Tag: Brent Crude

  • FTSE 100 Opens Lower at 10,493 as Cautious Sentiment, BoE Inflation Warning, and Corporate News Weigh

    FTSE 100 Opens Lower at 10,493 as Cautious Sentiment, BoE Inflation Warning, and Corporate News Weigh

    The FTSE 100 opened more than 4 points lower at 10,493 on July 1, as cautious investor sentiment marked the start of a new quarter. Fresh commentary from Bank of England Governor Andrew Bailey on the inflation outlook added to the subdued mood. Meanwhile, Brent crude futures rose 0.40% to $73.24 a barrel, and US West Texas Intermediate (WTI) gained 0.40% to $69.78 a barrel.

    Gainers & Losers

    On the upside: Babcock International Group rose 3.13% to £981.60, Sainsbury’s advanced 1.47% to £324.50, BAE Systems gained 1.44% to £1,870.50, and IG Group Holdings moved higher by 1.38% to £1,843. Melrose Industries added 1.37% to £481.40, while Tesco climbed 1.20% to £464.20.

    On the downside: Associated British Foods declined 3.27% to £1,921, Fresnillo slipped 1.79% to £2,692, Lion Finance Group fell 1.32% to £11,180, and Games Workshop moved lower by 1.20% to £21,340. Rio Tinto eased 0.77% to £7,067, while London Stock Exchange Group edged down 0.59% to £8,114.

    BoE Governor Commentary

    Bank of England Governor Andrew Bailey told CNBC that the Bank “would have been back at our 2.0 target around about April, May time,” calling the fact that it hasn’t been “hugely frustrating.” Asked by CNBC’s Sara Eisen if the delay was “all because of the war,” Bailey replied, “I think so, yes.” UK inflation stands at 2.8% and is expected to rise toward 3.2% later this year due to lagged energy-price effects. “It’s going to take longer,” Bailey said of the return to target, pointing to a softening economy and soft labour market as reasons the MPC can afford patience.

    BP Deputy Chief Quits

    BP’s deputy chief executive Carol Howle quit her job after just months into the role, the energy giant confirmed late yesterday. HR vice president Kerry Dryburgh is also leaving after 16 years. Albert Manifold was infamously dismissed as chairman by the board last month, less than a year into his role over “serious concerns” about his behaviour. Manifold has hit back disputing the allegations.

    NatWest Acquires Evelyn Partners

    NatWest says it expects to lift fee income by about 20%, improve returns, and increase its exposure to the UK wealth market after completing its £2.7 billion acquisition of Evelyn Partners yesterday. The lender said the deal creates the UK’s biggest private banking and wealth management business, with £127 billion of assets under management and administration as of the end of last year. NatWest also expects annual cost savings of about £100 million, though it faces one-off costs of about £150 million to deliver them.

    Topps Tiles Shares Fall

    Topps Tiles shares fell 8% in early trade after its third-quarter update, where its profit target was trimmed. Revenue fell by 1.8% lower than the year prior at £75.6 million. It added that it expects pre-tax profit to come in at around £6.5 million, “well below the already modest growth previously flagged,” according to Adam Vettese, market analyst at eToro. Vettese added, “The market reacted sharply to the combination of softer than expected trading and the profit warning. Although Topps continued to outperform a wider home improvement market that declined around 1.6% and digital penetration rose strongly to 23.3%, these positives were not enough to offset the earnings disappointment.”

    Global Market View

    In the US, Wall Street ended its best quarter since 2020, with the Dow Jones adding 0.3% to a fresh high above 52,300, while the Nasdaq jumped 1.5% and the S&P 500 climbed 0.8%. In Asia, South Korea’s Kospi fell 2.04% to 8,303.41. Japan’s Nikkei 225 rose 0.59% to 70,474.96 points. Taiwan’s TAIEX advanced 1.94%. India’s Nifty 50 and Sensex both rose 0.63% and 0.75%, respectively.

    Disclaimer: This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research before making any investments.

