August 17, 2019

Bitcoin is posting biggest weekly decline since November

By Olivia Rinaldi Bitcoin’s having its worst week this year, and the rest of the cryptocurrency market isn’t doing much better. The world’s largest digital asset fell about 15 per cent this week to around $10,145, the biggest five-day slide since November. The Bloomberg Galaxy Crypto Index has slumped about 12 per cent, only the worst drop in four weeks. “People thought at certain points in the last year or so that cryptocurrencies would become the flight to safety trade,” said Matt Maley, an equity strategist at Miller Tabak + Co. “The cryptocurrency is losing some of that luster of being considered a safe asset.” Based on an analysis of price-chart patterns, the outlook appears pessimistic, with each new high being lower than the last. For Bitcoin to break this trend it would need to break above its latest high which was $12,316 on Aug. 6. Any further high that doesn’t break that level would likely further validate the current down channel.
August 17, 2019

The week that was in 10 stocks: Stocks that rallied up to 40% and those that cracked up to 25%

NEW DELHI: Benchmark equity indices BSE Sensex and NSE Nifty ended the truncated week in the red, following mixed macroeconomic data amid fears of a global economic slowdown. The 30-share Sensex shed 231 points, or 0.62 per cent, to end at 37,350 for the week ended August 16. Likewise, the 50-share Nifty lost 61.85 points, or 0.56 per cent, to end at 11,047. The market kicked off the week on a bleak note on Tuesday as sentiment got hit after government data showed that India’s factory output growth, as measured by IIP, slowed down for the second straight month to 2 per cent in June compared with 7 per cent in June, 2018 and 3.1 per cent in May, 2019. However, the market pared some of the losses in the remaining two days of trade amid hope of a stimulus package for the economy from the government. Investors also took comfort as India’s retail inflation based on CPI eased to 3.15 per cent in July, 2019 from 3.18 per cent in June, 2019 and 4.17 per cent in July, 2018. WPI inflation als..
August 17, 2019

Dalal Street week ahead: Market likely to stabilise, may see technical pullback

In a three-day working week, the domestic equity market moved on the expected lines and stayed within a limited range. As anticipated, Nifty did not make any directional move and remained within 50-week and 100-week moving averages, as mentioned in our previous weekly note. After flirting with the 50-week MA, which stands at 11,140 and testing a weekly high of 11,144, the headline index retraced and ended with a net weekly loss of 61.85 points, or 0.56 per cent. As mentioned in the previous weekly note, the broader technical setup continues to be weak. However, few indicators suggest that the market may attempt some bounce. Even if this happens, the bounce will remain limited, and Nifty will continue to face pressure at higher levels. On the downside, the 100-week moving average, which is present at 10,870, will remain a crucial level to watch over the coming days. The global setup has improved a bit over the weekend, and this may reflect on the opening of the Asian trade. The Indi..
August 17, 2019

Trump says he is having dinner Friday with Apple CEO Cook

BEDMINSTER: US President Donald Trump said he was having dinner on Friday with Chief Executive Officer Tim Cook of Apple Inc, a company the president has criticized for not manufacturing more of its products in the United States. “Having dinner tonight with Tim Cook of Apple. They will be spending vast sums of money in the US Great!” Trump, who is on a working vacation at his golf club in Bedminster, New Jersey, said in a Twitter message. The White House did not immediately respond to a question about the agenda for the dinner and what Trump was referring to when he said Apple would be spending vast sums in the United States. Apple did not immediately respond to a request for comment. Trump has said he wants Apple and other manufactures to move their production from China and other countries to the United States. Another round of US tariffs on Chinese imports had been due to take effect in Sept. 1, but the Trump administration this week delayed the tariffs on some products until D..
August 17, 2019

