Markets have been on a downward spiral since August 2 when the Nifty50 hit a high of 10,137 levels in intra-day deals. Since then, the index has tanked nearly 4%, or around 400 points to 9,737 levels in intra-day deals on Friday.
The recent fall has been triggered by rising geopolitical tension across the globe – one, between India and China on the Doklam standoff, and two the developments with North Korea and the United States. That apart, Sebi’s order to ban trade in 331 suspectedshell companies also dented sentiment, as did sub-par second quarter results of select companies.
Given the developments, analysts say there could be more pain in store for the markets that have recently taken cognizance of the developing geopolitical situation. Though they do not wish to predict how deep and long this correction could last, experts do caution that the fall is beyond anyone’s control as it is driven by geopolitical reasons.
“Global events that are beyond market control have triggered the recently fall. If there is more action over the weekend, the markets will continue to fall in the coming week as well. A lot depends on the geopolitical front and to that extent predicting the road ahead for specific index levels is risky,” says Jayant Manglik, president retail distribution at Religare Securities.
Since its recent high on August 2,investor wealth as measured by market-capitalisation (market-cap) of the Nifty 50 companies till August 10 has dipped by over Rs 1,47,600 crore, ACE Equity data show.
A Silicon Valley culture war pitting liberal-leaning tech firms against a small conservative cohort took on new intensity on Tuesday after Google fired a male engineer for a memo that decried the company’s commitment to hiring women.
Memo author James Damore, 28, received jeers, cheers and a couple of job offers, while the debate raged on social media and some tech firms took steps to prevent similar episodes from embroiling their companies.Damore confirmed his dismissal from Alphabet Inc’s Google on Monday, after he wrote a 10-page memo that said the company was hostile to conservative viewpoints and that women on average have more neuroticism.
Many in Silicon Valley found his views, which argued that men in general may be biologically more suited to coding jobs than women, offensive and destructive. The manifesto was embraced by some, particularly on the political right, who branded him a brave truth-teller. The episode recalled past examples of the wide gulf between US conservative activists and the tech sector.
In 2014, Brendan Eich was forced out as Mozilla’s chief executive after his opposition to gay marriage became public. Most technology executives held the opposite view, and tech companies often gave benefits to same-sex couples well before gay marriage was legalized.
The Trump administration is planning trade measures to force Beijing to crack down on intellectual-property theft and ease requirements that American companies share advanced technologies to gain entry to the Chinese market.
The administration is considering invoking a little-used provision of U.S. trade law to investigate whether China’s intellectual-property policies constitute “unfair trade practices,” according to people familiar with the matter.
That would pave the way for the U.S. to impose sanctions on Chinese exporters or to further restrict the transfer of advanced technology to Chinese firms or to U.S.-China joint ventures.
American business frustration with Chinese trade and market-access practices has mounted in recent years, with U.S. business groups urging the government to take a tougher trade line with China. Many organizations have complained that the Trump administration hasn’t pushed hard enough in areas like intellectual property, as it has focused more on Chinese manufacturing and China’s $347 billion trade surplus with the U.S. last year.
When Fed taper fears jolted emerging markets in 2013,India was one of the worst hit and was forced to raise interest rates to underpin its tumbling markets. Fast forward to this year, and history has been turned on its head. Not only is the US central bank raising rates, but India is widely expected next week to be the first country in Asia to cut policy rates this year.
being concerned at India’s falling policy rate premium over the United States, foreign investors are giving the country’s markets the thumbs up.The rupee is rallying and the country’s bonds are in demand,offering some of the best inflation-adjusted returns in Asia. Inflation, long a thorn in the economy, is at its lowest in five years, economic growth is picking up and the current account deficit is a fraction of its old self.
Prime Minister Narendra Modi unveiled a national goods and services tax on July 1, India’s biggest tax reform since independence in 1947, raising confidence among investors that other measures to boost the economy would follow.
“The structural story for India remains pretty strong,” said David Cornell, chief investment officer of London-based Ocean Dial Asset Management, which argues India and other emerging markets will outperform over the next 12 months.
Trump Hotels CEO Eric Danziger called the ProPublica and Forbes collaboration to map and document the new Trump-branded hotels across the country “inappropriate and irresponsible” in an email to Hotels magazine.
“It saddens me that journalists would call on others to dig into the working business deals of a private business. It is inappropriate and irresponsible,”Danziger wrote, according to the magazine. “We are a hotel company going about our business.”
The Trump Organization has so far declined to release details about where dozens of American IDEA and Scion-brand Trump hotels will be located or who the Trumps will be partnering with. So we’ve asked local journalists and interested citizens to help find and ferret out the facts on 33 proposed deals that have yet to be publicly disclosed.
The developer, Suresh Chawla, had long been a campaign donor to the governor, Phil Bryant. At the fundraiser, Chawla told Donald Trump and his son, Donald Jr., about his latest project: a boutique hotel in Cleveland, Mississippi, the home of a new museum devoted to the Read More
The US State Department will require all nations to provide extensive data to help it vet visa applicants and determine whether a traveller poses a terrorist threat, according to a cable obtained by Reuters.Countries that fail to comply with the new protocols or take steps to do so within 50 days could face travel sanctions.
The cable, sent to all US diplomatic posts on Wednesday, is a summary of a worldwide review of vetting procedures that was required under US President Donald Trump’s revised March 6 executive order that temporarily banned US travel by most citizens from six predominantly Muslim countries.
The memo lays out a series of standards the United States will require of other countries, including that they issue, or have active plans to issue, electronic passports and regularly report lost and stolen passports to INTERPOL.
Some US allies may worry about privacy protections if Washington is seen as seeking information beyond what is already shared, said John Sandweg, a former senior Homeland Security Department official now with the firm Frontier Solutions.
Countries are also expected to agree to take back citizens ordered removed from the United States.If they do not provide the information requested, or come up with an adequate plan to, countries could end up on a list to be submitted to Trump for possible sanction, including barring “categories” of their citizens from entering the United States