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Stocks Close Below Record Amid U.S. Inflation Worries; Oil Climbs

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WASHINGTON:World stock indexes slid on Tuesday, bringing a multi-day rally of record closing highs to a wrap as profit-taking and worries over ongoing inflation fueled a broad selloff.

The retreat came as a solid rise in producer prices last month deepened concerns over inflation and oil prices have soared to seven-year highs, driving up the U.S. retail gasoline cost to $3.42 a gallon, the highest in seven years. Meanwhile, U.S. Treasury yields edged lower.

After the U.S. Labor Department said producer prices increased solidly in October, investors heavily bought government-backed debt obligations. The data indicated that high inflation, which has become a bigger concern for investors than the COVID-19 crisis, could persist as supplies remain tight.

Wednesday’s CPI report will be scrutinized for clues regarding the extent to which producer prices are being passed along to the consumer, whose spending represents about 70% of the U.S. economy.

Oil prices rose to a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.

U.S. crude was recently up 3.11% at $84.48 per barrel and Brent was at $85.04, up 1.93% on the day.

The pan-European STOXX 600 index lost 0.19% while MSCI’s gauge of stocks across the globe shed 0.23% after coming within a point of uncharted highs earlier in the session.

Global equities had hovered near all-time highs as investors weighed strong earnings, easing travel curbs and U.S. infrastructure spending against inflation risk that may lead to tighter monetary policy.

“Markets have risen fast and strong, there’s been a vigorous rebound but the catalyst provided by the third-quarter earnings season is coming to an end,” said Emmanuel Cau, head of European equity strategy at Barclays.

Cau noted that market positioning was far from extreme and that many investors remained prudent despite no imminent threat to the rally.

He argued it was “healthy” to see markets pause to digest upbeat corporate earnings and news that major central bankers were in no rush to raise interest rates.

Fears of a sudden tightening of monetary policy sparked a fixed-income selloff in October but government bond yields have since turned lower.

“Central bank pushback against early tightening supports a pro-risk stance,” JP Morgan analysts told clients in a note.

The Dow Jones Industrial Average fell 0.31% and the S&P 500 lost 0.35%. The Nasdaq Composite dropped 0.6%.

The yield on 10-year Treasury Inflation Protected Securities dipped as low as -1.21%, the lowest since early August, and the yield on 30-year TIPS touched a record low of -0.592%

The benchmark 10-year yield was last down 5.8 basis points to 1.439%. The yield on the 30-year bond reached as low as 1.795%, the lowest since July, and was last down 6.9 basis points to 1.819%.

Yields for both the U.S. and the euro zone benchmark are trading close to one-month lows.

“The headline inflation numbers we’re getting monthly, it’s no longer a phenomenon for investment professionals, now it’s hitting the mainstream,” said Kevin Flanagan, head of fixed income strategy for WisdomTree.

Market analysts awaited Wednesday’s U.S. consumer prices data. A stronger-than-expected reading would rekindle talk of the Federal Reserve raising interest rates sooner than expected.

The dollar index fell 0.094%, with the euro up 0.08% to $1.1595.

The Japanese yen strengthened 0.33% versus the greenback at 112.86 per dollar, while Sterling was last trading at $1.356, down 0.01% on the day.

Oil prices rallied as the passage of the U.S. infrastructure bill and China’s export growth supported the outlook for energy demand.

Saudi Arabia’s state-owned producer, Aramco, also raised the official selling price for its crude.

Gold prices climbed to their highest level since early September in tandem with a softer dollar ahead of U.S. inflation data due out later in the week.

Spot gold added 0.4% to $1,831.53 an ounce.

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Getting to T20 World Cup final would be hell of an achievement: Morgan

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England are missing a number of their top players due to injuries and skipper Eoin Morgan feels it will be “hell of an achievement” if he can lead this team to the finals of the ICC T20 World Cup here.


England are without the services of star cricketers like Ben Stokes, Jofra Archer and Sam Curran. Opener Jason Roy too was ruled out of the remainder of tournament after suffering a calf injury during their last game against South Africa.


“I think it would be a really strong representation of what the 50-over side have achieved since 2015,” Morgan said when asked where would he rank a final appearance at the T20 World Cup among his white ball achievements as England captain.


