 "10 things you need to know before the opening bell")
Global cues:
U.S. stocks fell on their first day of trading in 2014 as investors booked profits in the wake of the S&P 500’s best yearly advance since 1997, with many of last year’s strongest performers down on the day.
Asian share markets were under water on Friday after a sudden reversal in some very popular, and thus crowded, trades sparked a bout of global risk aversion.MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed a sharp 1.3 percent, with markets from Shanghai to Sydney all in the red.
[caption id=“attachment_1272629” align=“alignright” width=“380”]
Reuters[/caption]
U.S. factory activity held near a 2-1/2-year high in December and the number of Americans filing new claims for jobless benefits fell again last week, suggesting the economy was poised for stronger growth in 2014.
The dollar held steady near a two-week high versus a basket of currencies on Friday after positive U.S. economic data reinforced expectations the Federal Reserve will continue to step away from its bond buying stimulus.The dollar index, a gauge of the greenback’s value against six major currencies, last stood at 80.607 .DXY, having risen to as high as 80.709 on Thursday, its strongest level since December 20.
Business/Stock news:
Coal India Ltdhas recorded an output of 319.19 million tonnes (MT) for the April-December period, missing the target by 4.5%. The coal miner had set a production target of 334.44 MT for the nine-month period.
Sales ofTata Motors Ltddropped across segments in December. While sales of trucks and buses fell by 45% in December, sales of light commercial vehicles fell by more than half to 18,079 units.
Fiat strikes USD 4.35 billion deal to buy rest of Chrysler Italian carmaker Fiat SpA struck a USD 4.35 billion deal to gain full control of Chrysler Group LLC, ending more than a year of tense talks that have obstructed Chief Executive Sergio Marchionne’s efforts to combine the two automakers’ resources.
Economy news:
Unperturbed by the rise in the fiscal deficit, Finance Minister P Chidambaram on Thursday exuded confidence that it would remain within the target of 4.8 percent of GDP in the current financial year.“We will maintain the fiscal deficit at 4.8 percent. That is the red line that will not be breached. I am confident that it will not be breached,” he said at a press conference.
The Union Cabinet accepted the changes proposed by the Power Ministry to the mega power policy by relaxing tax norms to benefit 25 mega power plants. It has also formed a panel of secretaries to draft an ‘action-taken report’ based on the Shah Commission report on illegal mining in Odisha.