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Mint update | Opening bell 7 March

Mint update | Opening bell 7 March
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First Published: Mon, Mar 07 2011. 09 35 AM IST
Updated: Mon, Mar 07 2011. 09 35 AM IST
Mumbai: So in a flash, all the reforms, all the promises of financial bills to be passed this year, now look in jeopardy after the DMK withdrew support to the government. The markets will react, one way or the other. Here’s a list of things to watch out for before trading starts.
Saturday night, the DMK bid adieu to the UPA. Its ministers may put in their papers on Monday and that might be nervy for the market. Read more...
As if that was not enough, the worries in Libya and North Africa continue and keep crude at near boiling levels. Brent crude is currently trading tad short of $117 per barrel, up 0.8%.
And that was enough for stocks to tumble Friday night in the US markets despite better than expected jobs data in the country. The Dow and S&P 500 both ended some 0.7% down. Asian markets tracked this Monday morning and opened in the red.
But wait. Here’s a straw to clutch. Credit rating agency Fitch says India is not as corrupt as fellow Bric members China and Russia, but cumbersome tax laws and excessive regulations are the spoilers. In the wake of corruption cases unfolding, should we really be proud of being the lesser of three evils?
But it seems, at least on the face of it, the government is taking these things seriously. It will soon announce a new set of rules for the wealth management industry. Read more...
Now, that won’t come too soon. Corruption scandals seem to have taken a toll on the banking sector. Data on sectoral deployment of bank credit indicates that bank lending to commercial real estate and telecom sectors has slowed after banks were brought under the scanner. Read on in Mint
And finally, it’s the start of a new week but definitely not good news for shoppers. About 10,000 retail stores will be shut on Monday to protest the 10% excise duty levied on branded clothes. We wonder why, since these are mostly pass-through costs anyway.
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First Published: Mon, Mar 07 2011. 09 35 AM IST
More Topics: Markets update | Oil | Crude | Libya | DMK |