  • MCX Gold Drops 0.76% to ₹1,41,444 as Strong Dollar and Rate-Hike Expectations Weigh; Brent Crude Edges Up 0.40%

    MCX Gold Drops 0.76% to ₹1,41,444 as Strong Dollar and Rate-Hike Expectations Weigh; Brent Crude Edges Up 0.40%

    Gold prices retreated on the Multi Commodity Exchange (MCX) on July 1, pressured by a stronger US dollar, rising Treasury yields, and growing expectations that the Federal Reserve will implement another interest rate hike in September. The precious metal’s decline reflects broader market uncertainty surrounding US monetary policy and global economic signals.

    August gold futures on MCX fell 0.76%, settling at ₹1,41,444 per 10 grams. July silver futures also slipped, declining 1.6% to ₹2,24,914 per kilogram. Meanwhile, Brent crude futures for August delivery edged up 0.40% to $73.24 a barrel, while US West Texas Intermediate (WTI) crude gained 0.40% to $69.78 a barrel.

    According to the CME FedWatch Tool, traders now assign a 67% probability to a rate hike by the US Federal Reserve in September, adding downward pressure on non-yielding assets like gold.

    Domestic Gold Prices

    In the Indian market, 24K gold declined by ₹126 to ₹1,40,780 per 10 grams, while 22K gold dropped by ₹115 to ₹1,29,050. Regional variations were minimal: Mumbai and Kolkata both quoted 24K gold at ₹1,40,780, Delhi at ₹1,40,930, and Chennai at ₹1,43,990.

    US Gold Prices

    In the international market, gold prices fell for a second session, hitting a seven-month low earlier this week. Spot gold was down 0.7% at $3,979.41 per ounce, while US gold futures for August delivery lost 1.1% to $3,992.70. The decline was fueled by lingering inflation concerns and uncertainty surrounding US-Iran peace talks, which continue to keep Fed rate hike expectations elevated.

    Spot silver declined 1.4% to $57.75 per ounce, platinum lost 0.6% to $1,542 (hitting its lowest since last November), and palladium edged 0.4% lower to $1,199.34.

    Key Levels to Watch

    “It looks like the pressure from higher yields is what’s getting gold lower. The US dollar is also a touch higher at the same time, which kind of confirms what’s going on,” said Ilya Spivak, Head of Global Macro at Tastylive.

    Internationally, gold has support at $3,994 and $3,955 per troy ounce, with resistance at $4,074 and $4,110. Silver support stands at $57.70 and $56, while resistance is at $61.20 and $62.80.

    On MCX, gold support levels are at ₹1,41,100 and ₹1,40,000, with resistance at ₹1,43,350 and ₹1,44,200. Silver on MCX has support at ₹2,25,500 and ₹2,22,000, while resistance lies at ₹2,31,000 and ₹2,34,400.

  • FTSE 100 Rises 29 Points to 10,513 as UK GDP Growth Beats Expectations, Miners Lead Gains

    FTSE 100 Rises 29 Points to 10,513 as UK GDP Growth Beats Expectations, Miners Lead Gains

    The FTSE 100 opened 29 points higher at 10,513 on Tuesday, as fresh data showed the UK economy grew faster than expected in the first quarter. The rally was led by mining stocks amid a broader global market uplift, even as uncertainty lingers over the US-Iran peace deal.

    Brent crude futures fell 1.04% to $72.39 a barrel, while US West Texas Intermediate (WTI) rose 0.78% to $70.20.

    Gainers and Losers

    On the upside, Antofagasta jumped 3.12% to £3,864, and Anglo American advanced 3.09% to £3,739. Polar Capital Technology Trust gained 2.55% to £703, Glencore rose 2.43% to £523.40, Sainsbury’s added 2.34% to £323.20, and Rio Tinto climbed 1.94% to £7,213. On the downside, Persimmon fell 2.87% to £1,051, Coca-Cola HBC slipped 1.01% to £4,884, 3i Group declined 1% to £2,471, Coca-Cola Europacific Partners dropped 0.91% to £7,615, Severn Trent eased 0.61% to £2,948, and Games Workshop edged down 0.18% to £21,880.

    Smarter Web Company Posts £72 Million Loss

    The crypto firm reported a £72 million loss as Bitcoin fell below $60,000. The company, which once had a market cap of around £1 billion, has now fallen below £100 million. Despite the setback, the firm said it remains confident in Bitcoin’s long-term prospects, noting that volatility is a historical feature of the asset.

