Adani Enterprises is ticking higher while the group’s subsidiaries continue to plummet
shares of Adani company Soared 10% after posting sharp losses in previous sessions as its chief financial officer expressed confidence in its subsequent public offering, which is due to close on Jan. 31.
The stock is still down more than 20% in the first month of the year.
Adani Group CFO says he is “confident” about second share sale
Jugeshinder Singh, Adani Group’s chief financial officer, said on Monday he was optimistic Adani companyThe following public offer is fully subscribed.
Two-share sales of $2.5 billion were marred by a drop of around $48 billion as share prices of the conglomerate’s subsidiaries plunged for a second straight day after short-selling firm Hindenburg accused the group of “being involved in a brazen stock manipulation and accounting fraud scheme.” over the decades.”
Singh said in an interview with CNBC-TV18, a CNBC affiliate, that Adani Enterprises’ value hasn’t changed “simply because” of stock price volatility, adding that it instead lies in its “ability to create new businesses.” .
He added that Hindenburg’s report was “simply a lie” and that the timing of the report was “malicious”.
The Adani group released a lengthy, over 400-page response to Hindenburg’s report over the weekend, saying it would exercise its right to “commence legal remedies” to protect its stakeholders “from any relevant authorities.”
Hindenburg called the group’s response Monday morning “bloated” and claimed it “ignores every important allegation” against the conglomerate that it has made.
– Jihye Lee
Expected week: China PMI release, Fed meeting
A slew of economic data will be released in Asia-Pacific this week as the US Federal Reserve begins its two-day FOMC meeting on Tuesday. The central bank will announce its interest rate decision on Wednesday after the close of the meeting.
China’s National Bureau of Statistics released its Purchasing Managers’ Index on Tuesday, with economists polled by Reuters expecting a reading of 49.8, slightly below the 50 mark that separates growth from contraction.
Japan’s unemployment and industrial production prints are also scheduled to be released on the same day. South Korea’s industrial production values are also released.
On Wednesday Malaysia celebrates a market holiday while Indonesia is due to release its latest inflation data.
Australia’s building permits and South Korea’s inflation data will be released on Thursday.
Hong Kong will release its latest retail sales data on Friday.
– Jihye Lee
Oil will approach $100 a barrel by the second half of 2023, forecasts RBC Capital Markets
According to Michael Tran of RBC Capital Markets, oil prices could approach $100 a barrel in the second half of the year.
“The bottom line is that China will be buying a lot of crude oil over the next few months,” he said.
Brent crude futures were last traded flat at $86.85 a barrel, while US West Texas Intermediate futures were up 0.09% to $79.75 a barrel.
Investors and OPEC+ will also be waiting to see if the EU embargo on Russian oil products, which comes into effect this Sunday, will cause any major disruption. The oil cartel isn’t expected to make any real changes to its quotas or production policies at an upcoming meeting, Tran predicts.
– Lee Ying Shan
China’s A-shares rise, consumer discretionary and materials lead gains
According to data from Refinitiv, China’s CSI 300 rose 2% on the open, led by consumer discretionary, materials and industrials.
Mainland listed shares of BYD rose more than 6%, Lens Technology rose more than 15%, and Yunnan Energy New Material rose nearly 10%.
Contemporary Amperex Technology Co. Ltd gained 5.9% and Kweichow Moutai rose 1.65%.
– Jihye Lee
China stocks will enter bull market after return from New Year holidays
China’s CSI 300, which tracks the largest stocks listed on the mainland, is poised to enter a bull market when trading resumes later in the day.
The CSI 300 is up 19.18% from its Oct. 31 lows, according to Refinitiv data. It closed its last trading session on January 20th at 4,181.53.
A bull market is defined as a market period when stocks are up at least 20% from their recent lows.
the ChinaAMC CSI 300 Index ETFwhich tracks the performance of the index, was last up 23% from its October lows.
Fri, January 27, 20234:17 p.m. EST
Stock closes higher after earnings week
All major averages closed a successful week on Friday.
During the session, the Nasdaq Composite was up 0.95% to 11,621.71, while the S&P 500 was up 0.25% to close at 4,070.56. The Dow Jones Industrial Average gained 28.67 points, or 0.08%, to close at 33,978.08.
— Samantha Subin
Fri, January 27, 202310:11 a.m. EST
Michigan consumer sentiment index comes in higher than expected
The University of Michigan consumer sentiment data for January came in stronger than expected.
The January reading was 64.9, slightly above the consensus estimate of 64.6 by economists polled by Dow Jones. The Index quantifies the view of current and future economic conditions.
– Alex Harring
Fri, January 27, 202310:45 a.m. EST
62% of Friday’s 52-week highs in the S&P 500 are also all-time highs
Nearly two-thirds of the 13 stocks in the S&P 500 that hit 52-week highs in early Friday trading were also trading at all-time highs. The list expands based on the energy/material/resources focus of the last few days. One of 13, Caterpillar, is also in the Dow Industrials.
- BorgWarner (BWA), highest since Jan 2022
- Las Vegas sand (LVS), highest level since June 2021
- Starbucks (SBUX), highest since Jan 2022
- ultimate (ULTA), all-time high back to 2007 IPO
- wynn (WYNN), highest since Sept 2021
- Marathon Petroleum (MPC), all-time high since MRO spinoff in June 2011
- Arthur J Gallagher (AJG), all-time high until the 1984 IPO
- Chubb (CB), all-time high
- Caterpillar (CAT), all-time high dating back to 1929 when it was listed on the NYSE
- General Electric (GE), highest since Nov 2021
- TransDigm Group (TDG), all-time high back to 2006 IPO
- United Rents (URI), all-time high until the 1997 IPO
- steel dynamics (STLD), all-time high until the 1996 IPO
Other notable highs outside the 500:
- Churchill Downs (CHDN), highest since Oct 2021
- lennar (LEN.B), highest since Jan 2022
- NOV (NOV), highest since Jan 2020
- capital of the axis (AXS), highest since February 2020
- HEICO (HEI), all times back to the 1960 IPO
- Knight Swift Transport (KNX), highest value since Jan. 2022
- Lincoln Electric Holdings (LECO), all-time high since listing on Nasdaq in 1995
- Allegro MicroSystems (ALGM), highest since Jan 2022
- The beautiful Isaac (FICO), all-time high since listing on the NYSE in 1986
- Reliance Steel & Aluminum (RS), all-time high
— Scott Schnipper, Christopher Hayes
Fri, January 27, 202312:42 p.m. EST
Tesla on track for best week since May 2013
Tesla Shares are up more than 33% this week, taking the electric vehicle stock to its best weekly performance since the week ended May 10, 2013, when it was up 40.72%.
If Tesla closes at these levels, it would mark the stock’s second-best weekly performance ever. As of 12:40 p.m. this week, EST shares are trading about 33.8% higher.
Tesla stock gains follow the company’s most recent earnings report, which showed record earnings and a profit hit. Shares rose more than 11% on Friday.
The sharp rise in Tesla stock comes after shares plummeted 65% in 2022, suffering their worst month, quarter and year.
Tesla’s gains also boosted the consumer discretionary sector of the S&P 500 by more than 2%.
Tesla is on course for its best week since May 2013
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