Wall Street Week Ahead: Jobs data to test US stock market’s soft-landing hopes
Investor hopes for a soft landing for the U.S. economy will be tested next week with the release of key labor market data. The S&P 500 index is up 20% year-to-date, driven by rate cuts and hopes of controlled inflation. The upcoming jobs report could influence future Federal Reserve decisions.
Dow closes at record high as tame inflation report also lifts small caps
“The market at this point..(is) pretty much pricing in a soft landing, and pricing in that we have defeated inflation, and that the Fed will be able to lower rates without causing a bunch of harm to the economy”, said Liz Young Thomas, head of investment strategy at SoFi in New York.
IPO wave sparks unprecedented demand for capital market lawyers
The recent surge in IPOs has created a high demand for capital market specialist lawyers, leading law firms to aggressively hire at partner levels. This increased demand has also driven up the cost of hiring legal advisors for IPOs, which has doubled in the last three years.
Swiggy IPO: Prosus may pocket $500 million; founders snag $36 million via secondaries
Swiggy’s largest investor, Prosus, plans to offload a 5% stake in the company’s upcoming IPO, potentially realizing over $500 million. Other investors like Elevation Capital and Accel will also sell parts of their stakes. Swiggy aims to raise up to $448 million through fresh shares.
IDFC to merge with IDFC FIRST Bank, effective October 1
IDFC Ltd will merge into IDFC First Bank effective October 1, following approval from the National Company Law Tribunal. The merger will dissolve IDFC financial holdings and simplify the corporate structure. IDFC First Bank will issue new equity shares and address accumulated losses, potentially enabling future dividend payments.
Real-time payments gaining ground fast in Asia: JP Morgan
Many Asian countries, including India, are moving away from older payment methods like ACH in favor of real-time systems such as UPI. JP Morgan Chase is investing in distributed ledger technology and partnering with ONDC to support this shift and enhance e-commerce and financial services.
Forex reserves rise $2.8 billion to a new high of $692.3 billion
The Reserve Bank of India’s foreign exchange reserves reached a new high of $692.3 billion in the week ending September 20, driven by a $2 billion surge in foreign currency assets. Foreign investors contributed $10.9 billion to Indian stocks and bonds this month, marking the highest monthly inflow this year.
Promoters sell stake in Sterling and Wilson
Morgan Stanley Asia Singapore Pte, Citigroup Global Markets Mauritius and Societe Generale were among some of the buyers in the deal. Shares of Sterling and Wilson rose 1.63% to close at `652.90 on Friday.
UBS picks 2 pharma stocks that are likely to give 23-26% returns
Ascribing sell ratings to Lupin, Dr Reddy’s Laboratories, Zydus Lifesciences and Aurobindo Pharma, the brokerage said the US generic market has been declining and the pace could worsen.
Accenture revenue guidance lifts sentiment at IT counters
HCL Tech and Coforge gained 1.4% and 1.2%, respectively. Mphasis, Persistent Systems, Infosys and Tata Consultancy Services closed between 0.3% and 0.5% higher. Most of these shares traded 2-4% higher earlier in the day.