    Sainsbury’s Sales Jump 3.1%

    Sainsbury’s total sales rose 3.1% year-on-year to £8 billion, driven by strong demand for berries, barbecue, and deli products during record heat. Grocery sales increased 3.6% to £7.6 billion, but the company warned that the long-term impact on business and customers remains uncertain. General merchandise and clothing sales declined 3.7% to £438 million. Argos continued to struggle due to subdued consumer spending, with sales falling 0.5% to £1.1 billion, though a late spike in TV sales came as the World Cup began.

    UK Economic Growth Revised

    The UK economy grew 0.6% in the first quarter compared to the previous quarter, unrevised from the earlier estimate. However, year-on-year growth was revised down to 0.9% from 1.1%. Business investment rose 0.9% on the quarter, imports jumped 1.4%, household consumption grew 0.6%, and government spending increased 1.3%. Liz McKeown of the ONS said growth in Q1 was unchanged, but the 2025 growth figure was revised downward.

    Global Market View

    In the US, the Dow Jones added 0.6% to close above 52,000 for the first time, the Nasdaq rose 2.1%, and the S&P 500 gained 1.2%. In Asia, South Korea’s Kospi rose 0.97%, Japan’s Nikkei 225 gained 0.86%, and Taiwan’s TAIEX advanced 2.5%. India’s Nifty 50 and Sensex both fell slightly, by 0.04% and 0.15% respectively.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks carry risk; readers should conduct their own research before investing.

  • Gold Prices Dip on MCX to ₹1,43,350 as Middle East Tensions Stoke Inflation Fears

    Gold Prices Dip on MCX to ₹1,43,350 as Middle East Tensions Stoke Inflation Fears

    Gold futures on the Multi Commodity Exchange (MCX) declined on June 24, 2026, amid renewed hostilities between the US and Iran that sent oil prices higher and reignited inflation concerns. The escalation is prompting traders to bet on tighter monetary policy from the US Federal Reserve.

    August gold futures on MCX fell 0.56% to ₹1,43,350 per 10 grams. July silver futures also slipped 0.7% to ₹2,19,863. In the international market, Brent crude futures edged down 0.67% to $72.47 a barrel, while US West Texas Intermediate (WTI) crude dropped 1.80% to $70.05 a barrel.

    According to the CME FedWatch Tool, traders now anticipate three rate hikes from the US Federal Reserve this year, with an 80% probability of a December hike.

    Domestic Gold Prices

    In the domestic spot market, 24K gold fell by ₹93 to ₹1,43,020 per 10 grams, and 22K gold dropped by ₹85 to ₹1,31,100. Regional variations were minimal: Mumbai and Kolkata both quoted ₹1,43,020, Delhi ₹1,43,170, and Chennai ₹1,45,090.

    US Gold Prices

    US gold prices also eased on Monday as recent US-Iran strikes in the Gulf pushed oil prices higher. Spot gold was down 0.6% at $4,062.89 per ounce, while US gold futures for August delivery lost 0.5% to $4,077.50. The metal is heading for a fourth consecutive monthly loss of 10.4%.

    Spot silver fell 1.2% to $58.47 per ounce. Platinum gained 0.2% to $1,617.15, and palladium rose 0.4% to $1,213.60.

    Key Levels to Watch

    Tim Waterer, chief market analyst at KCM Trade, commented: “US and Iran were at it again over the weekend, with fresh military strikes reported from both parties, which casts further doubt over how long oil can stay at these subdued levels and therefore over the broader inflation and interest rate outlook.”

    Waterer added: “Gold could see the $5,000 level again this year, but this would be based on further de-escalation, oil having a sustained move to pre-war levels to dull the inflationary impact of the conflict, and a softer dollar.”

    Internationally, gold has support at $4,055 and $4,010, while resistance is at $4,135 and $4,180 per troy ounce. Silver has support at $57.40 and $55.80, with resistance at $61.20 and $62.80 per troy ounce.

    On MCX, gold has support at ₹1,43,300 and ₹1,42,400 and resistance at ₹1,45,150 and ₹1,46,200. Silver has support at ₹2,20,000 and ₹2,16,600 and resistance at ₹2,26,000 and ₹2,29,100.

