Reports » India

Indian stock market daily closing report (May 23, 2012)

Weakness in rupee continues to weigh on the Indian markets. The markets ended down 0.5% today. Weakness in Indian rupee together with negative European cues dampens investor’s sentiments today. Rupee touched new all time low of 56.27 today. European markets were trading down around 2% ahead of today’s informal European leaders summit & negative monthly retail sales data in UK.

Indian stock market and companies daily report (May 23, 2012, Wednesday)

The domestic markets are expected to open in red tracking negative cues from global markets. Asian markets fell early today, with European concerns bruising sentiment, while a downgrade of Japan’s credit rating and disappointing trade data weighed in Tokyo. US markets, after seeing a positive bias throughout much of the session, stocks showed a notable move to the downside in the latter part of the trading day on Tuesday. Buying interest reemerged in the final minutes of trading, however, but the markets ended the day roughly flat. European markets began the session to the upside and continued to advance after the positive open in the US markets and theUS housing report. Concerns over the euro debt crisis eased ahead of the EU summit, which is scheduled to take place today.

US stock market daily report (May 22, 2012, Tuesday)

Two liberal senators moved to not only have J.P. Morgan Chase & Co. (JPM:NYSE) CEO Jamie Dimon removed from the boards of the dozen Federal Reserve regional banks but, all bankers as the Fed comes under fire. “The American people are pretty clear that they want reform of financial institutions and they want reform of the Fed,” said Sen. Bernie Sanders, an independent from Vermont, who introduced the legislation. The bankers on the Fed boards come from the same institutions that the Fed is in charge of regulating, he said. “If that is not a clear example of the fox guarding the hen house, I don’t know what is,” Sanders said at a press conference. A report last fall from the Government Accountability Office found that having representatives of banks on the Fed boards 'can create the appearance of a conflict'. If enacted, the Sanders measure would represent a dramatic overhaul of the Fed’s structure first established in 1913. The 1913 law setting up the Fed established 12 regional Fed banks that are not federal agencies but, are government chartered corporations run by member banks with nine member boards of directors. The member banks get to choose six of the board members: three Class A directors from the banking industry and three Class B directors from private industry and, three other Class C directors are chosen by the Fed in Washington. The regional Fed boards approved the bank presidents until passage of the Dodd-Frank Act. The three Class A board members do not get to vote. Sen. Barbara Boxer, a Democrat from California, called the Fed structure 'a sweet deal' for bankers. Dimon said that in the wake of Dodd Frank, the New York Fed’s board is 'more of an advisory group' than a board, was his response when pressured to resign earlier this month. Senator Sanders scoffed at Dimon’s claim that he was just an advisor, saying the J.P. Morgan CEO had 'significant influence' on the regional Fed. Dimon’s term on the New York Fed expires at the end of 2012. Remarks last week by Treasury Secretary Timothy Geithner who said in a television interview that it was important for financial regulators to be perceived as above any political influence heartened supporters of Sanders' legislation although the legislation is not on a fast-track in the Senate. The Fed has few friends on Capital Hill. Rep. Barney Frank, a Massachusetts Democrat, wants to strip the votes that the 12 regional Fed bank presidents have in setting monetary policy.

US stock market, economy and companies update (May 22, 2012)

US equity markets are extending the gains seen during yesterday's session. During the European session vague hopes for the informal EU summit scheduled for Wednesday helped propel European equities higher, leading to early follow-through strength in US premarket trading. Banking stocks took off ahead of JPMorgan's Congressional testimony, with JPM up more than 2% in the first 30 minutes of cash trading.

Indian stock market daily closing report (May 22, 2012)

Once again weakness in rupee weighed on the Indian markets today. The rupee touched new all time low of 55.53 in today’s trading session. European markets were trading in green mainly due to bargain hunting but the downgrade of Japan to A+ with a negative outlook on the country's credit rating by the Fitch Ratings dampened investors sentiments. Selling pressure is observed in Metal, Banks & Power stocks today whereas IT stocks provided some support to the markets. Wockhardt gained 8% today as the company declared its Q4FY12 result.

