Apple, Ali Baba, Inflation data Bitcoin – whats driving the market today (April 11th)

Today’s main global market news –

1. Alibaba revealed it plans to roll out its own ChatGPT-style artificial intelligence (AI) called Tongyi Qianwen.
2. Apple Inc.’s PC shipments declined by 40.5% in the first quarter, the worst drop since 2000, after sluggish demand and an industrywide.
3. Indian businesses file a lawsuit to block Google’s new in-app payment scheme.
4. In Q1, China’s fresh loans reached a record level as banks prioritised lending.
5. Italy will lower its 2024 GDP growth goal while maintaining its deficit goals.
6. Futures go upward as attention turns to inflation and earnings data.
7. Airbus reports a decline in Q1 deliveries and sells 4 A350 freighters.
8. European stocks advance ahead of important economic data anticipated next week.
9. Buffett claims to own 7.4% of five trading companies in Japan, including Itochu-Nikkei.
10. Tongyi Qianwen, a GPT-like AI model, is unveiled by Alibaba.
11. Gold Price Today: Declining US bond rates make bullion more appealing to investors
12. The Bank of Korea keeps the key interest rate same.
13. As the economy weakens, the Fed may not need to raise rates in May, according to BlackRock.
14. March saw a further easing in China’s CPI inflation as PPI shrank.
15. As a result of Warren Buffett’s interest, Japanese equities have increased.
16. With an uneven recovery, consumer inflation in China reaches an 18-month low.
17. On hawkish Fed bets, the dollar slows after sharp advances as bitcoin reaches $30,000.
18. Australian consumers like the RBA’s April pause, according to Westpac.
19. US suggests reducing EV mileage figures to comply with fuel economy regulations.
20. On concerns about more Fed rate rises, U.S. markets are declining.
21. Sugar rising to the highest in more than a decade due to worries about tight global supplies

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U.S. market today

Market Technical -by Gurmeet Sohi

Good pull back on Monday closed in green and above all 20 EMA 50 EMA and 200 EMA

Short term trend is up

Long term trend is also switched to uptrend  

Midterm trend remains sideways

Swing lows are around 32611 and this may act as a support now.

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MARKET MOVERS

STOCKS IN NEWS 

• Monthly chip sales data: TSM said that March revenue down 15% year over year to 145.41 billion Taiwan dollars ($4.78 billion U.S.), the first decrease in over four years; Q1 revenue increased 3.6% from a year earlier to NT$508.63 billion (US$16.73 billion).

   

• According to Goldman Sachs, March traffic patterns in the retail sector demonstrated a general slowdown, with average visits per venue (YoY) at BJ’s falling by 11%, at COST by 8%, at FND by 21%, and at HD and LOW by 13%.

   

• Greenbrier Companies Inc GBX reports Q2 adj Profit $0.99 vs. $0.61 expected; Q2 revenues $1.1B vs. $895.5M expected; raises FY23 revenue outlook to $3.4B-$3.7B from $3.2B-$3.6B (approx. $3.41B); In the transportation sector, Goldman Sachs reduces forecasts widely because they anticipate volume recovery/inflection in 2023 and observe some near-term downturn in business demand expectations.

   

• H.B. Fuller Company FUL increases the quarterly dividend by 8% to 20.5c per share; WDFC reports Q2 earnings per share of $1.21 as opposed to the expected $1.15; lowers FY earnings per share to $4.80-$5.00 and lowers the outlook for FY net sales to $535M-$560M from the previous range of $545M to $570M; and provides an update on Q2 results from SMG.

   

• When demand fueled by remote work during the pandemic dried up, IDC stated that shipments by all PC manufactures combined fell 29% to 56.9M units, below the levels of early 2019. The market leaders were Lenovo Group Ltd. and Dell, both of which saw declines of more than 30%. HPQ experienced a decline of 24.2%. Apple did particularly poorly, with units down by 40.5% Y/Y.

   

• When AudioCodes Ltd AUDC released its outlook for the entire year 2023 in February, it stated that it expected Q1 revenue to be lower than previously estimated internally. It forecasts Q1 revenues of $58.5 million to $60 million, a decrease of about 10% to 12% from the prior year vs. an estimated $66.8 million on lower EPS.

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Economic Calendar for Today

• 06:00         NFIB Small Business Optimism (Mar)
• 08:55         Redbook (YoY)
• 12:00         EIA Short-Term Energy Outlook
• 12:00         WASDE Report
• 16:00         FOMC Member Harker Speaks
• 19:30         FOMC Member Kashkari Speaks  

Major Events for upcoming week

1. U.S. CPI: on Wednesday predicted 5.6%; previous 5.5%.
2. Fed minutes: On Wednesday, the Fed will release the minutes of its March meeting.
3. Bank earnings:- On Friday, JPMorgan (JPM) and Citigroup (C) BlackRock (BLK) , Wells Fargo (WFC)  are expected to publish their bank profits.
4. IMF predictions: On Tuesday, the IMF will release its most recent projection for world economic growth.
5. Central banks: On Wednesday, the Bank of Canada will convene its most recent policy-setting meeting. On Monday, Haruhiko Kuroda handed over control of the Bank of Japan to Kazuo Ueda.