    Stay updated with the latest gold price movements and market insights.

  • Crude Oil Prices Climb as US-Iran Tensions Resurface, Brent Holds Above $70

    Crude Oil Prices Climb as US-Iran Tensions Resurface, Brent Holds Above $70

    Crude oil prices rose on Monday as renewed US-Iranian conflict revived concerns over supply disruptions. Brent crude futures rose 0.67% to $72.47 a barrel, while US West Texas Intermediate (WTI) advanced 1.80% to $70.05 a barrel. The rebound followed Brent’s drop below $70 on Friday, its first move below that level since February 27, before the latest escalation involving Iran.

    The gains were modest, but traders remain focused on the risk of disruption around the Strait of Hormuz, one of the world’s key oil and liquefied natural gas shipping routes. Natural gas futures climbed 0.82% to 3.306 per MMBtu, gasoline rose 0.90% to 2.9836, and heating oil added 1.30% to 3.2499, reflecting continued concerns over energy supplies as tensions persist around the Gulf.

    US-Iran Tensions Keep Oil Market on Edge

    The jump in crude prices followed renewed military action between the US and Iran. Washington is said to have suspended talks over the conflict after an attack on commercial shipping off the coast of Iran by its military forces in the Strait of Hormuz, a move in response to Tehran’s attacks on the shipping vessels. The two sides are likely to meet in Doha on Tuesday for further discussions, according to an Axios report cited by Bloomberg. However, the weekend escalation has already slowed some oil and natural gas shipments through the region.

    The large crude carrier Kiku, which was transporting some 2 million barrels of oil, was struck and was last seen near Fujairah, a major port in the United Arab Emirates on the Gulf of Oman. US Central Command indicated that while coastal shipping traffic was continuing, some tankers reportedly abandoned attempts to exit.

    India Impact Remains Contained for Now

    Crude price remains a key macroeconomic indicator for India, since it imports around 85% of its oil requirement. A prolonged increase in crude can put pressure on the rupee, increase the import bill, and raise inflation risks. “Crude oil prices are currently trading in the $69–70 per barrel range, remaining well below the highs witnessed during the recent Middle East conflict. Although the latest flare-up in regional tensions triggered a brief bout of volatility in energy markets, crude prices have remained largely contained, providing continued relief to India’s macroeconomic outlook,” said Ponmudi R, CEO of Enrich Money.

  • Indian Stock Market Set to Open Higher as Brent Crude Drops 1.80% to $72.41 – Nifty, Sensex Outlook

    Indian Stock Market Set to Open Higher as Brent Crude Drops 1.80% to $72.41 – Nifty, Sensex Outlook

    The Indian stock markets are expected to open higher on Thursday, supported by mixed global cues and a sharp decline in oil prices. GIFT Nifty was trading at 24,133.5, indicating a gap-up start with a premium of 110.5 points over the previous Nifty futures close.

    Brent crude futures fell 1.80% to $72.41 a barrel, while US West Texas Intermediate (WTI) dropped 1.59% to $69.22 a barrel. The fall in crude prices is seen as a positive for India, a major oil importer, as it helps reduce input costs and inflation pressures.

    Previous Session Recap

    On Wednesday, the Sensex surged 790.54 points, or 1.04%, to close at 76,991.22, while the Nifty 50 advanced 197.55 points, or 0.83%, to settle at 24,021.65. Foreign Institutional Investors (FIIs) remained net sellers, offloading shares worth Rs. 1,843 crore. Domestic Institutional Investors (DIIs) net bought Rs. 3,637 crore, providing support to the market.

    Sector-wise, Realty and IT indices outperformed, rallying over 2%, whereas the Defence index was the worst performer, shedding over 2%.

    Sensex Technical Outlook

    Technically, the Sensex formed a promising reversal pattern on intraday charts and a bullish candle on daily charts. Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, “We are of the view that as long as the market is trading above 76,700, the pullback formation is likely to continue. On the higher side, the rally could extend to 77,500-77,700. On the flip side, below 76,700, sentiment could change. Below this level, the market could retest 76,400-76,200.”

