Stock Market Today: Asia-Pacific stocks rose on Tuesday as investors awaited the Reserve Bank of Australia’s interest rate decision. In Australia, the S&P/ASX 200 gained 0.15%, reversing previous losses. The Australian dollar rose slightly against the US dollar, closing at 0.6891. The Hang Seng Index in Hong Kong rose 1.04%, led by healthcare and technology stocks.
Wall Street ends down as investors await Fed’s next steps
Investors shifted gears on Monday as they considered the possibility that the Federal Reserve would take longer to begin cutting interest rates.
Traders are watching Fed officials’ speeches this week, including Chair Jerome Powell’s on Tuesday, for any shift in the central bank’s rhetoric after data last week showed that services activity was strong in January, as was job growth.
“We got that huge jobs report, and people have had to rethink the Fed’s and the economy’s outlook. It will be interesting to see if Powell continues his shift from hawk to dove tomorrow “Allspring Global Investments’ senior investment strategist, Brian Jacobsen, agreed.
Stock Market Today: Oil rises 1% in choppy trade on China demand hopes
Oil prices rose in choppy trading on Monday, as markets weighed a rebound in Chinese demand against supply concerns and fears of slower growth in major economies, which could dampen consumption. Brent futures for April delivery rose $1.05, or 1.3 percent, to $80.99 per barrel after trading in the $79.10 to $81.25 range. West Texas Intermediate crude (WTI) rose 72 cents, or 1%, to $74.11 per barrel after reaching highs of $74.41 and lows of $72.25.
Consolidated net profit to likely jump more than 200% to Rs 2,521 crore
Bharti Airtel, India’s second-largest telecom company, is expected to report strong earnings for the December quarter on February 7.
Most analysts anticipate a 150 to 250 percent year-on-year (YoY) increase in net profit for the quarter. According to the average estimates of brokerages polled by Moneycontrol, it will grow by 204 percent to Rs 2,521 crore. It is expected to grow at a rate of around 18 percent over time.
Revenue to grow only 2% on weak demand post festive season
Hero Motocorp, the country’s largest two-wheeler manufacturer, is expected to report a modest 2% year-on-year (YoY) increase in sales and a 3% YoY drop in net profit for the October-December 2022 quarter.
On February 7, the company will release its financial results. According to a Moneycontrol poll of brokerages, standalone revenue from operations for Q3 will be Rs 8,033 crore, down 11.5 percent sequentially. Profit after tax (PAT) is expected to be Rs 667 crore, a 6.8 percent decrease from the previous quarter.
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