Asian shares were a touch below a recent three-month top on Thursday, with China a tad weaker as investors weighed inflation concerns ahead of key US economic data. MSCI s broadest index of Asia-Pacific shares outside Japan was up by 0.32 per cent.
5/5/2021 5:04:24 AM GMT
Treasury Secretary (and former Federal Reserve Chairperson) Janet Yellen perhaps wished she had used less Extreme words last night. Ms Yellen stated that interest rates may have to rise to prevent the economy from overheating. However, she couched that by saying the additional government spending was small relative to the size of the economy.
The retreat continued later in the day, with Ms Yellen saying a rise in interest rates was not something she was predicting or anticipating, but the damage was done. Ms Yellen may have been saying to the markets, I love you, but they replied, not the words I want to hear from you. The tech-heavy Nasdaq slumped nearly 2.0%; the S&P 500 fell 0.80%, with only the Dow Jones catching some cyclical rotation and keeping its head above water. The US Dollar spiked higher, and gold fell, but interestingly we can see where all the equity money got parked as US yields actually retreated.
Deepak Nitrite, Oracle Financial, Blue Dart Express,
JM Financial, Ceat, Craftsman Automation, Angel Broking and Shalby are among companies that will announce their March quarter results today.
FPIs sell Rs 1,772 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,772.37 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 987.34 crore, data suggests.
MONEY MARKETS
Rupee: Rising for the second day in a row, the rupee closed 10 paise higher at 73.85 against the US currency on Tuesday on dollar selling by traders.
10-year bonds: India 10-year bond yield fell 0.48 per cent to 6.00 after trading in 6.00-6.02 range.
Yellen comments on interest rates send Nasdaq tumbling
Treasury Secretary (and former Federal Reserve Chairperson) Janet Yellen perhaps wished she had used less extreme words last night. Ms Yellen stated that interest rates may have to rise to prevent the economy from overheating. However, she couched that by saying the additional government spending was small relative to the size of the economy.
The retreat continued later in the day, with Ms Yellen saying a rise in interest rates was not something she was predicting or anticipating, but the damage was done. Ms Yellen may have been saying to the markets, “I love you,” but they replied, “not the words I want to hear from you.” The tech-heavy Nasdaq slumped nearly 2.0%, the S&P 500 fell 0.80%, with only the Dow Jones catching some cyclical rotation and keeping its head above water. The US dollar spiked higher, and gold fell, but interestingly we can see where all the equity money got parked as US yields actually retreated.
Here s the breaking down of the pre-market actions:
State of Markets
Nifty futures on the Singapore Exchange traded 14 points, or 0.09 per cent, higher at 14,997 in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty hurdle at 20-DMA
Nifty50 on Tuesday climbed over 1 per cent and settled above the 14,900 mark. The index formed a bullish candle on the daily chart, with a long lower wick, suggesting that every intraday selling got bought into. Analysts said the 15,000 level will be a key hurdle for Nifty50 to watch out for.
Asian shares mixed in early trade
Asian shares were trading mostly mixed on Wednesday. Japan s Nikkei fell 0.18 per cent to 29,355.64.China s Shanghai Composite rose 0.42 per cent to 3,523.20. Hong Kong s Hang Seng climbed 1.13 per cent to 29,425. Korea s Kospi edged 0.3 per cent lower.