    Nifty 50 Technical Outlook

    The Nifty 50 staged a strong rebound on Wednesday and managed to close above the psychologically important 24,000 level. On the daily chart, the index formed a bullish piercing line candlestick pattern, indicating strong buying demand near the support zone around 23,800. This support area is significant as it coincides with the previous gap zone and the confluence of the 20-day and 50-day exponential moving averages (EMAs).

    Bajaj Broking Research noted, “Nifty managed to hold above the support area of 23,800 and witnessed a pullback. Going ahead, bias remains positive and the index is expected to head higher towards last week’s high of 24,190 levels in the coming session. Dips, if any, towards 23,900 should be used as a buying opportunity.” Immediate support is seen around 23,900, while stronger short-term support is placed in the 23,500-23,600 zone. On the upside, the next major resistance is near 24,600.

    Bank Nifty Technical Outlook

    The Bank Nifty rose 966.60 points, or 1.69%, to close at 58,150.35, forming a bullish engulfing pattern on the daily chart. Bajaj Broking said, “Going ahead, bias remains positive and the index is expected to gradually head towards 59,200 levels in the coming sessions, being the measuring implication of the recent range breakout and the 138.2% external retracement of the previous decline 57,456-52,783.” Technical indicators continue to support the positive outlook. The lows recorded over the past two weeks near 57,000 remain a crucial support zone, and the index is expected to maintain its bullish bias as long as it holds above this level.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any investment decisions.

  • BPCL Stock at Rs 313.80: Should You Buy Oil Stocks After Brent Crude Decline?

    BPCL Stock at Rs 313.80: Should You Buy Oil Stocks After Brent Crude Decline?

    Bharat Petroleum Corporation Ltd. (BPCL) was trading at Rs. 313.80 on the NSE during Thursday’s session, down 0.60 percent after touching an intraday high of Rs. 320.85. Despite the marginal decline, the stock remains one of the biggest beneficiaries of Brent crude slipping below its pre-Iran conflict levels, with the global benchmark hovering around USD 72 per barrel. The decrease in geopolitical risks in the Middle East has eased fears of supply disruptions, creating positive sentiment toward oil marketing companies in India.

    Low oil prices are economically beneficial for India, since the country meets about 85 percent of its crude oil needs through imports. In other words, it reduces import costs and helps prevent price levels from jumping. Moreover, lower oil prices tend to boost profits for downstream operators, as production costs fall and margins improve for refineries and oil marketing outfits. Among the public-sector OMCs, BPCL has been getting more investor focus lately, mainly because its execution has improved.

    Why Brent Crude’s Decline Matters

    There was an initial surge in Brent crude earlier this year amid heightened geopolitical tensions in the Middle East, raising concerns about disruptions to crude oil flows through the Strait of Hormuz, a crucial passageway for global crude exports. With improved diplomacy and stable crude oil flows, these worries have been addressed. Brent crude is currently trading below pre-Iran conflict levels, thereby reducing the geopolitical risks associated with oil prices. This news will be favorable for India’s downstream petroleum industry, as falling crude oil prices reduce their procurement costs and help them plan their profits well in advance.

    BPCL’s Chart Signals a Recovery in Progress

    BPCL’s one-year daily chart shows a stock gradually rebuilding momentum after a sharp correction. Earlier this year, BPCL climbed close to Rs. 390 before geopolitical tensions and rising crude prices triggered heavy selling across the sector. The stock eventually slipped below Rs. 280 during March and April as investors worried about shrinking refining margins and rising input costs. The trend has changed over the past two months. A wide trading range has been created for BPCL between Rs. 285 and Rs. 315, and buyers have consistently emerged when the stock has touched the lower end of the range. The presence of lower lows suggests a considerable reduction in the selling pressure. The increase in volume suggests an accumulation of institutions.

    Although BPCL was trading at Rs. 313.80 in the last session, it has touched a higher level of Rs. 320.85. It signifies buying interest near an important resistance level. A breakout above Rs. 320-321 will strengthen the uptrend and pave the way towards Rs. 340-350, with Rs. 300 as the important support level. From a technical perspective, BPCL is shifting its posture from correction to recovery.

