PremiumAdani stocks steadied in the second half of today's session after stock exchanges placed Adani Enterprises, Adani Ports and Ambuja Cements under the short-term additional surveillance measure (ASM) framework. Adani Ports moved into green and Adani Enterprises pared most of the morning losses. Earlier, it was reported that Adani Enterprises shares will be removed from the Dow Jones Sustainability Indices.
Indian benchmark indices climbed more than a per cent on Friday as Adani stocks made a comeback in the second half of today's session. Adani Enterprises was 25% down and Adani Ports by 15% down intraday but ended at a 2% loss and a 5.5% gain, respectively.
Sensex jumped more than 900 points to close at 60,841, while Nifty 50 added almost 250 points to end the week at 17,855.
Titan and Adani Ports topped the stock chart as they jumped more than 6% and 5%, respectively. Bajaj Finserv and Bajaj Finance also gained around 5% each. Divi's Lab sank 12% in today's session. Adani Enterprises fell 2%, and Tata Consumer, BPCL and Hindalco each dropped more than a per cent.
Among sectoral indices, Bank and Finance indices did most of the heavy lifting and gained 2% to 3%. Consumer Durable and Auto also gained a per cent each. Metal, Media, Pharma, and Energy ended in the red.
Asian indices had a mixed day while tracking the overnight Wall Street rally but investors remained concerned about depressing quarterly results by US tech giants.
Tokyo shares closed higher Friday following Wall Street rally on Thursday while investors entered a wait-and-see mode ahead of a key US jobs report. The benchmark Nikkei 225 index gained 0.39%, while the broader Topix index added 0.26%.
China stocks ended lower on Friday with foreign funds halting their buying spree after nearly one month of net inflows, as investors examined China's economic recovery after an expectation-led shares rally.
China's blue-chip CSI 300 Index closed down 1%, while the Shanghai Composite Index lost 0.7%. The Hang Seng Index declined 1.4% and the Hang Seng China Enterprises Index dropped 1.6%.
European shares fell on Friday weighed down by losses in technology stocks after disappointing earnings overnight by their major US counterparts rekindled concerns about global economic demand and the impact of high-interest rates. The pan-European STOXX 600 was down in the morning session.
However, the benchmark index was on track for weekly gains, thanks to a strong increase on Thursday as the European Central Bank's (ECB) hawkish message failed to derail investor hopes of the global rate hiking cycle nearing an end.
UK stocks slipped on Friday after disappointing earnings from Wall Street's tech giants offset a bout of optimism over major central banks nearing the end of their interest-rate hike cycle. The blue-chip FTSE 100 index slipped in the morning session.
Credit ratings agency Moody's warned on Friday that the recent sell-off in Adani group's shares after a short-seller's report could reduce the Indian conglomerate's ability to raise capital, while its peer Fitch saw no immediate impact on its ratings.
Hindenburg Research's scathing attack last week on the group has questioned its debt levels and use of tax havens, but Adani has called the report baseless and affirmed its financials are strong.
"These adverse developments are likely to reduce the group's ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years. We recognise that a portion of the capex is deferrable, and the rated entities do not have significant maturing debt until FY2025," Moody's said in a statement.
The agency said its ratings for Adani Ports and Special Economic Zone, Adani Green Energy and Adani Transmission were not changed.
Mumbai-listed shares of Adani's firms have plunged since last week, and their market value has now more than halved to less than $100 billion. (Reuters)
Over ₹477 crore, of a ₹945 crore corpus fund, has been approved to incubators under Startup India Seed Fund Scheme (SISFS) as on 31 December 2022, Minister of State for Commerce and Industry Som Parkash said on Friday. In a written reply to a question in Rajya Sabha, the minister said, “Under the Scheme, Rs. 477.25 crore has been approved to 133 incubators of which Rs. 211.63 crore has been disbursed as on 31st December 2022." (Read More)
One of India’s largest staffing firms TeamLease Services on Friday said it will buy back shares worth up to ₹100 crore at ₹3,050 per share through the tender offer route, according to an exchange filing. (Read More)
Bonds connected to Gautam Adani's corporate empire may be worth investing in, according to Goldman Sachs and JPMorgan Chase, which have informed so to some clients. As per Goldman Sachs, because of the value of the company's assets, the bonds of Adani Ports & Special Economic Zone Ltd. have become appealing at the current price, Bloomberg reported.
