Roundup: S&P +0.56%. Dow +0.58%. Nasdaq +0.43%. Gold $1,590.40. London +0.74%. Germany +1.10%. France +0.93%.
U.S. regulators are scrutinizing whether prices are being manipulated in London, where a handful of banks meet twice daily and set the spot price for a troy ounce of physical gold. (WSJ) [stockquote]GOLDBEES[/stockquote]
Will RBI cut rates next Tuesday? Core inflation, which measures the rate of price increase in non-food manufactured goods and is usually regarded as an indicator of consumer demand, eased to 3.76%, below RBI’s target of 4%. (ET)
The country’s top three private sector banks — ICICI Bank, HDFC Bank and Axis Bank — said they will investigate allegations by an online magazine Cobrapost.com that their executives at some branches and insurance affiliates had offered to convert politicians’ black money (or tax-evaded income) into white (legitimate income). (HBL) [stockquote]ICICIBANK[/stockquote] [stockquote]HDFCBANK[/stockquote] [stockquote]AXISBANK[/stockquote]
Titan has been having a rough year. Concerns over a proposal by the RBI of linking the gold leasing rate (about 3.5% at present) to the base rate (about 9-10%) can potentially reduce its earnings by up to 10%. Also, the company opting for direct import of the metal can trigger additional working capital needs which can reduce earnings by up to 4%. Keep an eye out for some technical buying soon. (ET) [stockquote]TITAN[/stockquote]
On sugar deregulation: “Sugar needs to get deregulated as it has been under control since its inception and the deregulation commissions have just sat for the last 40 years. We are hopeful that this time it will go through.” (ET)
Sometimes, the right thing to do is to just drink coffee:
Have a nice weekend!