PremiumShare Market Updates: Sensex and Nifty closed in the red as Jio Financial and Maruti lead the stock charts, while Adani stocks dragged after a report suggested that the family has invested millions of dollars in its own companies via “opaque" Mauritius funds,
The NSO is set to release the GDP data for the first quarter FY24 today. According to economists, India’s GDP in the April-June quarter is likely to have accelerated to 7.7%, recording the fastest annual pace in a year, driven by the services sector and greater capital expenditure.
Asian stock markets were mostly lower Thursday after Japanese factory activity and Chinese service industry growth weakened. Shanghai, Hong Kong and Seoul declined. Tokyo gained. Oil prices edged lower.
Indian stock indices shed on Thursday, as investors waited for global and domestic macroeconomic data scheduled to be released later today. Bank and FMCG indices dragged in the second half but IT and Consumer Durable stocks rose.
The Nifty 50 index dropped 93 pts to close the month at 19,253, while the S&P BSE Sensex lost 255 pts to end at 64,82. Both indices shed around 2.4% in the month of August.
Adani Enterprises and Adani Ports shed after a report by a non-profit media organization said that millions of dollars were invested in some publicly traded stocks of Adani Group through opaque Mauritius funds that obscured the involvement of alleged business partners of the Adani family. BPCL and IndusInd Bank were other major laggards. Jio Financial jumped 3.5% and Maruti Suzuki gained around 2.2%.
Most indices ended in the red with Bank and FMCG leading the drag. IT, Auto and Consumer Durables gained in today's session.
Global stock markets were mostly higher Thursday ahead of updates on United States inflation and hiring that traders hope will persuade the Federal Reserve no more interest rate hikes are needed.
Japan's Nikkei share average rose for a fourth straight session as investors bought back beaten-down growth stocks, while Toyota Motor led automakers higher after posting a record monthly global sales. The Nikkei index rose 0.88%, while the broader Topix climbed 0.8%.
China and Hong Kong stocks slipped, closing the month in a loss, as official data showed factory activity in the world's second-largest economy shrank again in August. China's blue-chip CSI 300 Index dropped 0.61% and the Shanghai Composite Index fell 0.55%. Hong Kong's Hang Seng Index declined 0.55%, and the Hang Seng China Enterprises Index dipped 0.38%.
European shares opened higher on Thursday as financials got a lift from Swiss lender UBS's decision to absorb Credit Suisse's domestic bank, while investors brace for a barrage of key economic data due later in the day.
The exporter-heavy FTSE 100 index opened flat on Thursday as declines in miner shares after weak China data were mitigated by gains in homebuilder stocks.
Swarnendu Bhushan - Co-Head of Research, Prabhudas Lilladher Pvt Ltd views on Chemical Sector: Small volume, high margin products key for success
We hosted an Industry expert on 30th August, 2023 and following are the key takeaways 1) high margin & low volume chemistries are expected to drive long term profits, 2) Bio-based chemistries, polymer additives and performance chemical products can be potentially manufactured in India for maximum gains, 3) China is a global dominant player due to lack of qualitative engineers/professionals in countries such as India, 4) battery chemistry is a difficult and complex process, thus difficult for small manufacturers to penetrate the market and 5) fluoroploymers industry will likely see consolidation over next few years. The discussion reinforced our belief that companies which are high on technology and R&D would continue to deliver sustainably. While companies like Fine Organics, Clean Science and Vinati Organics among our coverage fall into this category, valuations aren’t compelling for the first two. We still believe that amidst strong oil prices, rising demand of rigs would result in increased demand of ATBS, the main product of Vinati Organics. We reiterate our ‘Accumulate’ rating on the stock with a target price of ₹1955, valuing it at 40P/E on FY25 EPS of Rs49. We are placing Fine Organic, Jubilant Ingrevia & Laxmi Organic ‘Under Review’ currently and would come back with revised valuations and view.
The Securities and Exchange Board of India (SEBI), the market regulator, has undergone a reconstitution of its alternative investment policy advisory committee. This committee plays a crucial role in providing advice on various matters that influence the further growth and development of the Alternative Investment Fund (AIF) sector. News agency PTI reported this development.
SEBI stated that the committee, initially formed in March 2015 and comprising 20 members during its previous reconfiguration by the regulator in February 2022, now consists of 25 members.