After the announcement of third-quarter results for the current fiscal on Thursday, Birlasoft shares witnessed heavy sell-off pressure in early morning deals. Birlasoft share price today opened downside and hit ₹250.25 apiece within a few minutes of stock market's opening bell today, which is new 52-week low of the It major. Comparing Birlasoft's share price with its 52-week high of ₹501.60 per share that it made in April 2022, the IT stock is around 50 per cent down from its 52-week high. However, Emkay Global believes that the stock may bounce bank and go up to ₹325 apiece levels in long term, delivering around 30 per cent return to its shareholders in long term. (Read More)
Bank of Baroda (BOB) on Friday said it has declared highest ever quarterly standalone net profit of ₹3,853 crore for Q3 FY23, which is up by over 75% from the year ago quarter of ₹2,197 crore. Shares of Bank of Baroda were trading more than 3% higher in Friday's afternoon deals on the BSE at ₹159 apiece.
Its net interest income (NII) grew over 26% to ₹10,818 crore as compared to ₹8,552 crore year-on-year (YoY). The lender said it achieved a total business of ₹20,73,385 crore as of December 2022, registering a growth of 18.5% YoY. (Read More)
The Hyderabad-based company's consolidated net profit came at ₹307 crore, down 66% as compared to ₹902 crore last year.
India's debt and forex markets could have a relatively calm year with rangebound moves as most global and domestic risks are factored in, although greater clarity on most parameters will emerge from April, HDFC Bank's treasurer told Reuters on Friday.
"This year we could see much more rangebound movements in the currency and bond market as well as the banking system liquidity," said Ashish Parthasarthy, treasurer at the country's largest private lender.
"My prediction is that both... will remain stable because geopolitical risks are known."
According to Parthasarthy, with the markets having largely factored in the U.S. Federal Reserve's actions, there would be clarity on where the Reserve Bank of India (RBI) stands in its policy cycle after the February meeting.
The markets have also largely factored in a 25-basis-point (bps) rate hike by the RBI's Monetary Policy Committee next week, he added. (Reuters)
SpiceJet flight's staff and passengers on Friday were involved in a heated argument at Delhi airport. The argument began after the flight got delayed by more than two hours. According to the PTI news agency, a passenger on board the Delhi-Patna flight (8721) was scheduled for departure at 7.20 am from Terminal 3 of the airport.
The flight finally departed around 10.10 am.
A SpiceJet passenger said that initially, the airline staff said the flight was getting delayed due to weather problems but later cited technical issues as the reason for the delay. (Read More)
Fitch Ratings on Friday said that there is no immediate impact on the ratings of the Fitch-rated Adani entities and their securities following a “short-seller report" alleging malpractices at India’s Adani group, and expects no material changes to its forecast cash flow.
“There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable); December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and 2026 or beyond for all other entities – reducing refinancing risks and near-term liquidity risks," the rating agency said. (Read More)
Dabur India Ltd’s weak December quarter (Q3FY23) performance has prompted some analysts to cut earnings estimates for FY23-25. Understandably, shares of the fast-moving consumer goods company on the National Stock Exchange were down more than 4% in morning deals on Friday.
Dabur’s significant exposure to rural markets is a key concern given the sluggish economy. The company has observed downtrading by rural consumers, it said in the earnings call. Dabur saw green shoots of revival in rural demand in December but the recovery is likely to be gradual at best. (Read More)
Chemical stock GMM Pfaudler has been under sell-off heat since early morning deals. GMM Pfaudler share price today opened downside and went on to hit intraday low of ₹1,537 apiece on NSE, logging around 4.50 per cent dip from its Thursday close. While nosediving in intraday trade this Saurabh Mukherjea's portfolio stock is just around 20 per cent away from its 52-week low of ₹1,256 apiece.
