European markets opened lower Tuesday, impacted by anticipated US Federal Reserve rate hikes and concerns over escalating corporate AI investments. The STOXX 600 index saw a notable dip, with basic resources and tech sectors leading the decline. Asian equities also experienced significant drops. Investors are bracing for further interest rate increases globally as inflation persists, particularly from rising energy costs.
The US dollar surged to a year-high on Tuesday, driven by expectations of a more aggressive Federal Reserve and ongoing Middle East uncertainty. Traders are anticipating rate hikes, with major banks revising their forecasts. Meanwhile, the Japanese yen teetered near a four-decade low, prompting speculation about potential intervention by Japanese authorities amidst growing concerns over sharp currency swings.
Gold prices held steady as U.S.-Iran peace talks progressed, offering a glimmer of regional stability. However, escalating expectations of a December Federal Reserve interest rate hike cast a shadow over the precious metal. Traders are now betting heavily on a rate increase, influencing market sentiment. Other precious metals saw mixed movements.
Bajaj Auto fixed June 24 (Wednesday) as the record date for its Rs 5,633 crore share buyback. Only those shareholders who own the shares of the company in their demat accounts as on the record date will be eligible to tender shares.
Brent crude futures rose 24 cents, or 0.38%, to $78.15 a barrel, while U.S. West Texas Intermediate gained 33 cents, or 0.46%, to $74.19 a barrel as of 0026 GMT.
The US dollar strengthened Tuesday, driven by expectations of a more aggressive Federal Reserve and a rebound in oil prices. Elevated US Treasury yields are also bolstering the greenback. Meanwhile, the Japanese yen is nearing a four-decade low, prompting concerns and discussions about potential intervention. Other major currencies like the euro and pound saw limited movement.
The IPO is entirely a fresh issue worth Rs 585 crore, with no offer-for-sale component. The company has fixed a price band of Rs 769-808 per share, and investors can bid for 18 shares in one lot and in multiples thereafter. The shares are proposed to be listed on both the BSE and NSE on July 1.
The BSE SME issue will close on June 25, while the shares are scheduled to list on July 1. The IPO is priced at Rs 196 per share and comprises a combination of a fresh issue worth Rs 26.65 crore and an offer for sale (OFS) of Rs 5.34 crore, taking the total issue size to Rs 31.99 crore.
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US market saw a mixed close as the S&P 500 and Nasdaq dipped, primarily due to tech giants like Alphabet facing investor scrutiny over AI spending. The Dow, however, edged higher, supported by healthcare and industrial gains. Falling oil prices offered some relief, but a hawkish Federal Reserve stance and upcoming inflation data are keeping investors cautious about future rate hikes.
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