Market ends almost unchanged for the day
A recovery towards the latter part of the trading session helped key benchmark indices end near the flat line. The barometer index, the S&P BSE Sensex, rose 4.67 points or 0.02% to settle at 27,990.21. The Nifty 50 index rose 3.45 points or 0.04% to settle at 8,632.60. A bout of volatility was witnessed in late trade as these two key benchmark indices staged a recovery after extending intraday losses in mid-afternoon trade. Benchmark indices languished in negative zone for most part of the trading session. With minuscule gains, benchmark indices snapped two-day losing streak.
Power equipment major Bharat Heavy Electricals edged lower on reports that the company may lose a major power plant order from state-run NTPC. Reliance Infrastructure (RInfra) edged higher after the company announced the successful completion of the sale of its 100% shareholding in Reliance Cement Company to Birla Corporation. Tata Power Company edged lower after the company reported a sharp fall in bottom line in Q1 June 2016.
Shares of Idea Cellular surged on media reports that it is in exploratory talks for a possible merger with Vodafone Group Plc's Indian arm. HPCL edged lower after the company's average gross refining margin dropped to $6.83 per barrel in Q1 June 2016 from $8.56 per barrel in Q1 June 2015.
The Sensex rose 4.67 points or 0.02% to settle at 27,990.21, its highest closing level since 19 August 2016. The index rose 43.44 points or 0.15% at the day's high of 28,028.98. The barometer index lost 131.11 points or 0.46% at the day's low of 27,854.43.
The Nifty 50 index rose 3.45 points or 0.04% to settle at 8,632.60, its highest closing level since 19 August 2016. The index rose 13 points or 0.15% at the day's high of 8,642.15. The index lost 49.15 points or 0.56% at the day's low of 8,580.
The market breadth indicating the overall health of the market was negative. On BSE, 1,358 shares declined and 1,313 shares rose. A total of 205 shares were unchanged. The BSE Mid-Cap index declined 0.28%. The BSE Small-Cap index lost 0.07%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3320 crore, higher than turnover of Rs 3056.43 crore registered during the previous trading session.
Among sectoral indices on BSE, the S&P BSE Oil & Gas index (down 1.48%), the S&P BSE Power index (down 1.11%), the S&P BSE Capital Goods index (down 1.1%), the S&P BSE Energy index (down 1.01%), the S&P BSE FMCG index (down 0.82%), the S&P BSE Utilities index (down 0.53%), the S&P BSE Healthcare index (down 0.4%), the S&P BSE Industrials index (down 0.4%), the S&P BSE Realty index (down 0.31%), the S&P BSE Metal index (down 0.3%), the S&P BSE Basic Materials index (down 0.25%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.19%), the S&P BSE Auto index (down 0.15%), the S&P BSE Consumer Durables index (down 0.07%) and the S&P BSE Finance index (down 0.01%), underperformed the Sensex. The S&P BSE Bankex (up 0.11%), the S&P BSE Telecom index (up 1.72%), the S&P BSE Teck index (up 1.78%) and the S&P BSE IT index (up 1.82%), outperformed the Sensex.
Stocks of public sector banks were mixed. Bank of Baroda (up 2.66%), Indian Bank (up 2.02%), Allahabad Bank (up 1.32%), IDBI Bank (up 1.27%), Union Bank of India (up 1.27%), Central Bank of India (up 1.06%), Andhra Bank (up 0.93%), Bank of India (up 0.88%), Syndicate Bank (up 0.80%), Punjab & Sind Bank (up 0.66%) and United Bank of India (up 0.45%) edged higher. Corporation Bank (down 0.12%), State Bank of India (down 0.14%), Bank of Maharashtra (down 0.32%), UCO Bank (down 0.36%), Dena Bank (down 0.67%), Punjab National Bank (down 0.74%), Canara Bank (down 0.77%) and Vijaya Bank (down 1.89%) edged lower.