According to stock market experts, GMM Pfaudler stocks are falling today due to the weak quarterly results announced yesterday. They said that the stock is a quality stock and belongs to one of the three Saurabh Mukherjea's Little Champ stocks. So, this dip can be a good opportunity for positional investors who have a long-term horizon. However, they advised investors to wait for breakout expected at ₹1,700 apiece levels or at ₹1,250 support level as the stock is trading in this ₹1,250 to ₹1,700 per share range. (Read More)
Aptus Value Housing Finance India Ltd financial results for the 9 months ended 31 December 2022.:
❖ AUM at Rs. 6307 crores (up 31% Y-o-Y)
❖ Disbursements stood at Rs.1734 crores (up 55% Y-o-Y)
❖ Spread at 14.45% (up 0.21% Y-o-Y)
❖ PAT at Rs. 368 crores(up 41% Y-o-Y)
❖ Gross NPA at 1.44%/Net NPA at 1.08% (NPA computed based on RBI
circular dated 12 Nov 2021)
Gaurav Jani – Research Analyst, Prabhudas Lilladher Pvt Ltd:
HDFC (HDFC IN): Rating: BUY | CMP: Rs2,613 | TP: Rs3,000
Q3FY23 Result Update - NII accretion catching up with loan growth
Quick Pointers:
§ Asset quality surprised positively; GNPA reduced 13bps QoQ to 1.4%.
§ Slight miss on core PAT (3%), due to lower NII and assignment income.
Our core profitability estimates for FY24/25E largely remain unchanged, while NIM and merger related approvals remain key monitorables. HDFC Q3FY23 earnings were mixed, while core PAT missed PLe slightly (3%) due to lower NII and assignment income, asset quality was better. GNPL/stage-2 reduced by 10/21bps QoQ to 1.8%/2.8%. AuM growth was a miss at 12% YoY (PLe 14%). Strong momentum in individual continues (+17% YoY), although non-individual de-grew 4.0% YoY as few loans were not renewed since they would have been disallowed (post-merger) under RBI guidelines. With asset repricing catching up with liabilities and increase in lending rates, NIM could further improve by +10bps to 3.49% in Q4FY23. We maintain our multiple at 2.3x on Sep’24 core ABV and keep TP unchanged at Rs3,000. Retain BUY.
The Indian rupee was hovering near its lowest level in over three weeks versus the U.S. dollar on Friday, pressured by worries over the acceleration in equity outflows.
The rupee was at 82.2775 per dollar at 10:40 a.m. IST, compared with 82.1725 in the previous session and at its lowest level since Jan. 9.
The local currency earlier hit a session high of 82.0825.
Speculators, who were hoping for a recovery in the rupee, will be discouraged by the opening price action and any tiny short dollar positions will be looking to exit, a trader at a private sector bank said.
Foreign banks once again were on the bid on USD/INR, while there were decent offers from exporters, he added.
Overseas investors were sellers of around $375 million of Indian equities on Thursday, according to BSE preliminary data. (Reuters)
Amid the Adani-Hindenburg row, the opposition parties have come together to question the 'silence' of the Central government on the issue. Congress party has accused Prime Minister Narendra Modi of 'protecting' his 'friend'. Since Modi came to power, Adani has become the poster child for his administration’s use of private capital to boost infrastructure and domestic manufacturing. Now that the conglomerate’s ability to keep delivering is coming into question, the market crash has spilled into politics, with Modi’s rivals sensing weakness.
Here's what opposition parties think about the Adani-Central government ties: (Read More)
Apple CEO Tim Cook has announced Apple's financial results for the fiscal 2023 first quarter which ended on December 31, 2022. Cook mentioned during the earnings call that the Cupertino-based company’s quarterly revenue dropped five per cent over the year. Apple posted quarterly revenue of $117.2 billion. Hence, Cook said that he is very bullish on India.
During the earnings call, Tim Cook said, “Looking at the business in India, we set a quarterly revenue record and grew very strong double digits year over year and so we feel very good about how we performed." Although the overall quarterly revenue dropped for the American company, it performed well in India. (Read More)
Elevated interest rates may still cause a recession in the US and Europe and that’s a risk scenario for Asia this year, according to Asian Development Bank President Masatsugu Asakawa, who some economists see as a contender for Bank of Japan governor.
Unlike in Japan, labor markets in the US and Europe could keep tightening to fuel strong wage pressure that would limit central banks’ scope for cutting rates, resulting in a recession, Asakawa said in an interview Thursday.
