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Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year. During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> as against Rs 23,300 crore in the same period a year ago. LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 % quarter-on-quarter. "We are surely looking at the markets and price movements...we are looking to invest a good amount at least whatever we had invested in last financial year...LIC invested around Rs 1.32 lakh crore in FY'24," he said. The <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> value of LIC's investment in stocks of various <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> stood at around Rs 15 lakh crore at the end of June, he said. LIC has exposure in 282 companies through investment in their shares as of June 30, 2024. The <keyword id="20340200" type="General" weightage="20" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) increased to Rs 53,58,781 crore as of June-end as compared to Rs 46,11,067 crore at the end of the same quarter the previous year, registering an increase of 16.22 %. Total investment grew by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore as of March 31, 2024. The total equity investment portfolio constitutes Rs 12,39,740 crore as against Rs 8,39,662 crore in 2022-23, whereas other investments constitute Rs 37,35,774 crore as against Rs 34,05,190 crore in 2022-23. For the June quarter 2024, LIC reported a 10% increase in net profit to Rs 10,461 crore as against Rs 9,544 crore in the year-ago period. Total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period. Total premium income for the quarter increased 16 % to Rs 1,13,770 crore as compared to Rs 98,363 crore in the same quarter a year ago.

LIC to invest around Rs 1.30 lakh crore in stock market in FY25

<ul class="summary-list"><li>Tesla faces several regulatory hurdles before launching a robotaxi service.</li><li>Insurance is already a complex subject for ride-hailing fleets and Tesla vehicles. </li></ul>There are plenty of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-safety-regulation-2024-10">hurdles for Tesla's promised robotaxi fleet</a> to clear before launching, but one overlooked barrier may be the complexity of insuring a fleet of self-driving Teslas.<a target="_blank" class="" href="https://www.businessinsider.com/top-uber-lyft-driver-concerns-low-earnings-declining-pay-safety-2024-8">Insurance for ride-hailing vehicles</a> is already a complex subject. Uber and Lyft drivers are usually required to get an extra policy to cover their vehicles, which can cost them an average of $31 more monthly on top of their regular insurance policy, according to insurance comparison site The Zebra.To make matters worse, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-price-range-cost">Teslas</a> are already more expensive to insure than the average vehicle. The average annual rate for a Tesla Model 3 is $2,221, compared to an industry average annual rate of $1,776, according to NerdWallet.These costs could dent CEO Elon Musk's promise that Tesla would operate a robotaxi business that is a mix of <a target="_blank" class="" href="https://www.businessinsider.com/5-reasons-why-uber-is-now-profitable-2024-8">Uber</a> and Airbnb, where drivers who enter their cars into the robotaxi fleet can profit from their otherwise stagnant vehicles."It's great that you have a vehicle that is cheaper," said Jessica Caldwell, executive director of insights for Edmunds, referring to Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">$30,000 Cybercab</a>. "But that can easily get outweighed by high insurance costs."The automotive insurance industry has yet to fully embrace autonomous technology, and without coverage, driverless Teslas can't operate."Insurance providers aren't even there yet in terms of how to assess these costs, because there's not really a lot of modeling that you could do that exists right now," Caldwell said.Musk said on Thursday night that some Model 3s and Model Ys would operate without drivers in Texas and California before the Cybercab hits the streets, but it was unclear whether the drivers would use their own cars as passengers, if Tesla would operate those cars, or if <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owner">Tesla owners</a> would be able to rent out their vehicles for driverless rides.Musk has long said that eventually autonomy will generate profits for owners and Tesla. But for ride-hailing firms, insurance payouts are among Uber's biggest expenses, with analysts citing the costs as <a target="_blank" class="" href="https://www.businessinsider.com/uber-drivers-feeling-squeezed-pay-after-company-hits-profit-2024-2">one of its top barriers to profitability. </a><h2 id="9b29b876-518f-4eb8-97cf-fb2c91b07f99">Elon Musk's magic may be wearing off</h2>For years, Musk has been able to woo investors with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-meta-earnings-prove-power-of-musk-word-despite-promises-2024-4">big promises</a> and flashy product reveals.But years of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-elon-musk-electric-vehicle-broken-promises-2019-7">broken promises</a> and a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">struggling EV market</a> have investors more skeptical than ever. Investors want to know when these big investments will pay off. "While all of this seems great, investors right now want to know how realistic all of these cool robots are and what is the timeline for making money on this," Caldwell said. "Fundamentally, Tesla is still a car company at this moment, and they're not addressing the issues in that business."<a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">Investors were disappointed</a> Thursday night following Tesla's long-awaited We, Robot event, as Musk failed to provide concrete details on his plan to roll out a fleet of driverless taxis as soon as next year, as originally promised. Instead, he promised the Cybercab by 2027 and a futuristic Robovan with no set date. Shares fell about 8% in trading Friday following Thursday night's event. "Heading into what might arguably have been the most highly anticipated product unveil in Tesla's history, we had a number of expectations of what the market might learn that we felt were consequential to the direction and debate around the stock," Morgan Stanley analyst Adam Jonas, who has a bullish $310 price target for the stock, wrote in a Friday morning note to clients. "We were overall disappointed with the substance and detail of the presentation," he added

