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Rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite. Forex traders said the <keyword id="21663515" type="General" weightage="20" keywordseo="MSCI-equity-index" source="keywords">MSCI equity index</keyword> rebalancing significantly boosted sentiment for Indian equity markets as <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword> broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee. Moreover, the win by the incumbent government in Maharashtra, further fueled investor confidence in economic stability, sparking a rally in equity markets. At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close. On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar. "While Donald Trump's aggressive trade policies loom large, the rupee's outlook remains cautiously optimistic. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s projection of a GDP growth rebound to 7.6 per cent in Q3 has infused fresh confidence in India's economic trajectory. Additionally, a surge in capital inflows is likely to provide robust support," CR Forex Advisors MD Amit Pabari said. Pabari further said that the RBI's vigilant stance will be critical in managing volatility, with interventions likely at key levels to maintain stability. "Given the factors, the USDINR pair appears to face resistance around the 84.50 level, with expectations of trading within a range of 83.80 to 84.50, leaning toward a downside bias," he said. On the global front, US Treasury Secretary nominee Scott Bessent's fiscal deficit reduction agenda capped US Treasury yields, Pabari said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.28 per cent at 107.11. Brent crude, the global oil benchmark, rose by 0.33 per cent to USD 73.25 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex jumped 167.76 points or 0.21 per cent to 80,277.61 points in early trade, while Nifty jumped 55.80 points or 0.23 per cent to 24,277.70 points. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Monday, purchasing shares worth Rs 9,947.55 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank">OnePlus Open OxygenOS 15 update now rolling out with Flux Themes, improved AI features and more</a><a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank">Microsoft’s AI-powered Recall feature is now rolling out to Copilot+ PCs</a><a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a>

Rupee rises 7 paise to 84.22 against US dollar in early trade

<ul class="summary-list"><li>Global shares wavered as investors mulled the chances of a supersized rate hike from the Federal Reserve.</li><li>Consumer spending data later could give a read on how resilient economic activity is.</li></ul>Global shares sagged on Friday, weighed down by the prospect that the Federal Reserve could raise rates by the most in over 30 years to counter surging <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>, while a downbeat read of the Chinese economy and gloomy earnings added to the pressure on investor sentiment.<keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">Stocks</keyword> have been battered this week by mounting evidence that inflation could damage global growth, prompting central banks to deliver supersized rate hikes to quell price pressures. China's zero-COVID policy, which has added to the pessimism, led to annual economic growth of just 0.4% year-on-year in the second quarter of this year, missing market expectations for a rise of 1.0%, and down from 4.8% growth in the first quarter.<a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500</a>, <a href="https://markets.businessinsider.com/fuures/dow-futures">Dow Jones</a> and <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> futures edged up around 0.2% in European trading, while the <a href="https://markets.businessinsider.com/index/stoxx_europe_600">MSCI All World Index</a> eased 0.1%, heading for a 3.2% fall this week. In Europe, the <keyword id="12489913" type="UNKNOWN" weightage="60" keywordseo="stoxx-600" source="Orion">Stoxx 600</keyword> traded up 0.85%, but was on course to post a 7% drop on the week, while the <a href="https://www.cnbc.com/quotes/.MIAPJ0000PUS">MSCI Asia ex-Japan index</a> fell 0.9%, weighed down by losses in Chinese blue chips after Friday's dismal GDP figures.The <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar</a>, which has hit new 20-year highs against a basket of major currencies this month, was set for its third consecutive weekly gain, fueled by a mixture of safe-haven buying as investors fret about the prospect of recession and an expectation for juicier returns on US assets as the Fed ramps up rates.In earnings, JPMorgan and Morgan Stanley kicked off results season on a glum note. Both banks missed estimates for the first time since 2020 in a sign the bumper gains from pandemic-era market activity may be drying up, and the drag of a strong <keyword id="11931694" type="UNKNOWN" weightage="60" keywordseo="dollar" source="Orion">dollar</keyword> is making itself felt."Even though the US is a more domestic focused economy and stock market, the costs of dollar strength are clear. S&amp;P 500 index earnings are being cut around 5% by current dollar strength, led by the hard-hit tech sector which generates over 60% of its sales abroad," Ben Laidler, eToro global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> strategist, said.Wells Fargo and Citigroup report on Friday, while Bank of America and Goldman Sachs are due next week.Data on Friday will offer a key litmus test of how the consumer is holding up in an environment where inflation is running at 41-year highs and mortgage rates have soared to their highest since 2008. Retail sales data for June is expected to show consumer spending rose by 0.9%, a reversal from May's 0.3% contraction, according to data from Bloomberg, while a read on sentiment is expected to show consumer confidence hitting another record low in early July. With inflation running at 9.1%, investors are attaching a growing chance that the Fed could raise rates by as much as a full percentage point when it meets later this month — something that hasn't happened since late 1989. Interest rate futures show a near-50% chance of such an increase, a possibility that was negligible prior to Wednesday's consumer inflation reading for June."Just as the June UMich consumer inflation survey spooked the Fed into a 75bps hike last month, traders are betting that yesterday's 9.1% CPI print will spook the Fed into another, even more supersized hike this month. Right now, that seems like a decent bet," Michael Brown, chief strategist at Caxton FX, said.Meanwhile, oil hovered below $100 a barrel, having lost 7.6% in value this week, in its fifth straight weekly decline — its longest losing streak this year. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude futures</a> were last down 0.2% at $99.16 a barrel, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a> was down 0.3% at $95.47 a barrel. Read more: <a href="https://www.businessinsider.com/bitcoin-price-at-critical-juncture-as-celsius-files-for-bankruptcy-2022-7?r=US&amp;IR=T">As Celsius files for bankruptcy and the Three Arrows unwind begins, bitcoin and the whole crypto market is at a critical juncture. 2 experts weigh-in on what's next - and reveal a key chart to watch for clues.</a>

