Alibaba, Binance, Bitcoin, Dollar – What’s moving the market today (March 28th)

Today’s main global market news –

1. UK food inflation rises to a record 17.5%, according to Kantar
2. Banks in France face fine of moren than 1 billon in tax fraud probs, 5 biggest banks was raided named – BNP, HSBC, Natixis, Societe Generale and BNP’s Exane
3. Michael Saylor bought more bitcoins and repaid $205M loan to Silvergate
4. Adidas And Beyonce Have Decided To End Their Fashion Collaboration – WSJ
5. Shares rise following reports that Alibaba will be divided into six units.
6. Binance’s CEO is being sued by a US regulator for “willful evasion”
7. Safe havens lose attractiveness as financial instability eases and the dollar drifts lower
8. Demand is rebounding, and Carnival Cruise Lines has record future reservations.
9. In Michigan, more than two dozen Burger Kings are closing.
10. SVB effect: American home and automobile purchases may become significantly more difficult.
11. Facebook’s parent company will reduce some employees’ bonus payouts.
12. This week, Disney begins the first of three stages of 7000 layoffs.
13. As part of a layoff plan, Disney eliminates its Metaverse division.
14. Apple’s COO sells $30 million in stock after the company’s stock gains 22% in the first quarter.
15. Treasury prices fall as yields climb as risk appetite
16. Due to a Silicon Valley Bank acquisition, the Dow Jones rises 300 points, while First Republic gains 31%.
17. Without significant changes in policy, the World Bank foresees a “lost decade” in global growth.
18. With positive Q1 earnings, Carnival Corporation shares increases.
19. When Big Tech Advances Products With Artificial Intelligence, AI Stocks Are Worth Monitoring
20. Housing market in innovation hubs cooling faster than other areas of the US, according to a research

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Market Technicals –

Market closed just close around 20 EMA

Todays close will be important

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

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STOCKS in news 

• For TSLA Barclays said they expect a “modest” delivery beat in Q1, with production modestly outpacing deliveries; expects Q1 deliveries of 425K-units, modestly ahead of the 420K est.
• IFF still sees 1q sales about $2.95b to $3B as they reconfirmed 1q guidance.
• BEP said it will acquire Australian integrated electricity generator Origin Energy Ltd. with a consortium of other investors in a deal with an enterprise value of 18.7 billion Australian dollars ($12.43 billion). 
• ET to Acquire Lotus Midstream in a $1.45 Billion Transaction with SUN. Lotus Midstream Owns and Operates Centurion Pipeline, a fully Integrated Crude Pipeline and Terminal System in the Permian Basin.
• GLW upgraded to Buy at Deutsche Banks as they believe 1Q23 results are likely to Mark the bottom for both revenues (+ YoY growth) and non-GAAP EPS.
• CRM shares active after Elliott Management Corp. said it no longer plans to nominate directors to the board of Salesforce Inc., avoiding a proxy fight.
• GLW upgraded to Buy at Deutsche Banks as they believe 1Q23 results are likely to Mark the bottom for both revenues (+ YoY growth) and non-GAAP EPS.

Market Gainer

BLKB +14%; following the announcement of an offer by Blackbaud’s largest shareholder, Clearlake Capital Group L.P., to acquire all of the company’s outstanding shares for $71 per share.

CCL + 3%; Q1 revenue above analysts’ expectations due to strong demand, rising ticket prices, and a rise in occupancy of 7% points over Q4 due to expanded capacity.

FCNCA +43% announced the purchase of the unsuccessful SIVB out of FDIC receivership. 

IOVA +9% said that it has finished submitting its Biologics License Application to the FDA for lifileucel in advanced melanoma.

PINS + 6%; upgraded to Buy at Citigroup and increased target to $35 from $27.

Stocks under pressure 

BNTX -4%; it forecasts Covid vaccine sales of around $5 billion this year, significantly falling short of forecasts of $7.45 billion.

COIN -6%; a decline in the value of cryptocurrencies this morning.

DISH -2%; downgraded from Buy to Neutral at UBS; tgt cut to $10 from $27

Economic Calendar for Today

Today’s Calendar

·     7:45 AM ET             ICSC Weekly Retail Sales

·     8:30 AM ET             Advance Goods Trade Balance for February…est. (-$91.0b)

·     8:55 AM ET             Johnson/Redbook Weekly Sales

·     9:00 AM ET             CaseShiller 20-city Index M/M for January…est. (-0.5%)

·     9:00 AM ET             Monthly Home Price M/M for January

·     10:00 AM ET          Fed’s Barr Appears Before Senate Banking Panel      

·     10:00 AM ET           Richmond Fed Manufacturing for March…prior (-16)

·     10:00 AM ET           Consumer Confidence for March…est. 101.0

·     10:30 AM ET           Dallas Fed Manufacturing for March

·     1:00 PM ET              U.S. Treasury to sell $43B in 5-year notes.

·     4:30 PM ET              API Weekly Inventory Data

Earnings Calendar:

·     Earnings Before the Open: BTTR CNM IMBI LOVE MKC SNX TSHA WBA

·     Earnings After the Close: ARCT BIOL CALM DNMR EKSO ICAD JEF MU NCNO PLAY PRGS

Indian Market news Today

At close on Monday 27th March, 2023

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Data FII and DII

On March 27, foreign institutional investors (FII) sold shares worth Rs 890.64 crore, while domestic institutional investors (DII) acquired shares worth Rs 1,808.94 crore, according to provisional data from the National Stock Exchange.

News

1. According to Fitch, 10%–12% capex increase is anticipated for Indian corporations in FY24.
2. STT increase on options trading would hurt small traders more than sellers, according to 5paisa CEO.
3. Lowest bidder was GR Infra for two NHAI projects in Karnataka totaling Rs. 1,613 crore.
4. GitHub, a Microsoft-owned company, fires around 140 workers in India
5. SJVN receives GREEN Funding from the Japan Bank for International Cooperation in the amount of Rs 915 crore.
6. AMG Media Networks, a division of Adani Enterprises, buys a 49% share in QBML for Rs. 47.84 crore.
7. By the purchase of a share in Gati-Kintetsu Express, Allcargo Logistics obtains 5%.
8. Dilip Buildcon’s stock rose after it was awarded a road project in Andhra Pradesh.
9. The deadline for nominations in trading and demat accounts has been extended to September 30.
10. PNC Infratech is the lowest bidder for a motorway project, and its stock price has increased by 7%.
11. EPFO has set the EPF interest rate at 8.15% for fiscal year 2022-23: Sources
12. STT increase on options trading would hurt small traders more than sellers, according to 5paisa CEO.
13. Transformers and Rectifiers rises 5% after receiving a Rs 184-crore order from a central utility.
14. Prior to its merger with HDFC Bank, HDFC intends to raise Rs 57,000 crore through private placement.
15. S&P maintains its 6% FY24 economic growth forecast for India.

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