Indian stock market and companies daily report (May 22, 2012, Tuesday)

The domestic markets are expected to open in green tracking positive cues from global markets. Germany’s finance minister said the nation will focus on measures to boost Europe’s economic growth, while hopes for an economic stimulus plan for China brightened sentiment as the country pledged its proactive fiscal policy and prudent monetary policy yesterday to shore up the world’s second-largest economy.

US stock market daily report (May 21, 2012, Monday)

According to a research report published Monday by the San Francisco Fed, a lack of competition in the mortgage market limited the impact from the Federal Reserve’s three rounds of unprecedented bond buying. Research showed that with fewer competitors writing mortgages, originators were not under as much pressure to pass on decreases in rates for mortgage-backed securities to homeowners. “This suggests that the weaker link between MBS yields and primary mortgages may persist for some time,” Michael Bauer, an economist in the San Francisco Fed’s economic research department, wrote in the latest San Francisco Fed Economic Letter. Fed officials remain frustrated that more homeowners can not take advantage of low mortgage rates through home purchases or refinancing. Widespread refinancing into lower mortgage rates would most definitely give the economy a kick start as homeowners would have more disposable income, to move into the economy.

US stock market, economy and companies update (May 21, 2012)

US equity markets look poised to break the recent streak of losses as investor risk sentiment has found some firmer footing. Some reassuring comments from Chinese premier Wen along with a pay raise for Germany's largest industrial union helped overseas commodity and equity markets rebound. US stocks are shrugging off another drubbing in Friday's IPO Facebook, helped in part by a $12B M&A deal in the industrial sector. June WTI is up 0.8% to $92.25 and copper has bounced more than 1% back above $3.50.

Indian stock market daily closing report (May 21, 2012)

Indian markets pared all of its morning gains tracking weal rupee but manage to end just in green today. The Indian rupee touched its all time low level of 54.99 in today’s trading session. Buy interest was observed in capital goods & Realty stocks but FMCG & IT stocks weighed on the markets today.

Indian stock market and companies daily report (May 21, 2012, Monday)

The domestic markets are expected to open in red tracking negative cues from global indices. World leaders confirmed their interest in Greece remaining in the euro zone at a meeting of the Group of Eight leaders on Saturday, but they also stressed the need for the debt-stricken nation to uphold its financial commitments.

US stock market daily report (May 18, 2012, Friday)

Mark Zuckerberg, co-founder and CEO of Facebook (FB:NASDAQ), rang the opening bell for the NASDAQFriday session remotely from his company’s headquarters in Menlo Park, Calif. While Zuckerberg maintained the CEO role he brought in Sheryl Sandberg, a highly-respected tech executive, as chief operating officer. After a delay in the opening of Facebook due to Nasdaq getting bogged down due to immense interest, shares rose in its early minutes of its first trading following the Internet company’s $16 billion initial public offering. Shares slid thereafter. Thursday afternoon the company priced its offering of 421.2 million shares, making for the largest technology IPO ever. Underwriters have been granted over-allotments options worth about 63.2 million shares, which could bring the total value of the debut to about $18.4 billion. Facebook now has nearly half the market cap of Google (GOOG:NASDAQ) and only one-tenth the revenue. In 2011, Facebook had revenues of $3.7 billion and net income of $1 billion. The company says it has nearly 901 million active monthly users, a number expected to cross into the 1 billion range, later this year. "NASDAQ is working to deliver these executions back to customers as soon as possible," officials for the exchange wrote in the notice. NASDAQ officials told exchange members in a notice at noon Friday that its staff was 'investigating an issue in delivering trade execution messages' from trades made in Facebook's IPO.