Tesla's robotaxi dreams are going to be an insurance nightmare 

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

New Delhi: Shares of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="261" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="General" weightage="100" keywordseo="LIC" source="Orion">LIC</keyword>) climbed 3 per cent on Friday after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter. The stock jumped 3 per cent to Rs 1,159.60 on the <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>. At the NSE, it climbed 3 per cent to Rs 1,160 apiece. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing on Thursday. <keyword id="22725292" type="General" weightage="20" keywordseo="lic-md" source="keywords">LIC MD</keyword> and CEO Siddhartha Mohanty said the Assets Under Management (AUM) increased to Rs 53,58,781 crore as on June 30, as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent. The total premium income for the quarter increased by 16 per cent to Rs 1,13,770 crore, as compared to Rs 98,363 crore in the same quarter a year ago. Asked about entry into the health insurance business, he said, LIC is exploring the option of picking up majority stakes in a standalone health insurance company.

LIC shares climb 3 percent after earnings announcement

<ul class="summary-list"><li>Shanna Nasiri, 34, decided to leave her tech job when she no longer felt aligned with the work.</li><li>Earlier this year, she opened a natural wine bar in Williamsburg called With Others.</li></ul>This as-told-to essay is based on a conversation with Shanna Nasiri, the 34-year-old owner of <a target="_blank" class="" href="https://www.withothersbrooklyn.com/?fbclid=PAZXh0bgNhZW0CMTEAAaYikrw0VpjpCpAQ0ZvjvLvpFSaoADEXEYZSPsfVYegg3r5FJj2KHjPZ-Cs_aem_1Utqp3zKNtwMvha7MZMTkA">With Others</a>, a natural wine bar in Brooklyn, New York. It has been edited for length and clarity. Business Insider has verified Nasiri's salary.I grew up in the <a target="_blank" class="" href="https://www.businessinsider.com/moved-san-francisco-worth-it-cost-of-living-negativity-2024-2">Bay Area</a> near Silicon Valley, and everyone I knew was in some variation of tech. I continued on that trajectory.My first job was working for the corporate ventures team at Qualcomm. After that, I worked in semiconductors for a few years. Then, I went back to business school and got a job in product marketing for a regulatory technology startup.I liked aspects of what I was doing. The <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-workers-pushed-limits-of-perks-benefits-pampering-over-2024-10">perks</a> were nice. I had full benefits. And there <a target="_blank" class="" href="https://www.businessinsider.com/left-big-tech-job-uber-entrepreneur-2024-10">was the salary</a>. I was making around $200,000 at the time I left, plus a bonus. I also got a lot of stock options.I was working for <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup companies</a>, so I had the chance to be at the ground level, build teams, and craft messaging. I felt like I had an impact.But I wasn't creatively fulfilled. I didn't like what I was doing. It didn't resonate with who I am. I was kind of embarrassed to tell people I did product marketing for regulatory technology startups. I felt like I was speaking a different language.At the time, I compartmentalized. This is who I am at work, and this is who I am in my personal life. I just accepted my life for what it was and figured you could <a target="_blank" class="" href="https://www.businessinsider.com/happiness-at-work-employee-engagement-fulfillment-flexibility-four-days-2023-12">never be fully happy at work.</a><h2 id="ddbf58b0-8e32-403f-9d1f-46fdacdaa027">That started to change when I turned 30</h2>Around my 30th birthday, I started having these existential questions and ideas. I had recently moved from San Francisco to New York City. That was also right at the start of COVID, so I had a lot of <a target="_blank" class="" href="https://www.businessinsider.com/how-the-pandemic-changed-my-career-2-years-stories-2022-3">alone time to reflect.</a>I was seeing this whole new world in <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-new-york-london-tech-where-to-live-2024-8">New York City</a>, with so many diverse careers. In San Francisco, I knew a lot of tech founders. But when I moved to New York, I started to see that entrepreneurship could have a greater meaning beyond tech.