Monday, June 09
Asian stocks surged on Monday, fueled by optimism surrounding US-China trade talks in London and robust US jobs data. Despite a contraction in Japan's economy and slowing export growth in China, markets in Tokyo, Seoul, and Hong Kong experienced gains. Wall Street also saw a rally, with the S&P 500 approaching its all-time high.
Mohandas Pai warns that Indian startups are struggling due to limited domestic investment, restrictive regulations, and a challenging business culture. He advocates for urgent policy reforms, increased R&D funding, and enabling insurance and pension fund investments to boost the ecosystem. Pai also urges a shift in mindset to support startups and ensure timely payments from larger companies.
Foreign Portfolio Investors (FPIs) initially withdrew Rs 8,749 crore from Indian equities in early June amid global uncertainty. However, a significant shift occurred after the RBI's unexpected 50 basis points rate cut, boosting investor confidence.
President Trump signed executive orders to bolster drone security, promote air technologies like electric air taxis and supersonic aircraft, and reduce reliance on Chinese drone manufacturers. A federal task force will enhance airspace protection and counter-drone capabilities. The FAA is instructed to remove the ban on overland supersonic transport, contingent on preventing sonic booms on the ground.
Indian stock market experienced a surge following the Reserve Bank of India's unexpected 50 basis points repo rate cut, bringing it to a three-year low of 5.5% to stimulate economic growth. The BSE Sensex climbed significantly, while the Nifty50 also saw gains.
Asian shares mostly rose as investors awaited US job market data, crucial for gauging economic health. Wall Street declined, influenced by a Tesla stock drop after a clash between Elon Musk and President Trump. The US awaits jobs data amid tariff policy uncertainty, while unemployment claims rise and Treasury yields stabilize, impacting oil and currency markets.
A public feud erupted between Donald Trump and Elon Musk after Musk warned that Trump's tariffs could trigger a recession. The two exchanged insults on social media, with Musk referencing Trump's alleged connection to Jeffrey Epstein. Trump criticized Musk's stance on his spending bill and threatened to terminate government contracts.
Stock market recommendations:Bajaj Broking Research suggests a continued consolidation phase for benchmark indices, highlighting resilience in mid and small-cap segments. Nifty oscillates within 24,400-25,080 range, while Bank Nifty consolidates between 53,500-56,000. Idea Forge Technology and Avantel are recommended as top stock picks.
US stock market saw a rise after the May jobs report. The Dow Jones Industrial Average and Nasdaq Composite showed gains. Tesla's stock price increased, recovering from a previous drop. Job growth slowed down in May, but the unemployment rate remained steady. Trade tensions and a dispute between Trump and Elon Musk impacted the market.
US stock futures saw a slight increase as investors awaited the release of critical labor data. Tesla shares rebounded following reports of a scheduled call between Elon Musk and President Trump to de-escalate tensions.