US stock market, economy and companies update (May 18, 2012)

Trading in US and European markets has been choppy this morning as cross currents from Facebook mania and events in Europe keep traders on their toes. Volume is very elevated in US trade thanks to options expirations. The media frenzy surrounding Facebook has crowded out nearly everything else during the US session this morning; shares of the social media giant opened this morning at $42.05 after some minor snafus. In Europe, Moody's downgraded the Spanish banking sector yesterday evening, although the move was widely telegraphed and came as a surprise to no one. There were reports that Moody's cut is giving the banks ammunition to press Madrid to reinstitute a short-selling ban on financials, which is in turn boosting confidence. In addition, EU Trade Commissioner De Gucht told a Belgian newspaper that contingency plans are being drafted to deal with a potential Greek euro exit, prompting denials from the EU Commission. EUR/USD sank as low as 1.2645 overnight before bouncing back to 1.2740 in the US morning, although peripheral bond spreads remain highly elevated, with the Spanish 10-year was trading as high as 6.33%. President Obama is hosting the G8 in Washington this weekend, and while no major policy developments are expected, there has been plenty of chatter this week that leaders will discuss potential plans to calm markets and cope with potential Greece exit scenarios.

Indian stock market and companies daily report (May 18, 2012, Friday)

The domestic markets are expected to open in red tracking negative opening in most of the Asian markets. Asian markets recovered a bit yesterday as healthy economic data from the U.S., robust Japanese quarterly growth figures buoyed by government reconstruction spending and fresh hopes that the Federal Reserve will consider further policy easing, if necessary, gave investors reasons to cherry-pick battered stocks, but worries about Greece's condition remained.

US stock market daily report (May 17, 2012, Thursday)

And the whoopla of Facebook continues... if Facebook (FB:Nasdaq) prices at $41 a share or more, it will raise $19.861 billion and beat the previous record set by Visa (V:NYSE) which raised $19.65 billion when it went public March 18, 2008. The underwriting team of Facebook consists of up to 33 banks consisting of lead underwriter Morgan Stanley, JPMorgan Chase and Goldman Sachs. Facebook is expected to sell shares in the range of $34 to $38 a share, up from previously disclosed pricing from $28 to $35 a share. The company is expected to announce official offering price after the market close on Thursday. Retail investors who find themselves unable to buy Facebook shares at the IPO price should avoid - at all costs - placing market orders for the stock that are meant to be executed immediately after the shares debut. Simply put - limit orders yes - market orders a serious no-no. It is common for a hot IPO to surge on the opening day however, it is just as common for the price to pull back and potentially decline, by the end of the opening day and over the next few days. Investors don't want to be locked in, facing an immediate or potentially significant loss. With high-profile, high demand IPOs, a majority of pre-trading shares are sold to best clients of underwriters which normally consist of institutional investors. When all the hoopla is - wagers on the Street say in reality, Facebook is unlikely to be the largest IPO ever.

US stock market, economy and companies update (May 17, 2012)

Nervous traders drove European equities lower overnight after press reports that Spanish bank Bankia has seen $1B in deposit withdrawals over the last week. This disturbing news came only days after reports that Greek banks were seeing similar large deposit withdrawals. In addition, Spain saw sharply higher rates in a debt sale overnight. There were rumors that the G8 would discuss coordinated measures on a conference call scheduled for later this morning. In addition, there wer reports that Moody's would be cutting Spanish bank ratings as soon as today. In the US, the weekly jobless claims data was flat, and after the open of cash equity trading the May Philly Fed survey spooked traders with a big miss. Analysts noted that the survey has severely underperformed over recent months, contrasting sharply with the Empire State survey. There was a sharp move upwards in spot gold after the Philly survey and brief spike downwards in equities, however US stocks recovered and both the DJIA and S&P500 are only down slightly mid morning. Spot gold remains bid, just shy of $1,580. Front-month crude continues its two-week slide, and is trading the $92 handle this morning.

