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Markets globally are trading cautiously. We have a slew of data this week so there is some nervousness. This is also visible from the fact that CBOE volatility index, VIX, has increased 5.21%. It is an index that is used to gauge volatility in the market. In light of this Asian markets were mostly in red except Nikkei. European markets are also trading in red with CAC down almost 0.8%. In US, Dow and S&P were positive while Nasdaq ended with decline on Monday. Oil prices are flat with Brent trading at close to $83/barrel. Gold prices inched close to 0.3% as nervousness in the market increased and a fall in the dollar index also supported gold prices.
Dollar has fallen as the US will reveal GDP data for the first quarter and there are expectations of decline. Data from the Dallas Fed reported that the manufacturing activity in the Texas region has fallen. On the earnings front in the US, markets are awaiting results from US tech companies but amidst that First Republic, a regional bank in the US , reported a 40.8% decline in deposits in first quarter. This indicates that there are issues with financial conditions in the US.
In Europe, bank earnings are in focus. UBS reported 52% decline in profit mainly on account of litigation issues in the US. It has increased provisions by $665 million in regard to legal issues pertaining to residential mortgage backed securities. On the bright side, its global wealth management saw inflows of $28 billion. Management indicated that bank is stable, it expects to complete Credit Suisse acquisition by end of quarter and in next next couple of week company will redefine target operating model for future.
Back in India market are trading positively. Nifty and Sensex and Bank Nifty are up by close to 0.25%. Earnings of financials are in focus. IndusInd Bank reported its earnings yesterday. Its stock gained over 2% on intraday trade. Stand alone profit of bank came at Rs 2,040.51 crore in last quarter of FY23 which is around 50% higher than year before. Market is positive on banks and analysts stated performance was good across retail as well as corporate sector. Investors are excited about banking sector but Nomura reported yesterday that credit growth in FY24 can slow from 15% last year to 10%.
Published: April 24, 2024, 14:59 IST