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US This will be a huge week on Wall Street as the Fed will be providing some clarity over taper timing and how they will reduce asset purchases, monster earnings from big-tech, and the first look at second quarter GDP, personal consumption, and core PCE, the Fed’s preferred inflation index.  Financial markets are waiting to see if the latest global growth concerns will be enough reason for the Fed to hold off on discussing potential strategies for tapering their monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities.  This is peak earnings season an...

The company had a net profit of Rs 27 crore in January-March 2020. "Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations," HPCL Chairman and Managing Director M K Surana told reporters. The company, which runs refineries at Mumbai and Visakhapatnam, earned USD 8.11 on turning every barrel of crude oil into fuel in January-March period. This is compared with a negative gross refining margin (GRM) of USD 1.23 per barrel. Inventory gains are booked when raw material (crude) pri...

Posted 1 hour agoSharePrint Financial markets seem to be constantly recalibrating.  The economic data is expected to be volatile and that should support the Fed’s patient stance on waiting for enough data to make a clear assessment over pricing pressures and the strength of the labor market recovery. Inflation expectations are weighing on sentiment, but Treasury yields seem like they may be stuck in a holding pattern a little while longer.   The front end of the curve is not moving and since expectations are so high for the US economic recovery, the bond market is still mostly counting o...

Week Ahead – Dollar declines after massive payrolls miss; Focus shifts to inflation May 7, 2021SharePrint Wall Street went on a wild ride after a huge nonfarm payroll report miss reaffirms the Fed’s stance to do nothing.  A massive slowdown in hiring was not expected and the knee-jerk reaction across the bond market might have paved the way for further dollar weakness.  The US economic recovery will likely take a lot longer than many have initially expected as concerns grow that the issue with the labor market is more of a supply problem. The aftermath of the massive payroll’s downsid...

April 30, 2021SharePrint Everyone on Wall Street is trying to figure out if the peak in Treasury yields will stick for a while now that the US is approaching peak growth. The best expansion since World War 2 is being accompanied with a Fed that remains committed to supporting the economy until a complete recovery. The playbook for many traders appears to be the Fed could announce at the June FOMC or at the Jackson Hole Symposium that they are ready to start talking about tapering, paving the way for a gradual reduction of the $120 billion per month in asset purchases. Another busy week ahea...