Asian markets are mixed this morning with the Nikkei in the red while most other Asian peers are in the green. US markets ended higher. The Dow Jones Industrial Average recovered from a 101-point slump to close 97.72 points, or 0.6%, higher at 17,633.11.
Federal Reserve Chairwoman Janet Yellen persisted with a dovish tone on monetary policy. In her speech at the Economic Club of New York, Yellen said that it was too early to tell if the recent pick-up in inflation would last and that the Fed needed to proceed cautiously on raising rates amid global risks. Following this, US indices advanced on Tuesday, with the S&P 500 and the Dow rising to their highest close of 2016.
The outlook is a positive start. After weakness on Monday, the indices turned choppy as they struggled for direction ahead of the F&O expiry. Selling pressure in Pharma dominated the headlines. Lupin dropped 6.3% after the drug major’s Mandideep unit in Madhya Pradesh was inspected by USFDA in Feb. Pharma stocks in general and Lupin in particular have been under pressure amid fears of heightened regulatory scrutiny especially from US FDA. Sentiment could remain subdued for a while as companies attempt to bring facilities in full FDA compliance; slowdown in approvals in the interim is something to take note of.
Asian markets are mixed this morning with the Nikkei in the red while most other Asian peers are in the green. US markets ended higher. The Dow Jones Industrial Average recovered from a 101-point slump to close 97.72 points, or 0.6%, higher at 17,633.11.The S&P 500 index rose by 17.96 points, or 0.9%, to close at 2,055.01, led by a 1.6% jump in the technology sector. That pushed the index to a year-to-date gain of 0.6%, and the highest settlement since Dec. 30.Meanwhile, the tech-heavy Nasdaq Composite index gained 79.84 points, or 1.7%, to finish at 4,846.62, leaving the index down 3.2% for the year.
Low oil prices and waning demand for drilling services will continue to put the credit profiles of Brazilian offshore drilling vessel projects under pressure for the next three to five years, says Moody's Investors Service.
Early on Tuesday, in Singapore, San Francisco Fed President John Williams said that US inflation and hiring are stronger than the data suggests. On the US economic front, consumer confidence jumped in March. Separately, the S&P/Case-Shiller 20-city index showed house prices rising 5.7% compared with a year ago in January. Prices nationally are at their winter 2007 levels, and remain about 12% lower than their summer 2006 peaks. A stronger-than-expected reading on US home prices lifted home builder stocks.
The outlook is a positive start. After weakness on Monday, the indices turned choppy as they struggled for direction ahead of the F&O expiry. Selling pressure in Pharma dominated the headlines. Lupin dropped 6.3% after the drug major’s Mandideep unit in Madhya Pradesh was inspected by USFDA in Feb. Pharma stocks in general and Lupin in particular have been under pressure amid fears of heightened regulatory scrutiny especially from US FDA. Sentiment could remain subdued for a while as companies attempt to bring facilities in full FDA compliance; slowdown in approvals in the interim is something to take note of.
Asian markets are mixed this morning with the Nikkei in the red while most other Asian peers are in the green. US markets ended higher. The Dow Jones Industrial Average recovered from a 101-point slump to close 97.72 points, or 0.6%, higher at 17,633.11.The S&P 500 index rose by 17.96 points, or 0.9%, to close at 2,055.01, led by a 1.6% jump in the technology sector. That pushed the index to a year-to-date gain of 0.6%, and the highest settlement since Dec. 30.Meanwhile, the tech-heavy Nasdaq Composite index gained 79.84 points, or 1.7%, to finish at 4,846.62, leaving the index down 3.2% for the year.
Low oil prices and waning demand for drilling services will continue to put the credit profiles of Brazilian offshore drilling vessel projects under pressure for the next three to five years, says Moody's Investors Service.
Early on Tuesday, in Singapore, San Francisco Fed President John Williams said that US inflation and hiring are stronger than the data suggests. On the US economic front, consumer confidence jumped in March. Separately, the S&P/Case-Shiller 20-city index showed house prices rising 5.7% compared with a year ago in January. Prices nationally are at their winter 2007 levels, and remain about 12% lower than their summer 2006 peaks. A stronger-than-expected reading on US home prices lifted home builder stocks.
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