<div type="image" title="A photo of Shanna Nasiri holding a bottle of wine next to a photo of Williamsburg" height="1500" width="3000" msid="115114938" hostid="261" sizebytes="438074"></div>I had always fantasized about opening a space, but it wasn't something I thought I would actually do.I moved to <a target="_blank" class="" href="https://www.businessinsider.com/photos-show-what-its-like-to-live-in-williamsburg-brooklyn-2021-5">Williamsburg in 2021</a>. It was still pretty desolate at the time. There were lots of empty storefronts. I would go on these long walks and start fantasizing about what I would do with the space.I've always been passionate about hosting. I love to curate an environment. I'm obsessed with the little details like glassware, music, lighting, and sparkling water choice. I grew up in a family where my mom and grandma would host huge parties all the time and I was the mini host. I'm Middle Eastern and I think there is a sense of Middle Eastern hospitality that's embedded within me.My <a target="_blank" class="" href="https://www.businessinsider.com/guides/kitchen/types-of-wine">wine journey</a> started young. My stepdad collected limited-production Pinot Noirs. He introduced me to wine and taught me how to taste and the artisanship that goes into production.When I think about it now, it was pretty brazen to start a wine bar. But it was COVID, and <a target="_blank" class="" href="https://www.businessinsider.com/how-people-changed-careers-jobs-during-pandemic-2022-3">life felt so short and precious</a>. I wanted to prove to myself I could do itIt was either get stuck in this unfulfilling career trajectory and <a target="_blank" class="" href="https://www.businessinsider.com/careerist-corporate-ladder-decline-promotions-work-ethic-american-dream-2024-10">climb the corporate ladder</a>, or try to be an entrepreneur. It was a huge leap of faith and required me to believe in myself 100%So, in the summer of 2022, I got a job at a wine bar in Brooklyn to see what it was like. I was so passionate about it.After that, I started pursuing my wine education and got my Wine and Spirit Education Trust certification, which is a globally recognized qualification. I got a job at a wine shop. And I fully committed to opening my own bar.<h2 id="49faa484-70c2-47b4-9558-670c2708ed17">My tech experience came in handy</h2>A lot of my past work was helpful as I was building the bar. I knew how to manage teams. I had always worked at the ground level, so I had experience juggling a lot of responsibilities and working with limited resources.I started asking everyone to introduce me to other entrepreneurs and asking about their contractors, their agents, and their plumbers.<div type="image" title="A photo of Shanna Nasiri posing at her wine bar next to a photo of Williamsburg" height="1500" width="3000" msid="115114935" hostid="261" sizebytes="153358"></div>I used my own money and opened the bar on a very small budget.It took me a year to find the space because I was only looking for places within a few blocks of my home. I wanted it to be really integrated with the community. I found the space in June 2023 and started construction in October 2023.We opened in March of this year. It's been incredible. It's beyond anything I could have ever imagined.It has quickly become the neighborhood spot. We have regulars that come in twice a week. And the coolest thing has started happening recently, where I have probably met 11 or 12 parents of our regulars.I've continually reinvested in the bar. For example, the backyard buildout happened three months after we opened. After that, I built out the basement and cellar. Then I invested in hiring a general manager and growing out the wine list.<h2 id="ac1863d1-953a-4300-b4ce-24a04c6e730e">It's been a major lifestyle change from tech</h2>I don't have health insurance. I'm working probably 12-hour days. There's just so much stuff to do in terms of maintenance. And I work service every single night.In tech, I could work from anywhere. I traveled a lot and <a target="_blank" class="" href="https://www.businessinsider.com/working-remotely-feel-isolated-from-coworkers-quit-2024-7">worked remotely</a>. Now, I have a physical space. I haven't left a 20-mile radius since Christmas and have no plans to.But I feel so aligned with what I'm doing. It feels like what I was always meant to be doing. I work way more hours than I did in tech, but it doesn't feel as hard.I'm in such awe of what we've been able to create in such a short amount of time.

