South Korean officials are urging calm in financial markets following a recent martial-law controversy involving President Yoon Suk Yeol, which has raised concerns about the nation's creditworthiness. Despite the turmoil, the Finance Ministry reported limited market impact and pledged to monitor conditions closely, especially with uncertainties surrounding the incoming U.S. administration. The opposition is preparing to impeach Yoon, who faces significant political challenges ahead.
Citi has issued a 'buy' rating for Indus Towers, setting a target price of Rs 458 per share, following Vodafone's decision to sell its remaining 3 percent stake. The sale, expected to raise Rs 2,700-2,800 crore, may lead to dividends for Indus Towers shareholders, enhancing yields. Indus Towers shares closed at Rs 359.30, reflecting a 92 percent increase over the past year.
Stocks surged as rate cut expectations grew, with the S&P 500, Nasdaq, and Dow reaching record highs. Bitcoin approached $100,000, reflecting positive investor sentiment. Meanwhile, Brent crude futures rose 0.2% to $72.42 a barrel, and gold prices steadied at $2,649 an ounce. Asian markets showed mixed results, with Japan's Nikkei climbing 0.6% to a three-week high, while Hong Kong faced selling pressure.
Bitcoin has surged to $100,000 for the first time, marking a 138% increase this year, fueled by optimism surrounding support from the incoming Trump administration. Trump plans to appoint crypto-friendly regulators and is considering establishing a national strategic stockpile of Bitcoin, along with a dedicated White House position for the cryptocurrency market.
The Indian rupee is expected to breach 85 per U.S. dollar within six months, currently trading at around 84.72/$. This forecast follows a sharp slowdown in India's growth to 5.4% annually, raising speculation about potential interest rate cuts by the Reserve Bank of India. Meanwhile, the U.S. dollar has strengthened nearly 6% since October, influenced by proposed tariffs from President-elect Donald Trump.
The Indian equity market has shown signs of stabilization, with the Sensex and Nifty rising for four consecutive days after a significant correction. However, experts warn that sluggish corporate earnings growth, expected to drop from 14% to around 7%, may lead to further challenges ahead. Pankaj Murarka suggests that the market will continue to consolidate for some time.
Bank of Korea Governor Rhee Chang-yong expressed optimism that market volatility stemming from recent martial-law turmoil will gradually subside, provided there are no new shocks. He reassured investors about South Korea's economic outlook, stating that the central bank sees no immediate need to adjust growth forecasts. Rhee noted the won has regained some strength against the dollar following the martial law declaration by President Yoon Suk Yeol.
Warren Lichtenstein, known for his aggressive takeover attempts in Japan during the mid-2000s, is contemplating a return to the Japanese market after over a decade. This potential move reflects significant shifts in Japan's corporate landscape, where shareholder activism has gained traction and companies are increasingly receptive to unsolicited bids. Recent changes in corporate governance and takeover guidelines further enhance the environment for investment, making Japan attractive for investors seeking to unlock value in undervalued companies.
PG Electroplast has launched a Qualified Institutional Placement (QIP) to raise up to Rs 1,500 crore at a floor price of Rs 705.18 per share, resulting in a 6.7% equity dilution. The funds will be allocated for working capital, loan repayment, and general corporate purposes, as the company anticipates significant growth opportunities.
Singapore’s GIC plans to increase its stake in Asia Healthcare Holdings by 15% from TPG, potentially valuing the company at $800-900 million ahead of a public listing in the next couple of years. This move highlights the growing investor interest in India's private healthcare sector, which has seen a surge in public offerings since the pandemic. Additionally, Blackstone and Sattva Group are preparing to file papers for a $750-800 million office real estate investment trust.
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