Fixed Income Market Overview
The U.S. 10-year Treasury yield rose by 3 basis points to 3.848% as investors reacted to fresh economic data and growing expectations for interest rate cuts by the Federal Reserve. Fed Chair Jerome Powell indicated that policy adjustments are imminent, although he did not specify the timing or size of the cuts. Market participants are largely anticipating a rate cut at the Fed’s September 18 meeting, with a 71.5% chance of a 25-basis-point cut. Additionally, the S&P CoreLogic Case-Shiller national home price index showed a higher-than expected 6.5% annual gain in June.
Starmer warns autumn Budget is going to be ‘painful’.
Tata Investment stock surges 20% to hit upper-circuit.
Nvidia has become world’s ‘most important stock,’ adding pressure to upcoming earnings report.
U.S. crude dips more than 1% as market hopes Libya production halt will be brief.
NFL expected to vote in favor of private equity ownership.
Major Indicies
| Symbol | Price | Change | %Change |
|---|---|---|---|
| DJIA | 41,250.50 | 9.98 | 0.02%↑ |
| NASDAQ | 19,581.52 | 65.08 | 0.33%↑ |
| S&P 500 | 5,625.80 | 8.96 | 0.16%↑ |
| FTSE 100 | 8,345.46 | 17.68 | 0.21%↑ |
| SX5E | 4,898.78 | 2.09 | 0.04%↑ |
| NIKKEI | 38,288.62 | 178.40 | 0.46%↑ |
| HSI | 17,874.67 | 75.94 | 0.42%↑ |
| VIX | 15.43 | -0.72 | -4.45%↓ |
Bonds
| Name | Yeild | CHG |
|---|---|---|
| US 10-YR | 3.82% | 0.005 |
| US 30-YR | 4.11% | 0.008 |
| US 5-YR | 3.64% | -0.017 |
| JPN 10-YR | 0.88% | -0.007 |
| UK 10-YR | 3.99% | 0.059 |
Futures & Commodities
| Name | Last | Change | %Change |
|---|---|---|---|
| WTI CRUDE | 75.53 | -1.89 | -2.44%↓ |
| NAT GAS | 1.90 | -0.05 | -2.65%↓ |
| GOLD | 2,524.64 | 6.94 | 0.27%↑ |
| SILVER | 29.98 | -0.02 | -0.08%↓ |
| COPPER | 4.24 | 0.01 | 0.44%↑ |
Equity Market Overview
Lupin
Lupin’s share price surged 2%, reaching a new high of Rs 2,156.75, with a remarkable 63% gain in 2024, outperforming the BSE Sensex. The company is poised to become the seventh pharmaceutical firm in India to achieve Rs 1 trillion in market capitalization, with only a 2% gap remaining. Lupin, a leader in generics and specialty medicines, continues to grow strongly in both India and the US, with its US business expanding by 33.8% year-on-year. Analysts project further growth driven by new launches and improved margins, expecting revenue to grow by 10% in FY25. The company has also reduced debt significantly, focusing on M&A opportunities to enhance its market presence.
Sony
Sony announced a 19% price increase for its flagship PlayStation 5, raising the suggested retail price to 79,980 yen ($553) starting Sept. 2, citing global economic challenges. Despite the price hike, unit sales for the PS5 dropped in the June quarter, though Sony’s gaming division saw profit and revenue growth due to continued game and service purchases. Analysts anticipate a “Pro” version of the console to be unveiled this year to boost sales. Meanwhile, Sony and Zee Entertainment settled their legal dispute over the failed $10 billion India unit merger. Sony shares rose 2.8% in Tokyo.