Indian stock market daily closing report (May 17, 2012)

Indian markets pared all of its morning gains but managed to end in green in today’s trading session. The markets gained in first half mainly due to short covering but week rupee & lingering concerns regarding Euro zone due to Greece weighed on the markets. ITC was the top gainer on Sensex today on the news that the company has signed an agreement with the Board of Investment of Sri Lanka to build a luxury hotel in Colombo. SBI ended up 1.56% today due to positive expectation from its quarterly result which is due tomorrow.

Indian stock market and companies daily report (May 17, 2012, Thursday)

The domestic markets are expected to open in green tracking positive opening in Asian markets. Asian markets fell sharply yesterday, as news that Greece will hold a second election in June increased uncertainty over the future of the euro region. U.S markets again declined yesterday as worries prevailed about political situation in Greece, which is headed for a new round of elections after lawmakers failed to form a coalition government. Investors fear that a Greek exit from the eurozone, a strong position against austerity measures and a disorderly debt default could lead to fatal consequences and make sovereign debt problems worse. Meanwhile, upbeat U.S. economic data helped to limit the downside for the markets as a report showed that industrial production unexpectedly increased by 1.1% in April.

US stock market daily report (May 16, 2012, Wednesday)

Under a settlement announced Wednesday, Skechers USA Inc. (SKX:NYSE) will pay $50 million to resolve federal and state allegations that the company deceived the public by making unfounded claims that its 'toning shoes' would help consumers tone muscles and lose weight. The Federal Trade Commission challenged that several Skechers ads were deceptive, including one in which the company urged consumers to 'get in shape without setting foot in a gym'. The FTC also objected to an ad Skechers ran during the 2011 Super Bowl featuring Kim Kardashian. A market leader for toning shoes, the FTC said Skechers made unsupported claims that its products would provide more weight loss, muscle toning and strengthening than regular fitness shoes. The amount of the refunds will depend on the number of claims the FTC receives for consumers who bought the shoes who are eligible for refunds either directly from the FTC or through a court-approved class action lawsuit. Skechers, in a statement, vigorously denied the allegations but said it “could not ignore the exorbitant cost and endless distraction of several years spent defending multiple lawsuits in multiple courts across the country.” Skechers said it will pay $40 million under a settlement with the FTC, $5 million under a related deal with state attorneys general and $5 million in class-action attorneys’ fees. Additional terms of the FTC settlement, the shoemaker cannot make claims about the health benefits of its shoes unless they are backed by scientific evidence. The FTC said Skechers ad wrongly claimed the shoes’ benefits were backed by an independent chiropractor study when in fact, the study did not produce the claimed results. The chiropractor who conducted the study is married to a Skechers marketing executive.

US stock market, economy and companies update (May 16, 2012)

European indices traded up into positive territory just before the open of US cash trading. Overnight the Greeks officially named an interim prime minister and both Chancellor Merkel and ECB President Draghi reiterated their support for Greece staying in the euro zone. In addition, Merkel may have vaguely hinted on the possibility of more concessions for Greece in an interview with CNBC, and there was also news that outflows of deposits from Greek banks have slowed (yesterday's slide was blamed to a degree on the circulation of news that more than €1B in deposits had left Greek banks in the last week). However the recirculation of news that the ECB might halt overnight lending and other monetary policy operations to certain Greek banks took US and European indices off their highs midmorning.

Indian stock market and companies daily report (May 16, 2012, Wednesday)

The domestic markets are expected to open in red tracking negative opening in Asian markets. Asian markets turned in a mixed performance yesterday, as worries prevailed that the European debt crisis could spiral out of control and weigh on global growth if Greece were to exit the euro zone and default on its debt.