Global shares struggle as investors weigh up chances of a mega Fed rate hike and downbeat earnings

<ul class="summary-list"><li>There are five reasons why European stocks may soon start to outperform US equities, according to JPMorgan.</li><li>That includes the fact that the Eurozone is the cheapest compared to any time pre-COVID and that China's economic outlook is improving.</li></ul>The tides are turning for the US stock market's dominance over its European counterpart. According to JPMorgan, European equities may soon outperform their American peers."We are now closing the US over Eurozone [overweight]," analysts led by Mislav Matejka wrote in a note on Monday.While they aren't ready to go fully overweight European stocks over US — but rather, pulling back from their US preference — they provide five reasons why the Eurozone is set to close the gap that's formed.First, the Eurozone MSCI index looks quite cheap. After outstripping US gains by over 30% in the year before May 2023, the index has since been underperforming the MSCI US index, measured in US dollars. Its relative performance is down 14% since May last year.<div type="image" title="MSCI Eurozone vs MSCI US" height="846" width="1594" msid="108596183" hostid="261" sizebytes="53514"></div>On a forward earnings basis, the Eurozone is trading at a 13.3 times, versus 21 times for US stocks. That makes the Eurozone the cheapest compared to any time pre-COVID, analysts wrote.<div type="image" title="Eurozone sector neutral P/E relative to US" height="954" width="1478" msid="108596185" hostid="261" sizebytes="61814"></div>Second, the bull run in US stocks may be <a href="https://www.businessinsider.com/stock-market-crash-bubble-sp500-outlook-recession-risks-2008-rosenberg-2024-3">close to hitting a wall</a>. While trading growth over value has paid off in the current tech-heavy market, "it is trading stretched and is at risk of a reversal, given the [momentum] concentration," analysts said. Even though European stocks are also susceptible to a hiccup because of increasingly hyped-up trades, the firm says fallout would be much worse in the US stock market.Third, the Citigroup Economic Surprises Indices shows that European economic activity momentum has begun moving above that of the US. The last time that happened, the Eurozone outperformed the US.<div type="image" title="Eurozone activity momentum is moving up" height="1024" width="1480" msid="108596187" hostid="261" sizebytes="74500"></div>Then there's the European Central Bank which may ease monetary policy more aggressively than the Fed. While ECB officials are narrowing in on <a href="https://www.bloomberg.com/news/articles/2024-03-16/ecb-s-rehn-sees-prerequisites-for-several-rate-cuts-this-year">rate cuts in June</a>, the path of rates in the US is more hazy after a string of hotter-than-expected economic data. Some experts have even forecasted <a href="https://www.businessinsider.com/fed-rate-cut-forecast-us-economy-outlook-inflation-torsten-slok-2024-3?mrfhud=true">no rate cuts</a> at all this year.Lastly, JPMorgan sees an improving economic picture in China, which is a green flag for export-heavy European markets. The Eurozone is more leveraged to China than the US, analysts wrote, which explains the Eurozone's weaker performance as China's economy has been walloped by a series of financial problems.Still, there are factors that could shake up a Eurozone rebound, analysts noted. The US economy is in a precarious position, with risks of either tipping into a downturn or bubbling up as <a href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">inflation remains stickier</a> than expected. Either outcome would lead to a broader market drawdown. There's also a possibility of US politics creating turmoil for the Eurozone, given the uncertainty around a <a href="https://www.businessinsider.com/china-economy-trade-war-export-manufacturing-property-crisis-biden-trump-2024-3">potential trade war</a> which would subdue international markets.

