Wall Street's main indexes dropped on Thursday, as investors stayed away from making riskier bets owing to a lack of new developments in U.S.-China trade talks. The three main stock indexes opened higher, extending gains from the previous session, but lost steam in the first hour of trading. "There is no new news on the trade war and it's mostly that," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. "So unless we get a positive or negative story to push the market one way or the other, we might as well be trading in this range for a while." Wall Street's main indexes snapped a three-day losing streak in the previous session as headlines around trade suggested the world's two largest economies were closer to agreeing how many tariffs would be rolled back in a "phase one" trade deal. However, if no agreement is reached soon, more tariffs on Chinese goods will kick in from Dec. 15. Seven of the 11 major S&P 500 sectors were … [Read more...] about Wall Street dips on lack of fresh update on trade talks
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In the decade since the global financial crises of 2007, a systemic shift has become conspicuous in international and regional economic architecture. This is observable through structural weaknesses in core economic structures such as the post-World War II system (Bretton Woods) in institutions like the International Monetary Fund and the World Bank and post-Cold War system under Wall Street's model of financial liberalization. As a result, this marked a turning point internationally and regionally, where the weaker states and those dependent upon liberal financial models became entangled in complex dilemmas. Exports had fallen, investors had lost confidence in financial markets, current account deficits grew, unemployment climbed up, and there were risks of contagion in tightly knitted structures such as the European Union. Amid the effects from the financial crises, the two areas that had long been seeking attention were infrastructure development and augmentation of trade and … [Read more...] about Does China offer new experiences after global financial crises?
Stocks from interest rate-sensitive sectors such as real estate, auto, banking and financials were abuzz on Dalal Street in Thursday morning trade ahead of RBI monetary policy committee’s (MPC) rate review amid the ongoing economic slowdown. There are expectations that RBI will cut the key benchmark rate by 25 basis points with the objective of boosting consumption and liquidity in the system. However market mavens don’t see much effect on the market, if the rate cut is on the expected lines, as it has already been priced in. However, any surprise like a downward revision in GDP growth could have a different impact. “If RBI provides more relief to the real estate sector, something which is more concrete for NBFCs to get out of the current mess in terms of their exposure to real estate sector—this could be the trigger with which the market will be happy about,” said Abhimanyu Sofat, VP-Research, IIFL. BSE Bankex and Real Estate index are up 19 per cent … [Read more...] about Not just a 25 bps rate cut, Street demands unorthodox steps from RBI this time
NEW DELHI: After Equitas Holdings, another microfinance company with small finance bank license, Ujjivan Financial Services, is ready to hit the market with its initial public offering (IPO) on Thursday. Up to 35 per cent of the Rs 880 crore issue (at upper end of the price band) is reserved for retail investors. Many brokerages have recommended ‘subscribe’ rating to the issue, saying the IPO valuation looks reasonable and the company has the potential to deliver strong growth and return on assets even after its conversion into a small finance bank. Here’s all you need to know about the issue: The issue will comprise 4,20,23,618 equity shares with a face value of Rs 10 each. This includes fresh issue of 1,70,55,286 equity shares and an OFS of 2,49,68,332 equity shares (amounting to Rs 358 crore). Bidding will be made in a lot of 70 equity shares and in multiples thereof. Qualified intuitional buyers (QIBs) will be allowed to bid for not more than 50 per cent of … [Read more...] about Ujjivan IPO opens today; Dalal Street gung-ho on the issue, finds it attractive
Coimbatore: The remaining portion of the compound wall which collapsed on a row of houses killing 17 people in the district was razed down on Thursday even as a team of officials of the National Commission for Scheduled Castes visited the spot. The Commission Chairman Naresh Katheria and Vice Chairman Dr L Murugan visited Nadur village where the mishap occurred on Monday and held discussions with the residents. During a brief interaction with reporters, Murugan said based on complaints the commission is conducting an enquiry to ascertain whether the wall was constructed to discriminate against Dalits. Besides, the commission has directed the authorities concerned and the PWD to verify whether proper materials were used for the construction of the wall and the reason for the collapse, he added. Murugan also said the administration was asked to issue a memo to the officials, who failed to inspect the wall despite complaints by various organisations and locals on the danger posed by … [Read more...] about Compound Wall in Coimbatore Pulled Down by Authorities Days After its Collapse Killed 17 People