Oil price, Banks, Gold, Open AI – Key concerns for the market today (March 27th)

Today’s main Global market news –

1. Vladimir Putin said Russia is preparing to station tactical nuclear weapons in Belarus, escalating a confrontation with the US and its allies.
2. Money market funds increase by more than $286 billion as investors withdraw bank deposits.
3. After its collapse, First Citizens purchases a sizable portion of Silicon Valley Bank.
4. According to a court document, some of the Twitter source code was exposed online.
5. Report: Elon Musk suggested running OpenAI on his own and taking over control.
6. Ammar al-Khudairy, the head of the Saudi National Bank, resigned after the Credit Suisse buyout
7. UPDATE 1: The UK’s competition authority will investigate EDF’s purchase of a GE nuclear turbine unit.
8. The U.S. and Europe are on alert for a credit crisis due to banking stress.
9. Canada’s big six banks returns since closing on March 8th – Right before that infamous SVB conference call $TD: -11% $NA: -10.4% $BMO: -8.9% $CM: -7.7% $RY: -7.5% $BNS: -4.2%
10. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis says, bank stresses bring economy closer to recession
11. Gold prices drop from $2,000 and the financial problem is highlighted.
12. Warner: The White House is in support of the legislation allowing the Commerce Department to prohibit TikTok.
13. The next Starbucks CEO will perform shifts at shops every month.
14. The most recent investment advice from Warren Buffett to help build long-term wealth
15. Due to hurricane devastation, Biden declares an emergency in Mississippi.
16. Elon Musk values Twitter at $20 billion – The Information
17. Five local employees of the due diligence company Mintz Group were imprisoned by Chinese authorities, and the Beijing branch of the company was shut down.
18. If TRUMP is indicted, the former president claims there might be “death and destruction.”
19. Trump’s call for a demonstration over a potential arrest is ridiculous, says Warner
20. Accenture will lay off 19,000 workers as business expenditure declines.
21. The resurgence of European bank concerns hurts Deutsche Bank.
22. In its last report, the UK innovation network Tech Nation, which will shut down at the end of March, predicts that the UK tech sector will need assistance to continue growing.
23. After a malfunction, Binance restarts spot trading.
24. According to the Centers for Disease Control and Prevention, an outbreak of a drug-resistant bacterium strain connected to recalled eyedrops has now been linked to three fatalities as well as numerous significant injuries.
25. Ford aims to produce 500,000 electric vehicles per year at its $5.6 billion Tennessee factory.
26. In New Jersey, Bed Bath & Beyond will eliminate 1,300 additional positions
27. A Significant Factor Driving This Year’s Rally Is Losing Tesla
28. Once UK authorities focused their investigation only on cloud gaming, Microsoft Corp.’s odds of obtaining antitrust approval for its $69 billion acquisition of Activision Blizzard Inc.
29. A security clearance oversight that led to hundreds of Boeing workers working on the highly classified Air Force One aircraft with expired credentials is being looked into by the company.

Must read book about investing – check here

Market Technicals –

Market closed on good note around high after breaking previous day low

Dow is still below 50 and 200 EMA 

Both short and long term trend is down 

Midterm trend remains sideways

Swing high is around 32406

 Dow Weekly Chart

My Favorite book on Trading –  Check Here

YTD Performance of different assests:

• Bitcoin +68%
• Semiconductors (SMH) +27%
• Cathie the Daytrader (ARKK) +24%
• Nasdaq-100 +18%
• Gold +9%
• Bonds (TLT) +6%
• S&P500 +4%
• Russell 2000 -1%
• Dow Jones -3%
• Silver -4%
• Real Estate (VNQ) -5%
• Nat’l Banks (XLF) -10%
• Oil -14%
• Regional Banks (KRE) -26%

Annual inflation Figures 

• Argentina: 102%
• Turkey: 55%
• Russia: 11%
• UK: 10.4%
• Italy: 9.1%
• Germany: 8.7%
• Australia: 7.8%
• Mexico: 7.6%
• South Africa: 7%
• India: 6.4%
• France: 6.3%
• Spain: 6%
• US: 6%
• Brazil: 5.6%
• Canada: 5.2%
• Indonesia: 5.4%
• South Korea: 4.8%
• Japan: 3.3%
• Saudi: 3%
• China: 1%

