Copper and other base metals fell as the dollar strengthened following President-elect Donald Trump's announcement of new tariffs. Trump plans to impose a 10% tariff on Chinese goods and 25% on imports from Mexico and Canada, which contributed to a 0.7% rise in the Bloomberg Dollar Spot Index before it slightly eased. Meanwhile, shares in Asia experienced a decline.
Walmart is scaling back its diversity, equity, and inclusion (DEI) initiatives, including removing some LGBTQ merchandise from its website and winding down its Center for Racial Equity. The company will no longer allow third-party sellers to offer certain LGBTQ-themed items and has ceased sharing data with LGBTQ advocacy groups. These changes come amid pressure from conservative activists and follow the U.S. Supreme Court's decision to strike down affirmative action programs.
On November 25, gold prices fell by 1.33%, closing at Rs 76,487, according to MCX data. Despite this decline, gold has risen 24.92% year-over-year, although it remains below the peak of Rs 79,362 reached on October 30, 2024. The second quarter of 2024 saw a 6% drop in gold demand, primarily due to reduced interest from the jewellery sector.
Gold prices fell 3.44% to $2,616.80 per ounce as optimism surrounding President-elect Trump's Treasury pick and a potential Israel-Hezbollah ceasefire diminished the metal's safe-haven appeal. The market anticipates a shift in U.S. monetary policy, with a reduced likelihood of a rate cut in December, while a stronger dollar further pressures gold. Analysts predict continued volatility in gold prices amid the transition to the Trump administration and its economic policies.
Vedanta Resources Ltd. has successfully priced its third dollar-bond sale in two months, raising $800 million in callable notes across 3.5- and 7-year tranches. The proceeds will be used to refinance bonds maturing in 2028, following a brief pause due to market volatility linked to the recent indictment of Adani Group founder Gautam Adani. The offering attracted over $1.19 billion in orders, with both tranches tightening 12.5 basis points from their initial pricing.
JPMorgan has initiated an 'overweight' rating on Hindustan Aeronautics and Bharat Electronics, citing strong growth prospects in defense production and exports. Following a significant stock price correction of 14-28% from recent highs, the firm sees this as an opportunity to invest at lower valuations. It has set a price target of Rs 340 for Bharat Electronics, indicating over 16% upside potential.
Nissan Motor Co. shares dropped nearly 5% in early Tokyo trading following reports of planned production cuts in the US and potential tariffs on imports from Mexico and Canada, where the company operates factories. The stock has declined almost 30% this year.
Indian retail investors are showing renewed interest in Adani shares, attempting to capitalize on a potential recovery. However, the Nifty index faces significant resistance, with futures indicating a weak opening amid mixed trading in key Asian markets.
Jefferies is optimistic about the real estate sector, noting a six-month high in residential sales in October, driven by strong festive demand. The firm highlights Godrej Properties, Macrotech Developers, and DLF as top picks, anticipating a 25% growth in pre-sales for FY25 despite a mixed Q2 performance. The sector is poised for significant activity with new launches and a robust project pipeline in the latter half of the fiscal year.
Hindustan Unilever Ltd. (HUL) has received in-principle approval from its board to spin off its ice cream business into a separate entity, which will be listed independently. This decision, aimed at maximizing shareholder value, is pending further approval from the board and shareholders early next year. Shareholders will receive shares in the new entity proportional to their holdings in HUL.
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