“I think we had a glimpse of that during our summer when we had to replace 15 players against Pakistan and they ended up beating Pakistan’s strongest ODI team 3-0,” Morgan said.


“…I think if we could achieve something like that it would be, yeah, quite close to, oh, you might only get to the final and lose, but getting to the final would be a hell of an achievement.”

England face New Zealand in the first semifinal on Wednesday and even though the ODI world champions topped their group in the Super 12, Morgan doesn’t feel they are the “strong favourites”.


“I wouldn’t say strong favourites. New Zealand have a full strength squad. We’ve obviously been hampered with a lot of injuries throughout this tournament,” said Morgan, who had led England to a runners-up finish in the 2016 edition.


“We’re playing really good cricket. The guys are extremely excited about the challenge against New Zealand and potentially the opportunity that might follow that. But we need to play really good cricket in order to beat them.”

Morgan said New Zealand have consistently reached the knockout stage of big tournaments over the years and it would be a big challenge to face them.


“We know how good New Zealand are. We know how consistent they’ve been over the last number of World Cups, not only the recent ones but you look further and beyond Kane’s role as captain,” he said.


“New Zealand have always been extremely competitive in and around semifinals and finals, consistently, for some time now. So we’re looking forward to the challenge.”

English cricket was rocked by a racism scandal when it emerged that former Yorshire player Azeem Rafiq was a victim of racial harrassment and bullying.


Morgan said the racism issue was as relevant as the team’s playing successes and they “continued to chat” about it.


“We definitely don’t shelter anything that’s going on, particularly things as serious and as relevant to our squad as anything that we’ve ever done, really,” he said.


“So when matters of such a serious nature ever arise, particularly when it comes to discrimination and bear in mind that we talk about discrimination quite a lot because in our group there are a lot of diverse, a lot of diversity.


“After winning 2019 World Cup and becoming a more formidable side with a bigger platform, that has allowed us to feel comfortable enough to tell our different stories…ultimately feel comfortable within our own skin to play great cricket on the field but also to be a really strong role model on the field.

(Only the headline and picture of this report may have been reworked by the PRESS24 NEWS staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

PRESS24 NEWS has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

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RBI governor, top bankers to bring down curtains on BS-BFSI summit today

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The mega PRESS24 NEWS BFSI Insight Summit will come to a fitting finale on Wednesday, with Reserve Bank of India (RBI) Governor Shaktikanta Das holding forth on issues affecting the economy and how the central bank plans to navigate them, followed by a high-profile panel discussing the future of Indian banking.


Das, who recently received a three-year extension for his deft handling of the economy during the Covid-19 pandemic, will engage in a fireside chat with PRESS24 NEWS’s consulting editor Tamal Bandyopadhyay, from the RBI headquarters. The event starts at 4 pm.





One can expect the RBI governor’s candid views on such pressing issues such as normalisation from the extraordinary monetary stimulus, inflation at a time when crude oil prices are on the rise while the government shows flexibility by lowering taxes, US Federal Reserve policy taper and the resultant volatility, as well as lacklustre credit growth that must be fixed to prop up an economy that has just started taking baby steps out of the pandemic.


The most-awaited chat with the RBI governor will roll into the bankers’ panel, bringing down the curtains on an incisive summit that ran for nine days, spanning 11 sessions.


The bankers panel will comprise the Who’s Who of the Indian banking industry. State Bank of India Chairman Dinesh Kumar Khara, Axis Bank Managing Director (MD) and Chief Executive Officer (CEO) Amitabh Chaudhry, Union Bank of India MD and CEO Rajkiran Rai G, Citibank India CEO Ashu Khullar, IDBI Bank MD and CEO Rakesh Sharma, and IDFC FIRST Bank MD and CEO V Vaidyanathan will brainstorm on the topic for the evening: Indian Banking: Past Imperfect, Present Tense, but Future Bright.


The BFSI summit was followed widely online, and PRESS24 NEWS’s print and online coverage on the topics were debated, discussed and were among the most read stories for the day, underlying the intellectually stimulating discussions that bright minds of the country, including keynote speakers of the highest calibre, engaged in in these sessions.

Dear Reader,

PRESS24 NEWS has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to PRESS24 NEWS.

Digital Editor


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The market seems to be reluctant to pick up the upside momentum and is stuck at the hurdle of 18,100 levels, says Subash Gangadharan of HDFC Securities..

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