US stock market daily report (May 15, 2012, Tuesday)

"Collectively, these uncertainties about the future are likely contributing significantly to the tight lending standards in the mortgage market today," Federal Reserve Governor Elizabeth Duke said in a speech Tuesday. "Regardless of what the final contours of the rules are, I think the mortgage market will benefit from having them decided so that business models can be set and investments calibrated." Comments were made by Duke as lenders are being overly conservative when they decide on what loans to make, a situation that is being driven largely by regulatory uncertainty. Contributing to the tightened lending are the uncertainties around litigation risk, mortgage servicing standards, capital requirements and compensation of loan servicers. Duke cited rules being drafted about what mortgages will be exempt from new rules as contributing to the uncertainty of lending practices. A consumer watchdog bureau is in the process of adopting a rule that would identify the criteria and characteristics for 'qualified mortgages' - those deemed by the Dodd-Frank bank reform law that assures a borrower has a reasonable ability to repay the loan.

US stock market, economy and companies update (May 15, 2012)

US equity markets are reacting relatively calmly to news that Greece will hold a second parliamentary election next month after talks to form a coalition government officially ended in failure this morning. The development is hardly a surprise, and Greece's European partners have repeatedly assured markets that the nation will have the liquidity it needs to keep from defaulting or leaving the euro zone before the next round of voting hopefully produces a viable government. However, analysts expect anti-bailout parties to sweep the polls and likely set up a possible Greek exit scenario. The Germans continue to insist that Greece's future is in the euro. Almost forgotten today has been the inauguration of new French President Hollande, who meets with his German partners tomorrow. The leading European markets are retesting their lows while Spanish and Italian stock markets are down more than 2% a piece. Meanwhile in the US, the May Empire Manufacturing survey was very strong, with the employment sub-index hitting highs last seen in May 2011. The euro is being hammered and EUR/USD has fallen to levels not too far from the YTD lows of 1.2625 seen in mid January. Front-month WTI crude gapped downwards as low as $93.80 during yesterday's session and traded as low as $94.40 this morning.

Indian stock market daily closing report (May 15, 2012)

Indian markets ended in green today for the first time in last 5 trading days. After a gap down opening, the markets paired all of its losses in first hour of trading mainly due to short covering. Partial improvement in the rupee & absence of negative European cues too helped the markets. Larsen & Toubro was the top gainer on Sensex today.

Indian stock market and companies daily report (May 15, 2012, Tuesday)

The domestic markets are expected to open in red tracking negative opening in Asian markets. Most of the Asian markets ended lower yesterday as concerns over political uncertainty in Europe partially offset the positive sentiment generated by a weekend move by China's central bank to cut banks' reserve requirement ratio. U.S markets closed at more than three-month lows yesterday as investors worried about political uncertainty in Greece, as the debt-plagued nation could be forced to hold a new round of elections due to lawmakers' inability to form a coalition government. Also, China’s move of cut in reserve ration requirements to inject more liquidity into the system added to recent concerns about the outlook for growth in China.

US stock market daily report (May 14, 2012, Monday)

Ina Drew, the woman who ran JP Morgan Chase & Co.’s chief investment office, which incurred a trading loss of more than $2 billion, has decided to retire, becoming the first high-ranking casualty in a scandal that has dented the bank’s reputation and prompted fresh calls for tighter regulation of large financial institutions. In a statement shortly before the stock market opened on Monday, Morgan Chase said that Drew, who has been at the firm for more than 30 years, will retire as chief investment officer - terms of her retirement were not disclosed in the statement. Her departure was widely anticipated after her office suffered nearly a $2 billion trading loss disclosed last Thursday. It has been reported that she may receive $14.65 million of accelerated equity awards depending on the terms of her departure. As J.P. Morgan holds its annual shareholder meeting on Tuesday, her compensation is likely to be the spotlight. Drew, age 55, is reportedly one of the highest paid women on Wall Street. In 1993, Crain’s New York Business named Drew one of the '40 under 40' executives to watch and at that time, she was working for Chemical Bank, which later bought Chase Manhattan Bank. Matt Zames, co-head of global fixed income in the company’s investment bank and head of capital markets in the mortgage bank, will reportedly replace Drew. Executive Mike Cavanagh will oversee a team task force responsible for responding to the firm’s trading loss, which resulted from a soured hedge on credit derivatives. The final scale of the loss remains unclear, with the bank still in the process of unwinding these trading positions. JP Morgan Chase Chairman and Chief Executive Jamie Dimon issued a statement as he praised Drew for her contributions to the bank, saying: “Despite our recent losses in the [chief investment office], Ina’s vast contributions to our company should not be overshadowed by these events.” Dimon has been a vocal opponent of calls for stricter regulation of the banking industry in the wake of the 2008 credit crisis. Also on Monday Dimon said that his bank is 'very strong and well capitalized'. “We will learn from our mistakes,” he added, with pressure mounting on Dimon, in recent days. Over the weekend, Elizabeth Warren, a candidate for the U.S. Senate from Massachusetts, urged Dimon to resign from the board of directors of the Federal Reserve Bank of New York, a role in which he advises the Fed on oversight and policy for the industry. “We need to stop the cycle of bankers taking on risky activities, getting bailed out by the taxpayers, then using their army of lobbyists to water down regulations,” said Warren, who helped establish the federal government’s Consumer Financial Protection Bureau, in a statement.

