August 8, 2019

European stocks to outperform the US for the rest of 2019, strategist says

Stock prices in Europe are more likely to rise than in the United States over the remainder of 2019, a strategist told CNBC Thursday. Both European and U.S. equities have experienced a sell-off in recent days on the back of growing tensions between the United States and China. The ongoing trade war is weighing on global growth and some traders don't expect any sudden uptick in economic activity. "We think that equities around the world will fall during the rest of this year. This is tied to our view that global economic growth will slow further, and earnings will disappoint as a result," Hubert de Barochez, markets economist at research consultancy Capital Economics said via email. Slower economic activity translates into less consumer power and a more difficult environment for some companies to navigate. "We expect that to be particularly the case in the U.S.," Barochez said, adding that "in the euro zone, given that a lot of bad news seems to be already priced in, we think tha..
August 8, 2019

NEWS: Open Europe London office has moved

NEWS: Open Europe London office has movedOpen Europe announces that its London office has moved to a new address. The post NEWS: Open Europe London office has moved appeared first on Open Europe.
August 7, 2019

Tata Steel Q1 profit misses estimates; key takeaways

Mumbai: Tata Steel missed Street estimates as its consolidated profit in the June quarter fell to 64.5 per cent to Rs 683.13 crore from 1,922.85 crore a year ago, due to higher expenses. Analysts in an ET NOW poll had projected a net of Rs 1,424 crore. Total revenues came in at Rs 35,947.11 crore, up marginally from Rs 35,846.92 crore a year ago. Here are the key takeaways: Margins dip Consolidated margins dipped to 15 per cent from 17 per cent a year ago. Decline in steel prices During the quarter, steel prices across geographies declined with weakening economic activities and uncertainty around the ongoing US-China trade conflict, the company said adding that this coincided with a sharp rise in iron ore prices due to supply disruptions and elevated coking coal costs. Drop in steel spreads Steel spreads dropped by around US$ 80-100/ton in key markets, Tata Steel said in a release. In India, steel prices declined as subdued economic activity, seasonal slowdown and liquidity issues..
August 7, 2019

Sebi enhances disclosure norms on encumbered shares

New Delhi: Promoters will have to make additional disclosures on encumbered shares, markets regulator Sebi said on Wednesday. The details are required to be furnished in addition to the already mandated disclosures on encumbrance of shares, invocation of encumbrance and release of the same. The promoter of every listed company shall specifically disclose detailed reasons in a prescribed format for encumbrance if the combined encumbrance by the promoter along with persons acting in concert (PACs) with him exceeds 50 per cent of their shareholding in the company or 20 per cent of the total share capital of the company, Sebi said in a circular. Such encumbrance should be disclosed within two working days to the company and the exchanges where the shares are listed, it added. Those promoters along with PACs whose existing combined encumbrance in the company either exceeds 50 per cent of their shareholding in the firm or accounts for 20 per cent or more of total holding in the company o..
August 7, 2019

Trade setup: Nifty needs to hold 10,800 to stabilise; avoid shorts

In yet another disappointing session, the domestic stock market succumbed to selling pressure in the second half of the day despite the Reserve Bank of India slashing repo rate by 35 basis points. The NSE Nifty ended 92.75 points or 0.85 per cent lower. The headline index managed to defend the previous immediate low of 10,814, and this level remains extremely critical to watch out for over the coming days. To avoid any further significant weakness, it would be of importance for Nifty to keep its head above 10,800. The oversold structure of the market may provide some support for now. We have weekly options expiry on Thursday, and it is likely to dominate the session. Even if a technical bounceback happens, it is unlikely to extend above 11,000 as the maximum Call open interest is builtup at this strike price. The maximum Put OI is concentrated at 10,800, which is expected to lend support if there are no significant shifts seen near this strike price. The 10,950 and 11,000 levels wi..
August 7, 2019

Fed rate cuts, negative yields to push gold towards $1,520 level

Gold has been making strong moves on the upside. Donald Trump’s tweet of putting 10 per cent tariffs on $300 billion Chinese goods has clearly given another boost to precious metals. The US non-farm payroll also came weaker, indicating even though the Federal Reserve had stated that the rate cut is not a new cycle of cutting down but mid cycle adjustment, they have to ease policy further to save US slipping into recession. Trump is also demanding a weaker dollar, which will be positive for gold. Let’s take a look at some of the factors which will attract new investors into gold. First are global debt markets. Investors are piling into global debt thinking their money is safe. The US Treasury 10-year yield is trading below 2 per cent, a rate not seen since November 2016. If we look at all global bonds, they are trading at negative interest rates. German 10-year bond is at -0.38 per cent, which means after 10-year investors would be losing money rather than gaining when their bonds ma..
August 7, 2019

Sonata Software profit up 16% in Q1FY20

Pune: Mid-size IT services firm Sonata Software reported a net profit of Rs 67.1 crore for Q1FY20, up 16 % over the corresponding quarter last year. Revenues for the period were up 27 % at Rs 874.6 crore. EBITDA for the quarter was up 28% at Rs 106.4 crore. Growth was driven by domestic products and services, with revenues and profit growing at over 30%. Srikar Reddy, CEO, Sonata Software said, “The continued growth in revenues and profits have been the result of our focus of being a digital transformation partner through our unique proprietary Platformation methodology and our strategy of IP led differentiation , focus on verticals like Retail, Distribution, CPG, ISVS and new technologies. The acquisitions we made last quarter, Sopris and Scalable are showing promise and we believe will strengthen our alliance story.” In a note, analysts at HDFC Securities said that the IP-led business has been a strong revenue driver, growing at a CAGR of 11% over the last eight quarters. IP-led an..
August 7, 2019

Tumbling bond yields ramp up the pressure for the Fed to cut rates

The Federal Reserve's "midcycle adjustment" to interest rates could be morphing into something considerably more serious, judging by recent market action. After the rate cut approved last week, Fed Chairman Jerome Powell quickly doused market expectations that the move was a sign of an extended period of monetary easing. Powell mostly expressed optimism in the economy, saying that the quarter percentage point reduction likely was not "the beginning of a lengthy cutting cycle." But things have changed considerably in just a week, and financial markets have responded accordingly as bonds have pointed even more strongly to a recession on the horizon. The 10-year Treasury yield hit a three-year low Wednesday, and the inversion between benchmark note's yield and its 3-month counterpart increased by the most in more than 12 years. The sharp drop in Treasury yields, spurred by worries of a global slowdown, an intensifying trade war and cuts from central banks in New Zealand, India a..
August 7, 2019

British Airways computer failure causes widespread flight cancellations and delays

Anthony Kay | Getty ImagesThousands of global travelers using British Airways (BA) have had flights delayed or cancelled on Wednesday after the firm suffered an IT outage. On its website the airline said a systems issue was affecting both check-in and flight departures. In a tweet pinned to on BA's Twitter account on Wednesday, the airline said it was working as "quickly as possible" to resolve the issue. BA is advising customers to check the status of their flights before making the journey to their airport. The airline, which is owned by International Airlines Group, said customers booked on short haul flights out of London were being asked to travel on a different day. British Airways was unable to confirm to CNBC how many people or flights had been affected. It's the third major IT failure for the airline in two years after 672 flights were cancelled in May 2017 and another outage at Heathrow in July last year.

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