Led by N R Narayana Murthy, the co-founder of Infosys, this committee has previously presented three reports concerning the Alternative Investment Fund (AIF) industry. (Read More)
The forthcoming initial public offering (IPO) of Basilic Fly Studio Limited is scheduled to debut in the primary market on September 1, 2023, which is tomorrow, and will remain open for subscription until September 5, 2023. The company has set a price range of ₹92 to ₹97 per equity share for the Basilic Fly Studio IPO. With this book build issue, the company aims to raise funds amounting to ₹66.35 crore. The intention behind this public offering is to list on the NSE SME exchange.
Furthermore, the grey market is reflecting a highly bullish sentiment with regards to this public offer. Market observers have noted that shares of Basilic Fly Studio Limited are being traded at a premium of ₹150 per equity share in the grey market. (Read More)
Elon Musk, the owner of X (formerly Twitter), continues to advance his vision of transforming the app into a super app. A recent development in this direction is the introduction of voice and video call features to X.
Musk announced, "Video & audio calls coming to X," highlighting that this feature will be available across iOS, Android, Mac, and PC devices. Notably, users will not need a phone number as X will serve as the global address book. He also believes that this unique combination of features has the potential to revolutionize communication on the platform. (Read More)
Geojit Financials views on Kansai Nerolac Paints Ltd.: Buy
CMP: Rs. 335
Target: Rs. 388 (12 Months)
Return: 16%
Margin recovery a key positive...
Kansai Nerolac Paints Ltd. (KNPL) is the market leader in industrial paints and the third largest decorative paint company in India.
During the quarter, the top line grew by 5.1% YoY, led by high single digit volume growth in the decorative paint business.
Gross margin improved by 537bps YoY to 64.7% owing to moderation in raw material prices. While EBITDA margin improved by 294bps YoY to 15.4% in Q1FY24.
Within the industrial paint segment, automotive demand stabilised, while the non-auto segment performed well.
The management is focusing on improving its market share in the decorative business and expects the segment to grow faster than industrial paints.
KNPL expects margins to stabilise at 14% in the coming years on account of favourable input prices and a revival in rural demand.
We revised our rating from Accumulate to BUY and value KNPL at 40x on FY25E EPS with a target price of Rs. 388.
Swiss banking giant UBS on Thursday announced plans to save $10 billion in costs, including through 3,000 staff reductions in Switzerland in the coming years, as it moves ahead with “full integration" of longtime rival Credit Suisse's domestic operations following a takeover.
The announcement came as the Zurich-based bank reported $29 billion in net and pre-tax profit in the second quarter, its first earnings release since the government-orchestrated merger to help stave off a possible global financial meltdown.
Underlying profit before taxes came in at $1.1 billion, which excludes some $29 billion in negative goodwill, integration costs and other impacts of the takeover. Goodwill is an accounting technique, and the figure stems from the difference between the $3.25 billion that UBS paid for Credit Suisse and the underlying value of its assets. (AP)
The share price of Maruti Suzuki has been following an upward trajectory as the new financial year, 2023-24, commenced. After reaching a low point of around ₹8,200 per share by the end of March 2023, Maruti Suzuki's shares have been consistently gaining momentum. However, it appears that there is still more growth potential for this prominent Indian automobile company.
Maruti Suzuki's share price began today's trading session with a decrease, opening at ₹9,770. Nevertheless, it swiftly attracted buying interest and achieved an intraday high of ₹10,049 per share on the National Stock Exchange (NSE), which also marked a new all-time high for the stock. During this ascension to the new peak, Maruti Suzuki's shares have generated a notable return of 22.50% for its long-term shareholders in the fiscal year 2023-24. (Read More)
The shares of Advik Capital displayed an upward trend right from the early morning trading sessions. This small-cap penny stock, priced under ₹5, commenced the day with a positive gap and swiftly reached an intraday peak of ₹2.45 per share on the Bombay Stock Exchange (BSE), triggering a 5% upper circuit within a short span after the opening of the stock market.
This particular small-cap penny stock has gained attention due to its announcement of a board meeting scheduled for September 2, 2023. During this meeting, the company aims to deliberate and sanction the terms and conditions pertaining to its upcoming rights issue, an initiative to raise funds, with the upper limit set at ₹50 crore.
