Adani Enterprises advances as group subsidiaries continue to fall
Actions of Adani Enterprises It rose 10% after posting heavy losses in previous sessions as its chief financial officer expressed confidence in its follow-on public offering that is scheduled to close on January 1. 31
The stock is still down more than 20% in the first month of the year.
Adani Group CFO says ‘confident’ in secondary share sale
Adani Group CFO Jugeshinder Singh said on Monday that he is confident Adani EnterprisesThe follow-on public offering will be fully subscribed.
Secondary stock sales of $2.5 billion were shadowed by a path of roughly $48 billion as shares of the conglomerate’s affiliates tumbled for a second straight session after short seller firm Hindenburg accused the group of being “engaged in a brazen scheme of stock manipulation and accounting fraud in the over decades.”
Singh said in an interview with CNBC-TV18, a CNBC affiliate, that Adani Enterprises’ value has not changed “simply because of” stock price volatility, adding that it lies instead in its “ability to incubate new business”.
He added that Hindenburg’s report is “simply a lie” and that the timing of the report was “malicious.”
The Adani Group published a long answer of more than 400 pages of Hindenburg’s report over the weekend, saying it will exercise its rights to “seek remedies” to safeguard its stakeholders “before all appropriate authorities.”
hindenburg on Monday morning he called the group’s response “inflated” and claimed that it “ignores all the key allegations” against the conglomerate that it raised.
Week ahead: China PMI release, Federal Reserve meeting
A batch of economic data will be released in Asia Pacific this week, when the US Federal Reserve kicks off its two-day FOMC meeting on Tuesday. The central bank will announce its interest rate decision on Wednesday when the meeting concludes.
China’s National Bureau of Statistics releases its Purchasing Managers’ Index on Tuesday, and economists polled by Reuters expect to see 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 readings will also be released.
On Wednesday, Malaysia celebrates a market holiday, while Indonesia is scheduled to release its latest inflation data.
Australia’s construction approvals printout and South Korea’s inflation reading will be released on Thursday.
On Friday, Hong Kong will release its latest retail sales data.
Oil to approach $100 a barrel in second half of 2023, RBC Capital Markets forecasts
Oil prices could approach $100 a barrel in the second half of the year, according to Michael Tran of RBC Capital Markets.
“The bottom line here is that China is going to buy a lot of crude over the course of the next few months,” he said.
Brent Crude oil futures last traded flat at $86.85 a barrel, while the US. West Texas Intermediate futures were up 0.09% at $79.75 a barrel.
Investors and OPEC+ will also be waiting to see if the EU embargo on Russian oil products, that starts this sunday, will lead to any major interruption. The oil cartel is not expected to make any real changes to its quotas or production guidance at an upcoming meeting, Tran forecasts.
China A-shares rise, consumer cyclical, basic materials lead gains
China’s CSI 300 rose 2% at the open, led by consumer cyclicals, basic materials and industrials, according to Refinitiv data.
shares listed in mainland China BYD jumped by more than 6%, lens technology More than 15%, and Yunnan Energy New Material rose nearly 10%.
Contemporary Amperex Technology Co. Limited 5.9% and Kweichow Mountain rose 1.65%.
China stocks to enter bull market on return from New Year holidays
China’s CSI 300, which tracks the largest publicly traded stocks on the mainland, is poised to enter a bull market as trading resumes later in the day.
The CSI 300 rose 19.18% from its lows seen on October 1. 31, according to Refinitiv data. It ended its last trading session at 4,181.53 on January 1. twenty
A bull market It is defined as a market period in which stocks have risen at least 20% from their recent lows.
He ChinaAMC CSI 300 Index ETFwhich tracks the performance of the index, was up 23% from its October lows.
Stocks end higher, after winning week
All the major averages capped off a winning week on Friday.
For the session, the Nasdaq Composite jumped 0.95% to close at 11,621.71, while the S&P 500 gained 0.25% to close at 4,070.56. The Dow Jones Industrial Average added 28.67 points, or 0.08%, to close at 33,978.08.
Michigan Consumer Confidence Index is higher than expected
Consumer confidence data from the University of Michigan for January came in stronger than expected.
The January reading came in at 64.9, slightly above the consensus estimate of 64.6 from economists surveyed by Dow Jones. The index quantifies insight into current and future economic conditions.
62% of Friday’s 52-week highs on the S&P 500 are also all-time highs
Nearly two-thirds of the 13 S&P 500 stocks that hit 52-week highs in early trading on Friday were also trading at all-time highs. The list is expanding from the energy/materials/resource focus of the past few days. One of the 13, Caterpillar, is also in Dow Industrials.
- BorgWarner (BWA), the highest since January. 2022
- las vegas sands (LVS), the highest since June 2021
- starbucks (SBUX), the highest since January. 2022
- ultimate (ULTA), all-time high since 2007 IPO
- Wynn (WYNN), the highest since September. 2021
- oil marathon (MPC), an all-time high dating back to the MRO spin-off in June 2011
- Arthur J Gallagher (AJG), all-time high since the 1984 IPO
- Chubb (CB), all-time high
- Caterpillar (CAT), all-time high since 1929 NYSE listing
- General Energy (GE), the highest since November 1. 2021
- Transdigm Group (TDG), all-time high since 2006 initial public offering
- united rentals (URI), all-time high since 1997 IPO
- steel dynamics (STLD) all-time high since 1996 IPO
Other notable highs outside the 500:
- the churchill hills (CHDN), the highest since October. 2021
- lennar (LEN.B), the highest since January 1. 2022
- NOV (NOV), the highest since January. 2020
- shaft capital (AXS), the highest since February 2. 2020
- HEICO (HEI), all times since 1960 IPO
- Knight–Swift Transportation (KNX), the highest since January. 2022
- Lincoln Electric Holdings (LECO), all-time high since 1995 Nasdaq listing
- Allegro Microsystems (ALGM), the highest since January. 2022
- fair isaac (FICO), all-time high since 1986 NYSE listing
- Confidence Steel and Aluminum (RS), all-time high
—Scott Schnipper, Christopher Hayes
Tesla on track for best week since May 2013
tesla The shares are up more than 33% this week, putting EV stocks on pace for their best weekly performance since the week ending May 10, 2013, when they rose 40.72%.
If Tesla closes at these levels, it would mark the second-best weekly performance ever. As of 12:40 p.m. EST, shares were trading 33.8% higher for the week.
The gains in Tesla shares follow the company’s latest earnings. report, which showed record revenue and surpassed earnings. Shares rose more than 11% on Friday.
Strong rally in Tesla shares comes after shares plunged 65% in 2022 and they suffered the worst month of their lifequarter and year.
Gains at Tesla also boosted the consumer discretionary sector of the S&P 500 by more than 2%.
Tesla is on track for its best week since May 2013
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