Q2 preview: Avenue Supermart may see its profits drop by a third

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MUMBAI: Radhakishan Damani-owned Avenue Supermarts may see its profit drop by at least a third in the quarter ended September due to lower footfalls on the back of extended lockdowns amid the Covid-19 pandemic. Kotak Institutional Equities expects the company’s net profit to drop 33.5 per cent year-on-year (YoY) to Rs. 221.7 crore, while it … Read more

Wall Street Weekahead: U.S. earnings improvement expected, but still a weak quarter

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By Caroline Valetkevitch NEW YORK: While good business news has been in short supply, investors may take slight comfort in coming weeks from U.S. corporate earnings that are likely to be bad, but not as bad as they have been. Analysts expect third-quarter S&P 500 earnings to have fallen 21 per cent compared with the … Read more

Biden basket vs Trump trade: Picking a presidential stock portfolio

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By Lewis Krauskopf The Nov. 3 presidential election between President Donald Trump and former Vice President Joe Biden could have dramatic effects across markets, and investors are already trying to identify potential winners and losers. Broadly speaking, analysts say Biden’s plan to raise corporate taxes could pressure company earnings. But they expect him to support … Read more

Rich families view markets with ‘extreme’ caution, Citi says

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By Julia Fanzeres The coronavirus pandemic and the response by governments and central banks have family offices and ultra-wealthy individuals around the world on the defensive, according to a survey from Citigroup Inc.’s private bank. About three-quarters of respondents described their 12-month investment sentiment as “cautious.” That increased to 84% when adding those who said … Read more

Detached from reality? Why US stocks just hit a new high

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NEW YORK: Has Wall Street missed the news that we are in a pandemic? The US economy remains battered by the coronavirus outbreak and Congress is deadlocked on another stimulus bill – yet the US stock market just hit a new record intraday high. While it may seem like investors have failed to factor in … Read more

Citi gives away $900 million by mistake, now three lenders refuse to return the money

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The mistaken payment was first reported by LevFin Insights. By Katherine Doherty and Jenny Surane Even for Citigroup Inc., it was big money. On Wednesday, loan operations staff at the New York bank wired $900 million, seemingly on behalf of Revlon Inc., to lenders of the troubled cosmetics giant controlled by billionaire Ron Perelman. It … Read more

Dollar drop seen bolstering Asia’s stock rally by luring inflows

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By Gregor Stuart Hunter The sliding U.S. dollar is buttressing the case for a further recovery in Asian shares despite jitters caused by spikes in coronavirus cases. The drop in the greenback — about 4% in July alone — may spur flows to Asian markets, fund managers and strategists said. The MSCI Asia Pacific Index … Read more