“The main scenario is a soft landing," said Asakawa. “But the risk of entering a recession isn’t zero."
Separately, the ADB chief also flagged the organization’s latest efforts to help finance climate change-response measures.
Asakawa’s comments come with BOJ watchers scrutinizing the views of possible candidates to replace Haruhiko Kuroda as central bank governor. (Bloomberg)
The National Company Law Tribunal (NCLT) on Thursday barred lenders of bankrupt Reliance Capital (RCap) from conducting a second auction of its assets, terming it an “illegal mechanism" to circumvent rules of India’s bankruptcy code.
The tribunal further directed the RCap administrator to conclude the resolution process.
Torrent Investments emerged as the top bidder in the RCap bankruptcy auction with an offer of ₹8,640 crore. However, Hinduja Group firm IndusInd International Holdings Ltd (IIHL) offered to pay ₹9,000 crore after the auction ended; when lenders decided to conduct a second auction to determine the winner—called extended challenge mechanism—Torrent moved NCLT. (Read More)
The poster boy of bank stocks, State Bank of India, or SBI, will post its third quarter numbers today. Overall performance from banks is expected to be healthy led by strong loan growth and lower credit costs.
The net interest income (NII) of SBI is estimated to come in at ₹37,187 crore for the quarter ended December 31, 2022, said Sharekhan by BNP Paribas. This is 21.2% increase from ₹30,687 crore in the same period a year ago. The brokerage expects the bank's profit to be at ₹13,572 crore - a jump of 61% year-on-year. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The most significant trend in the market so far in 2023 is the big underperformance of India compared to other markets. While S&P 500 is up 8.8% YTD Nifty is down 3.23% YTD. This is in sharp contrast to India’s outperformance in 2022. India’s relative overvaluation is the fundamental reason for this underperformance triggered mainly by the sustained selling by FIIs, which continued yesterday also. The ‘Adani stocks crisis’ also has contributed to the negative sentiments.
Investors may wait and watch for the dust to settle. The Adani crisis impact is slowly diminishing.
The ferocious rally of 3.5% in Nasdaq yesterday is an indication that the market expects a soft landing of the U.S. economy. IT stocks look strong. High-quality private sector banking stocks and capital goods stocks also are on strong wicket.
Douglas Feagin resigned as non-executive, non-independent director of Paytm with immediate effect. It is hereby informed that Mr. Douglas Feagin , NonExecutive, Non-Independent Director of the Company, has tendered his resignation vide letter dated February 2, 2023, with immediate effect, One 97 Communications Ltd or Paytm informed in a regulatory filing. (Read More)
STOCK IN FOCUS
Voltas (CMP 822): Considering the decent earnings growth, higher volume and improved business visibility over the medium-term, we have our BUY rating on the stock, with a Target Price of Rs1,065.
Intraday Picks
MUTHOOTFIN (PREVIOUS CLOSE: 1,026) BUY
For today’s trade, long position can be initiated in the range of Rs1,016-
1,010 for the target of Rs1,060 with a strict stop loss of Rs990.
KOTAKBANK (PREVIOUS CLOSE: 1,762) BUY
For today’s trade, long position can be initiated in the range of Rs1,752-
1,740 for the target of Rs1,810 with a strict stop loss of Rs1,720.
DRREDDY (PREVIOUS CLOSE: 4,370) BUY
For today’s trade, long position can be initiated in the range of Rs4,352-
4,330 for the target of Rs4,440 with a strict stop loss of Rs4,280.
The Indian rupee is likely to open little changed to the U.S. currency on Friday in the wake of the dollar's recovery and worries over equity outflows.
The non-deliverable forwards indicated an opening of around 82.12-82.20 for the rupee versus the dollar compared with 82.1725 in the previous session.
The risks are definitely on the side that the rupee could see more losses, a trader at a Mumbai-based bank said. Market participants, once they assess that the current levels are sustainable, will push the pair higher, he added.
On the back of dollar purchases by foreign banks, which market participants said were likely prompted by equity outflows, the rupee was among the worst-performing Asian currencies on Thursday.
