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Oct 16, 2017 07:43 AM IST IST | Source: Moneycontrol.com
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Godrej Agrovet, the diversified agro-business company, will make its Dalal Street debut today. The stock is expected to list between Rs 600 and Rs 650 per share, reports CNBC-TV18.
Oil markets opened up strong into the new week, with Brent crude up by 1% as concerns over renewed US sanctions against Iran drove prices up. A falling US rig count also supported prices there. Traders told Reuters that concerns over renewed US sanctions against Iran were pushing prices up. Within the United States, crude prices were also up as drillers cut back the number of rigs tapping new production. Drillers cut five oil rigs in the week to October 13, bringing the total count up to 743, the lowest since early June.
Catalan President Carles Puigdemont has until the end of the day to confirm independence, then three days to rectify that decision. Spain has threatened to trigger a constitutional amendment preventing secession and could do so if he chooses not to move forward on Catalonia's bid for autonomy.
Bank of England Governor Mark Carney said there likely will be an interest rate hike in the UK soon as the central bank seeks to control inflation as the Brexit process continues, reports CNBC. Markets have been expecting the BoE to raise rates a quarter-point in November. While Carney did not confirm an exact time line, he strongly hinted that some tightening is not far off — "in the coming months," as he put it. While Carney expressed confidence the Brexit process can happen in an orderly fashion, he said that there will be some adjustment.
European stocks finished Friday's session on a mixed note, with a strong uptick in commodities. UK investors will be monitoring the ongoing stalemate between British officials and their European counterparts after the fifth round of Brexit talks finished last week.
Secretary of State Rex Tillerson said it is in the national interest of the US to stay in the Iran nuclear deal. He defended US President Donald Trump's decision not to endorse the accord because of its perceived weakness. Tillerson, however, said that both he and Trump do want the Congress to re-impose sanctions on Iran. On Friday, Trump angered other signatories while refusing to certify that Iran was in compliance with the deal, a move that the President is required to make every 90 days under US law.
Federal Reserve Chair Janet Yellen on Sunday sketched a bright outlook for the US economy and for inflation prospects in coming months, saying the impact of the recent hurricanes will likely slow economic growth slightly but only temporarily and should be followed by a rebound by year's end, reports AP. Her comments suggested that the central bank will soon resume raising interest rates to reflect the strengthening economy.
US Secretary of State Rex Tillerson said on Sunday that President Donald Trump had instructed him to continue diplomatic efforts to calm rising tensions with North Korea, saying “those diplomatic efforts will continue until the first bomb drops,” reports Reuters.
US consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related production disruptions at oil refineries in the Gulf Coast, but underlying inflation remained muted, reports Reuters. The mixed report from the Labour Department on Friday comes as Federal Reserve officials have been engaged in a vigorous debate on the inflation path and suggests a December interest rate increase is not a done deal. The Labour Department said its Consumer Price Index increased 0.5% last month after advancing 0.4% in August. The rise was the biggest since January and lifted the year-on-year gain in the CPI to 2.2% from 1.9% in August.
US retail sales recorded their biggest increase in 2-1/2 years in September as reconstruction and clean-up efforts in areas devastated by Hurricanes Harvey and Irma is likely to have boosted demand for building materials and motor vehicles, reports Reuters. The Commerce Department said on Friday retail sales jumped 1.6% last month also buoyed by a surge in receipts at services stations, which reflected higher gasoline prices after Harvey disrupted production at oil refineries in the Gulf Coast.
US stocks rose on Friday following upbeat economic data and gains in technology shares, pushing the Dow and the S&P 500 to a fifth straight week of gains. The Dow Jones Industrial Average rose 30.71 points, or 0.13%, to end at 22,871.72, and the S&P 500 gained 2.24 points, or 0.09%, to 2,553.17. The Nasdaq Composite added 14.29 points, or 0.22%, to 6,605.80, a record closing high. For the week, the Dow was up 0.4% and the S&P 500 was up 0.2%. The Nasdaq rose 0.2% for the week, registering a third week of gains.
Asian shares advanced to new highs on Monday following Wall Street’s lead. Japan's Nikkei rallied for a sixth day to the highest since November 1996. The SGX Nifty is currently trading 30 points higher at 10,241. China will be in the driver’s seat this week ahead of the start of a leadership transition event and key economic data including inflation and third quarter economic growth.