Global Market Overview

Fixed Income Market Overview

U.S. Treasury yields saw marginal fluctuations post the latest Federal Reserve meeting. The 10-year Treasury yield  slightly increased to 4.5975%, while the 2-year yield rose fractionally to 4.9393%. Investors scrutinized the Fed’s stance on interest rates, as Chairman Jerome Powell signaled a reluctance towards immediate hikes, emphasizing the need for convincing evidence to alter policy. Powell highlighted persistently elevated inflation levels, underscoring uncertainty about future trends. The Fed also outlined a gradual reduction in quantitative tightening, starting in June, aimed at managing monetary conditions. Market attention now turns to forthcoming economic data releases, including factory orders and jobless claims, preceding the eagerly awaited April  jobs report.

Vedanta plans investments worth $20 bln in India over next 4 years: Chairman Anil Agarwal.

CVS shares plummet 18% as health company slashes profit outlook.

BlackRock is opening a Saudi investment firm with initial $5 billion from PIF.

U.S. crude oil falls for third day, dips below $81 ahead of Fed decision, Gaza cease-fire talks.

Microsoft to invest more than $10 billion on renewable energy capacity for data centers.

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Equity Market Overview

MasterCard

Mastercard Inc (MA) reported strong firstquarter financial results, with net income of $3.0 billion and diluted earnings per share (EPS) of $3.22, closely aligning with analyst expectations. The company achieved a significant 10% increase in net revenue, reaching $6.3 billion for the quarter. Operating income rose by 15% to $3.6 billion, with an improved  operating margin of 56.8%. CEO Michael Miebach highlighted revenue growth driven by healthy consumer spending and strong cross-border volume. Despite increased operating expenses and  regulatory challenges, Mastercard remains committed to returning capital to shareholders, with $2.0 billion spent on share repurchases and $616 million in dividends during the quarter. Looking ahead, Mastercard anticipates continued growth supported by strategic investments in technology and a resilient business model.

Pfizer

Pfizer reported first-quarter revenue that surpassed expectations and raised its fullyear profit outlook, driven by cost-cutting measures and solid non-Covid product sales. The company  expects adjusted earnings of $2.15 to $2.35 per share for the fiscal year and reiterated its revenue forecast. Pfizer recorded $14.88 billion in revenue for the quarter, with net income  of $3.12 billion, or 55 cents per share. The decline in revenue was primarily due to decreased sales of its Covid products. Excluding Covid products, Pfizer’s revenue rose 11%, fueled  by strong sales of non-Covid products such as Seagen’s treatments and Vyndaqel drugs. Despite challenges in its Covid business, Pfizer remains optimistic about its growth prospects  driven by robust non-Covid product performance.

Qualcomm

Qualcomm reported fiscal second-quarter earnings that exceeded expectations, leading to a 4% increase in share value after trading hours. The company’s adjusted earnings per share were  $2.44, surpassing the expected $2.32, while revenue reached $9.39 billion, slightly above the anticipated $9.34 billion. Net income for the quarter was $2.33 billion, or $2.06 per  share, compared to $1.7 billion, or $1.52 per share, a year earlier. Qualcomm provided a strong revenue forecast of $8.8 billion to $9.6 billion for the current quarter, higher than  analysts’ expectations. Additionally, Qualcomm increased its quarterly dividend to 85 cents from 80 cents previously and continued its shareholder return program through dividends and  share repurchases.