Mint update| Opening Bell

Mint update| Opening Bell

Mumbai: Four days to go for the Budget. And the markets are still on tenterhooks swinging a bit this way and that. Of course, the news from the Middle East isn’t encouraging too. Here’s a list of things to watch out for before trading starts today.

Overnight, the US markets continued to sink as investors ignore news at home such as a 3-month high consumer confidence index and keep peering over at Libya. The DJIA and S&P 500 both lost over 0.6% each. Asia once again opened lower, extending its longest losing streak in three months.

The key concern to stocks, of course, was crude oil. NYMEX crude is near $100 per barrel levels after two years. Now, the commodity is trading firm at $99.33 per barrel, up 1.4%, as West Asian and North African protests threatened supply from the oil rich region. Read more...-

With crude swirling the prospects of inflation and a consequent meltdown in stocks, gold has again started to glitter for investors. It’s now racing towards its December record of $1,431.25 an ounce and only stands to gain with its safe haven and inflation-hedge appeal. Read more...

The higher oil prices are making the government get hot under the collar as well. It is already facing a high fiscal deficit and a record current account deficit. Perhaps, it takes the RBI governor to point out its ills before the government takes action. Read more...

The central bank is busy on other fronts as well. It has published draft guidelines on credit default swaps and has decided to allow FIIS to enter this market. Anup Roy has the story in Mint.

Elsewhere, the government seems intent on walking the talk on scamsters. As it continues to dig deeper into the 2G mess, the CBI questioned Loop mobile’s Sandeep Basu and former telecom minister A Raja’s brother. Read more...

The last of company earnings is trickling in. Today Mphasis will report its numbers for the quarter ending January. Brokerages expect a slight decrease in its earnings.

And finally, the climate change has caught up with surfing competitions too. Blame the La Nina weather effect!