I left my $195,000 tech job to open a wine bar. I work 12-hour days and don't have health insurance, but I've never been happier.

<ul class="summary-list"><li>Indexes slipped Thursday as investors priced in a higher-than-expected inflation reading.</li><li>The data raises the possibility of a "no landing" scenario for the US economy.</li></ul>Stocks fell on Thursday from records reached in the previous session, as traders took in a sticky inflation reading for September. All three benchmark indexes fell, with the Dow Jones Industrial Average down TK points, a 0.40% fall, while the S&amp;P 500 and Nasdaq fell 0.% and 0.%, respectively.The declines follow rises across the board on Wednesday, which saw a fresh record close for both the S&amp;P 500 and the Dow, and comes after inflation proved stickier than expected last month. September consumer price index data released on Thursday showed inflation <a target="_blank" class="" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">rose 2.4% year-over-year</a>, slightly above consensus forecasts of a 2.3% rise.The core CPI reading, which excludes more volatile food and energy costs, was up 3.3% year-over-year and just above forecasts of 3.2%.The reading, coupled with last week's blockbuster jobs report, <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-outlook-retail-sales-no-landing-inflation-jobs-report-2024-10">has sparked talk of a "no landing"</a> scenario for the US economy, a scenario in which strong economic growth fuels inflation and makes it harder for the Federal Reserve to cut rates. A no landing would likely mean rate cuts are fewer or slower than markets had previously forecast. It would also mean borrowers are saddled with higher interest rates on their debt for longer.After the CPI release, investors <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10?_gl=1*24ex3i*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU2NDg1Mi4yNTAuMS4xNzI4NTY1OTMzLjYwLjAuMA..">adjusted their expectations</a> for the Federal Reserve's easing cycle. The September jobs report had killed the odds of another big 50 basis point cut, but the slightly higher-than-expected CPI likely isn't enough to fully pump the brakes on Fed easing."Heading into the report, we thought only a very firm print would lead the Fed to consider pausing in November based on inflation alone. We did not get that," analysts from Bank of America said Thursday."While core PCE will be firmer than recent months, we think it will be enough for the Fed to follow through with a 25bp cut in November," they added.Investors are now pricing in higher odds of a 25 basis point rate cut at the central bank's meeting next month, according to the <a target="_blank" rel=" nofollow" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>.Meanwhile, weekly jobless claims edged up 33,000 to 258,000, according to Labor Department data released Thursday. That number marks its highest level in over a year and outpaced forecasts of 230,000.Here's where US indexes stood shortly after the closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,780.05, down 0.21% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,454.12, down 0.14% (-57.88 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,282.05, down 0.05% </li></ul>Here's what else is going on:<ul><li>Inflation is scrambling Americans' <a target="_blank" class="" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">perceptions of middle-class life</a>, making the economy seem worse than it really is.</li><li>Insurance companies face massive losses, but catastrophe bond investors <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bond-investors-losses-unlikely-hurricane-milton-florida-reinsurance-helene-2024-10?_gl=1*3h318o*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU4NzA5Ny4yNTMuMS4xNzI4NTg5NzI4LjQyLjAuMA..">won't see huge damages</a> in the wake of Hurricane Milton.</li><li>Jamie Dimon says the "Buffett Rule" approach to taxing the wealthy could <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-us-debt-unsustainable-higher-taxes-buffett-rule-millionaires-2024-8">solve America's debt problem</a>.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures rose. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 3.7% to $75.93 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 3.7% to $79.44 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.8% to $2,646.7 an ounce.</li><li>The 10-year Treasury yield was about flat at 4.07%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 2% to $59,654.</li></ul>

