 "10 things you should know before the opening bell")
Global cues:
Asian shares slipped back from a two-week high on Tuesday after the previous session’s hefty gains on China’s economic reform plans, while the dollar was on the defensive on expectations the Federal Reserve will keep its stimulus a little longer.MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.1 percent, giving up some of Monday’s 1.4 percent rally driven by sharp jump in Chinese stocks.
Japan’s Nikkei share average stepped back from six-month highs on Tuesday morning, with a bounce in the yen denting exporters while financials retreated after their recent earnings-led rally.
[caption id=“attachment_1195529” align=“alignright” width=“380”]
AFP[/caption]
The S&P 500 and the Nasdaq ended lower on Monday while the Dow failed to close above its milestone level of 16,000 as stocks sold off late in the session following Carl Icahn’s cautious comments on the equities market.
Gold struggled on Tuesday to shake sharp losses from the previous session, hurt by stronger
equities and fresh uncertainty over the outlook for U.S. stimulus.
Higher-yielding currencies such as the Australian and New Zealand dollars rose against the U.S. dollar and yen on Monday, boosted by buoyant stock markets as investors cheered China’s economic reform plans.
Business/Stock news:
State Bank of India shares will be in focus. It has decided to classify its Rs 250-crore exposure to First Leasing, the Chennai based troubled non-banking finance company, as a bad asset, reports Business Standard.
Coal India Ltd (CIL) has hiked the fare it charges from customers for transporting coal from mines to loading points, a development that may lead to a marginal hike of one paisa per unit in power tariff. Since 2009, CIL has not increased the transportation charges. The company has hiked the charges due to increase in diesel prices and wage costs, company sources said.
The Securities and Exchange Board of India (SebiI) said on Monday it would empower the country’s exchanges to enforce rules on corporate disclosures at listed companies, aiming to improve transparency, especially of market-sensitive information.
The Indian markets favour the main opposition Bharatiya Janata Party (BJP) over the Congress party-led United Progressive Alliance (UPA) government to win next year’s general elections, Hong Kong-based securities house CLSA Asia-Pacific Markets said on Monday, reported Mint.
Economy news:
Finance Minister P Chidambaram will address a press conference after Prime Minister Manmohan Singh and Sonia Gandhi, leader of the ruling coalition alliance, inaugurate an All Women’s Bank.