Stock Markets

Bloomberg says India could be the best stock market in 2022?

Published

5 months ago

December 26, 2022

India could be the best stock market in 2022? At the end of 2022, the Indian stock market will show one of the best results among the world’s largest stock markets. Higher growth will show only in markets in Singapore and Indonesia, writes Bloomberg.

Since the beginning of the year, the S & P BSE Sensex, which tracks the dynamics of the shares of the 30 largest Indian companies on the Bombay Stock Exchange (BSE), has grown by almost 4%. By comparison, the MSCI All Country World Global Index lost about 20% over the same period.

Outlook for stock markets in 2022

While Western markets slumped amid rising interest rates and fears of a recession, the Indian market, on the other hand, reached record highs. The leaders in growth this year were securities of companies associated with billionaire Gautam Adani – some of them more than doubled in value over the year. Bank shares also showed strong dynamics due to a sharp recovery in demand for loans. Meanwhile, the current price of the Nikkei 225 is declining amid a news backdrop.

On the contrary, technology companies, whose quotations went down after the recent IPO and software outsourcing companies turned out to be outsiders. Fears of lower demand for their products abroad played against the latter.

Nevertheless, prospects for the Indian stock market are not so clear-cut. In particular, shares are expected to lose growth momentum next year due to their inflated valuations. A slowdown in the global economy in the near term could also hit India.

Earlier, we reported that Tesla’s current market capitalization has lost ground to Exxon Mobil.

Stock Markets

Goldman Sachs to start trading Japan power futures

Published

16 hours ago

June 7, 2023

Goldman Sachs Group (NYSE:GS) plans to establish a desk in Tokyo to start trading Japanese power derivatives, two people familiar with the matter told Reuters on Wednesday.

More foreign energy companies and banks are seeking access to the Japanese power market, which was launched in 2016 in the wake of the Fukushima nuclear disaster in 2011, spurring trade activity by generators, consumers, and distributors.

An interest in trading rose amid growing liquidity in Japan’s power futures markets as the volatility of electricity prices surged following Russia’s invasion of Ukraine. The power crisis heightened the need for hedging among power suppliers and buyers, according to the sources.

Goldman Sachs has hired some traders in Tokyo, the sources said, requesting anonymity as the matter is still confidential.

A spokesperson for Goldman Sachs declined to comment.

Stock Markets

Cathie Wood buys the dip in Coinbase shares amid SEC crackdown

Published

18 hours ago

June 7, 2023

Cathie Wood’s Ark Invest increased its stake in crypto exchange Coinbase Global Inc (NASDAQ:COIN) on Tuesday, as a crackdown by the Securities and Exchange Commission on the crypto industry saw the stock hit near five-month lows.Data from the website Cathie’s Ark, which tracks the investment activities of the Ark group, showed that three funds under Cathie Wood bought a total of over 400,000 shares in Coinbase on Tuesday.Her flagship ARK Innovation ETF (NYSE:ARKK) carried out most of the buying, adding over 300,000 shares.This came as Coinbase’s share price plummeted as much as 20% after the SEC sued the firm over operating an unlicensed exchange, while also issuing cease and desist letters over its staking services.

“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” SEC Chair Gary Gensler said in a press release.

Coinbase shares settled 12% lower on Tuesday, their second session of steep losses this week following a 9% tumble on Monday, after the SEC also sued world no. 1 crypto exchange Binance over similar charges.But Coinbase shares rose 2% in aftermarket trading, boosted by news of the Ark buy.Cathie Wood has repeatedly expressed confidence in Coinbase and the broader crypto industry, and has cited a $1 million long-term price target for Bitcoin on the belief that it is an effective inflation hedge.Coinbase holds the fifth-largest weightage in Ark’s flagship Innovation ETF, with the fund having consistently accumulated the stock since its listing in 2021. But Coinbase has seen a sharp decline in value from 2021 highs, hitting record lows earlier this year as interest in crypto markets rapidly dried up amid rising U.S. lending rates.The company has also struggled to remain profitable amid multiple failed ventures, regulatory hiccups, and mounting operational costs, especially as low crypto trading volumes hurt its transaction margins, which are a key source of revenue.Bitcoin prices showed little reaction to the SEC move against Coinbase, rising 4% on Wednesday. But the world’s largest cryptocurrency was nursing steep losses through May, as trading volumes sank.

Stock Markets

Japan stocks lower at close of trade; Nikkei 225 down 1.82%

Published

20 hours ago

June 7, 2023

Japan stocks were lower after the close on Wednesday, as losses in the Banking, Transportation Equipment and Power sectors led shares lower.

At the close in Tokyo, the Nikkei 225 declined 1.82%.

The best performers of the session on the Nikkei 225 were Kawasaki Heavy Industries, Ltd. (TYO:7012), which rose 4.35% or 146.00 points to trade at 3,500.00 at the close. Meanwhile, Tokuyama Corp. (TYO:4043) added 3.78% or 84.50 points to end at 2,321.00 and SKY Perfect JSAT Holdings Inc. (TYO:9412) was up 2.20% or 12.00 points to 557.00 in late trade.

The worst performers of the session were Shionogi & Co., Ltd. (TYO:4507), which fell 4.43% or 283.00 points to trade at 6,100.00 at the close. Daikin Industries, Ltd. (TYO:6367) declined 4.40% or 1,300.00 points to end at 28,240.00 and Tokyo Electron Ltd. (TYO:8035) was down 4.18% or 820.00 points to 18,815.00.

Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2255 to 1305 and 270 ended unchanged.

Shares in Kawasaki Heavy Industries, Ltd. (TYO:7012) rose to 5-year highs; rising 4.35% or 146.00 to 3,500.00. Shares in Tokuyama Corp. (TYO:4043) rose to 52-week highs; gaining 3.78% or 84.50 to 2,321.00.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 3.03% to 21.15.

Crude oil for July delivery was down 0.84% or 0.60 to $71.14 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.79% or 0.60 to hit $75.69 a barrel, while the August Gold Futures contract fell 0.42% or 8.30 to trade at $1,973.20 a troy ounce.

USD/JPY was down 0.20% to 139.36, while EUR/JPY fell 0.33% to 148.83.

The US Dollar Index Futures was up 0.09% at 104.17.