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May 30, 2023

*Very Good Morning!!!*
*US & London Markets Shut: Global Markets report....*
*SGXNifty:18,695: +5: +0.02%*
*Today’s Major Financial Results*
ADANIPORTS, APOLLOHOSP, ARVINDFASN, COFFEEDAY, DBREALTY, DOLLAR, FIEMIND, GENESYS, GMDCLTD, KRBL, LUMAXTECH, LOVABLE, MANKIND, MCLEODRUSS, MAZDOCK, MMTC, MKVENTURES, MISHTANN, MUNJALSHOW, MUNOTHFI, NRBBEARING, PATANJALI, PRESTIGE, SHK, SUPERHOUSE, SUZLON, TARC, TEGA, TORNTPHARM, UFLEX, VALIANT, VGUARD, WELCORP, ZODIACLOTH, etc.
*Listing of new securities of Rushil Decor Limited*
66,35,421 equity shares of Rs. 10/- each issued at a premium of Rs.152/- on rights basis
*Provisional Cash Rs. In Crs. (29th May)*
FIIs +1,758 (7,767 – 6,009)
DIIs +853 (6,217 – 5,364)
Sensex: 62,846: +345: +0.55%
Nifty: 18,599: +99: +0.54%
BankNifty: 44,312: +294: +0.67%
NiftyIT: 29,240 (-116) (-0.39%)
MIDCAP: 33,551: +126: +0.38%
Dow: 33,093: +329: +1%: shut
S&P: 4,205: +54: +1.30%: shut
Nas: 12,976: +278: +2.19%: shut
Brazil: 110,333 (-572) (-0.52%)
Ftse: 7,627: +56: +0.74%: shut
Dax: 15,953 (-31) (-0.20%)
Cac: 7,304 (-15) (-0.21%)
MOEX: 2,732: +50: +1.86%
WTI Oil: $72.91: +0.33%
Brnt: $77.07: +0.16%
Natural Gas: 2.36 (-2.48%)
Gold: $1,962 (-1) (-0.07%)
Silver: $23.28 (-0.17%)
Copper: $368 (-0.19%)
Cotton: $80.54: +2.60%: shut
Copper (LME): $8,106: +191: +2.42%
Alluminum (LME): $2,246: +1: +0.03%
Zinc (LM): $2,329: +70: +3.11%
Tin (LME): $25,214: +411: +1.66%
Eur-$: 1.0711
GBP-$: 1.2356
Jpy-$: 140.45
Re: 82.6325: +0.07%
USD-RUB: 80.25 (-0.31%)
US10yr: 3.80%: shut
GIND10YR: 7.024: +0.30%
$ Index: 104.267: +0.06%
US Vix: 17.46 (-2.73%) : shut
India Vix: 12.29: +3.28%
BalticDry: 1,172 (-43) (-3.54%)
*Debt-Limit Deal Brings Relief Tinged by Caution: Markets Wrap*
Contracts on the S&P 500 and Nasdaq 100 were up about 0.3% each, with cash markets closed for Memorial Day. The dollar, which has benefited from angst around the statutory borrowing limit, held Friday’s decline while Treasury futures linked to the 10- to 30-year part of the US government bond market rallied on light volume.
President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid a default over the weekend, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.
The agreement comes just days before the so-called “X date” on June 5, which is the earliest date the Treasury Department has signaled the U.S. could default on debt obligations. The initial compromise was first announced on Saturday evening.
The Stoxx Europe 600 index edged lower, with Spain’s benchmark underperforming after Prime Minister Pedro Sanchez called a surprise snap election following heavy losses for his party in regional and local elections Sunday. Volumes were about 60% lower than usual with markets in the UK and some European countries closed for national holidays. SBB gained after the embattled Swedish landlord said it may look to sell the company. A gauge of Asia-Pacific equities rose, though Chinese shares slid closer to a bear market.
President Joe Biden and House Speaker Kevin McCarthy expressed confidence that their agreement to curtail spending and extend the borrowing limit will pass through Congress. But even assuming lawmakers seal the deal before the US government runs out of cash in about a week, traders still have much to contend with — from the prospect of another interest-rate hike from the Federal Reserve to a likely deluge of bond issuance from the US Treasury Department.
“The obvious positive interpretation is that a negative tail risk is close to being taken off the table,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “With the distraction of the debt ceiling fading into the background, investors can now refocus their attention on the underlying fundamentals. One concern, though, is that the fundamental picture remains precarious.”
European bonds rose, with Germany’s 10-year yield falling about 11 basis points. Spain’s 10-year yield dropped by a similar amount.