Stock market today: Indexes close lower after CPI shows sticky inflation in September

<ul class="summary-list"><li>Chinese property stocks climbed 7% on Monday three major cities eased homebuying rules.</li><li>The surge comes amid an economic-stimulus blitz that started last week.</li></ul>Chinese property stocks got some positive news on Monday as three major cities announced easing of home-purchase restrictions.The Hang Seng Mainland Properties Index soared 7% in Chinese trading. The climb was led by real-estate developers like Hong Kong-listed Longfor Group Holdings and Hang Lung Properties, which were up roughly 10% and 12%, respectively.The surge comes after the cities of Shanghai, Shenzhen, and Guangzhou loosened homebuying restrictions, and after nation's central bank said it will allow refinancing of mortgages. The moves are part of China's new stimulus package meant to reinvigorate its slowing economy and weak property sector.In Guangzhou, policymakers eliminated all restrictions on homebuying, removing evaluations of buyer eligibility and limitations on the number of properties owned.The Sunday move made the port city the first major city to ease restrictions following the national government's pledge last week to make the property sector "stop declining."Previously, Guangzhou required migrant families to pay taxes or social insurance for at least six months before purchasing a maximum of two homes.Shanghai and Shenzhen, meanwhile, also said they would ease restrictions for non-local buyers. Shanghai decreased the required tax-paying period from three years to one year, and Shenzhen increased the number of homes migrant families can buy from one home to two.Shanghai and Shenzhen also announced plans to decrease the minimum downpayment ratios for first homes to no lower than 15%.Shenzhen also allowed local buyers to purchase more properties, allowing purchases of one more apartment in some districts, compared to previous restrictions of a maximum of two homes for families and one for individuals.The central bank, meanwhile, announced plans to refinance existing mortgages, with homeowners able to renegotiate terms with their lenders starting November 1. That brings lower costs for $5.3 trillion in mortgages.The moves come after leaders in Beijing unveiled <a target="_blank" href="https://www.businessinsider.com/china-economy-stock-market-bazooka-liquidity-stimulus-sparks-panic-speculation-2024-9#:~:text=China%20is%20eying%20a%20GDP,will%20be%20difficult%20to%20achieve.">aggressive stimulus measures</a> to support China's struggling economy in a rare move last week.China's economy has faced weak consumer demand in recent months, and continues to face headwinds from its struggling property sector, which has seen <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3">slowing property sales</a>, high vacancy rates in its existing supply, and huge <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1#:~:text=Evergrande's%20liquidation%20comes%20as%20China's%20economy%20faces%20significant%20headwinds%20from,dash%20for%20the%20exit%20door.">developer defaults</a>.With the sector accounting for <a target="_blank" href="https://www.businessinsider.com/china-economy-outlook-real-estate-property-banks-crisis-debt-default-2024-1">nearly a third of the country's GDP</a>, recovering it is crucial for the country to hit its "around 5%" year-end growth target, which analysts have <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">previously said is unlikely</a>.The newest policies are a good start at easing those headwinds, but analysts warn that the policies could take time to actually see an impact."It may take time and could still prove challenging to turn around residents' bearish views with existing policies," Morgan Stanley analyst Stephen Cheung wrote in a Sunday note.The new policies helped fuel a broader stock market rally, with mainland China's benchmark CSI 300 closing 8.5% higher on Monday in its <a target="_blank" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*qxyjdx*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyNzcwMzU4Mi4yMDIuMS4xNzI3NzAzODQzLjUzLjAuMA..">biggest daily gain since 2008</a>.

