Banks worries rise again, Hindenburg, PMI – Whats moving the market today (March 24th)

Today’s main Global market news –

1. Due to rising bond rates and smaller savings, American households will sell $750 billion of equities this year, marking the first annual decline in demand since 2018.
2. Shares of Deutsche Bank decline @9% while the price of default insurance soars.
3. Inflation in Japan falls to 3.1% in February.
4. Early European trade saw the US dollar remain close to its seven-week low
5. Sources: Apple Inc. supplier Pegatron is in discussions to establish a second facility in India.
6. Flash PMI data for the Eurozone indicate continued expansion in March as services experience pressure.
7. To anticipate customer needs in the future, Walmart is laying off hundreds of employees.
8. S&P Global was penalised 1.1 million euros for publishing credit ratings too soon.
9. In February, U.K. retail sales increased by a stronger-than-anticipated 1.2% on a monthly basis. This was an improvement over the revised 0.9% increase in January, which resulted in a 3.5% annual decline in sales.
10. Due to a capital increase and assistance repayment, Tui drops 10% to a 5-month low.
11. Janet Yellen, the U.S. Treasury Secretary, stated yesterday that the federal government is willing to take immediate measures to support regional banks.
12. Europe’s markets decline; Deutsche Bank down 11%, and banks continue to lose money.
13. At market close, Japan’s stocks are down, with the Nikkei 225 down 0.13%.
14. While concerns about the banking industry’s unrest and the possibility of a recession eclipsed Wall Street’s gains, shares dipped on Friday in Asia.
15. Do Kwon: Cryptocrash chief detained in Montenegro while on the run
16. Cathie Wood has suffered a twin blow as a result of an activist short seller attack on one American corporation and the potential of regulatory action against another
17. Cathie Wood purchases shares of Block during the Hindenburg-fueled decline
18. Average long-term US mortgage rate falls to 6.42% this week
19. Jack Dorsey’s Net Worth Drops $526 Million After Hindenburg Short
20. Toshiba, a Japanese tech behemoth, accepts a $15 billion tender offer.
21. China responded for the first time to a Biden administration demand that the short-video app sell itself of its Beijing-based parent company ByteDance Ltd. or risk a countrywide ban by stating that it would vehemently reject any forced sale of TikTok.
22. Following the Fed, the Bank of England raises rates by a quarter point.
23. Not only Credit Suisse, though. Switzerland need rescue on its own.
24. An economic paradigm and national identity based on preserving global wealth were at danger.
25. Ford will make money on regular automobiles in 2023 while losing $3 billion on its EV “startup”
26. General Mills raises 2023 forecasts once more due to price increase growth
27. Hindenburg shorts shares of Block, Jack Dorsey’s payments company, fell.
28. Due to rising bond rates and smaller savings, American households will sell $750 billion of equities this year, marking the first annual decline in demand since 2018.

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Market at Closing Yesterday

Market Technicals –

Big Doji candle on Today

Yesterday market has been indecisive 

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

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Economic Calendar for Today

Economic data:-

• Weekly Jobless The 4-week moving average decreased to 196,250 from 196,500 the prior week, while continued claims increased to 1.694M in the most recent week from 1.684M the prior. Claims decreased to 191K from 192K last week and below expectations of 197K. (est. 1.684M).

• New home sales data:- The median sales price of new homes sold during February was $438.2K, up from $427.5K in January; Feb. new home supply was 8.2 months. New home sales data for February increased by 1.1% M/M to 640K vs. 650K consensus and 633K before (updated from 670K).

• After growing by $18.2 billion to -$219.0 (was -$217.1 billion) in Q3 from -$237.2 billion (was -$238.7 billion) in Q2, the U.S. current account deficit shrank by $12.2 billion to -$206.8 billion in Q4. The goods and services balance increased slightly from -$207.0 (was -$210.6B) to -$205.0 Billion.

Today’s Calendar

·     8:30 AM ET           Durable Goods for February…est. +0.6%

·     8:30 AM ET           Durable Goods Ex: Transportation for Feb…est. +0.2%

·     9:45 AM ET           S&P Global Manufacturing PMI, Mar-F…est. 47.0

·     9:45 AM ET           S&P Global Services PMI, Mar-F…est. 47.5

·     9:45 AM ET           S&P Global Composite PMI, Mar-F

·     1:00 PM ET           Baker Hughes Weekly rig count data

Indian Market news Today

At close on Friday 24th March, 2023

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Data FII and DII

On March 23, according to preliminary data from the National Stock Exchange, foreign institutional investors (FII) net sold shares worth Rs 995.01 crore, while domestic institutional investors (DII) bought shares worth Rs 1,668.85 crore.

1. STT on Options was raised by the government by around 25%.
2. Rahul Gandhi was expelled from the Lok Sabha after being found guilty of slander.
3. With the lithium deposit in J&K, India might overtake the US as the world’s top automaker: Gadkari, Nitin
4. Emami’s board of directors authorized a repurchase for 186 crore rupees at 450 rupees per share.
5. Manappuram Finance approves up to Rs 8,000 crore in fundraising for FY23–24.
6. The Satin Creditcare board approved the issue of Rs 50 crore worth of NCDs.
7. Report: $100 billion Adani stock decline may prompt LIC to begin restricting investments.
8. In Varanasi, Prime Minister Narendra Modi unveils construction initiatives totaling Rs 1,780 crore.
9. The board of Power Grid Corporation approves the sale of bonds for Rs 600 crore.
10. On March 23, RBI announced that a 5-day Variable Rate Repo auction for a specified sum of Rs 75,000 crore will be held.
11. Accenture projects Q3 sales at roughly $16.7 billion, which is less than expected.
12. USFDA awards final clearance to Zydus for their Lubiprostone Capsules.
13. Obtaining LoA for a project worth Rs 249 crore is J Kumar Infraprojects JV.
14. Adani Green Big Transaction | 21.75 lakh shares (0.11% equity) change hands for Rs. 221.95 crore, averaging Rs. 1,031.45 per share
15. Increase in IDFC’s ownership in IDFC First Bank to 39.99%
16.  Zen Technologies received  127 billion rupee order from the indian  military.
17. NRS supply for Coal India are expected to increase by 16.6% in the fourth quarter of FY’23.
18. Lupin’s shares rise after the USFDA approves its obeticholic acid tablets.