US stock market, economy and companies update (May 14, 2012)

Global equity markets are getting crushed by the looming prospect of disaster in Greece and also a healthy dose of concern about the situation in China, where the PBoC cut the RRR rate over the weekend after a slew of weak April data. There had been thin hopes of a last-minute deal to prevent fresh elections in Greece, however the political parties in Athens have only hardened their positions, and there are concerns Greece could run out of funds as soon as next month.

Indian stock market daily closing report (May 14, 2012)

Indian Markets ended down 0.60% today tracking increase in inflation for the month of April & negative European cues. The government has declared 7.23% increase in the April inflation as compared to the street expectation of 6.7%. Negative European cues, too weighed on the markets as the political crisis in Greece increases.

Indian stock market and companies daily report (May 14, 2012, Monday)

The domestic markets are expected to open flat to positive tracking mixed opening in Asian markets. Most of the Asian markets fell for third consecutive session on Friday as Chinese industrial production, retail sales and fixed asset investment confirmed bearing expectations about demand outlook. Also, JPMorgan’s warning of US$2bn trading loss fueled risk aversion. U.S markets mostly fell on Friday to a second weekly decline as a rise in consumer sentiment failed to outweigh JPMorgan Chase & Co.’s US$2 billion trading loss. Also, in Greece lawmakers struggled to form a coalition government and appear poised for a new round of elections. The negative sentiment was partly offset by a report from Reuters and University of Michigan showing that their consumer sentiment index for May rose to 77.8 from the final April reading of 76.4.

US stock market, economy and companies update (May 11, 2012)

The dual pressures of political chaos in Athens and the big JPMorgan derivatives loss heavily pressured equities in the US premarket this morning. European indices were deep in the red for most of the European session as Greek politicians engaged in a fifth frenzied day of trying to put together a coalition government. Compromise among the parties is looking less and less likely, with a second election in June appearing to be the most probable outcome. In the US, shares of the big US banks are deep in the red after JPMorgan's disclosure that it lost $2B on derivative bets made by the now infamous London Whale. US indices opened down by about 0.5% a piece but turned around promptly after the preliminary reading of the May U of Michigan confidence reading hit its highest level since January of 2008. EUR/USD remains below 1.3000, but up a bit after Spain announced a new bank rescue plan.

US stock market daily report (May 11, 2012, Friday)

By 8:00am ET Friday, J.P. Morgan Chase (JPM:NYSE) shares were sinking, during pre-market trading and were the most active during the session after reporting late Thursday, a $2 billion trading loss that will eat into Q2 results. “Since March 31, 2012, the firm’s Chief Investment Office has had significant mark-to-market losses in its synthetic credit portfolio, and this portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed,” said Chief Executive Jamie Dimon. Dimon said the loss “plays right into the hands of a bunch of pundits out there, but that’s life.” Reportedly, the losses stemmed from trades at the bank’s chief investment office, where a single trader, dubbed the 'London Whale', was reported to have taken large positions for the bank in credit-default swaps. The U.S. Securities and Exchange Commission is investigating whether there were any civil violations around the firms $2 billion trading loss. According to reports, the SEC opened a formal preliminary investigation in recent days into the bank's accounting practices and public disclosures after learning about its trading activities in April.