Sula Vineyards experienced a decline in its share price by over 4% on Thursday, driven by reports of a block deal involving the stock. The shares of Sula Vineyards dropped by as much as 4.44%, reaching an intraday low of ₹486.10 per share on the Bombay Stock Exchange (BSE).
According to media sources, approximately 1.1 crore shares, accounting for 13.1% of the equity in Sula Vineyards, were traded at an average price of ₹490 each on the stock exchanges. The transaction price reflected a 3.67% reduction compared to the previous day's closing price of ₹508.70 on the BSE. The total value of the transaction was estimated to be ₹540 crore, based on the report. (Read More)
Shishir Baijal, Chairman & Managing Director, Knight Frank India: Mumbai's residential market continues to remain strong as aspiring homebuyers embrace the trend. Remarkably, the share of registration of properties valued at INR 1 crore and above continue to rise, led by surge in property prices and increasing preference among home buyers for more spacious accommodation. Overall, the housing market of the city continues to show a positive outlook, bolstered by ongoing consumer demand.
Dhaval Ajmera, Director, Ajmera Realty & Infra India Limited: The housing sales registrations in the month of August 2023 for the Mumbai Metropolitan Region crossing the 10K mark showcases the confidence amongst the homebuyers of the city towards the residential asset class. The interest of homebuyers in residential real estate is propelled by the dual effect of the need to upgrade to a bigger & better living space and focused impetus on infrastructural developments across the city.
Compared to August 2022, these housing registrations have exhibited remarkable growth of over 23%. This surge can be attributed to the growing emphasis on a superior post-COVID lifestyle, with need of enhanced livability—a key criterion for homebuyers.
Anticipated demand during the upcoming festive season is poised to further amplify this trend, setting the stage for an upward trajectory in residential sales in the ensuing months.
The exporter-heavy FTSE 100 index opened flat on Thursday as declines in miner shares after weak China data were mitigated by gains in homebuilder stocks.
The blue-chip FTSE 100 index was flat in early trade, while the mid-cap index was up 0.1%.
Industrial metal miners were down 0.9%, tracking lower metal prices after data showed China's manufacturing activity contracted for a fifth straight month in August.
Precious metal miners fell 1.7%, leading sectoral declines.
Weighing further on the miners were Glencore and Endeavour Mining, down 4.8% and 2.0% respectively as both stocks traded ex-dividend. (Reuters)
China’s manufacturing contraction eased slightly in August and a gauge of new orders improved, providing some hope that the worst of the sector’s slump may be ending.
The official manufacturing purchasing managers’ index rose to 49.7, topping estimates and edging closer to the 50 level that would signal activity has stopped contracting.
While market reaction to the figures was muted, they offered tentative evidence that targeted efforts to shore up the economy are having some effect. The nation’s manufacturers have been struggling for months because of a slump in global demand and subdued domestic spending. Policymakers have so far been reluctant to roll out massive stimulus, with some economists suggesting the official annual growth target of about 5% is at risk. (Bloomberg)
Banking giant UBS said Thursday that its merger with former rival Credit Suisse and full absorbtion of its Swiss unit would cause 3,000 job cuts in Switzerland in the coming years.
"Around 1,000 redundancies will result from the integration of Credit Suisse Schweiz," UBS chief executive Sergio Ermotti said in a conference call with analysts, adding the overall restructuring was "expected to lead to about 2,000 additional redundancies in Switzerland over the next couple of years". (AFP)
In its latest report, the Organized Crime and Corruption Reporting Project (OCCRP), claimed that Adani family partners invested millions to buy their own shares for years. The details shared in the report reaffirms claims made by American short-seller Hindenburg against Adani group.
“Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books," tweeted Hindenburg Research in response to the OCCRP report. (Read More)
Chinese President Xi Jinping is expected to be absent from the forthcoming G20 leaders' summit in India, according to sources familiar with the situations in both India and China.
As reported by Reuters and based on insights provided by two Indian officials—a diplomat based in China and another official representing a different G20 nation—Premier Li Qiang is likely to represent Beijing at the New Delhi summit scheduled for September 9-10. (Read More)
Indian officials have formally requested the United States to unfreeze a substantial sum of $26 million ( ₹215 crore) belonging to two prominent Indian diamond companies, Reuters has reported citing government sources.