Stocks of most private sector banks edged higher. Federal Bank (up 0.98%), Kotak Mahindra Bank (up 0.72%), IndusInd Bank (up 0.57%) and Axis Bank (up 0.37%), edged higher. Yes Bank (down 0.09%) and ICICI Bank (down 0.79%), edged lower.
Index heavyweight HDFC Bank rose 0.24% at Rs 1,251.80. The stock hit a high of Rs 1,255.50 and a low of Rs 1,246.05 in intraday trade.
IT stocks edged higher on renewed buying. MindTree (up 2.52%), HCL Technologies (up 2.19%), TCS (up 2.03%), Hexaware Technologies (up 1.16%), Wipro (up 0.82%), Persistent Systems (up 0.79%), Oracle Financial Services Software (up 0.53%) and MphasiS (up 0.30%), edged higher. Tech Mahindra fell 0.16%.
Index heavyweight and software major Infosys rose 2.35% at Rs 1,039.25. The stock hit a high of Rs 1,041 and a low of Rs 1,016.45 in intraday trade.
Index heavyweight and cigarette major ITC fell 1.08% to Rs 251.30. The stock hit a high of Rs 254.80 and a low of Rs 250.50 in intraday trade.
Shares of power equipment major Bharat Heavy Electricals (Bhel) lost 4.6% to Rs 136.95 on reports that the company may lose a major power plant order from state-run NTPC. Reports suggested that NTPC is re-visiting its tender for four power plants of 1,000 megawatts (MW) capacity each for its Pudimadaka ultra mega power project. The bidding for the project was based on imported coal price, but NTPC is likely to call for fresh bids based on domestic coal price, as per reports. The tender was earlier awarded to Bhel, reports added. The order accounts for around 4% of Bhel's total order book, reports indicated.
Reliance Infrastructure (RInfra) gained 1.58% to Rs 599.75 after the company announced the successful completion of the sale of its 100% shareholding in Reliance Cement Company to Birla Corporation. The announcement was made after market hours yesterday, 22 August 2016. Shares of Birla Corporation dropped 3.24% to Rs 658.90.
The deal was announced by RInfra in February 2016 and has now been completed with transfer of shares and receipt of sale consideration. Reliance Cement Company Private Limited (RCCPL) has an integrated cement capacity of 5.08 million tonnes per annum (mtpa) at Maihar, Madhya Pradesh and Kundanganj Uttar Pradesh and a grinding unit of 0.5 mtpa at Butibori, Maharashtra. The deal valued the cement business at Rs 4800 crore at $140 per tonne. The deal is earning per share accretive for shareholders of RInfra.
The entire proceeds shall be utilized for debt reduction. RInfra had announced its plan to monetise cement, roads and Mumbai power businesses to reduce the overall debt. The closure of cement deal is a significant milestone in this direction, the company said. Asset monetisation of roads and Mumbai power business is on track, RInfra said.
Shares of Idea Cellular surged 6.72% at Rs 100.80 on media reports that it is in exploratory talks for a possible merger with Vodafone Group Plc's Indian arm.
Stocks of oil exploration and production (E&P) firms declined along with slide in crude oil prices. Cairn India (down 0.97%), ONGC (down 0.44%) and Oil India (down 0.40%) edged lower. Lower crude oil prices would result in lower realization from crude sales for oil exploration firms.
Index heavyweight Reliance Industries fell 0.39% at Rs 1,009.90. The stock hit a high of Rs 1,014.80 and a low of Rs 1,005.10 in intraday trade.
Stocks of state-run oil marketing companies (PSU OMCs) also declined. BPCL (down 3.33%) and Indian Oil Corporation (down 3.09%) edged lower.
HPCL edged lower after the company's average gross refining margin dropped to $6.83 per barrel in Q1 June 2016 from $8.56 per barrel in Q1 June 2015. The stock lost 5.32% at Rs 1,149.95. The company's net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 22 August 2016.
Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies suffer under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.
