Asian Markets Trade Mixed Despite An Overnight Rally On Wall Street; Flat Start On D-Street?
[Music] Wall Street extends gains for the second straight session with S&P 500 and Nasdaq hitting another fresh record high amid expectations of a rate cut from the Federal Reserve in the next policy meet. Dollar weakens further while Treasury yields fall. Asian markets open mixed this morning. Nikai falls from record highs while Taiwan and Hangen continue to rally. The gift nifty is indicating a muted start for the Indian markets. Oil prices fall to over two month lows on bearish supply guidance from the US government and the international energy agency while coal prices gain as investors ramp up Fed rate cuts by bets. ICICI bank revises rupees 50,000 minimum balance requirement for new savings account customers to rupees 15,000 following the feedback from customers. The bank says that they have revised the minimum account balance lower to better reflect customer expectations and preferences. US President Donald Trump warns that Russia will face very severe con consequences if President Vladimir Putin does not agree to the end the war in Ukraine during their meeting on Friday in Alaska. In a meeting with European leaders, the president also believed to have agreed that Ukraine territory should only be negotiated by Ukrainian President Zenitzki. Hello, good morning. You’ve tuned in to CNBC TV18 and you’re watching Power Breakfast with me Vinnie Motivivala. An interesting day, a positive day that came in for the Indian markets yesterday given that we’d seen so much of a handover coming in from the global markets. Asian markets were strong yesterday, but today what it’s looking like is a mixed opening that we’re seeing coming in for the Asian markets. Taiwan index as of now, yes, opened up with some bit of a gain and now has come to the side of the red uh down 2/10enth of a percent. Hang on the other hand is managing to hold on to gains of 210th of a percent. ASX 200 610th of a percent of gain is what we’re seeing there for the uh for the Australian index while Shanghai also is managing to hold on to gains. Now Nikai yesterday that was doing well right in the last couple of trading sessions. Nikai today has seen some bit of a correction from those record high levels and is down 1.43%. Obviously a mixed signal that we’re seeing coming in from the Asian markets. What is the nifty implied open indicating for the Indian markets today? A muted star 21 point decline side bit of a negative bias as of now is what is indicated that is coming up in terms overall for the Indian market. A lot of cues that are going to we are going to be keeping an eye out on as well given that as of now the stock futures uh in the US are seeing a bit of a not much of a move. So muted maybe is what we could be watching out for. Indian markets is a truncated week. Today is the last uh day of trade for the Indian markets as well. So that is something that we will be keeping an eye out on and obviously you know the US markets we saw that you know they’ve managed to see gains coming in in the US market as well. So whether you look at the Dow Jones, NASDAQ, S&P 500, all of them managed to close with gains. But uh you know that’s the global market action that we have more like the Asian market handover that we have coming in this morning. How is all this actually going to be impacting our Indian markets? We’ll have a team of research joining in with us to set us up for trade. which are the important stocks to watch out for in today’s trading session as well. Uh so we have Gorov to talk to us about the stocks but before I go to Gorov let me take you all through what the trade setup is looking like for the Indian markets. So yes in terms of trade setup like I mentioned you know the handover from US is not bad. We’ve seen that gains coming in as well. Tech in the US did really well. So AMD whether you look at Apple managed to close with very strong gains. We had a lot of commentary that came in from Trump overnight as well and especially in terms of the meeting that would be held with Putin tomorrow. So on the back of that we could see some bit of a move coming in for the Indian markets as well. Fi on that front fi were sellers in the Indian markets again 3,644 crores approximately is what they sold in the equities while DII continued to be buyers of around 5,600 crores. Important to watch out for in terms of factors today weekly expiry. Do not forget that we have the WPI inflation data that will come in today. So that is important. Trade data for the Indian markets is important. We have CM that will be releasing the sales car sales data for the month of July. Keep an eye out on that one. Lot of earnings today. Last leg of earnings that is coming in. So Indian oil corporation, Woodon Idea, Patangjali Foods, uh Ashok Cleland Pharma, we have Glenmark Pharma and Inox Wind also will be reporting their number some of the moves that we’ll be seeing coming in on these companies. Other than that, Saturn Credit will also be in focus fundraising plans there. And do not forget you know US Department of Commerce will be reviewing the exemption related to the 90-day tariff exemption that was there for electronics from India. So that will be a key to watch out for but that will come postmarket hours but that’s an important event that we’ll keep an eye out on. Uh new deput on the D street today JSW cement listing happening today. So keep an eye on that. And Nifty obviously you know yesterday ended on that positive note reclaimed the 24,600 levels yesterday. resistance and support that we’ll be keeping an eye out on. 24,750 in terms of resistance and around 24,350 is the support that we have for the Nifty today. So, keep an eye out on these levels as well. But that’s the setup looking like for today’s trading session which are the important stocks that we should be keeping an eye out on. Gorov’s here to take us through that. Good morning, Gorov. Well, good morning. First, let’s talk about BPCL. A good set of number is