Indian stock market daily closing report (May 11, 2012)

Indian Markets ended the week on negative note today as the weak IIP number & negative global cues weighed on the markets. The markets lost around 3% in the week ended today. India’s industrial output unexpectedly contracted by 3.5% for the month of March as against the market expectation of +1.5%. For the financial year 2011-12 the IIP growth is shown at 2.8% as compared to 8.2% in the year-ago period. European cues continue to remain weak due to lingering concerns regarding Greece.

Indian stock market and companies daily report (May 11, 2012, Friday)

Indian markets are expected to open lower tracking mixed cues from the global markets. While major European markets rose on Thursday, US markets were mixed. Most of the Asian markets are trading in the red with SGX Nifty trading marginally lower by 0.5% in the opening session. U.S markets had choppy trade on Thursday following the downward trend seen over the past several sessions. However, reports showing a reduction in initial jobless claims for the week to 367,000 provided some relief to the markets. While Nasdaq index fell marginally, Dow index and S&P index rose by 0.2% and 0.3% respectively. The German DAX index ended up 0.7%, while the French CAC 40 index and the U.K.'s FTSE 100 index gained 0.4% and 0.3% respectively. Meanwhile, Indian markets ended modestly lower on Thursday, erasing early gains. FII outflow fears continued to haunt investors despite a series of measures announced by the RBI recently to prop up the Rs., which hit a record low of 53.85 against the dollar the previous day. Markets would track the IIP data for expected to be released today

US stock market daily report (May 10, 2012, Thursday)

Federal Reserve Board Chairman Ben Bernanke on Thursday reported that conditions in the U.S. banking system have improved, but banks have more work to do to restore health and adapt to the new regulatory environment. Bernanke said in a speech via satellite to a banking conference sponsored by the Chicago Federal Reserve Bank, Some key measures of systemic risk developed by the Fed "present a picture of a banking system that has become healthier and more resilient". Fed Chairman said that credit conditions have improved significantly in a number of areas, but in other sectors, like mortgages and commercial real estate, credit remains tight. Overall demand for credit has remained 'sluggish' - in part because of an economic recovery "that has been halting at times," Bernanke said. The Fed is sharply aware of the risk that stricter oversight could restrain lending, he said and a review of Fed bank examiners found that they are talking a balanced approach in their review of bank lending.

US stock market, economy and companies update (May 10, 2012)

US and European equities benefitted from hopeful developments in Athens this morning. PASOK party leader Venizelos was handed the mandate to form a government after the failure of New Democracy and Syriza to weld together a coalition. There were rumors that PASOK and New Democracy might be able to temp all or some of far-left wing party Democratic Left into a coalition, and markets are waiting eagerly to hear more about the ongoing negotiations. However the rally is already beginning to fade and the NASDAQ is already in the red, weighed down by shares of Cisco. Recall that overnight, Former ECB member Weber warned that the risk of an uncontrolled Greek default was not off the table.

Indian stock market daily closing report (May 10, 2012)

Indian Markets pared all of its morning gains to end on flat note today. The markets gained around 1% in morning trade tracking strength in rupee but pared all gains due to negative European cues. In addition to lingering concerns regarding Greece, the France industrial production dropped more than expected in the month of March which has weighed on the markets today.