Foreign investors sold about $374 million worth of Indian equities on Thursday, according to preliminary data. That is on top of the $3.5 billion worth of withdrawals in January. Outflows have accelerated on concerns over the fallout of the slump in Adani Group shares. (Reuters)
Vaishali Parekh has recommended three stocks to buy today, here we list out important details in regard to those day trading stocks:
1] HUL: Buy at ₹2634, target ₹2710, stop loss ₹2600;
2] Cummins India: Buy at ₹1449, target ₹1485, stop loss ₹1430; and
3] Kotak Mahindra Bank: Buy at ₹1761, target ₹1810, stop loss ₹1740. (Read More)
ITC, SBI, Divi's Laboratories, Marico, Bank of Baroda, Tata Power, India Cements, and JK Tyre and Industries will be among the stocks in focus as they declare their December quarter earnings today. (Read More)
Indian government bond yields are expected to be little changed in the early session on Friday, as traders await fresh supply via weekly auction, which includes a new 10-year bond.
The benchmark 10-year yield could move in the 7.20%-7.32% range till the auction, a trader with a private bank said. The yield closed up at 7.2959% on Thursday.
A major point of focus would be the cutoff for the new 10-year paper today, especially after a correction was seen in a later trading session yesterday, the trader added.
New Delhi aims to raise 280 billion rupees ($3.41 billion) through the sale of bonds later in the day, and the auction includes 120 billion rupees of a new 10-year paper, which will replace the existing benchmark bond soon.
The new 10-year bond is likely to witness strong demand. The entire yield curve typically aligns with the cutoff of the new 10-year paper. (Reuters)
The ongoing upswing in commercial vehicle sales is likely to stretch beyond the usual three to four years, given the continued government focus on capital expenditure in the infrastructure sector, said Shenu Aggarwal, the newly appointed managing director and chief executive officer of Ashok Leyland Ltd.
While the next year will be one of growth for the medium and heavy commercial vehicle (M&HCV) industry, the positive sales momentum is likely to sustain into the next few quarters beyond FY24 as well, Aggarwal said in an interview. The focus on a green economy is also helping the company drive its electrification plans faster than it had expected, Aggarwal said. (Read More)
Tiger Global-backed Byju’s has fired about 1,500 employees, including senior executives, in the second layoff exercise by India’s most valuable startup in about four months, said four people familiar with the matter.
The layoffs, which underscore the current liquidity crunch in the edtech sector and the broader startup ecosystem, are part of the edtech unicorn’s strategy to optimize costs and outsource operations, the people said on the condition of anonymity.
The latest job cuts are in addition to the 2,500 employees sacked by Byju’s in October, which comprised 5% of its 50,000-strong workforce at the time.
The people cited above said that those impacted by the new round of layoffs are mainly from the design, engineering and production verticals. (Read More)
Indian consumers may have to wait a while before they see television prices drop despite the government announcing a cut in customs duty on open cell components that comprise more than half the cost of a TV set. Presenting the Union budget on Wednesday, finance minister Nirmala Sitharaman halved the customs duty on parts to produce open cells to 2.5%, ‘to promote value addition in manufacturing of televisions’
While this initially got some manufacturers excited about the prospects of passing the benefits to consumers, industry executives and analysts opine that brands will only reap benefits of the revised duties on open cell components once contract manufacturers start local assembly of open cells. (Read More)
Amid the Adani Enterprises rout, Ambuja Cement Ltd and ACC Ltd on 2 February said that no shares of the firms have been pledged by the promoters, who have only provided a "non-disposal undertaking".
Releasing a joint statement to the stock exchanges, both Ambuja Cement Ltd and ACC Ltd termed as "misleading" reports of pledging of shares by the promoters as part of financing their acquisition.
"Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the statement said. (Read More)
Apple Inc. reported its worst holiday performance in four years after supply snags and a softening economy hurt iPhone sales, exposing cracks in what has been one of tech’s most resilient companies.
Revenue fell 5.5% to $117.2 billion in the December quarter, Apple’s biggest sales period of the year, coming in well short of the average Wall Street estimate of $121.1 billion. It was Apple’s first quarterly decline since 2019 and the first time the company has missed analysts’ holiday sales projections since 2015.
