Silver prices have rebounded after a recent drop, maintaining an overall uptrend despite short-term weakness. Brent crude is also gaining, with targets set around $78. In contrast, New York cocoa prices continue to decline, approaching early October lows, with bearish sentiment prevailing.
IG
10:33 24.10.2024
India's steel ministry is considering implementing a temporary tariff or "safeguard duty" in response to a surge in cheap steel imports from China, which has raised concerns among various countries. This measure would also apply to nations with which India has free trade agreements, reflecting a growing trend of protective actions against Chinese steel exports.
Mukesh Ambani, Chairman of Reliance Industries, praised Meta founder Mark Zuckerberg for making the Llama language open source, stating, "Zuckerberg will go down in history for doing this." This remark was made during a discussion with Nvidia's Jensen Huang in Mumbai on October 24. The Llama language, released by Meta in February 2023, is a family of autoregressive large language models, and Reliance is collaborating with Nvidia to develop AI infrastructure in India.
UBS has raised its price target for IBM from $145 to $150 following mixed quarterly results, maintaining a 'sell' rating. Despite strong profit growth driven by software, IBM reported declines in consulting and infrastructure, reflecting challenges in corporate spending.
10:28 24.10.2024
UBS has increased its price target for IBM from $145 to $150 following the release of quarterly figures, although it maintains a "Sell" rating. Analyst David Vogt noted that the results were mixed in a report published on October 24, 2024.
10:28 24.10.2024
The outpatient and home healthcare industry is rapidly evolving, driven by a shift towards digital healthcare and telemedicine, with the global home healthcare market projected to grow from $373.56 billion in 2023 to $1,469.92 billion by 2033 at a CAGR of 14.8%. Companies like Quest Diagnostics, Encompass Health, Amedisys, and Addus HomeCare are well-positioned to benefit from this trend, as innovation and technology adoption continue to reshape service delivery amidst rising healthcare costs. The focus on cost-effectiveness and value-based care models further enhances the industry's growth prospects.
The Japanese yen is nearing three-month lows against the U.S. dollar, recently trading at 152.82, primarily due to its status as the lowest-yielding G10 currency. Despite the narrowing interest rate differential, the yen remains unattractive for long-term holding, compounded by market volatility linked to U.S. political developments and Japan's upcoming elections. Analysts suggest that further yen weakness could prompt intervention from Japanese authorities, as public sentiment grows increasingly concerned about the currency's depreciation.
ACC Ltd, part of the Adani Group, reported a 49% decline in net profit for Q2, falling to Rs 200 crore from Rs 387.88 crore in the same period last year. Despite this drop, total income rose to Rs 4,772.11 crore, driven by increased revenue from operations, which reached Rs 4,613.52 crore, a 4% increase year-on-year.
The euro has reached a three-month high against the yen, with EUR/JPY surging above the 200-day SMA, supported by a rising trendline. In contrast, EUR/GBP faces significant selling pressure, with bearish momentum suggesting potential declines to 2022 lows. Meanwhile, AUD/USD is attempting a rebound after recent losses, with a close above $0.67 indicating a possible short-term low.
IG
10:13 24.10.2024
American Express has agreed to acquire UBS's 50% stake in Swisscard AECS, becoming the sole owner of the Swiss credit card provider. The transaction, subject to closing conditions, will not impact current cardholders or merchants, as Swisscard continues to issue cards under major brands and manage the American Express network in Switzerland. UBS will transition Credit Suisse branded card portfolios to its own brand starting in the first half of 2025, ensuring a seamless experience for affected cardholders.
10:12 24.10.2024
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