Why European stocks may soon start to outperform US equities, according to JPMorgan

<ul class="summary-list"><li>Russian stocks are being cut from indexes created by <keyword id="12315035" type="UNKNOWN" weightage="60" keywordseo="msci" source="Orion">MSCI</keyword> and <keyword id="13301595" type="UNKNOWN" weightage="60" keywordseo="ftse-russell" source="Orion">FTSE Russell</keyword>, the companies said separately. </li><li>Russian stocks are "uninvestable" in the wake of Moscow's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, MSCI said. </li></ul>Russian stocks will be removed from indexes created by MSCI and FTSE Russell, marking further fallout in global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> from <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of Ukraine.Russia will be deleted from all <a href="https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2603553">FTSE Russell Equity Indices</a> on March 7 and <a href="https://www.msci.com/eqb/pressreleases/archive/PR_Russia_Classification.pdf">MSCI Russia Indexes</a> will be reclassified on March 9 from emerging market status to standalone markets status "at a price that is effectively zero," the index providers said in separate statements Wednesday. MSCI said the decision comes after consulting with international institutional investors on the accessibility and investability of the Russian equity market. It received feedback from asset and managers, broker dealers, and exchanges, among others. An "overwhelming majority" confirmed "that the Russian equity market is currently uninvestable and that Russian securities should be removed from the MSCI Emerging Markets Indexes," the company said. FTSE Russell said its consultations included talks with independent advisory committees and other stakeholders on the treatment of Russia stemming from escalating sanctions on Russia by the European Union, the United Kingdom and the US, as well as the temporary suspension of trading on the Moscow Exchange, or MOEX.Moscow's invasion of Ukraine last week has led to the closing of Russia's main stock market, with Thursday marking the fourth day of no trading. Meanwhile, the London Stock Exchange has suspended trading in a number of Russian companies. The New York Stock Exchange and Nasdaq have also halted trading in Russian stocks. The round of moves from global market participants stand to <a href="https://markets.businessinsider.com/news/stocks/russian-stock-market-crash-london-moscow-sberbank-gazprom-sanctions-ukraine-2022-3">slash the amount of investment</a> going toward Russian companies.Earlier this week, asset manager BlackRock said it will <a href="https://markets.businessinsider.com/news/etf/blackrock-warns-investors-stops-issuing-new-shares-russia-etf-erus-2022-3">stop issuing new shares of an exchange-traded fund tracking Russian stocks</a>. The iShares MSCI Russia ETF, which trades under the ticker <a href="https://markets.businessinsider.com/etfs/ishares-msci-russia-etf-us46434g7988?utm_medium=ingest&amp;utm_source=markets">ERUS</a>, temporarily suspended the creation of new shares until further notice in light of "significant declines" in the ruble and the liquidity of Russian securities.

Russian stocks are 'uninvestable' following the invasion of Ukraine and will be removed from indexes at MSCI and FTSE Russell

<ul class="summary-list"><li>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week.</li><li>The change will take effect March 9 and will apply to all stocks listed or domiciled in Russia as well as ADRs and GDRs.</li></ul>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week following the country's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.The change will take effect before the market open on March 9 and will apply to all stocks listed or domiciled in Russia as well as American depositary receipts and global depositary receipts.The overseer of the <keyword id="11907242" type="UNKNOWN" weightage="60" keywordseo="dow-jones-industrial-average" source="Orion">Dow Jones Industrial Average</keyword> and the S&amp;P 500 will also strip Russia of its emerging-market status and reclassify it in a standalone category."Given the deterioration in the level of accessibility of the Russian market which may impact the ability of market participants to replicate S&amp;P DJI Indices containing Russian securities, S&amp;P DJI will reclassify Russia," <keyword id="13310388" type="UNKNOWN" weightage="60" keywordseo="sp-global" source="Orion">S&amp;P Global</keyword> said.The announcement from the company follows <a href="https://markets.businessinsider.com/news/stocks/russian-stocks-uninvestable-ukraine-invasion-msci-ftse-russell-indexes-2022-3">similar moves from MSCI and FTSE</a> earlier this week. Russia stocks will be deleted from all <a href="https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2603553">FTSE Russell Equity Indices</a> on March 7, and <a href="https://www.msci.com/eqb/pressreleases/archive/PR_Russia_Classification.pdf">MSCI Russia Indexes</a> will be reclassified on March 9 from emerging market status to standalone <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> status "at a price that is effectively zero," the index providers said in separate statements Wednesday. Russia's war on Ukraine and the waves of Western sanctions that have followed are leaving Moscow increasingly shut off from global markets.Top Russian banks have been kicked out of the SWIFT messaging system that is considered the backbone of world finance. Foreign currency assets of its central bank have been frozen. More and more companies are announcing they are exiting Russia.Meanwhile, the country's stock market has been closed all week. The London Stock Exchange has suspended trading in Russian companies. The New York Stock Exchange and Nasdaq have also halted trading in Russian stocks.