Economic Calendar for Today

Economic data:-

• U.S. Durables orders for Feb fell (-1.0%) U.S. Feb. Durables ex-transportation orders were unchanged vs. est. +0.2% and Jan +0.4%; U.S. Feb. Durables ex-defense orders declined (-0.5%) vs. Jan (-5.6%); U.S. Feb. Durables shipping fell (-0.6%) vs. Jan (-0.4%); and Feb. nondefense cap shipments ex-aircraft remained steady vs. Jan +0.9%.
• S&P Services PMI Flash Actual 53.8S&P Manufacturing PMI Flash Actual 49.3 (best since May 2022) vs. est. 47, and previous 47.3; S&P Services PMI Flash Actual 53.8 (highest level since April 2022); vs. est. 50.3 and prior 50.6.

Today’s Calendar

·    1:00 PM ET                   U.S. Treasury to sell $42B in 2-year notes.

Earnings expected after market on Monday :

• Curaleaf Holdings (OTCPK:CURLF)
• PVH Corp. (PVH)
• WidePoint corporation (WYY)
• Hall of Fame Resort & Entertainment Company (HOFV)
• FreightCar America (RAIL)

Indian Market news Today

At close on Monday 27th March, 2023

Major Trading View discount – check here 

Data FII and DII

On March 24, according to preliminary data from the National Stock Exchange, foreign institutional investors (FII) net sold shares worth Rs 1,720.44 crore, while domestic institutional investors (DII) bought shares worth Rs 2,555.53 crore.

1. Oyo intends to reduce its IPO size because of challenges in the IT industry.
2. OYO expects FY23 revenue to exceed 5,700 CR.
3. In order to participate in the RBI’s pilot initiative to facilitate offline payments, IDFC First Bank teamed up with Crunchfish.
4. Sources: India asks state-run banks to keep an eye on the largest loan accounts
5. The BIS’s warning that increased interest rates could put financial institutions at risk was disregarded.
6. For the first time in nine months, India’s market capitalization falls below $3 trillion.
7. To build manufacturing facilities, Grasim Industries purchases the leasehold rights to a 220 acre property tract.
8. India’s Gold Near Record Levels Indicate Avoidance by Buyers
9. RBI MPC policy meeting: According to analysts, the central bank may raise interest rates by 25 basis points again the following week.
10. FPIs have so far invested Rs 7,200 crore in Indian stocks in March.
11. Infosys, TCS, and SBI are among the top three corporations to lose Rs 86,447 crore in Mcap.
12. RVNL announces a dividend of 17.7%
13. FinMin explains the issue of uncertainty around the STT increase following a misspelling in the related Finance Bill Amendment.
14. NSE reduces transaction fees on stock and F&O trading by 6%.
15. Shares of Bharti Airtel are sold by BNP Paribas Arbitrage for Rs. 105 crore.

Must read book about investing – check here

BULK DEALS

TTK Healthcare:-1.31 lakh equity shares were purchased by Abakkus Asset Management LLP for an average cost of Rs 911.08 per share.

Campus Activewear TPG Growth III SF Pte Ltd sold all of its 2.32 crore shares in Campus @ Rs 347.24 per share

STOCKS IN NEWS 

• Sun Pharmaceutical Industries: The pharmaceutical giant has agreed to pay Rs 143.3 crore to buy a 60 percent stake in Vivaldis Health and Foods.

• The defense ministry and Bharat Electronics have agreed to a contract for Rs 3,000 crore for the provision of integrated electronic warfare systems to the Indian Army.

• Eris Lifesciences: The pharmaceutical business successfully paid Rs 275 crore to Dr Reddy’s Laboratories to acquire nine dermatological brands.

• L&T Finance Holdings: L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee will combine with L&T Finance Holdings with the Reserve Bank of India’s clearance.
• BBCC India: The All India Institute of Medical Sciences (AIIMS), New Delhi, has issued a work order of Rs 81.19 crore to subsidiary HSCC (India).