In global commodities markets, Brent crude oil futures edged lower on reports that China ramped up exports of refined products, US oil producers added rigs for an eighth consecutive week, and prospects emerged for increased exports from Iraq and Nigeria. Brent for October settlement was currently off 57 cents at $48.59 a barrel. The contract had declined $1.72 a barrel or 3.38% to settle at $49.16 a barrel during previous trading session.
Tata Power Company edged lower after the company reported a sharp fall in bottom line in Q1 June 2016. The stock fell 3.24% at Rs 74.75. The company's consolidated net profit fell 76.23% to Rs 72 crore on 6.41% decline in revenue including regulatory income/expense to Rs 6566 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 23 August 2016.
The company's bottom line during the quarter was impacted due to one off items as well as first time impact on account of adoption of Indian Accounting Standards (Ind AS). During the quarter (Q1 June 2016), the company's wholly-owned subsidiary Coastal Gujarat Power (CGPL) had Rs 286 crore adverse profit after tax (PAT) impact. CGPL due to overhauls had a lower than 80% availability factor which has led to Rs 90 crore PAT impact. CGPL had one time cost on account of dredging of Rs 33 crore. CGPL had extra depreciation of Rs 30 crore due to impairment reversals. CGPL also had an impact of Rs 133 crore due to mark-to-mark forex movement in the profit & loss (P&L) statement.
Tata Power's CEO & Managing Director Anil Sardana said that the company's focus on operational improvements have continued to show good results. All the company's subsidiaries and plants have shown strong performance despite very challenging circumstances, Sardana said. The company has grown its footprint and commissioned projects at South Africa & Zambia, he said.
NTPC was down 2.90% at Rs 158.80. The company during market hours today, 23 August 2016, announced that it has raised Rs 800 crore through private placement of secured non-convertible debentures at a coupon of 7.58% per annum with a door to door maturity of 10 years. The proceeds will be utilized to finance capital expenditure/refinancing the debt requirement in on-going projects including recoupment of expenditure already incurred, NTPC said.
Key benchmark indices snapped two-day losing streak. The Sensex fell 137.90 points or 0.49% in the preceding two trading sessions to settle at 27,985.54 yesterday, 22 August 2016, from its close of 28,123.44 on 18 August 2016. The Sensex has fallen 61.65 points or 0.22% in this month so far (till 23 August 2016). The Sensex has risen 1,872.67 points or 7.17% in calendar year 2016 so far (till 23 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,495.60 points or 24.43%. The Sensex is off 299.75 points or 1.06% from a 52-week high of 28,289.96 hit on 9 August 2016. The Sensex is off 2,034.53 points or 6.78% from a record high of 30,024.74 hit on 4 March 2015. The Sensex's current price to earnings (PE) ratio is 20.47, as per BSE data.
In overseas stock markets, European stocks edged higher after the latest data showed that eurozone's economic recovery gained speed in August. IHS Markit said its measure of private-sector activity known as the composite Purchasing Managers Index rose to a seven-month high of 53.3 in August from 53.2 in July. In Germany, the DAX index was up 0.86%. Germany's flash August composite PMI fell to 2-month low of 54.4.
Asian stocks witnessed a mixed trend as investors awaited a speech from Federal Reserve Chairwoman Janet Yellen later this week. In Japan, the Nikkei 225 Average closed 0.61% lower. The Nikkei flash Japan manufacturing purchasing managers' index (PMI) rose to 49.6 in August from July's reading of 49.3. A reading above 50 signals an improvement, while one below 50 points to a contraction in activity. August's flash PMI shows a contraction for the sixth month in a row. In mainland China, the Shanghai Composite closed 0.16% higher. In Hong Kong, the Hang Seng closed almost unchanged. Chinese business confidence weakened in August after showing signs of stability in recent months, clouding investors' outlook on the world's second largest economy. The MNI Deutsche Borse Group business sentiment indicator declined to 54.3 in August from July's reading of 55.5.