EARNING CALENDAR

EARNING BEFORE THE  OPENING :

Albertsons (ACI), CarMax (KMX), Intralot ADR (IRLTY), CBAK Energy (CBAT)

EARNING AFTER THE CLOSE:   

OrganiGram Holdings Inc (OGI)

Economic data

• NY Fed data: According to NY Fed statistics, the percentage of People who reported having a tougher time accessing credit in March was at its highest level since 2014, and this percentage increased their pessimism about future credit availability in March. Inflation was anticipated to be 4.7% in March, compared to 4.2% in February, 2.8% in March, compared to 2.7% in February, and 2.5% in March, compared to 2.6% in February.

  Wholesale inventories for February were corrected to increase by 0.1% from 0.2%; wholesale sales for February in the United States increased by 0.4% compared to January and were 1.37 months’ worth of inventory, down from 1.38 months.

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Indian Market Today 

FII AND DII 

On April 10, according to preliminary data from the National Stock Exchange, domestic institutional investors (DII) acquired shares worth Rs 351.50 crore while foreign institutional investors (FII) bought shares worth Rs 882.52 crore.

Prior to the Q4 results season, FIIs purchased and sold equities in these sectors.

Before the start of the Q4 results season in March, foreign institutional investors, or FIIs, who had sold Indian shares for the first two months of this year, switched to becoming net buyers by buying about $1 billion (Rs 7,936 crore).

Services (Rs 7,246 crore), electricity (Rs 3,214 crore), metals and mining (Rs 2,938 crore), autos (Rs 2,695 crore), capital goods (Rs 2,507 crore), and construction were the top FII purchase categories last month (Rs 2,224 crore).

NEWS

1. RBI suggests a prolonged halt in interest rates, although no reduction is anticipated soon.
2. JSW Steel has its greatest quarterly steel output in Q4, increasing its stock.
3. Regardless of Hindenburg! LIC increases holdings in 4 Adani equities
4. Shares of Kotak Mahindra Bank surge 6% on anticipated $690 million in MSCI inflows.
5. According to Bloomberg, IndusInd Bank has signed a credit agreement for co-financing with Citi and the Japan International Cooperation Agency.
6. Ulric Renewables receives a 39% shareholding from Exide Industries.
7. With strong rise in gross direct premiums, Star Health gains.
8. Gain in share price for Kalpataru Power as a result of receiving fresh orders of Rs 3,079 crore.
9. Ahead of the March quarter earnings announcement on April 12, 2023, TCS shares are under pressure.
10.  

STOCKS IN NEWS

• Stocks in news

  Delta corp:– In anticipation of its March FY23 quarter earnings, attention will be focused on Delta Corp., a gaming and hospitality company. The business will also take into account any dividends.

  SBI:- The largest lender in the nation, State Bank of India, announced that its Executive Committee of the Central Board will meet on April 18 to discuss raising long-term capital through a public offering and/or a private placement of senior unsecured notes in US dollars or any other convertible foreign currency during FY24.

  IRB Infrastructure Developers: The highway development firm reported toll revenue of Rs 369.9 crore for the month of March 2023, up 20.6 percent from toll revenue of Rs 306.6 crore in the same month of the previous year. Compared to February 2023, the increase was 5.2%.

  Vedanta: On April 13, the business, which is controlled by billionaire Anil Agarwal, will contemplate issuing non-convertible debentures (NCDs) through a private placement. Also, after taking into account the High Level Expert Committee’s findings and the state government’s recommendations, the Supreme Court has given Vedanta permission to carry out the tasks necessary for the maintenance of the copper smelting facility at Thoothukodi in Chennai.

  Bank of Baroda: In the three months ending in March FY23, the public sector lender’s total business exceeded the milestone of Rs 21 lakh crore, gaining 16.8 percent year over year to Rs 21.77 lakh crore. As of March 2023, total advances increased by 19% YoY and 5.4% QoQ to reach Rs 9.74 lakh crore, and total deposits increased by 15.1% YoY and 4.7% QoQ to reach Rs 12.04 lakh crore.

  Shilpa Medicare: The US Food and Drug Administration (USFDA) has granted final clearance to the pharmaceutical company’s ANDA for its Apremilast pills, which come in dosages of 10 mg, 20 mg, and 30 mg. The medication is used to treat adult patients with psoriatic arthritis that is active. A generic version of the reference-listed medication OTEZLA is called apremilast.

  Indian Schaeffler: The maker of ball and roller bearings will begin trading ex-dividend on April 11. A final dividend of Rs. 24 has been declared by the firm per share.

  Bank of Baroda: In the three months ending in March FY23, the public sector lender’s total business surpassed the milestone of Rs 21 lakh crore, gaining 16.8% year over year to Rs 21.77 lakh crore. As of March 2023, total advances increased by 19% YoY and 5.4% QoQ to reach Rs 9.74 lakh crore, while deposits increased by 15.1% YoY and 4.7% QoQ to reach Rs 12.04 lakh crore.

Today’s India market at close

MARKET MOVERS

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