what we saw here. company reported profits of around 6,900 crores which was actually higher than our expectation and at the same time revenue also was higher than what we were estimating. Other than that, Jubilant Food Works here also we saw good set of numbers. In fact, the growth was actually better than the peers. Net profit that came in at around 66.67 crores while margins they remained at around 19% versus what it was at 19.2% as estimated. Other than that, Mut Finance now this company actually came up with very good set of numbers. When we look at net interest income profit, every parameter is what we have seen a beat from the company uh net profit is now at around 246 crores. When we look at loan book growth, that was also at around 40% on a year-on-year basis. Now the loan book stands at around 1.2 lakh crores. Other than that, United Spirits good set of number here as well. Net profit that increased almost to 258 crores a bit lower than our poll. But at the same time, revenue came line in line with what we were estimating. Text macro rail on the other hand actually reported some decline in profit. That declined almost by 50%, now the profit stands at just 30 crores versus when we look at the revenue there also we saw a decline of around 16% on a year-on-year basis. IRCDC inline set of number is what we can say net profit that increased almost by 7% while revenue increased almost by 12% on a year-on-year basis. Other than that let’s also focus on J irrigation. Now company has secured an order worth 135 crores and this is for solar pumps in Maharashtra. Zidis life. Now this is in also in focus and the reason being that company has got zero observations from the US FDA inspection at one of the facilities at Ahmedabad. And lastly let’s also focus on ICICI bank. Remember a few days ago bank had raised their minimum average balance. Now they have reduced the balance once again for metro and urban it has been reduced to 15,000 versus what it cost at 50,000. For semi- urban it has been reduced to 7.5,000 and for rural location it has been reduced to 2.5,000. So definitely all these stocks are going to be on our radar today. Okay, Goro, thank you so much for that. Keeping an eye out on all those stocks on our radar today. But uh on that note, we’re going to slip into a very short break. Don’t go anywhere. We’ll be back with more updates after the break. [Music] [Music] Welcome back and thanks for staying tuned into Power Breakfast on CNBC TV18. Now, US President Donald Trump has spoke with the European leaders ahead of the meeting that he has with Russian President Vladimir Putin. CNBC’s Iman J is bringing us a report on what’s at stake. We’re told that that call between the president and European leaders took place at 9:00 a.m. this morning. Uh President Zalinski of Ukraine in Berlin today, uh meeting with European leaders, trying to set some parameters around what he may or may not agree to ahead of this highstakes meeting between Trump and Putin in Alaska on Friday. The president has been monitoring some of the television coverage and he’s seen some criticism today uh of this meeting. criticism that uh simply by meeting with Vladimir Putin on US soil, he’s granted the Russian president some kind of a win here. The president taking to social media to express frustration with that idea. Here’s what he posted a short time ago. He said, “Very unfair media is at work on my meeting with Putin, constantly quoting fired losers and really dumb people like John Bolton who just said that even though the meeting is on American soil, Putin has already won. What’s that all about? We are winning on everything all caps says the president of the United States. Uh the question here is what agreement uh can these two countries come to on Friday? The White House has said that Vladimir Zalinski of Ukraine will not be at this session in Alaska. So is there a deal that the US can broker with Russia without Zalinsky at the table? uh the White House press secretary Caroline Levit saying yesterday that this is more of a listening exercise for President Trump uh to simply hear out what Vladimir Putin wants and what he might uh consider in terms of final negotiations. So the expectations here, I think, being tamped down from this White House about whether or not we’ll get a final deal here to bring an end to the war in Ukraine, more like a sense of what the Russian position is going into some final negotiations. Whether that war can be brought to a close this year, uh really really up in the air at this point, guys. Back over to you. Thank you so much for that. Now, when asked about any possible consequences for Russia if President Putin does not agree to uh stop the war after the meeting, Donald Trump said that there will be severe consequences. Listen in. Will Russia face any consequences if Vladimir Putin does not agree to stop the war after your meeting on Friday? Yes, they will. Yeah. What will consequence? There will be sanctions, tariffs. There will be I don’t have to say there will be very severe consequences. Yes. Meanwhile, French President Macarron says that Trump wants a Ukraine involved in territory talks with Russia. Listen in. The second element that was very clearly expressed by President Trump is that the question of Ukrainian territory can and will only be negotiated by the Ukrainian president. This is the position that we support and it has been very clearly expressed by President Trump. And so this heralds our meetings in the future. Let’s get more details in terms of the US market, right? Wall Street ended higher. Dow Jones was up around 464 points. S&P 500 added 21 points and NASDAQ rose 31 points in yesterday’s trading session. We have CNBC’s Bertha Kums who’s joining you with us to give us a wrap. US markets were higher across the major indexes in Wednesday trading as investor hope of lower interest rates ahead continues to fuel a rally on Wall Street. The Dow up 464 points, the S&P 500 adding 21, and the tech heavy Nasdaq higher by 31 points. The Trump