Bank of England, Bitcoin Rising – What’s driving the market today (March 29th)

Today’s main global market news –

1. The Bank of England claims that due to the financial system’s instability, international investors are substantially reducing their appetite for risk.
2. Canada’s fiscal deficit in the first 10 months of 2022–23 is C$6.44 billion.
3. Some young Canadians are downsizing their homes to cut back on their expenses
4. Crypto clients of Signature Bank are instructed by the US FDIC to cancel their accounts by April 5.
5. Mercedes shares worth €1.4 billion are sold by Kuwait Wealth Fund.
6. Biden prepares to call for new bank rules after SVB – Washington Post.
7. The imminent collapse of the Chips and Science Act exemplifies every flaw in American industrial strategy.
8. The Russian Deputy Prime Minister Alexander Novak and Hungary’s foreign minister hold talk on  phone on petrol and oil exports as well as nuclear cooperation
9. Sam Bankman-Fried additionally charged for allegedly bribing Chinese officials

    
10. Bank of England is on high alert for more financial instability
11. Do TikTok and Instagram make banks less secure?
12. In an £8.5 million transaction, retailer Next acquired Cath Kidston from administrators.
13. Canada’s change to the dividend tax targets banks for billions.
14. Black Lives Matter design, according to Adidas, infringes on its three-stripe trademark
15. Prosecutors say Bankman-Fried paid $40 million in cryptocurrency to influence Chinese officials.
16. Starbucks union dispute heads to Congress over delayed labour negotiations
17. According to a research, AI might displace 300 million jobs.
18. The EV Transition Drives a More Than 400% Increase in BYD’s Net Income
19. Cracks Are Appearing in Schwab’s $7 Trillion Empire, Based on Low Rates
20. $142 billion in 2 days: SVB bank run breadth exposed as US regulators consider rule changes
21. Billions of Canadian will receive inflation relief payment for food
22. $2 billion in outflows are seen by Binance as problems worsen.
23. Australian Inflation Report for February Creates Opportunity for Rate Hike Pause
24. When Alibaba’s stock surges on a reorganisation plan, SoftBank Group Shares Rally Sharply
25. The first redesign for Pepsi in 14 years is unveiled.
26. Brazilian legislation on online content accountability is defended by Meta and Google
27. Shares of AMC Entertainment increase after news that Amazon is considering a takeover.
28. Lululemon Athletica Inc (NASDAQ:LULU) posted Q4 EPS of $4.40, $0.14 more than the average expectation of $4.26. This is an increase of 13%.
29.  EV startup Lucid plans to reduce its personnel by around 18%
30.  Cal-Maine Foods announces Q3 success, lifting shares 2%
31.  Micron Q2 earnings below expectations due to decreased demand
32. Sales of Micron fell by 53%. It is laying off more workers. Brighter times are coming.

Must read book about investing – check here 

U.S. market today

Market Technicals –

Market closed in red and still below 20 EMA

Dow is still below 50 and 200 EMA 

Both short and long term trend is still down 

Midterm trend remains sideways

Swing high is touched and price hovering around it

My Favorite book on Trading –  Check Here

Stock Gains

BABA +7%; according to rumours, has plans to divide its $220 billion business into six primary groups that include e-commerce, media, and the cloud. When the time is perfect, each of these units will consider raising money or going public.

ITCI + 15%; following the release of favorable top line findings from Study 403.

LOVE +19%; exceeds Q4 sales and profit forecasts and offers mixed outlook, estimating 2024 sales to be between $700 and $740 million compared to an estimate of $692 million.

MKC +10%; Q1 adj EPS $0.59 vs. est. $0.51; Q1 revenues climbed 3% year over year to $1.57B vs. est. $1.54B.

OSCR +60%; announces the hiring of Mark Bertolini.

OXY + 2%; as of late Monday, Berkshire Hathaway had 211.7 million shares of the oil business,.

PARA +75; upgraded to Buy by Bank America from neutral and up tgt to $32 based on the total of its asset values in the event of a sal

Stocks under pressure 

ALLR 15%;  after statements that interim data readouts from current mid-stage studies of its ovarian cancer medicine and breast cancer therapy are anticipated to take place at the end of 2023.

AMD is down 2% as semiconductors experience some earnings erosion following a strong run in 2023.

ANET -2%; Cleveland Research observes that 1Q bookings look to be declining vs. trending as order visibility narrows along with shorter lead times.

Shares of HRMY fell by 24% after Scorpion Capital published an investigation report on Harmony Biosciences.

Due to the company’s poor near-term visibility, Bank America has downgraded IHRT by 9% and dropped its target price to $4.

Economic Calendar for Today

Today’s Calendar

·     7:00 AM ET             MBA Mortgage Applications Data

·     10:00 AM ET           Pending Home Sales M/M for February

·     10:30 AM ET           Weekly DOE Inventory Data

·     1:00 PM ET              U.S. Treasury to sell $35B in 7-year notes.

Earnings Calendar:

·     Earnings Before the Open: BLUE CONN CTAS GLYC LOCL PAYX UNF

·     Earnings After the Close: AXDX BEEM CNXC CXM DERM FC FUL OCX OPGN PL RH SMTC

Indian Market news Today

At close on Monday 29th March, 2023

Major TradingView discount – check here 

News

1. Shares of Shalby rise when expert investor Veliyath purchases a 0.56% stake in a bulk transaction.
2. Vedanta’s entire dividend expenditure for FY23 is 1.5 times that of its net earnings for FY22.
3. Adani Transmission receives all of REC’s shares in Khavda IIA Transmission.
4. Zenrin, a foreign company, sells 80 crore rupees worth of MapmyIndia stock.
5. As a result of the settlement between ZEE and IndusInd Bank, the stock price increased 4%.
6. As a result of MD Ramakrishna rejecting the offer of re-appointment, South Indian Bank falls 17%.
7. India’s goods imports are expected to reach $700 billion in FY23 due to increased exports of coal and crude: GTRI
8. PSU smallcap stock rises 8% after receiving an order of Rs 146 crore from SIDBI
9. The Supreme Court grants the Centre’s request for Rs 5,000 crore from the SEBI-Sahara fund to reimburse depositors.
10. Karnataka receives a $363 million loan from the World Bank for a rural water delivery scheme.
11. While the group disputes reports of debt repayment, Adani stock prices rise
12. Stocks of the Adani Group fall, reducing market capitalization by 58,240 crore: All 10 stocks end the day down.
13. NBCC stock increased 4% after receiving a Rs 146 billion order from Sidbi.
14. According to a Fitch assessment, Adani Transmission and Adani Ports are more vulnerable to contagion risks.
15. PAN-Aadhaar linking deadline extended till June 30, 2023: CBDT
16. In FY23, QIP fundraising reached an 11-year low.

Must read book about investing – check here