Chinese property stocks surge after 3 major cities relax restrictions on homebuying

<ul class="summary-list"><li>Investors worried about a market correction should adjust their portfolios, David Rosenberg says.</li><li>The top economist has warned stocks are in a bubble and at risk of a major decline.</li></ul>A number of Wall Street forecasters have been warning of a stock bubble as the market climbs to a series of fresh highs in 2024 — and investors worried about such a scenario should be putting their money in a handful of assets to protect themselves from the eventual bursting.That's according to David Rosenberg, a top economist and the founder of Rosenberg Research, who's been warning of a <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-outlook-prediction-strategy-to-invest-david-rosenberg-2024-3">potential craash in stocks</a> for months. In the past, he's warned of a <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-outlook-prediction-strategy-to-invest-david-rosenberg-2024-3">39% correction to stocks</a>, among the more extreme predictions on Wall Street, where most investors are feeling optimistic about a soft landing amid a robust economy and easing interest rates. "Watching the market these days is like watching a clown blowing up a balloon (or Chuck Prince dancing the ballroom), knowing the inevitable," Rosenberg said in a note to clients on Friday. "When this mega-bubble pops, it will be spectacular."Investors need to exercise caution and avoid following the "herd mentality," Rosenberg said, pointing to the fervor for mega-cap tech stocks. Instead, he said, investors should focus on stocks with strong business models, strong growth, and good prices, and add some "insurance" to their portfolios.Below are his top investment ideas for to prepare for the potential bursting of a market bubble. Healthcare and consumer staplesInvestors should gear their investments towards what people will always need in the future. In particular, Rosenberg recommended that investors pay attention to options in the healtcare and consumer staples sectors."Focus on where people are going to focus on what they need, not what they want," Rosenberg wrote. "Anything related to e- commerce, cloud services, and wiring up your home to become your new office has been in a budding secular growth phase."Utilities<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-invest-artificial-intelligence-data-center-energy-companies-2024-6">Utility stocks</a> also look promising. Other forecasters have predicted <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/energy-stocks-to-buy-utility-artificial-intelligence-data-center-bofa-2024-9">huge upside for utility firms</a>, due to the growing need for power and data centers stemming from the AI boom."Utilities, as we have been saying for a long time, are as close to a 'no brainer' as there is, given their yield attributes and their being re-rated for 'defensive growth' owing to enhanced earnings visibility through the strong and secular outlook for US power needs," Rosenberg said.Aerospace, DefenseAerospace and defense stocks could also be a buy, he added, given rising geopolitical tensions around the world."Aerospace/defense has been a long-standing bull call for us for several years, and the best hedge against an increasingly troubled world where military budgets are expanding everywhere — and not at all sensitive to who comes to power on November 5th."Big techWhile some areas of tech are exhibiting bubble characteristics, investors could still seize on opportunities in some large-cap tech names, given the prevalence of work-from-home, cloud services, and remote work, Rosenberg said. Still, investors should wait to scoop up tech names at better prices, he said."I'd prefer to pick these plays up at better prices than we have today because this last melt-up has eaten enough into future expected returns to keep us cautious for now. But we would be an avid buyer on any significant pullback."Safe betsInvestors should look to put a "dose of insurance" in their portfolios. That means gold — the "truest store of value," Rosenberg says, — as well as government bonds."The beautiful thing about gold is that it is not a liability that a central bank can simply have forgiven or a currency that can simply be printed by government fiat," he said of the precious metal. "I also favor the Treasury market because it commands just about the highest yield of any major industrial country – and with the great liquidity attributes."Real estate investment trusts could also be good ways to hedge risk, Rosenberg said. That particularly applies to REITs tied to the industrial and healthcare sectors. "In any event, we all have to become increasingly thematic and thoughtful in our decision-making and more selective than normal because the stock market, and financial assets in general, have become nothing more than a momentum casino," he added.Most forecasters on Wall Street still expect a strong performance from equities into year-end and 2025. Goldman Sachs, UBS, BMO, and Deutsche Bank have <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10">raised their year-end price targets</a> for the S&amp;P 500 in recent weeks, with new forecasts ranging from 5,750 to 6,400.