US stocks closed mostly lower yesterday, 22 August 2016, dragged down by energy shares on lower crude oil prices. Yellen's speech at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming on Friday, 26 August 2016, may provide cues on the timing of the next rate hike from the Fed. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
Power equipment major Bharat Heavy Electricals edged lower on reports that the company may lose a major power plant order from state-run NTPC. Reliance Infrastructure (RInfra) edged higher after the company announced the successful completion of the sale of its 100% shareholding in Reliance Cement Company to Birla Corporation. Tata Power Company edged lower after the company reported a sharp fall in bottom line in Q1 June 2016.
Shares of Idea Cellular surged on media reports that it is in exploratory talks for a possible merger with Vodafone Group Plc's Indian arm. HPCL edged lower after the company's average gross refining margin dropped to $6.83 per barrel in Q1 June 2016 from $8.56 per barrel in Q1 June 2015.
The Sensex rose 4.67 points or 0.02% to settle at 27,990.21, its highest closing level since 19 August 2016. The index rose 43.44 points or 0.15% at the day's high of 28,028.98. The barometer index lost 131.11 points or 0.46% at the day's low of 27,854.43.
The Nifty 50 index rose 3.45 points or 0.04% to settle at 8,632.60, its highest closing level since 19 August 2016. The index rose 13 points or 0.15% at the day's high of 8,642.15. The index lost 49.15 points or 0.56% at the day's low of 8,580.
The market breadth indicating the overall health of the market was negative. On BSE, 1,358 shares declined and 1,313 shares rose. A total of 205 shares were unchanged. The BSE Mid-Cap index declined 0.28%. The BSE Small-Cap index lost 0.07%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3320 crore, higher than turnover of Rs 3056.43 crore registered during the previous trading session.
Among sectoral indices on BSE, the S&P BSE Oil & Gas index (down 1.48%), the S&P BSE Power index (down 1.11%), the S&P BSE Capital Goods index (down 1.1%), the S&P BSE Energy index (down 1.01%), the S&P BSE FMCG index (down 0.82%), the S&P BSE Utilities index (down 0.53%), the S&P BSE Healthcare index (down 0.4%), the S&P BSE Industrials index (down 0.4%), the S&P BSE Realty index (down 0.31%), the S&P BSE Metal index (down 0.3%), the S&P BSE Basic Materials index (down 0.25%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.19%), the S&P BSE Auto index (down 0.15%), the S&P BSE Consumer Durables index (down 0.07%) and the S&P BSE Finance index (down 0.01%), underperformed the Sensex. The S&P BSE Bankex (up 0.11%), the S&P BSE Telecom index (up 1.72%), the S&P BSE Teck index (up 1.78%) and the S&P BSE IT index (up 1.82%), outperformed the Sensex.
Stocks of public sector banks were mixed. Bank of Baroda (up 2.66%), Indian Bank (up 2.02%), Allahabad Bank (up 1.32%), IDBI Bank (up 1.27%), Union Bank of India (up 1.27%), Central Bank of India (up 1.06%), Andhra Bank (up 0.93%), Bank of India (up 0.88%), Syndicate Bank (up 0.80%), Punjab & Sind Bank (up 0.66%) and United Bank of India (up 0.45%) edged higher. Corporation Bank (down 0.12%), State Bank of India (down 0.14%), Bank of Maharashtra (down 0.32%), UCO Bank (down 0.36%), Dena Bank (down 0.67%), Punjab National Bank (down 0.74%), Canara Bank (down 0.77%) and Vijaya Bank (down 1.89%) edged lower.
Stocks of most private sector banks edged higher. Federal Bank (up 0.98%), Kotak Mahindra Bank (up 0.72%), IndusInd Bank (up 0.57%) and Axis Bank (up 0.37%), edged higher. Yes Bank (down 0.09%) and ICICI Bank (down 0.79%), edged lower.