The shares slid as much as 5.6% in late trading following the report, though they did pare some of the losses after Chief Executive Officer Tim Cook discussed a rebound in China, which is emerging from strict Covid-19 rules. He also said Apple’s production problems have subsided.
The iPhone and Mac were particular weak spots for Apple last quarter, dragged down by a broader slump afflicting mobile devices and computers. The Covid restrictions in China added to Apple’s woes, making it harder to ship enough of the most popular versions of the iPhone. Timing was another issue: The company didn’t launch new Macs and HomePods until recent weeks, missing the end of the holiday quarter. (Bloomberg)
After inclusion of three Adani group stocks — Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements in ASM (additional surveillance measure) list for short term, Adani Enterprises shares have received another jolt from the US markets. Adani Enterprises shares are now facing removal from the Dow Jones Sustainability Indices, effective prior to open on Tuesday, 7th February 2023. The information has been made in index announcement by the US markets.
Announcing about removal of Adani Enterprises shares from the S&P Dow Jones Sustainability Indices, the Index announcement said, "Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud." (Read More)
Tata Consumer Products Ltd (TCPL) on Thursday reported a 25.63 per cent increase in consolidated net profit at ₹364.43 crore for the December quarter led by growth from the domestic food business.
The company had posted a net profit of ₹290.07 crore for the October-December period a year ago, TCPL, earlier known as Tata Global Beverages Ltd, said in a regulatory filing.
Its revenue from operations was up 8.29 per cent to ₹3,474.55 crore during the quarter under review as against ₹3,208.38 crore in the corresponding period last year.
Total expenses of the Tata group's FMCG arm were 10.13 per cent higher at ₹3,119.73 crore over ₹2,832.68 crore earlier.
Speaking to PTI, TCPL Group CFO L Krishnakumar said: "Food segment was a growth driver for us in the domestic market. Overall portfolio in the food segment grew well. We were up both in pricing and volume during the quarter." (PTI)
The government does not plan to sell additional shares of state-run Life Insurance Corp. of India to the public in FY24 due to unfavourable market conditions and weak retail demand, Tuhin Kanta Pandey, secretary of the department of investment and public asset management (Dipam), said in an interview. Events that adversely affect the markets have repercussions on disinvestment deals as well, Pandey said, alluding to the sell-off in the Adani group stocks and its impact on the wider market.
Disinvestment is affected by market conditions. When we want to sell, there will be a buyer, and their thinking also matters a lot. (Read More)
The National Stock Exchange on Thursday placed as many as three Adani group companies, including Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements, under short-term additional surveillance measure (ASM) framework, effective Friday (3 February, 2023).
This means that these stocks will be subjected to more stringent rules. Also, intraday trading will require 100% upfront margin and is expected to curb a lot of speculation and short selling.
The move by the stock exchange comes after a rout in the shares of the billionaire Gautam Adani's group companies in the aftermath of a scathing report by a US-based short-seller Hindenburg Research.
Adani Group's market losses swelled to more than $100 billion today, a day after its flagship company abandoned a ₹20,000-crore share sale. (Read More)
Wall Street’s bang to start the year got even bigger Thursday, as tech stocks and a surge for Facebook’s parent company led the market higher.
The S&P 500 rallied 1.5% a day after hitting its best level since August. The Nasdaq composite soared 3.3%, while the Dow Jones Industrial Average lagged because it has less of an emphasis on tech. It slipped 39 points, or 0.1%.
Meta helped lead the way with a 23.3% leap after it reported better revenue for the latest quarter than analysts expected and said it expects to spend less this year than earlier forecast. While its latest profit fell short of expectations, Facebook's parent also announced a program to buy back $40 billion of its stock.
Stocks had already been on the upswing through the start of the year on hopes that the Federal Reserve may be set to pause soon on its hikes to interest rates. Such increases help stamp out inflation but also hurt the economy and investment prices.
A day earlier, stocks and bonds took off after Fed Chair Jerome Powell said the central bank is finally starting to see progress in its battle against inflation. Markets took that as a cue that a pause may indeed be imminent, and investors even raised bets for cuts to rates late this year. Rate cuts act like steroids for markets, juicing prices and providing support for the economy. (AP)
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