Meanwhile, Turkey’s lira weakened after Recep Tayyip Erdogan won a presidential runoff election on Sunday, extending his time as the nation’s longest-serving leader and leaving investors looking for any signs he’ll start to relax the state’s tight grip over markets. The nation’s stocks benchmark gained.
Gold was flat on waning demand for havens, while as oil held onto most of Friday’s gains and Bitcoin climbed, reflecting a modestly buoyant tone.
*‘Uncertainty Persists’*
The agreement struck by Biden and McCarthy is running against the clock given that June 5 is the date when Treasury Secretary Janet Yellen has said cash will run out. There is plenty in the deal that Democrats and Republicans won’t like.
“Uncertainty persists regarding the duration and severity of the ongoing earnings recession, and perversely, the near-term tightening of liquidity may worsen due to the government’s need to address its debt issuance backlog,” said Suzuki. “While the markets managed to avert an immediate crisis, the coast is far from all-clear just yet.”
The rate-sensitive two-year Treasury drifted Friday as traders considered how a debt agreement could play into the Fed’s path forward on interest rates. The two-year yield hovered around 4.65% after a report on consumer spending showed the Fed still has more work to do to bring inflation back toward its target.
“Markets will have the liquidity hassles to deal with, as the Treasury will issue a deluge of bonds to restore its cash reserves,” said Charu Chanana, market strategist at Saxo Capital Markets. “Not to forget, the hawkish re-pricing of the Fed path that we have seen last week could possibly get firmer if we get a hot jobs print this week.”
A wildfire in the eastern Canadian city of Halifax led to mandatory evacuation orders for thousands of homes, with officials saying residents are not allowed to return until advised by municipal authorities.
*In geo-political news:*
Russia said on Monday its military hit Ukrainian air bases in overnight strikes and Ukrainian forces shelled industrial facilities inside Russia as both sides sought the upper hand ahead of what Kyiv hopes will be a decisive counter-offensive.
The Ukrainian capital came under attack for the 16th time this month after a second successive night of bombardment. But officials said most of the drones and missiles fired overnight had been shot down and no targets were hit in the morning.
The attacks, which sent Kyiv residents running for shelter in metro stations, were part of a new wave of Russian air strikes this month as Ukraine, armed with new Western weapons, prepares a push to try to take back territory Russia has seized in the "special military operation" launched in February 2022.
Japan put its ballistic missile defences on alert on Monday and vowed to shoot down any projectile that threatens its territory, after North Korea notified it of a planned satellite launch between May 31 and June 11.
The nuclear-armed North says it has completed its first military spy satellite and leader Kim Jong-un has approved final preparations for the launch.
Tokyo expects North Korea to fire the rocket carrying its satellite over Japan’s southwest island chain as it did in 2016, a defence ministry spokesperson said.
*Key events this week:*
# Eurozone economic confidence, consumer confidence, Tuesday
# US consumer confidence, Tuesday
# Richmond Fed President Thomas Barkin interviewed by NABE as part of monetary policy webinar series, Tuesday
# China manufacturing PMI, non-manufacturing PMI, Wednesday
# US job openings, Wednesday
# Fed issues Beige Book economic survey, Wednesday
# Philadelphia Fed President Patrick Harker has fireside chat on the global macro-economy and monetary conditions, Wednesday
# Boston Fed President Susan Collins and Fed Governor Michelle Bowman speak in Boston, Wednesday.
# ECB issues financial stability review, Wednesday
# China Caixin manufacturing PMI, Thursday
# Eurozone HCOB Eurozone Manufacturing PMI, CPI, unemployment, Thursday
# US construction spending, initial jobless claims, ISM Manufacturing, light vehicle sales, Thursday
# ECB issues report its May 3-4 monetary policy meeting. ECB President Christine Lagarde speaks at German savings banks conference, Thursday
# Philadelphia Fed President Patrick Harker speaks on economic outlook at NABE’s webinar, Thursday
# US unemployment, nonfarm payrolls, Friday
*Currencies*
# The Bloomberg Dollar Spot Index was little changed
# The euro weakened 0.1%,falling for the fifth straight day, the longest losing streak since Feb. 24
# The British pound was little changed at $1.2356
# The Japanese yen surged 0.1%, more than any closing gain since May 19
# The offshore yuan fell 0.1% to 7.0843 per dollar
# The Mexican peso rose 0.2% to 17.5890 per dollar
# The Brazilian real weakened 0.5% to 5.0185 per dollar
# The Chilean peso weakened 0.8% to 805.59 per dollar
*Cryptocurrencies*
# Bitcoin strengthened 0.5%,rising for the fifth straight day, the longest winning streak since March 21
# Ether surged 2.2%, more than any closing gain since May 5
*Bonds*
# The yield on 10-year Treasuries was little changed at 3.80%
# Germany’s 10-year yield declined 10 basis points to 2.43%
# Britain’s 10-year yield declined four basis points, more than any closing decline since May 11
*Commodities*
# West Texas Intermediate crude rose 0.5% to $73.04 a barrel
# Gold futures were little changed
N.B.: The above information is sourced from the various sites on the internet
*Sunidhi-HImanshu*
*Macro and Market update this morning*
*Russia launches massive new air assault on Kyiv – officials*
Russia launched a fresh "massive" wave of attacks on Kyiv in the early hours and air defence systems were engaging incoming targets, city officials said, as air raid sirens blared in several other regions. Russia has repeatedly attacked the Ukrainian capital in May using a combination of drones and missiles, mostly at night in order to inflict psychological distress on people, Kyiv's official said.
