Low Inflation Seen Helping Indian Rupee Weather Middle East Storm
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:
Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Local equities are looking up, with Nifty futures pointing to a positive start. However, the mood's still cautious with no signs of a let up in Israel-Iran conflict. Oil's still a key focus for traders, given the conflict's impact on India, a major energy importer. Also of interest will India's trade data to be announced later in the day.
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Yahoo
an hour ago
- Yahoo
Boeing Stock Dropped Following News of Air India Crash—These Are the Key Price Levels to Watch
Boeing shares will likely remain in focus after slumping to end last week following news that one of the company's aircraft was involved in an Air India plane crash. The stock staged a news-driven breakdown from a rising wedge pattern in Thursday's trading session, potentially setting the stage for a deeper retracement. Investors should watch crucial support levels on Boeing's chart around $187 and $163, while also monitoring vital resistance levels near $218 and $ (BA) shares will likely remain in focus after slumping to end last week following news that one of the company's aircraft was involved in an Air India plane crash on Thursday. While air safety experts have said that at this time there is no reason to think a manufacturing or design problem caused the incident, it comes as the aircraft manufacturer faces heightened scrutiny over its production processes following several mishaps involving its planes, including a door plug detaching in midair on an Alaska Airlines 737 Max 9 flight in January last year. Boeing shares fell 4.8% on Thursday and dropped another 1.7% on Friday, closing the week at around $200. The stock still trades about 13% higher since the start of the year. In recent months, the shares have been boosted by optimism that the company could be a beneficiary in a long term trade deal with China and Beijing's withdrawal of a ruling imposed in early April that barred the country's airlines from taking delivery of Boeing planes. Below, we take a closer look at Boeing's chart and use technical analysis to identify crucial price levels worth watching out for. Boeing shares staged a news-driven breakdown from a rising wedge pattern in Thursday's trading session, potentially setting the stage for a deeper retracement. The selling, which occurred on the highest volume since last October, coincided with the relative strength index falling toward its neutral threshold, signaling accelerating downside momentum. Amid the potential for further price swings, let's identify crucial support and resistance levels on Boeing's chart that investors will likely be watching. Follow-through selling could see the shares initially test the $187 level. The shares find a confluence of support in this area near the upward sloping 50-day moving average and multiple peaks on the chart stretching back to May last year. This location also sits in the same neighborhood as the 38.2% Fibonacci retracement level when applying a grid from the April low to June high. A close below this crucial price opens the door for a fall to lower support around $163, roughly in the same vicinity as the 61.8% Fibonacci retracement level. Investors may look for buy-and-hold opportunities in this region near a horizontal line that links a range of correspond trading activity over a 12-month period between April last year and April this year. Upswings in the stock could propel an initial rebound toward $218. This area on the chart may provide overhead selling pressure near the top of the rising wedge, which also closely aligns with a period of consolidation just below the 200-day moving average early last year. Finally, buying above this level could see Boeing shares climb to around $245. Investors who have accumulated the stock at lower prices may look to lock in profits on a fill of the prominent January 2024 stock gap. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia
Yahoo
an hour ago
- Yahoo
India to conserve rare earths for domestic use, halt Japan exports
India has reportedly requested state-owned miner IREL to suspend rare earth exports to Japan, a move that could affect a 13-year-old supply agreement, reported Reuters, citing sources. The decision aims to meet domestic needs and reduce reliance on China for these critical materials. This strategic shift comes as China has limited its rare earth exports, which are essential for high-tech industries including electric vehicle (EV) manufacturing. India, which has the world's fifth-largest rare earth reserves but lacks domestic magnet production, imported 53,748 tonnes (t) of rare earth magnets in the fiscal year to March 2025, mainly from China. In a recent meeting, Indian Commerce Minister Piyush Goyal directed IREL to halt the export of rare earths, particularly neodymium, a crucial element for producing magnets used in EV motors. The Commerce Ministry, IREL, and the Department of Atomic Energy, which oversees IREL, have yet to comment on the matter, the report said. Under the 2012 agreement, IREL supplies rare earths to Toyotsu Rare Earths India, a subsidiary of Toyota Tsusho, for processing and subsequent export to Japan. In 2024, Toyotsu shipped more than 1,000t of rare earth materials to Japan, a significant portion of the 2,900t mined by IREL. Despite this, China remains Japan's primary source for rare earths. With China's recent export restrictions causing global supply chain concerns, IREL is looking to retain its rare earths for domestic expansion in mining and processing. The company is currently awaiting statutory clearances to proceed with four mines. However, an immediate halt to exports to Japan may not be feasible due to the bilateral nature of the existing agreement. Japan's Trade Ministry has refrained from commenting on specific bilateral exchanges. India's move to conserve its rare earths aligns with the recently launched National Critical Mineral Mission (NCMM), which seeks to ensure self-reliance in critical minerals essential for clean energy technologies. The NCMM supports India's climate goals including reducing emissions intensity and achieving net-zero emissions by 2070. The strategy includes securing critical mineral supply chains through domestic exploration and overseas asset acquisition. "India to conserve rare earths for domestic use, halt Japan exports" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
an hour ago
- Bloomberg
India RBI Seeks Market View on Borrowing Costs Post Debt Selloff
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