    Lower Crude Prices Could Boost BPCL’s Profitability

    BPCL is among the major gainers when crude oil prices drop, given its downstream nature. While upstream businesses tend to benefit from higher crude oil prices, BPCL is more focused on refining crude and bringing its petroleum products to market. So when Brent crude is lower, BPCL usually sees reduced production costs, which tends to improve refinery and fuel margins, as long as fuel prices stay roughly where they are. That part happens because inventory costs can be down, working capital needs become lighter, and the operating cash flow picture tends to look cleaner. Should Brent crude remain below USD 75 per barrel, then the company is expected to perform well in future quarters.

    Other Oil Stocks Also Benefited

    The positive sentiment extended across India’s oil marketing sector as investors anticipated stronger profitability from lower crude prices. Hindustan Petroleum Corporation Ltd. (HPCL) advanced 0.9 percent to Rs. 416.85, supported by expectations of improving refining spreads and lower input costs. Indian Oil Corporation (IOC) edged 0.1 percent higher to Rs. 146.47, as investors anticipated better inventory management and stronger cash generation from its integrated refining and fuel retailing operations. The rally was also visible beyond the oil sector. InterGlobe Aviation, the parent company of IndiGo, climbed 4.49 percent to Rs. 5,443, benefiting from expectations that lower aviation turbine fuel (ATF) costs would improve operating margins.

    Low Oil Prices Provide Broad Economic Advantages

    The advantages of falling crude prices go well beyond oil marketing firms. Falling oil prices help reduce India’s import expenditure, thereby narrowing its current account deficit and easing inflationary pressures. Falling oil prices will also cut costs for companies operating in sectors such as aviation, logistics, chemicals, manufacturing, and transportation, leading to improved bottom lines. A benign crude situation also gives the authorities room on the monetary policy front, thus creating a conducive environment for economic growth and equities.

    Risks that Could Alter Outlook

    Even with the optimistic mood, investors need to watch out for international events. Geopolitical risks in the Middle East, supply disruptions via the Strait of Hormuz, or a sudden reduction in production from the OPEC+ coalition can turn the situation around very rapidly. Local factors such as changes in fuel price structures, excise duties, or government intervention in fuel prices may also influence BPCL’s profitability.

    Investment Outlook

    Brent crude oil prices are currently correcting again, and it is bringing investors’ focus back to the Indian oil marketing industry, sort of like BPCL, as the one stock to watch. Even with its current share price of Rs. 313.80 in the latest trading session, BPCL has bounced back strongly from the recent April lows, especially as crude prices have been easing. In the meantime, BPCL should be in a position to benefit from better refining margins and marketing upside as long as crude stays under USD 75, and there is no geopolitical risk hanging over. Sure, both HPCL and IOC will also benefit if crude prices rise, however, BPCL still looks like the stock to watch given its technical strength and earnings visibility.

  • FTSE 100 Opens Lower as Geopolitical Tensions and Apple Price Hike Weigh on Markets

    FTSE 100 Opens Lower as Geopolitical Tensions and Apple Price Hike Weigh on Markets

    The FTSE 100 opened 27 points lower at 10,503 on Friday, as an Iranian strike on a vessel in the Strait of Hormuz and a tech selloff in Asia weighed on European markets. Brent crude futures fell 2.25% to $73.51 per barrel, while US West Texas Intermediate declined 2.38% to $70.20 per barrel.

    Gainers and Losers

    On the upside, Imperial Brands rose 2.35% to £2,830, British American Tobacco advanced 1.94% to £4,789, and Burberry Group gained 1.52% to £1,099.50. Tesco moved higher by 1.34% to £461.10, Sainsbury’s added 1.22% to £314.70, and British Land climbed 1.15% to £422.40.

    On the downside, London Stock Exchange Group declined 1.67% to £7,894, Lion Finance Group slipped 1.09% to £10,880, Computacenter fell 2.40% to £4,146, and Diploma dropped 1.12% to £7,070. Croda International moved lower by 2.30% to £3,102, while Antofagasta eased 1.71% to £3,728.

