 "10 things you need to know before the opening bell")
Global cues:
Asian markets got the new year off to a sluggish start as Chinese economic data disappointed ahead of a raft of reports on global manufacturing due out through the session. The early action was in currencies, where the yen resumed its long decline as investors used it to fund purchases of higher-yielding assets abroad. MSCI’s broadest index of Asia-Pacific shares outside Japan ended last year essentially flat, which was where it was at on Thursday. Korean shares eased 0.3 percent, as did stocks in Shanghai.
Wall Street ended 2013 with its positive momentum intact, advancing in its final trading day of the year on the back of positive consumer confidence data. The S&P 500 rose 29.6 percent over the year, its best annual performance since 1997, while the Dow climbed 26.5 percent in its best year since 1995. The Nasdaq jumped 38.3 percent, its best year since 2009.
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Reuters[/caption]
The euro was on track on Tuesday to be the world’s best-performing major currency this year, while the dollar looked set for its biggest annual gain against the yen since 1979. Against the dollar, the euro has gained more than 4 percent, baffling many hedge funds that had expected a weak euro zone economy and a reduction in Federal Reserve bond-buying to strengthen the greenback this year.
Business/Stock news:
Telecom stocks will be in focus today. With multiple options and myriad stakeholder opinions to consider, the DoT has already postponed the much-awaited spectrum auctions by 11 days. Unless the SUC issue is decided one way or the other, the auctions may not succeed.
Ranbaxy Laboratories Ltd is turning its focus back onto the Indian market. The company has set a sales target of Rs.13,000-13,500 crore for the 15-month period ending 31 March 2014.
Struggling with falling PC sales and adverse market conditions, US-based technology giant Hewlett-Packard (HP) expects to eliminate upto 34,000 jobs by October this year as part of its multi-year restructuring programme to cut costs.
Economy news:
To attract foreign investments into the country, the Indian government has indicated further liberalization of the foreign direct investment (FDI) policy in the coming weeks. According to a PTI report, the government is now working to relax foreign investment norms in railways and construction sectors.
Ending a deadlock that lasted almost a year, the government Wednesday terminated the Rs 3,546-crore VVIP chopper deal on the grounds that Anglo-Italian firm AgustaWestland had breached the integrity pact by allegedly paying kickbacks. The formal cancellation of the deal was announced after Defence Minister A K Antony met Prime Minister Manmohan Singh and apprised him of developments in the case.
It may rain jobs in the new year as companies are gearing up to add over 8 lakh new employees to their payrolls and dole out salary hikes of up to 20 percent to best performers in 2014, say experts.