Index heavyweight HDFC Bank rose 0.24% at Rs 1,251.80. The stock hit a high of Rs 1,255.50 and a low of Rs 1,246.05 in intraday trade.
IT stocks edged higher on renewed buying. MindTree (up 2.52%), HCL Technologies (up 2.19%), TCS (up 2.03%), Hexaware Technologies (up 1.16%), Wipro (up 0.82%), Persistent Systems (up 0.79%), Oracle Financial Services Software (up 0.53%) and MphasiS (up 0.30%), edged higher. Tech Mahindra fell 0.16%.
Index heavyweight and software major Infosys rose 2.35% at Rs 1,039.25. The stock hit a high of Rs 1,041 and a low of Rs 1,016.45 in intraday trade.
Index heavyweight and cigarette major ITC fell 1.08% to Rs 251.30. The stock hit a high of Rs 254.80 and a low of Rs 250.50 in intraday trade.
Shares of power equipment major Bharat Heavy Electricals (Bhel) lost 4.6% to Rs 136.95 on reports that the company may lose a major power plant order from state-run NTPC. Reports suggested that NTPC is re-visiting its tender for four power plants of 1,000 megawatts (MW) capacity each for its Pudimadaka ultra mega power project. The bidding for the project was based on imported coal price, but NTPC is likely to call for fresh bids based on domestic coal price, as per reports. The tender was earlier awarded to Bhel, reports added. The order accounts for around 4% of Bhel's total order book, reports indicated.
Reliance Infrastructure (RInfra) gained 1.58% to Rs 599.75 after the company announced the successful completion of the sale of its 100% shareholding in Reliance Cement Company to Birla Corporation. The announcement was made after market hours yesterday, 22 August 2016. Shares of Birla Corporation dropped 3.24% to Rs 658.90.
The deal was announced by RInfra in February 2016 and has now been completed with transfer of shares and receipt of sale consideration. Reliance Cement Company Private Limited (RCCPL) has an integrated cement capacity of 5.08 million tonnes per annum (mtpa) at Maihar, Madhya Pradesh and Kundanganj Uttar Pradesh and a grinding unit of 0.5 mtpa at Butibori, Maharashtra. The deal valued the cement business at Rs 4800 crore at $140 per tonne. The deal is earning per share accretive for shareholders of RInfra.
The entire proceeds shall be utilized for debt reduction. RInfra had announced its plan to monetise cement, roads and Mumbai power businesses to reduce the overall debt. The closure of cement deal is a significant milestone in this direction, the company said. Asset monetisation of roads and Mumbai power business is on track, RInfra said.
Shares of Idea Cellular surged 6.72% at Rs 100.80 on media reports that it is in exploratory talks for a possible merger with Vodafone Group Plc's Indian arm.
Stocks of oil exploration and production (E&P) firms declined along with slide in crude oil prices. Cairn India (down 0.97%), ONGC (down 0.44%) and Oil India (down 0.40%) edged lower. Lower crude oil prices would result in lower realization from crude sales for oil exploration firms.
Index heavyweight Reliance Industries fell 0.39% at Rs 1,009.90. The stock hit a high of Rs 1,014.80 and a low of Rs 1,005.10 in intraday trade.
Stocks of state-run oil marketing companies (PSU OMCs) also declined. BPCL (down 3.33%) and Indian Oil Corporation (down 3.09%) edged lower.
HPCL edged lower after the company's average gross refining margin dropped to $6.83 per barrel in Q1 June 2016 from $8.56 per barrel in Q1 June 2015. The stock lost 5.32% at Rs 1,149.95. The company's net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 22 August 2016.
Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies suffer under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.
In global commodities markets, Brent crude oil futures edged lower on reports that China ramped up exports of refined products, US oil producers added rigs for an eighth consecutive week, and prospects emerged for increased exports from Iraq and Nigeria. Brent for October settlement was currently off 57 cents at $48.59 a barrel. The contract had declined $1.72 a barrel or 3.38% to settle at $49.16 a barrel during previous trading session.
