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Home > Stock Market Updates > Market Savera - 25/07/2024
Podcast: Stock Market Updates
Episode:

Market Savera - 25/07/2024
Category: Business
Duration: 00:02:04
Publish Date: 2024-07-25 03:33:53
Description: U.S. stocks finished sharply lower on Wednesday, led by a 3.6% drop in the Nasdaq Composite, after disappointing earnings from megacap technology companies initiated a flight to safety by investors and sparked concerns that the AI optimism that has powered stock-market gains is losing steam. The U.S. PMI flash manufacturing output index fell to 49.5 in July - a six month low, unexpectedly slipping into contraction territory as new orders, production and inventories declined. Economists had forecast a reading of 51.5 In Asia, the People’s Bank of China cut its medium-term lending facility rate to 2.3% from 2.5% on Thursday, following a surprise reduction to a key short-term rate to boost slowing economic activity. Equities in Asia declined as investors began pulling back on the artificial-intelligence frenzy that has powered the bull market this year. Japan’s Nikkei 225 extended its six-day losing streak to plunge 2.6%. Reliance gets US approval to resume crude imports from Venezuela Hindustan Zinc explores doubling capacity; launches low-carbon zinc Adani Green Energy operationalises 250 MW wind capacity at Khavda, Gujarat Nifty fell for a fourth consecutive session on July 24 logging its worst streak since May 2024. At close, Nifty was down 0.27% or 65.6 points at 24413.5. Nifty could stay in the 24141-24595 band for the near term. Indian markets could open lower, in line with lower Asian markets today and sharply negative US markets on July 24
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