These funds were frozen in relation to alleged trade connections with the Russian diamond giant Alrosa, which has been subjected to sanctions by the US Treasury's Office of Foreign Assets Control in April 2022. (Read More)
Tata Power Renewable Energy Ltd. on Thursday said that it has signed a power delivery agreement with Sanyo Special Steel Manufacturing India Pvt. Ltd. (SSMI) to set up a captive solar plant in Aachegaon, Maharashtra.
“The plant located at Aachegaon, Maharashtra, is to generate 61.875 MUs (million units) of electricity in a year and would supply power to Sanyo Special Steel Manufacturing located within the state," the subsidiary of Tata Power said in a statement.
The project will likely be commissioned by March 2024. (Read More)
The share buyback initiative by Piramal Enterprises has commenced today and will continue to accept applications from eligible shareholders until September 6, 2023. This buyback offer stands at a rate of ₹1250 per share and will be executed through the tender route. For this purpose, Piramal Enterprises Ltd intends to utilize a sum of up to ₹1,750 crore from its capital reserves. (Read More)
Ashish Shah of JM Financial Institutional Securities recommendations on MTAR Technologies: Robust credentials and strong growth outlook
Company Update BUY INR 2,770
MTAR Technologies (MTAR) offers a niche business model backed by decades of proven engineering capabilities and long standing relationships with clients like DRDO, NPCIL and ISRO. Clean Energy is an emerging space and MTAR has established itself as a reliable partner for supplies of power units, electrolysers and other components to US based Bloom Energy (CY22 revenue: USD 1.2bn). MTAR also offers highly engineered and critical products in the Nuclear, Space and Defence segments. It delivered a robust revenue/EPS CAGR of 39%/42% over FY20-23 and targets revenue of INR 30bn in FY28E (implied CAGR of 39%). Key drivers will be i) continued scale up in supplies to Bloom and addition of new clients (e.g Fluence Energy) in the clean energy segment iii) anticipated large order win of c.INR5bn in the Nuclear Energy segment, iv) supplies of critical components to upcoming programmes of ISRO and v) ramp up in supplies of in-house developed products aimed at import substitution. Order book as on June-23 at INR10.8bn (+41% YoY) remains strong. We estimate a robust revenue/EPS CAGR of 38%/39% over FY23-26E with an improving cash conversion cycle and return ratios. The coverage stands transferred to Ashish Shah. Maintain BUY with a revised TP of INR 2770 (35x Sep’25E EPS).
Persimmon Plc’s pending exit from the FTSE 100 Index after a decade-long stay provides the latest sign of how the highest UK interest rates since the global financial crisis are crushing the country’s property-related stocks.
Index compiler FTSE Russell confirmed late Wednesday that the homebuilder is one of four stocks that will be relegated to the midcap FTSE 250 Index, where it will join other former members of the blue-chip gauge, including commercial property landlord British Land Co. and mall developer Hammerson Plc.
The change, brought about by tumbling share values, will further reduce the already-small presence of real estate investment trusts and home construction stocks in the FTSE 100. Their weighting in the gauge has fallen from almost 3% before the pandemic to about 1.7%, according to data compiled by Bloomberg. (Bloomberg)
Bharat Heavy Electricals Limited (BHEL) witnessed a surge of over 2% in its share price, reaching a new 52-week high during early trading on Thursday. This upswing was triggered by the company's successful acquisition of an order valued at ₹15,530 crore from the state-owned NTPC for a thermal power plant. On the Bombay Stock Exchange (BSE), BHEL's shares experienced an ascent of 2.35%, reaching ₹121.45 per share.
The substantial order secured by BHEL involves the establishment of the 2x800 MW Supercritical Thermal Power Project Stage-II situated in Lara, Chhattisgarh, catering to NTPC's requirements. (Read More)
Aeroflex Industries IPO Listing: Ashish Kacholia backed Aeroflex Industries Ltd made a stellar stock market debut on Thursday. Aeroflex Industries shares were listed with a premium of 82.78% at ₹197.40 apiece on the BSE as against the issue price of ₹108 per share.
On NSE, Aeroflex Industries shares were listed at ₹190.00 apiece, a premium of nearly 76% to the issue price. (Read More)
Adani group denied this OCCRP report and issued a press statement just ahead of India's stock market's opening bell citing these news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.