S&P Dow Jones to remove Russia stocks from its indexes in wake of Ukraine invasion, joining MSCI and FTSE

<ul class="summary-list"><li>Global shares and <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> fell, as tightening lockdowns across Europe raised concerns about the economic outlook.</li><li>Progress on US stimulus talks took a backseat, as investors focussed on the impact of a resurgence in cases of Covid 19. </li><li>A weaker dollar helped boost <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword> above $1,920 an ounce, but did little to stop a slide in crude prices, which came under pressure from concern over another downturn in demand.</li></ul>Global shares fell broadly, led by steep declines in European <keyword id="45369" type="CITY" weightage="60" keywordseo="equities">equities</keyword>, as lockdown restrictions tightened in several major cities in the region, which hit the oil price and overshadowed the boost to investor risk appetite from progress in US stimulus talks.The number of cases of Covid-19 in the European Union and the UK is rising at a rate of over 200,000 a day right now, based on data from Johns Hopkins University, topping even the United States. Spain, Italy and Britain have all imposed localized lockdowns, as infections and hospitalizations have surged, just ahead of the onset of the winter flu season.The <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> fell almost 1%, led by declines in economically-sensitive sectors, such as construction, basic materials and industrial goods sectors. The <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> was among the biggest losers among the major indices, down 1.2%, while the trade-sensitive <a href="https://markets.businessinsider.com/index/dax">DAX</a> fell 1.0%. The MSCI All-World index was still up 0.3%."There remains no doubt that the regular or normal 'macro' inputs (data, central banks) are little more than flotsam and jetsam in an ocean of uncertainty, in which politics (Brexit, US fiscal package and elections) and pandemic (infections, vaccines, lockdown measures) rule the waves," ADM Investor Services chief economist Marc Ostwald said.House Speaker Nancy Pelosi said on Tuesday that she and US Treasury Secretary Steve Mnuchin were still talking, as a deadline she had set over the weekend for a vote on a new bill passed. President Donald Trump signaled on Tuesday that he wanted an even larger deal than the $2.2 trillion bill proposed by House Democrats, but Republicans are throwing cold water on the prospect of enacting a deal soon."The gap between the two sides has certainly narrowed in terms of the headline number with the Republicans upping their offer to $1.9trn, however splits still remain on state and local aid as well as liability protections for businesses," CMC chief <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analyst Michael Hewson said."This would suggest that last night's optimism over the framework for a deal was somewhat misplaced, as once again Pelosi and Mnuchin agreed to pick up for further talks later this afternoon," he said.US stock futures eased, reflecting the more downbeat mood across Europe. Futures on the <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futuresures">S&amp;P 500</a> and <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> were down around 0.2%, indicating a modestly lower start on Wall Street at the opening bell. A 0.4% drop in the <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar index</a> supported the gold price, which tends to move inversely to the US currency. <a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was last up 0.3% around $1,921 an ounce, its highest in around a week, having dipped below $1,900 briefly the day before.Oil, meanwhile, dropped by over 1.5% on the day, following an unexpected increase in privately held US crude inventories, and after the Organization of the Petroleum Exporting Countries and their partners signaled they had no plans to restrict crude output to protect prices.With supply showing no signs of declining and demand under threat from the surge in cases of Covid-19 in Europe, <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude futures</a> were last down 1.6% at $42.47 a barrel, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI futures</a> also lost 1.4% to trade around $41.02 a barrel."Google mobility data is already showing that workplaces, retail, recreational sites and transport hubs in Germany, the UK, France, Italy and Spain are 20.1% lower than pre-pandemic levels, and this is could be an early signal that oil demand is starting to taper in Europe," StoneX energy analyst Kevin Solomon said in a note on Tuesday.

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Rupee rises 7 paise to 84.22 against US dollar in early trade

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Global shares struggle as investors weigh up chances of a mega Fed rate hike and downbeat earnings

Amanda Cooper

Why European stocks may soon start to outperform US equities, according to JPMorgan

Aruni Soni

Russian stocks are 'uninvestable' following the invasion of Ukraine and will be removed from indexes at MSCI and FTSE Russell

Carla Mozée

S&P Dow Jones to remove Russia stocks from its indexes in wake of Ukraine invasion, joining MSCI and FTSE

Jason Ma

Global stocks and oil sag, as Europe's COVID-19 lockdowns tighten and eclipse progress on US stimulus talks

Amanda Cooper

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