Here's where investors worried about a stock market bubble should put their money, according to a top economist

<keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, which is set to be presented on July 22nd, is set to accelerate the growth of <keyword id="20459350" type="General" weightage="20" keywordseo="Indian-stock-markets" source="keywords">Indian stock markets</keyword> by as much as 20%, a recent survey by <keyword id="19897999" type="General" weightage="20" keywordseo="Bloomberg" source="keywords" meta.keywordsubtype="org" meta.entityname="Bloomberg" meta.hostid="261" meta.entityid="Bloomberg">Bloomberg</keyword> noted. While some respondents hope that the <keyword id="20983733" type="General" weightage="20" keywordseo="NSE-Nifty50" source="keywords">NSE Nifty50</keyword>, which is currently trading at 24,273.35 points, might reach 26,000 points by the end of this year, others estimate the index to inch up even higher. The budget is likely to boost consumer spending, accelerate consumption, and support infrastructure development, noted half of the 24 experts Bloomberg surveyed. Data by Bloomberg Intelligence predicted that the estimated earnings per share (EPS) of companies on the MSCI India Index is set to rise by 15.6% on year basis, for the calendar year 2024. In contrast, Chinese firms are expected to grow at about 10%. One-fourth of surveyed analysts noted that pushing capital expenditure would be the government's top priority, while the other half thought the focus would be on boosting consumer demand. Naturally, analysts see potential growth in consumer discretionary stocks in the months to come, followed by financial services. <h2>Focus on Women, Capex</h2>Many are expecting the government to raise the standard deduction threshold from the current Rs 50,000 to Rs 1,00,000. The government is also thinking of raising the limits of the <keyword id="19930663" type="General" weightage="20" keywordseo="Public-Provident-Fund" source="keywords">Public Provident Fund</keyword> (PPF) from Rs 15,000 to Rs 25,000. As per Ashwajit Singh, Founder and Managing Director of IPE Global, "the budget is expected to be tilted towards adopting a strategy for the underprivileged, youth, farmers, and women. The budget is expected to reflect the government’s tried and tested formula of ‘guarantees’ by opting for income transfer policies and spending more on welfare schemes in government campaigns in India. Allocations for existing schemes such as 'Housing for All’, MGNREGA, and health insurance for these sections of society are likely to increase while new schemes may be introduced". According to Badal Yagnik, CEO of Colliers India, the real estate segment is optimistic regarding this budget: "Housing, infrastructure development, sustainability, and digitization will remain at the core of the budget, which will go a long way in supporting real estate growth across segments in the long term. EV infrastructure, renewable energy, and green financing will continue to remain in focus, creating a strong base for a sustainable future. Incentivization of green buildings through minimum alternate tax or tax breaks similar to the infrastructure sector will be particularly beneficial. Meanwhile, retail investors are calling for additional rationalizing of the capital gains tax structure. The Union Budget 2024–25 should explore initiatives to boost greater retail engagement in REITs and InvITs". Anooshka Soham Bathwal, founder of Dhanvesttor, a financial management platform, expects that the government's focus is likely to keep driving the increased participation of women in the workforce in the upcoming full budget, where it can attain the same by incentivising higher education for women. "To promote entrepreneurship, the government can introduce special benefits for the businesses started by women. Further steps towards a stable policy environment and ease of doing business are also desirable. Incentives on tax, funding, and growth for women-centric organizations can help to further attain the inclusive growth objective of government". Bathwal also emphasized that the budget should promote entrepreneurs and the country's startup system. "Entrepreneurs are advocating for additional tax breaks for investors and promoters to attract more domestic capital. As India progresses towards becoming a global hub for entrepreneurship and innovation, fostering both technological and process innovations is crucial. Significant improvements in ongoing training and skill upgrades are vital, particularly given the rapid growth in Tier 2 and Tier 3 markets. Additionally, the government needs to address the credit challenges faced by SMEs", she continued Also read <a href="https://www.businessinsider.in/budget/budget-2024-heres-what-indias-elderlies-want/articleshow/111486023.cms" data-type="tilCustomLink">Budget 2024: FM might delight India's senior citizens this time around</a> <a href="https://www.businessinsider.in/finance/union-budget-2024-25-when-will-it-be-presented-what-to-expect-and-more/articleshow/111014203.cms" data-type="tilCustomLink">Union budget 2024-25 : When will it be presented, what to expect and more</a>