Adani Power shares lost over 3 per cent during morning deals whereas Adani Transmission share price tumbled to the tune of 3.3 per cent in early morning session. Adani Enterprises share price lost to the tune of 2.50 per cent while Adani Green Energy and Adani Total Gas lost to the tune of 2.25 per cent during Thursday deals. (Read More)
Daily Commodity Outlook by Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd:
GOLD Outlook: We expect gold to trade higher towards 59600 levels, a break of which could prompt the price to move higher to 59650 levels.
CRUDE Outlook: We expect crude to trade higher towards 6810 levels, a break of which could prompt the price to move higher to 6870 levels.
BASE METALS Outlook: We expect copper to trade higher towards 741 levels, a break of which could prompt the price to move higher to 743 levels.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The declining bond yields in the US has turned the global market construct favourable for equities. But this is unlikely to create a highly favourable environment in the Indian market since the poor monsoon is becoming a major worry. Unless the rains revive soon, the economy and markets will come under a cloud. It is important to remember that the RBI’s projection of FY24 inflation at 5.4% is based on a normal monsoon. Presently, the probability of a deficient monsoon is high. This will impact GDP growth and keep inflation elevated. The impact on the FMCG sector will be high. Investors may consider tweaking their portfolio with higher weightage for more inflation-proof segments like pharmaceuticals and export-oriented sectors like IT."
The Indian rupee opened 8 paise higher against the US dollar on Thursday amid a fall in dollar index after downward revision to second quarter US economic growth. The local currency opened at 82.65 a dollar as compared to previous close of 82.73.
The US dollar index dropped to near 103 and the US Treasury retreated after weaker-than-expected growth and labour market data raised expectations that the US Federal Reserve will not raise interest rates further. (Read More)
India's gross domestic product (GDP) likely accelerated to 7.7 per cent in the April-June quarter of current fiscal (2023-2024), recording the fastest annual pace in a year, driven by the services sector and greater capital expenditure.
Economists see the country's economic growth at a four-quarter high with the GDP estimated in the range of 7.8-8.5 per cent in Q1FY24, almost in sync with the projection by the Reserve Bank of India (RBI) at its latest bi-monthly monetary policy committee (MPC). (Read More)
Jackson Square Aviation Ireland Ltd, the lessor for grounded airline Go First, has moved the National Company Law Appellate Tribunal (NCLAT) seeking directions to prevent the airline’s parked aircraft from being used for flight operations, a counsel connected to the case confirmed to Mint.
The lessor’s legal action is against the resolution professional (RP) of the airline, Shailendra Ajmera, and is scheduled for a hearing on Thursday at the NCLAT. (Read More)
Ashish Kacholia-backed Aeroflex Industries Ltd is set to make its stock market debut on Thursday. The IPO of Aeroflex Industries, the manufacturer of metallic flexible flow solution products, received strong investor response during its subscription period from August 22 to August 24. Aeroflex Industries IPO raised ₹351 crore from the initial share sale. The current trends in the grey market indicate a strong listing for Aeroflex Industries shares on BSE and NSE.
Top stocks in focus today:
- HPCL/IOL: Govt to bear cost of promised price decrease on cooking gas cylinders.
- Aeroflex Industries: IPO set for strong listing.
- Zomato: SoftBank sells 1.17% stake.
- Sula Vineyards: Verlinvest Asia to divest 12.56% ownership.
- Rail Vikas Nigam: Lowest bidder for Maharashtra Metro Rail projects.
- Hindustan Aeronautics: In talks with Indian entities to manufacture defence transport aircraft.
- Spandana Sphoorty Financial: Entities offload shares worth ₹268 crore.
- BHEL/NTPC: BHEL secures contract from NTPC.
- LT Foods/KRBL/Chamanlal Setia Exports: Govt permits non-basmati white rice exports.
- Natco Pharma: Invests $2 million in ISCA Inc. (Read More)
The National Company Law Appellate Tribunal (NCLAT) is set to hear the IDBI bank's plea against Zee Entertainment related to insolvency proceedings on Thursday.
"Learned Counsel for Appellant prays for and is allowed a week’s time to file the Additional Affidavit," said the NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, reported PTI. (Read More)
India's billionaire businessman Gautam Adani's family secretly invested millions of dollars in its own companies via “opaque" Mauritius funds, reported the Organised Crime and Corruption Reporting Project (OCCR) in its latest article.
