Wed, Jan 8, 2025 2:22 PM
India slashes November gold import estimates by whopping $5 billion
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Shares of Hindalco Industries, the Aditya Birla Group company, will be in focus on Thursday, January 9, after its unit Novelis released a preliminary update for the third quarter of financial year 2025 last night. Novelis expects its EBITDA on an adjusted basis to be between $360 million to $370 million, which is lower than the $454 million figure it reported during the same quarter last year.
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Asian shares fell after Wall Street traders refrained from making big bets, with US equity markets set to close ahead of Friday’s jobs report. Stocks dropped in Tokyo and Sydney, with futures for Hong Kong also declining. US contracts slipped, after a range-bound session for the S&P 500 Wednesday. The tech-heavy Nasdaq 100 ended little changed.
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Federal Reserve officials decided to slow the pace of rate-cutting in December due to elevated inflation risks, citing higher inflation readings and continued strength in spending. The Fed cut its benchmark lending rate by a quarter-point to a range of 4.25%-4.5%. Officials expect the US jobs market to remain solid, but are cautious due to upside risks to inflation.
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