Indian investors will track developments in the US-Iran talks, movements in crude oil prices, and trends in US markets. They will also assess the deta…
1/7US Markets | The S&P 500 and Nasdaq Composite rose on Monday as oil prices fluctuated in response to the latest bout of military exchanges between the US and Iran. The broad market index advanced 0.3%, while the tech-heavy Nasdaq traded 0.6% higher. The Dow Jones Industrial Average lost 134 points, or 0.3%.
2/7US-Iran talks | Iran said mediators have been in touch with proposals on how to ease hostilities with the US after several days of clashes, though tensions remain high after a threat by the Tehran-backed Houthi group to blockade Saudi Arabia. Esmail Baghaei, the Islamic Republic’s foreign ministry spokesman, said “ideas from some mediators have been conveyed” to Tehran, without giving further details. Tehran said its interior minister, Eskandar Momeni, is travelling to Pakistan on Monday.
3/7Crude Oil | Oil swung sharply between gains and losses in a fraught session as traders grappled with a barrage of headlines that suggest a worsening of the Middle East conflict, as well as attempts to bring about a pause in the war. Brent futures were little changed near $88, having gained almost 4% at one point and shed as much as 2.3% at another.
4/7Core Sector Output | India’s core infrastructure industries expanded at their fastest pace in five months in June, with growth accelerating to 5% year-on-year from 3.2% in May, helped by a sharp jump in iron ore production and sustained strength in electricity and cement output. During the April-June quarter, cumulative core sector growth improved to 3.6%, compared with 1% in the corresponding period last year.
5/7Skymet’s monsoon forecast | So far, rainfall across India has remained significantly below normal aside from a brief improvement in weather conditions over parts of eastern and northern India. The outlook isn’t any better. “I’m a little afraid. It’s not looking good. It’s looking a little scary,” GP Sharma, President of Skymet Weather Services, said while discussing the outlook for August. The private firm that provides weather forecasting expects July to close with an 8-10% rainfall deficit. While the cumulative shortfall for June and July is likely to stay above 20%.
6/7First Quarter Results | Q1 earnings results are expected tomorrow from Bandhan Bank, Adani Energy Solutions, Adani Total Gas, Indian Hotels Company, JSW Infrastructure, Mahindra and Mahindra Financial Services, Aditya Birla Sun Life AMC, CRISIL, TVS Holdings and MedPlus Health Services.
7/7Global Earnings (US) | Major US companies are scheduled to announce their earnings tomorrow, including 3M, General Motors, Charles Schwab, D.R. Horton, Hasbro, Northrop Grumman, Novartis, Halliburton, Chubb, and Alaska Air.