These funds “obscured" the involvement of alleged business partners of the Adani family. Notably, the allies of the Adani family may have spent years discreetly investing in Adani Group's own companies in the stock market during its rise in India, reported The Guardian referring to offshore financial records. (Read More)
Amid central government's push to make a manufacturing hub for the world, its financial incentive plan to boost local production is receiving good response. Till now, some of the world's biggest firms like Dell Technologies Inc. , HP Inc. and Apple Inc. supplier Foxconn Technology Group, have applied for the scheme.
Indian Premier Narendra Modi’s $2.1 billion financial incentive plan — a bid to boost local production of technology hardware such as laptops, personal computers, tablets and servers — has received an overwhelming industry response, Tech Minister Ashwini Vaishnaw said Wednesday. (Read More)
Four entities on Wednesday offloaded shares of NBFC firm Spandana Sphoorty Financial for ₹268 crore through open market transactions.
Valiant Mauritius Partners FDI, Valiant India Opportunities, Valiant Mauritius Partners and Valiant Mauritius Partners Offshore were the entities that sold the shares of Spandana Sphoorty Financial on the BSE.
According to the bulk deal data available with the BSE, they offloaded a total of 35 lakh shares of Spandana in four tranches.
The shares were sold in the price range of ₹765-765.38 apiece, taking the combined transaction value to ₹267.78 crore. (PTI)
Minister of Petroleum and Natural Gas, Hardeep Singh Puri, announced on August 30th that the government will cover the expense of the anticipated ₹200 reduction in the cost of household cooking gas cylinders, thereby alleviating the oil marketing companies from an anticipated loss of ₹7,500 crore.
In a pre-Raksha Bandhan gesture aimed at women, the Union Cabinet took a step on Tuesday to reduce the price of a 14.2-kilogram LPG cooking gas cylinder by 200 rupees. This move was prompted by increasing criticism of the government's management of escalating inflation. (Read More)
On August 30th, SoftBank Vision Growth Fund executed a transaction in which they sold a 1.17 percent ownership stake in the food delivery company Zomato. This deal, as reported by Reuters using exchange data, held an approximate value of ₹947 crore (equivalent to $114.7 million).
As an entity within Japan's SoftBank Group, this venture capital entity successfully sold 100 million shares at a price of 94.7 rupees each through bulk transactions, as detailed in the report.
Notably, based on information from the National Stock Exchange, the entities that acquired shares of Zomato encompass the International Monetary Fund, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs (Singapore), Invesco Mutual Fund, and Kotak Mahindra Life Insurance. (Read More)
Embraer Defense & Security is in talks with five Indian entities, including Hindustan Aeronautics Ltd (HAL) and Tata group, to manufacture defence transport aircraft in India, a top executive at the Brazilian plane maker said. The company hopes to finalize and announce its partner by the end of this year.
“It is important to say we are watching a lot what those big players are doing here in India; we are learning from them; and we are in touch with them as well. We are talking to four or five companies to discuss the MTA (Medium Transport Aircraft) programme, and these companies are from both the government and private sector," João Bosco da Costa Junior, president and chief executive, Embraer Defense & Security, said in an interview. (Read More)
Stocks ended modestly higher Wednesday, extending Wall Street's recent winning streak to its fourth day in a row and chipping away more of the market's losses this month.
After a choppy day of trading, the S&P 500 closed 0.4% higher. The benchmark index remains down 1.6% for August, with one trading day left in the month. The Dow Jones Industrial Average edged up 0.1%, while the Nasdaq composite added 0.5%.
Wall Street's focus this week remains a broad mix of data that investors hope will paint a clearer picture of where the economy is headed and whether the Federal Reserve has enough reason to hold off on further interest rate hikes.
A survey of private-sector employers in the U.S. showed that hiring cooled more than expected by economists. The report reinforces the latest government data on job openings from Tuesday, which also showed that hiring is cooling somewhat.
The U.S. downgraded its economic growth estimate for the second quarter to an annual rate of 2.1% from 2.4%. Economists had forecast that the gross domestic product, or GDP, assessment would remain unchanged though it still marks a slight increase from growth of 2% during the first quarter. (AP)
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