvine, Riham Alkousaa, Jan Harvey Organizations: Revenue, Shopify, SAP, Reuters, Deutsche Bank, JPMorgan, Numis Securities, Societe Generale, UBS Investment Bank Locations: BERLIN, Frankfurt, Hamburg, Europe
Indian stocks to nudge past February's record high by year-end
  + stars: | 2021-05-27 | by ( Hari Kishan | ) www.reuters.com + 0.00   time to read: +4 min
After its record high of 52,516.76 in February, the benchmark S&P BSE Sensex (.BSESN) rose modestly in March and declined about 1.5% in April. When asked about the risks to the Indian stock market outlook from the coronavirus crisis still gripping the country, 66% of analysts, or 21 of 32, said it was low. If the vaccination drive picks up pace, I think that can provide a solid boost to equity markets," said Shashank Mendiratta, economist at IBM in New Delhi. "The high valuations of Indian equities suggest markets are pricing in a very strong growth momentum. (Other stories from the Reuters Q2 global stock markets poll package: )Our Standards: The Thomson Reuters Trust Principles.
Persons: Francis Mascarenhas India's, Shashank Mendiratta, Rajat Agarwal Organizations: Bombay Stock Exchange, Sensex, REUTERS, BSE, bourse, Rudramurthy, Vachana Investments, IBM, Societe Generale, Thomson Locations: Mumbai, India, New Delhi, Asia
Bitcoin, the largest digital currency by market cap, at one point plunged by 30% to hover near the $30,000 level. The first category is what Brody termed "meme coins" such as dogecoin, a digital token that originally started as a joke. Bitcoin as 'digital gold'The next part of the ecosystem revolves around bitcoin, Brody said. The digital token has often been cited as a potential competitor to gold as a hedge against inflation and safe-haven asset. Still, bitcoin's price volatility tends to be much higher as compared with gold.
Persons: Paul Brody, Brody, CNBC's, dogecoin, it's Organizations: Metrics, Societe Generale
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