    Heathrow Forecasts Profit Decline

    Heathrow Airport forecasts a £147 million decline in 2026 adjusted core profit from 2025, citing weaker traffic expectations due to Middle East-related travel uncertainty and higher employment costs. In a bi-annual report to bondholders, Heathrow Airport Limited said passenger volumes for the first five months of 2026 rose 0.7% despite the regional conflict. The airport now expects a traffic range of 80.1 million to 84.5 million, with a base case of 83.6 million, representing a 1.1% year-on-year fall.

    Apple to Hike Prices

    Apple announced that memory chip shortages driven by the AI boom have forced the company to raise MacBook and iPad prices by 20% globally. The company stated, “The rapid expansion of AI data centres has created an extraordinary surge in demand for memory and storage.” Apple shares slid 6.1% on Thursday’s close, trading at $287.4, with volatility spreading to Asian markets.

    Wise Profit Declines

    Money transfer firm Wise reported a profit decline in its latest financial year. The UK fintech’s profit before tax fell 8% to $660 million (£500 million), down from $717.5 million in its first results since downgrading its listing on the London Stock Exchange. This came despite revenue surging to $2.5 billion as customer numbers increased by 21% to 19 million. However, performance was squeezed by rising costs, which rose nearly 40% to $1.9 billion, outpacing revenue growth twice as fast.

    Global Market View

    In the US, stocks remained mixed on Thursday, with a decline in Apple shares dragging on the tech-heavy Nasdaq, which closed down 0.5%. The S&P 500 was nearly flat, while the Dow added 0.1%. In Asia, South Korea’s Kospi fell 5.81% to 8,411.21, Japan’s Nikkei 225 declined 4.15% to 69,360.88, and Taiwan’s TAIEX dipped 3.64%. India’s Nifty 50 and Sensex were closed on account of Muharram.

    Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making any investments.

  • Indian Rupee Surges 37 Paise to 94.30 Against US Dollar as Brent Crude Dips Below $73

    Indian Rupee Surges 37 Paise to 94.30 Against US Dollar as Brent Crude Dips Below $73

    The Indian rupee opened 37 paise higher at Rs. 94.30 against the US dollar on Wednesday, recovering from the previous close of 94.67. The jump was fueled by a steep decline in global crude oil prices, with Brent crude futures falling 1.80% to $72.41 a barrel and US West Texas Intermediate (WTI) dropping 1.59% to $69.22 per barrel.

    Falling Crude Oil Strengthens the Rupee

    The rupee’s rally was driven by a sharp correction in global crude oil prices. Oil prices slipped below $73 a barrel, matching levels seen before the Middle East conflict, after reports indicated that oil tankers had resumed transit through the Strait of Hormuz following progress in US-Iran ceasefire negotiations. For India, which imports around 85% of its energy requirements, lower energy prices provide significant relief by reducing the import bill, improving the current account deficit, and easing inflationary pressure. This fundamental support bolsters the domestic currency.

    RBI Intervention Prevents Slide Beyond 95

    The rupee traded in a wide 50-paise range on Wednesday, briefly approaching the 95 mark before recovering sharply. Dealers believe the Reserve Bank of India (RBI) intervened in the foreign exchange market via public-sector banks to curb excessive volatility. Analysts at Finrex Treasury Advisors noted, “With oil prices near $72.50 per barrel, the rupee is in the most comfortable zone despite a higher dollar index and weaker Asian currencies. While the RBI does not target a specific exchange rate, it intervenes to prevent excessive volatility.” Additionally, remarks from RBI Governor Sanjay Malhotra calmed forward premium markets, further boosting sentiment.

    Strong US Dollar Continues to Limit Upside

    The US Dollar Index (DXY) remained near 101.50, close to a one-year high, as investors priced in more rate hikes from the Federal Reserve. Markets are pricing in a high chance of additional US monetary tightening this year, keeping US Treasury yields near multi-month highs and supporting dollar-denominated assets. According to the CME FedWatch Tool, traders now expect three rate hikes from the Fed in 2026, with a 67% probability of a September hike.

    Rupee Outlook

    Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, said the rupee started the day strong at 94.30 against the dollar, aided by a correction in global crude prices to pre-Iran war levels. The immediate direction of the rupee will depend on crude oil prices, US dollar strength, foreign portfolio investment flows, and the RBI’s intervention strategy.