South Korea could jeopardize its alliance with the United States and cause upheaval in financial markets if it starts developing nuclear weapons, according to Defence Minister Shin Won-sik. He addressed growing calls within South Korea for its own nuclear arsenal to counter North Korea's expanding nuclear and missile capabilities.
Rafael Nadal has announced his decision not to compete in the 2024 US Open due to an inability to give his 100% performance. Nadal, who recently suffered a second-round defeat to Serbia's Novak Djokovic at the Paris Olympics, expressed regret over missing the event and confirmed that his next tournament will be the Laver Cup in Berlin.
Robinhood's chief financial officer, Jason Warnick, shrugged off worries that a potential economic slowdown or recession would weigh on growth. The crypto markets also logged a stellar first half of the year led by gains in bitcoin after the US Securities and Exchange Commission approved exchange-traded funds to track bitcoin and ether spot prices.
India's Union Minister of Culture and Tourism, Gajendra Singh Shekhawat, has praised Narendra Modi for ensuring the safety and security of the country's borders. Shekhawat praised Modi's efforts in establishing peace, obliterating terrorism, and reducing naxalism in Bangladesh. He also highlighted India's tourism sector as a major economic activity and employment generator, driving the nation to become the third largest economy in the world.
Nobel Laureate economist Muhammad Yunus is expected to return to Bangladesh on Thursday to assume a significant role as head of the interim government. According to Dhaka Tribune, Yunus will arrive in Dhaka at Hazrat Shahjalal International Airport on an Emirates flight from Dubai at 2.10 pm, depending on the flight's schedule.
The initial quarter earnings season began with 225 companies, including LIC, Eicher Motors, RVNL, and SAIL, reporting their financial performance. Eicher Motors was expected to achieve a significant profit range, while LIC was projected to see a notable increase in its annual premium equivalent and value of new business on a yearly basis.
Dipan Mehta, Director at Elixir Equities, advised investors to maintain a cautious stance amid potential market corrections. He noted that significant investment opportunities arise during downtrends. Mehta remains skeptical about Jio Financial Services and suggested focusing on established NBFC players. He also expressed caution regarding the automobile sector despite upcoming new model launches.
Self-driving technology remains experimental but China has moved aggressively to green-light trials compared with the US which is quick to launch investigations and suspend approvals after accidents. At least 19 Chinese cities are running robotaxi and robobus tests, disclosure showed. Seven have approved tests without human-driver monitors by at least five industry leaders: Apollo Go, Pony. ai, WeRide, AutoX and SAIC Motor.
Haryana Chief Minister Nayab Singh Saini announced that wrestler Vinesh Phogat will be honoured and rewarded like an Olympic silver medalist, despite her disqualification from the women's freestyle 50 kg wrestling due to being 100 grams overweight. The Indian Olympic Association disqualified Phogat from the event due to her weight, but she was deemed a champion for all.
Japanese shares continued to face pressure due to falling domestic chip stocks and potential BOJ monetary tightening. The Nikkei index showed signs of fragility as the BOJ's July meeting minutes indicated further rate hikes. Notable declines included Advantest and Tokyo Electron, while Lasertec saw a significant surge, and Nitori Holdings posted profit gains.
Gold prices saw a slight increase on Thursday, supported by the anticipation of a U.S. interest rate cut and persistent Middle East tensions. Spot gold rose 0.3% to $2,387.37 per ounce. Investors are awaiting jobless claims data and Federal Reserve statements for further direction on monetary policy decisions.
So, the sense one gets here is you cannot write off the industrials or the capital goods or the power just on the back of higher valuations. Yes, there will be some cool offs which we saw the last two-three days a lot of these companies corrected.
The International Olympic Committee (IOC) is set to add an Indian sponsor soon, signaling India's growing influence over the Olympics as the country bids to host the 2036 Summer Games. Currently, the IOC has 15 top-tier partners who collectively paid almost $740 million last year in cash and services, but none are from India.
Ritesh Jain, a global macro trader, stated that central bankers have overreacted and decided not to raise interest rates due to market volatility, which may revive the yen carry trade. Jain also noted that long-term global economic trends and structural changes continue to favor India, supported by consistent investment flows, despite short-term market fluctuations.
The proposed class action filed in San Francisco federal court seeks unspecified damages. Intel Chief Executive Patrick Gelsinger and Chief Financial Officer David Zinsner are also defendants.
Sensex and Nifty recovered significantly on Wednesday following a global rally after consecutive losses. Key stocks in focus included ONGC, which gained 7.45%, PFC up by 4.30%, and Tata Power down 1.31%. Experts advise holding these stocks with strict stop losses, given the present trading volumes and market movement.
President Joe Biden expressed doubts about a peaceful transfer of power if former President Donald Trump loses the upcoming presidential election on November 5th. In an interview with CBS News on Wednesday, Biden voiced his concerns in response to a question about the potential for a smooth transition following the vote.