China unveils rate reform to steer funding costs lower for firms

BEIJING: China’s central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States. The People’s Bank of China (PBOC) said it will improve the mechanism used to establish the loan prime rate (LPR) from this month, in a move to further lower real interest rates for loans in a market-based way. “By reforming and improving the formation mechanism of LPR, we will be able to use market-based reform methods to help lower real lending rates,” the PBOC said in a statement published on its website. The central bank will “deepen market-based interest rate reform, improve the efficiency of interest rate transmission, and lower financing costs of the real economy,” it said. Chinese banks’ new LPR quotations will be based on rates of open market operations, and the national interbank funding center will be authorized to publish the rate from Aug. 20, the PBOC said...
August 16, 2019

Japanese shares edge up as Hong Kong, China markets stabilise

TOKYO: Japanese shares edged up Friday after markets in China and Hong Kong found some stability amid ongoing unrest in Hong Kong, but the gains were limited by nagging fears of a global economic slowdown. The Nikkei index gained 0.06 per cent on Friday to 20,418.81. The index fell 1.2 per cent in the previous session. "The rise by equities in Hong Kong and Shanghai amid a suggestion by US President (Donald) Trump to China's president that they discuss issues, including the situation in Hong Kong, has supported the market," said Yutaka Miura, senior technical analyst at Mizuho Securities. "But the market's gains are limited by global recession fears." President Trump said on Thursday that he had a call scheduled soon with Chinese President Xi Jinping, but he did not say when. The Nikkei has lost 1.3 per cent this week, during which an inversion of the US Treasury yield curve -widely regarded as a recession signal- triggered a global sell-off in riskier assets. Some expo..
August 16, 2019

Australia shares down for third week on recession, trade worries

Australian shares gained little respite on Friday as they ended a third straight week in the red, hurt by concerns about a global economic slump and signs the US-China trade war would drag on. Australia's S&P/ASX 200 index closed about 3 points lower at 6,405.5 after staying in positive territory for much of the early part of the day. The index has lost 2.7 per cent for the week. Global financial markets took fright this week after an inversion in the US bond yield curve - which has presaged several past US recessions - raised fears of a world economic slump and sent investors stampeding out of riskier assets. While the United States announced earlier in the week that it would delay tariffs on some of the remaining Chinese products it imports, there was little sign both countries would resolve their trade dispute anytime soon. The Sino-US dispute has hit global trade and slowed growth in China, Australia's biggest export market. Domestic mining and gold stocks fell, offs..
August 16, 2019

China stocks end week higher, bolstered by consumer gains

SHANGHAI: China stocks closed up on Friday to end the week higher, aided by gains for consumer firms, as Beijing moves to boost consumption further to tackle slowing economic growth. The blue-chip CSI300 index rose 0.5 per cent, to 3,710.54, while the Shanghai Composite index rose 0.3 per cent to 2,823.82. For the week, CSI300 was up 2.1 per cent, while SSEC gained 1.8 per cent. China's state planner said on Friday it will roll out a plan to boost disposable income this year and in 2020 to spur consumption as the economy slows, but it gave few details. Leading a rise in the market, the CSI300 consumer staples index rose 1.3 per cent on Friday. The strong gains also followed a raft of solid earnings reports by leading brands, including Tsingtao Brewery and Foshan Haitian Flavouring. However, analysts expressed caution given various uncertainties at this moment. The A-share market could continue to be range-bound until any signs of strong positive signals, amid global recessi..
August 16, 2019

India does relatively well when global growth is subdued: Harsha Upadhyaya

Our thesis has been that whenever there is subdued growth in the global economy, India still does well from a relative growth perspective, as well as from a profitability perspective, because most of the commodities remain in a range, says Harsha Upadhyaya, CIO- Equity, Kotak AMC. Excerpts from an interview with ETNOW. What kind of phase are we going through in the market? Is it time to conserve cash or to start putting the cash into whatever you are sitting on because the market has become fundamentally cheap? Clearly the time has come to start looking at equities, but that does not mean that one should be very aggressive at these levels. While the macros have been mixed, the valuations have come off. They are not as attractive as what would entail a complete lump-sum investment at this point. But at the same time, investors will definitely make money if they invest at lower valuations. We have seen that broader markets have corrected in terms of valuations over the last two years or..

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