The ECB cut its key lending rate to zero from 0.05% and pushed the rate on its deposit facility to minus 0.4% from minus 0.3%. A run up in stock prices three weeks ahead of the policy, ECB guidance that further cuts will not take place soon and lack of faith in stimulus' ability to boost economic growth were the reasons for the fall in global markets.
Reforms took a front seat with the government unshackling the oil & gas sector with a new exploration regime that allows a higher price of gas for new deep-sea fields. The Hydrocarbon Exploration and Licensing Policy, a policy for grant of extension to the Production Sharing Contracts for small and medium sized discovered fields and approval for the amendment to the Mines and Minerals (Development and Regulation) Act, 1957 made headlines on Thursday. Besides, a Real Estate Bill to protect interests of buyers and bring more transparency to the sector was passed in the Rajya Sabha.
The outlook is a flat to negative start. The 7600 mark continues to act as a stiff resistance. A run up in stock prices three weeks ahead of the policy, ECB guidance that further cuts will not take place soon and lack of faith in stimulus' ability to boost economic growth were the reasons for the fall in global markets. What will excite markets is a recovery in corporate earnings, both globally and in India. Next in focus will be statements by the US Fed and Japan Central Banker next week.
The ECB cut its key lending rate to zero from 0.05% and pushed the rate on its deposit facility to minus 0.4% from minus 0.3%. The ECB also announced that it would expand the size of its monthly bond purchases to €80 billion (US$86.86 billion) from its current level of €60 billion beginning in April and said it would expand the scope of bond purchases to include investment-grade, euro-denominated, non-bank corporate bonds. ECB president Mario Draghi said the central bank did not see the need to reduce interest rates further.
Asian markets are lackluster. US blue chip stock indices finished flat on Thursday while the Nasdaq declined modestly despite the European Central Bank (ECB) announcing fresh monetary easing measures.
The Federal Reserve policy makers are slated to meet on March 15-16. The Fed is on a path to raising rates, which differs from the ECB’s current moves.
US stocks had risen earlier, tracking a rally in Europe after the ECB announced new stimulus measures. However, stocks across Europe pared gains after the ECB President Mario Draghi said during his news conference that he doesn’t anticipate a need to cut rates further.
The euro reversed early weakness to reclaim US$1.11 and European stocks sank, with the German DAX down 2%.
The Dow Jones Industrial Average shed 5.23 points to close at 16,995.13, after trading within a 308-point range, and overcoming an earlier deficit of 178 points. The S&P 500 index finished flat at 1,989.57, as materials and telecom shares advanced and industrials and technology stocks declined. The broad-market benchmark had traded as high as 2,005.08 and as low as 1969.25.
Meanwhile, the Nasdaq Composite index lost 12.22 points, or 0.3%, to settle at 4,662.16. The tech-heavy index had been down as much as 66 points during the session.
Crude-oil prices dropped 1.2% to settle at US$37.84 per barrel following reports that major oil producers' meeting to strengthen a global pact to freeze production had been put off. Separately, jobless claims fell to a five-month low of 259,000, suggesting that layoffs are shrinking and that the labor market is recovering. Economists had expected initial jobless claims to total a seasonally adjusted 275,000 in the seven days stretching from Feb. 28 to March 5.
Godrej Properties Ltd announced the launch of Phase 2 of its flagship project, The Trees at Vikhroli, Mumbai. The Trees is one of the largest real estate projects in Mumbai and is the first step towards the greater development opportunity that will unfold in Vikhroli.
Reliance Industries Ltd has announced that the Board of Directors of the Company at its meeting held on March 10, 2016, has declared an interim dividend of Rs. 10.50 per fully paid-up equity share of Rs. 10/- each of the Company.
Nestle India is reportedly planning to re-introduce earlier variants of Maggi noodles besides launching new variants in the next few months, reports a business daily.
The Supreme Court asked the telecom operators to give an undertaking that they have not exceeded the two per cent threshold limit of call drops as mandated by the TRAI regulations.
The outlook is a flat to negative start. The 7600 mark continues to act as a stiff resistance. A run up in stock prices three weeks ahead of the policy, ECB guidance that further cuts will not take place soon and lack of faith in stimulus' ability to boost economic growth were the reasons for the fall in global markets. What will excite markets is a recovery in corporate earnings, both globally and in India. Next in focus will be statements by the US Fed and Japan Central Banker next week.
The ECB cut its key lending rate to zero from 0.05% and pushed the rate on its deposit facility to minus 0.4% from minus 0.3%. The ECB also announced that it would expand the size of its monthly bond purchases to €80 billion (US$86.86 billion) from its current level of €60 billion beginning in April and said it would expand the scope of bond purchases to include investment-grade, euro-denominated, non-bank corporate bonds. ECB president Mario Draghi said the central bank did not see the need to reduce interest rates further.
Asian markets are lackluster. US blue chip stock indices finished flat on Thursday while the Nasdaq declined modestly despite the European Central Bank (ECB) announcing fresh monetary easing measures.
The Federal Reserve policy makers are slated to meet on March 15-16. The Fed is on a path to raising rates, which differs from the ECB’s current moves.
US stocks had risen earlier, tracking a rally in Europe after the ECB announced new stimulus measures. However, stocks across Europe pared gains after the ECB President Mario Draghi said during his news conference that he doesn’t anticipate a need to cut rates further.
The euro reversed early weakness to reclaim US$1.11 and European stocks sank, with the German DAX down 2%.
The Dow Jones Industrial Average shed 5.23 points to close at 16,995.13, after trading within a 308-point range, and overcoming an earlier deficit of 178 points. The S&P 500 index finished flat at 1,989.57, as materials and telecom shares advanced and industrials and technology stocks declined. The broad-market benchmark had traded as high as 2,005.08 and as low as 1969.25.
Meanwhile, the Nasdaq Composite index lost 12.22 points, or 0.3%, to settle at 4,662.16. The tech-heavy index had been down as much as 66 points during the session.
Crude-oil prices dropped 1.2% to settle at US$37.84 per barrel following reports that major oil producers' meeting to strengthen a global pact to freeze production had been put off. Separately, jobless claims fell to a five-month low of 259,000, suggesting that layoffs are shrinking and that the labor market is recovering. Economists had expected initial jobless claims to total a seasonally adjusted 275,000 in the seven days stretching from Feb. 28 to March 5.
Godrej Properties Ltd announced the launch of Phase 2 of its flagship project, The Trees at Vikhroli, Mumbai. The Trees is one of the largest real estate projects in Mumbai and is the first step towards the greater development opportunity that will unfold in Vikhroli.
Reliance Industries Ltd has announced that the Board of Directors of the Company at its meeting held on March 10, 2016, has declared an interim dividend of Rs. 10.50 per fully paid-up equity share of Rs. 10/- each of the Company.
Nestle India is reportedly planning to re-introduce earlier variants of Maggi noodles besides launching new variants in the next few months, reports a business daily.
The Supreme Court asked the telecom operators to give an undertaking that they have not exceeded the two per cent threshold limit of call drops as mandated by the TRAI regulations.
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