Tata Power Company edged lower after the company reported a sharp fall in bottom line in Q1 June 2016. The stock fell 3.24% at Rs 74.75. The company's consolidated net profit fell 76.23% to Rs 72 crore on 6.41% decline in revenue including regulatory income/expense to Rs 6566 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 23 August 2016.
The company's bottom line during the quarter was impacted due to one off items as well as first time impact on account of adoption of Indian Accounting Standards (Ind AS). During the quarter (Q1 June 2016), the company's wholly-owned subsidiary Coastal Gujarat Power (CGPL) had Rs 286 crore adverse profit after tax (PAT) impact. CGPL due to overhauls had a lower than 80% availability factor which has led to Rs 90 crore PAT impact. CGPL had one time cost on account of dredging of Rs 33 crore. CGPL had extra depreciation of Rs 30 crore due to impairment reversals. CGPL also had an impact of Rs 133 crore due to mark-to-mark forex movement in the profit & loss (P&L) statement.
Tata Power's CEO & Managing Director Anil Sardana said that the company's focus on operational improvements have continued to show good results. All the company's subsidiaries and plants have shown strong performance despite very challenging circumstances, Sardana said. The company has grown its footprint and commissioned projects at South Africa & Zambia, he said.
NTPC was down 2.90% at Rs 158.80. The company during market hours today, 23 August 2016, announced that it has raised Rs 800 crore through private placement of secured non-convertible debentures at a coupon of 7.58% per annum with a door to door maturity of 10 years. The proceeds will be utilized to finance capital expenditure/refinancing the debt requirement in on-going projects including recoupment of expenditure already incurred, NTPC said.
Key benchmark indices snapped two-day losing streak. The Sensex fell 137.90 points or 0.49% in the preceding two trading sessions to settle at 27,985.54 yesterday, 22 August 2016, from its close of 28,123.44 on 18 August 2016. The Sensex has fallen 61.65 points or 0.22% in this month so far (till 23 August 2016). The Sensex has risen 1,872.67 points or 7.17% in calendar year 2016 so far (till 23 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,495.60 points or 24.43%. The Sensex is off 299.75 points or 1.06% from a 52-week high of 28,289.96 hit on 9 August 2016. The Sensex is off 2,034.53 points or 6.78% from a record high of 30,024.74 hit on 4 March 2015. The Sensex's current price to earnings (PE) ratio is 20.47, as per BSE data.
In overseas stock markets, European stocks edged higher after the latest data showed that eurozone's economic recovery gained speed in August. IHS Markit said its measure of private-sector activity known as the composite Purchasing Managers Index rose to a seven-month high of 53.3 in August from 53.2 in July. In Germany, the DAX index was up 0.86%. Germany's flash August composite PMI fell to 2-month low of 54.4.
Asian stocks witnessed a mixed trend as investors awaited a speech from Federal Reserve Chairwoman Janet Yellen later this week. In Japan, the Nikkei 225 Average closed 0.61% lower. The Nikkei flash Japan manufacturing purchasing managers' index (PMI) rose to 49.6 in August from July's reading of 49.3. A reading above 50 signals an improvement, while one below 50 points to a contraction in activity. August's flash PMI shows a contraction for the sixth month in a row. In mainland China, the Shanghai Composite closed 0.16% higher. In Hong Kong, the Hang Seng closed almost unchanged. Chinese business confidence weakened in August after showing signs of stability in recent months, clouding investors' outlook on the world's second largest economy. The MNI Deutsche Borse Group business sentiment indicator declined to 54.3 in August from July's reading of 55.5.
US stocks closed mostly lower yesterday, 22 August 2016, dragged down by energy shares on lower crude oil prices. Yellen's speech at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming on Friday, 26 August 2016, may provide cues on the timing of the next rate hike from the Fed. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
No comments:
Post a Comment