*India govt will not let down guard on inflation, says finance minister*
The Indian government is monitoring price pressures and will not let the guard down on inflation, finance minister Nirmala Sitharaman said at an event in Mumbai. The government is monitoring inflation. We are monitoring all data on ground level also. Inflation is already moderating," she told reporters.
*India's urban unemployment rate falls to 6.8% in Q4, shows govt data*
The jobless rate in urban areas had been on a continuous decline since the peak of 20.8% in the April-June quarter of FY21. India’s urban unemployment rate declined in Q4FY23 to 6.8%, the lowest in over four years after it stagnated at 7.2% in the previous October-December quarter, reflecting improvement in the labour market, according to the Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO).
*Indian govt waives ISTS charges on offshore wind, green hydrogen, ammonia projects*
Ministry of Power announced a complete waiver of the inter-state transmission system (ISTS) charges on the off-shore wind, green hydrogen, and green ammonia projects for 25 years. The waiver is applicable to off-shore projects commissioned on or before December 31, 2032, for a period of 25 years. However, the projects commissioned from 1st January 2033 would be given graded ISTS charges.
*India’s FDI equity inflows dip 22% to $46 billion in 2022-23 : DPIIT data*
(FDI) into India declined by 22 per cent to $46 billion in 2022-23, dragged by lower inflows in computer hardware and software, and automobile industry, according to the Department for Promotion of Industry and Internal Trade (DPIIT) data.The FDI inflows stood at $58.77 billion during 2021-22.
*Republicans speak out against US debt-ceiling deal, in sign of rocky road ahead*
A handful of hard-right Republican lawmakers said they would oppose a deal to raise the United States' $31.4 trillion debt ceiling, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week. Although expected, the opposition illustrates the hurdles that Democratic President Joe Biden and top congressional Republican Kevin McCarthy will have to overcome to see the Republican-controlled House of Representatives and Democratic-controlled Senate pass the package.
*UK shop price inflation strikes new record high: BRC*
British shop price inflation picked up this month to reach its highest rate since industry records began in 2005, although growth in food prices cooled slightly, a survey showed. The British Retail Consortium said prices in supermarkets and retail chains rose 9.0% in the year to May, after an 8.8% increase in April.
*China urges Japan to halt export restrictions on chips*
Chinese Commerce Minister Wang Wentao urged Japan to halt semiconductor export controls, calling it a "wrongdoing" that "seriously violated" international economic and trade rules, a statement from his ministry said. China's latest condemnation of the export restrictions was made during Wang's talks with Japanese Trade Minister Yasutoshi Nishimura on May 26 at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit.
*Japan Unemployment Rate declined in April 2023*
Japan’s unemployment rate dropped to 2.6% in April 2023 from March's 14-month high of 2.8%, less than market forecasts of 2.7%.
*Japan finance minister Suzuki: Must maintain yen credibility in guiding fiscal policy*
Japanese Finance Minister Shunichi Suzuki said he must guide fiscal policy based on common international understanding as global economic and financial situations change greatly. Suzuki told reporters the finance minister's advisory panel argued on Monday that economic fundamentals that have backed the yen's credibility are no longer considered absolute and that policymakers must strive to maintain credibility in the currency.
*Asian markets*
Asian markets opened on a positive note in today’s session ahead of vote on US debt ceiling deal.
Brent oil $77.36, DXY 104.093, US10y 3.771%, SGX Nifty +0.05%
*In a significant development, Nomura has acquired a stake in Gravita India through four different funds.*
The purchase involved *32,00,000 equity shares* of the company during a block deal window at a price of *₹565 per share,* according to information from NSE.
This acquisition represents approximately *4.64% of the total equity of Gravita India.* Following this news, the stock witnessed a surge, *reaching a 52-week high of ₹601*
With the inclusion of Nomura's investment, *institutional investors now hold nearly 8% of the equity in the company.*

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