Indian stock market daily morning report (May 10, 2012, Thursday)

Indian markets fell for the second straight day to reach their lowest closing level in 16-weeks yesterday tracking global markets as the deepening worries over the euro zone are weighing on risk assets globally, with the post-Greek election uncertainty hitting Asian shares. The worsening global risk environment is combining with the concerns over taxation of foreign investors in India and doubts about the country's economic and fiscal outlooks. As a result, markets are turning defensive, especially as foreign investors has turned net seller and sold nearly Rs.10bn in the last two sessions. Except FMCG and IT, all sectoral indices closed on negative note with real estate, metal, bank and power stocks were major losers. Reliance Industries (RIL) edged lower on reports the firm has reduced estimates for proven gas reserves from its Indian blocks by 6.6% to 103.958 billion cubic meters due to lower-than-expected output from its east coast gas field. Mahindra & Mahindra lost 3.2% on news that fire broke out in one of the storage areas for a plant that manufactures its Scorpio and Xylo TCF vehicles in North Maharashtra. ITC shares added 5.73%, reversing a slump over the previous seven sessions, as analysts say the changes to the pricing methodology for a proposed excise duty would be positive for cigarette manufacturers. Ranbaxy Laboratories gained 4.2% after its Jan-March net profit rose four-fold, boosted by forex gains and Lipitor sales.

Indian stock market and companies daily report (May 10, 2012, Thursday)

Indian markets are expected to open flat with positive bias. While the performance of Asian markets is mixed, SGX Nifty is trading higher by 0.4%. The US markets continues to be weighed down by uncertain political situation in Europe. During the day there were reports that Eurozone nations were debating about delaying the euro bailout payment to Greece due to the ongoing political uncertainty, resulting in strong selling pressure. However, this was later on denied by European Financial Stability Facility’s Board of Directors, aiding the markets to stage a partial recovery on Wednesday. The European markets were mixed on Wednesday, with DAX index gaining by 0.5% and CAC 40 index and FTSE 100 index down by 0.2% and 0.4% respectively.

US stock market daily report (May 09, 2012, Wednesday)

Reports out on Wednesday indicate that a group of orangutans at a Miami zoo are using Apple (AAPL:NASDAQ) iPads to communicate with their keepers. While not all of the endangered extant great apes show interest in them, some draw and play games on the devices. Linda Jacobs, who runs the program at Jungle Island said, "Our young ones pick up on it. They understand it. Our two older ones, they just are not interested." The software on the iPads was designed for autistic people with the screen showing pictures of different objects and when a trainer names one, the orangutan pushes the corresponding button. The Commerce Department reported Wednesday that U.S. wholesale inventories rose 0.3% in March to $480.4 billion, while wholesale sales rose 0.5% to $411.1 billion. Inventories-to-sales ratio remained unchanged at 1.17 with inventories of durable goods rising 1% in March and inventories of nondurables decreased 0.6%. During February, total inventories grew 0.9%, while sales rose 1.1%.

Indian stock market daily closing report (May 09, 2012)

Indian Markets ended down around 0.5% in a volatile trading session today. Once again negative European cues & weak rupee weighed on the markets today. Uncertainty over Greece bailout after its election results dampened investor’s sentiments across the globe. ITC was the top gainer on Sensex today as the proposed amendment to the pricing methodology for an excise duty announced in March is expected to benefit the cigarette manufacturers. Reliance Industries ended down almost 2%, the stock has lost 5% in last five trading sessions after the company said that it has cut estimates for proven gas reserves in its Krishna-Godavari (KG) block.

Indian stock market and companies daily report (May 09, 2012, Wednesday)

Indian markets are expected to open in the red tracking weak global cues. Most of the Asian markets are trading in the negative zone. SGX Nifty is trading lower by 0.4%. The US markets fell on Tuesday weighed down by uncertain political situation in Europe. The markets were gripped by fear that recent elections in France and Greece will negatively impact the efforts to address the European debt crisis. European markets too fell sharply on Tuesday as CAC 40 Index, DAX Index and FTSE 100 Index falling by 2.8%, 1.9% and 1.8% respectively.