Budget 2024 to fuel stock markets: Bloomberg Survey

<ul class="summary-list"><li>The stock market could jump as much as 10% by the year-end, Citi's stock-trading strategy head said.</li><li>Stuart Kaiser told Bloomberg TV that the uber-bull case is now "a plausible scenario."</li></ul>Wall Street is forecasting S&amp;P 500 highs that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bmo-raises-year-end-sp500-price-target-2024-9">reach past the 6,000 threshold</a>. This bullishness may be well earned, Citi's Stuart Kaiser said."The uber-bull case, I think, for all of this year has been: you avoid a recession, you get insurance cuts, right? And that is now a plausible scenario," the firm's head of US equity-trading strategy told <a target="_blank" href="https://www.youtube.com/watch?v=4dM23uGmjuI">Bloomberg TV</a> on Tuesday.If this is achieved, stocks can surge another 5% to 10% by the end of this year, Kaiser said.So far, the second half of those conditions have been met. This month, the Federal Reserve finally started reducing interest rates, in a move meant to prevent a future economic slump.This precautionary "insurance" cut — amounting to a 50-basis-point reduction to the federal funds rate — was embraced by stock investors, and indexes have since notched new record highs.To Kaiser's point, this will continue as long as a recession does not materialize. But though the Fed emphasized that it was not forecasting a looming downturn during its latest policy meeting, it all hinges on incoming labor market data, he noted.Since August, slipping employment conditions have been the core driver of slowdown fears. Investors will need to see labor figures remain intact in upcoming monthly data, or else recession outlooks could become increasingly valid."Our view is risk reward is tough because it's really dependent on month-to-month," Kaiser noted, warning that recessionary prints would easily upend any Fed efforts to support the market.Other banks are also <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-most-important-daysstock-market-between-now-and-election-2024-9?_gl=1*i7qn1n*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNzE3OTAwMi42NDQuMC4xNzI3MTc5MDAyLjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">eyeing jobs data</a>.According to Morgan Stanley, investors can celebrate if unemployment falls below 4.1% and non-farm payrolls reach over 150,000. This will be the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/best-case-scenario-for-stock-market-outlook-fourth-quarter-ms-2024-9">best-case scenario for the market</a>, keeping momentum going.Otherwise, trading should prepare for the worst if unemployment climbs above 4.3% and payrolls slide under 100,000."The Fed puts not going to protect you if you get that kind of data, and that's why we think the risk reward is kind of a little bit off right now," Kaiser said.

How stocks can roar by 10% into year-end, Citi US equity-trading head says

<ul class="summary-list"><li>Humana's stock is down 23% in its worst weekly drop since 2020 and biggest two-day decline since 2009.</li><li>The drop comes as Medicare downgraded ratings on some of Humana's health insurance plans.</li></ul>It's been a tough week for Humana.The health insurer's shares are down 23% since the start of the week, marking its biggest weekly drop since 2020 and its biggest two-day decline in 15 years.The shares were up about 2% on Friday to trade at $246.80. They began the week at around $320 a share. The tailspin comes as Medicare plans to downgrade several of Humana's key health insurance plans, which will limit the extra revenue those plans pull in from government payouts starting next year.The news first circulated on Tuesday, and on Wednesday, the company confirmed the news in a statement, sending the stock down 24% in the first five minutes of trading.Over those days, the stock declined 22%, the biggest two-day drop since the financial crisis in 2009. The shares are on track for their worst week since 2020.Medicare's quality ratings are crucial revenue drivers for Medicare Advantage insurers like Humana, which receive government bonus payments for higher star ratings. Lower ratings, on the other hand, deter customers. The ratings fall on a scale of one to five.With the new ratings shake-up, now only 25% of Humana's customers will fall under its four-star or higher plans, down from 94%, the company said in a statement.In a Wednesday note, UBS analysts led by AJ Rice said Humana's downgrades are the "worse case scenario for stars."The company says it is working to regain its ratings, and is appealing the changes.Bank of America analysts say that full recovery could take longer than expected, though. The analysts downgraded the stock to underperform on Wednesday, cutting its price objective by 34% to $247.They said Medicare Advantage plans could see further pressure if Democrats win in the upcoming elections, which would hinder Humana's recovery."The timing of the recovery is far from guaranteed, particularly if the election results in a win for Democrats and MA plans are pressured as they are demonstrating here with lower Stars," the analysts said, adding that Humana faces tough competition with peers like UNH."We think there is a risk that HUM loses some market share," the analysts said.

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