administration is considering 11 candidates now to replace Fed Chair Jerome Powell. CNBC’s Steve Leeman reporting Wednesday on three of those potential picks who have not been publicly named until now. They are Jeffrey’s chief market strategist David Zervos, former Fed Governor Larry Lindseay, and Rick Reer, the chief investment officer for global fixed income at Black Rockck. And more signs of life in the IPO market as crypto exchange Bullish went public on the New York Stock Exchange Wednesday, more than doubling after pricing above its expected range. Bullish, which is the parent company of crypto news site Coindesk, priced its IPO at $37, but it started trading at $90 a share before finishing the day at 68 bucks, up 84%. That’s what’s happening here in the US. Back over to you in Mumbai. Thank you so much for that. And now the Trump administration is actually considering 11 candidates to replace Federal Reserve Chairman Jerem Powell when he retires next year. CNBC Steve Leman is joining in with us uh to give us more details on the process for selecting the next Fed chair. CNBC has learned the Trump administration currently considering now 11 individuals, including three names that have previously not been disclosed to replace Fed Chair J. Pal when his term expires in May. According to two administration officials, the three new names include Jeffrey’s chief market strategist David Zervos, former Fed Governor Larry Lindseay, and Rick Reer, who is chief investment officer for fixed income at BlackRock. We now join a list of eight other candidates that CNBC has confirmed are under consideration, including Fed Vice Chair for Supervision Nikki Bowman, Fed Governor Chris Waller, and Fed Vice Chair Philip Jefferson. Add to that NEC Director Kevin Hasset and former Fed Governor Kevin Worse mentioned by the president right here on Squawkbox. The officials described quote a deliberative process now taking place where Treasury Secretary Scott Bess will interview each of these candidates, winnow down a list, and then pass it along to the president for a final decision. The size of the list and the process described suggest a decision not imminent that could take a considerable amount of time, but the officials would not offer a timetable. The longer the process takes though, the less likely there is to be a so-called shadow Fed chair in place approved by the Senate before Powell departs. Though sharply critical on an almost daily basis of Powell, President Trump has recently backed off suggestions he might replace the Fed chair before the end of his term. While many candidates on this list have advocated reform at the Fed, most have supported its independence. And they would appear to be a list of people with considerable either monetary policy, market, financial, or regulatory experience. Most of them also have advocated for rate cuts. Okay, that’s the update that we have coming in from the US market. But on that note, we’re going to sip into a very short break. We’ll get you the cues from the world of commodities after the break. [Music] [Music] Welcome back to Power Breakfast on CNBC TV18. Now update coming in on the solar PV front. India has achieved a historic milestone of 100 gawatt solar PV module manufacturing capacity under the approved list of model models as well as manufacturers which is a remarkable rise from just 2.3 gawatt in 2014. New and renewable energy minister that is uh Prahad Jooshi wrote on X that India is building a robust self-resilient solar manufacturing ecosystem and this achievement strengthens the path towards atma bharat and the target of 500 gawatt non fossil capacity uh by 2030. Now, Prime Minister Narendra Modi also hailed the milestone towards self- resilience in achieving 100 gawatt solar PV module manufacturing capacity and efforts towards popularizing clean energy. Okay, now let’s get to the latest update that’s coming in in the world of commodities with Manisha joining in with us for that. Good morning, Manisha. Morning, Minnie. Thank you for that. I’ll start with the crude oil prices because we are looking at a two-month lows, a further two-month lows really onto this one. The US inventory data that came in yesterday shows that the US inventories gained up by 3 million barrels much higher than what the street was anticipating. And then apart from that IEA has talked about a surplus in 2025 and 26. The US inventories are expected to rise at a record pace to 46-month highs by the mid 2026. All eyes of course on 15th of August and that is when the US narrat various statements already ahead of that meeting coming in from both camps there. But this is an event you wouldn’t want to miss if you are looking at crude oil prices. I also want to talk about the copper prices because we are finally moving on on the higher side here. Copper is trading at a two week highs. The optimism over global trade has improved. The US and China trade truce extended by another 90 days also has been supportive. Metals in general are doing quite well in this week at this point. Okay, Manisha, thank you so much for that. But with that, we’re absolutely out of time for this edition of Power Breakfast on CBC TV 18. Thank you so much for tuning in. Up next on our morning call. Heat. Heat. Hello.
Asia-Pacific markets saw a mixed start today, with Japan’s Nikkei 225 slipping 0.3% after hitting a record high in the previous session and the Topix index down 0.6%. In contrast, South Korea’s Kospi rose 0.4% while the Kosdaq was little changed, and Australia’s S&P/ASX 200 edged up 0.5%.
Meanwhile, the Indian markets are set for a flat to negative opening, with GIFT Nifty at 24,683, down 0.03%.
U.S. stocks ended higher on Wednesday, with the S&P 500 and Nasdaq Composite closing at fresh record highs. The Dow Jones Industrial Average jumped 463 points, or 1.04%, to finish at 44,922. The S&P 500 added 0.32% to close at 6,466, while the Nasdaq inched up 0.14% to end the day at 21,713.
Here’s the trade set-up for today.
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