Australian markets end modestly lower
Australian markets ended modestly lower, dragged down by banks and energy stocks on renewed Sino-U.S. trade tensions. The benchmark S&P/ASX 200 dipped 0.24 percent to 8,414.10 while the broader All Ordinaries index closed 0.26 percent lower at 8,637.50. Shares of Brickworks soared 27.6 percent after an announcement that the building products maker and investment company Washington H Soul Pattinson's will merge to create a new A$14 billion entity.Powered by Capital Market - Live News
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Mint
an hour ago
- Mint
Elon Musk's net worth dips $34 billion overnight amid feud with Donald Trump
As the Tesla share price crashed 14% and lost $150 billion in market value on Thursday, Elon Musk's net worth, the world's richest man and CEO of the top EV maker, took a significant hit. On June 6, 2025, the net worth of Elon Musk dropped nearly $33.9 billion in a day, according to the Bloomberg Billionaires Index, while it fell around $97.9 billion on a year-to-date basis. Notably, Musk still ranks first in the index with a net worth of $335 billion on June 6, 2025, followed by Meta founder Mark Zuckerberg with $241 billion wealth. Tesla shares plunged 14.26% to close at $284.70 apiece on Thursday. The share price declined significantly amid the ongoing public spat between Elon Musk and US President Donald Trump, shrinking the market capitalisation of the electric vehicle (EV) maker by approximately $150 billion. However, Tesla remains the most valuable automobile company across the globe with a market value of $1 trillion on Wednesday. The significant drop in Tesla's share price impacted the tech-heavy Nasdaq Composite, resulting in a decline of 162.04 points, or 0.83%, closing at 19,298.45. The Dow Jones Industrial Average decreased by 0.25% to 42,319.74, and the S&P 500 fell 0.53% to 5,939.30. Despite the significant loss Musk suffered on Thursday, it may not reflect the entirety of the impact on his wealth, as it does not account for any decline in the value of his private enterprises, a crucial source of his net worth. In December, SpaceX, the world's leading private startup, achieved a valuation of $350 billion during an insider share sale, contributing an additional $50 billion to Musk's wealth. This was influenced by expectations that the company would benefit from Musk's connections to the Trump administration, Bloomberg reported. His other ventures, including AI and social media company xAI Holdings, may be impacted by a public spat as Trump's wealth is connected to Trump Media & Technology Group Corp. The fall in share price and market capitalisation comes as former DOGE head Elon Musk slammed Donald Trump's 'big, beautiful bill.' Trump fired back, alleging that Musk was upset because the bill removed tax benefits for electric vehicle purchases, while investors were concerned that their deteriorating relationship could damage Musk's vast business. Musk's net worth has dipped several times in the past. However, the situation is more critical this time as Trump suggested terminating his government contracts, which could significantly impact Tesla and SpaceX's revenue. Responding to Trump, Musk wrote, 'Go ahead, make my day.' He further claimed that Trump's name appears in the files related to the late New York financier Jeffrey Epstein. Musk also announced that SpaceX would start decommissioning its Dragon spacecraft, which serves as a vital link to space for the US. About five hours later, he reversed his decision.
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Business Standard
an hour ago
- Business Standard
Asian shares mostly rose on Friday ahead of US Jobs Report update
Asian shares were mostly higher Friday ahead of an update on the US job market that will offer insights into how the economy is faring. US futures edged higher and oil prices fell. Tokyo's Nikkei 225 index rose 0.5% to 37,730.67, while the Kospi in South Korea jumped 1.5% to 2,812.05. Hong Kong's Hang Seng lost 0.4% to 23,817.10 and the Shanghai Composite index edged 0.1% higher, to 3,385.91. Australia's S&P/ASX 200 was nearly unchanged at 8,536.40. India's Sensex gained 0.6%. On Thursday, the S&P 500 fell 0.5% to 5,939.30 for its first drop in four days. After sprinting through May and rallying within a couple good days' worth of gains of its all-time high, the index at the center of many 401(k) accounts has lost momentum. The Dow Jones Industrial Average dropped 0.3% to 42,319.74, and the Nasdaq composite sank 0.8% to 19,298.45. The US Labor Department is due to report how many more jobs US employers created than destroyed during May. The expectation on Wall Street is for a slowdown in hiring from April. A resilient job market has been one of the linchpins that's propped up the US economy, and the worry is that all the uncertainty created by President Donald Trump's on-and-off tariffs could push businesses to freeze their hiring. A report on Thursday said more US workers applied for unemployment benefits last week than economists expected. The number remains relatively low compared with history, but it still hit its highest level in eight months. The data came as Procter &Gamble, the giant behind such brands as Pampers diapers and Cascade dish detergent, said it will cut up to 7,000 jobs over the next two years. Its stock fell 1.9%. The day's heaviest weight on the market was Tesla, which tumbled 14.3%. It's lost nearly 30% of its value so far this year as CEO Elon Musk's relationship with Trump sours amid a disagreement over the president's signature bill of tax cuts and spending. In after-hours trading Tesla gained 2.2%. Brown-Forman, the company behind Jack Daniel's and Woodford Reserve, dropped 17.9% for its worst day since it began trading in 1972. Hopes that Trump will lower his tariffs after reaching trade deals with other countries have been among the main reasons the S&P 500 has rallied back so furiously since dropping roughly 20% from its record two months ago. It's now back within 3.3% of its all-time high. Trump boosted such hopes Thursday after saying he had a very good phone call with China's leader, Xi Jinping, about trade and that their respective teams will be meeting shortly at a location to be determined. It's an easing of tensions after the world's two largest economies had earlier accused each other of violating the agreement that had paused their stiff tariffs against each other, which threatened to drag the economy into a recession. Markets took the latest signs of detente with Beijing coolly, given that nothing is assured in Trump's on-and-off rollout of tariffs. Among Wall Street's winners was MongoDB, which jumped 12.8% after the database company likewise delivered a stronger profit than analysts expected. Circle Internet Group, the U.S.-based issuer of one of the most popular cryptocurrencies, surged 168.5% in its first day of trading on the New York Stock Exchange. The yield on the 10-year Treasury held steady at 4.40%, up from 4.37% late Wednesday after tumbling from 4.46% the day before. Yields dropped so sharply on Wednesday as expectations built that the Federal Reserve will need to cut interest rates later this year to prop up an economy potentially weakened by tariffs. In other dealings early Friday, US benchmark crude oil lost 21 cents to $63.16 per barrel. Brent crude, the international standard, fell 18 cents to $65.16 per barrel. The U.S. dollar rose to 143.77 Japanese yen from 143.49 yen. The euro fell to $1.1438 from $1.1448. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard
an hour ago
- Business Standard
Nifty above 24,950; metal shares shine
The domestic equity barometers traded with strong gains in early afternoon trade after the RBI cut the repo rate by 50 bps to 5.50%, amid a favorable domestic environment. Looking ahead, the MPC will closely monitor evolving domestic and global conditions to guide future policy moves. Market participants are also closely tracking bond markets and global trade dynamics. The Nifty traded above the 24,950 mark. The higher-than-expected 50 bps rate cut decision by the MPC, though positive for growth, is slightly negative from the market perspective for the near term. The change in monetary stance from accommodative to neutral also indicates that more rate cuts are unlikely unless the situation warrants. This big rate cut will impact the margins of the banks, and therefore, bank stocks will be under pressure in the near term. However, the anticipated boost to credit growth could help offset the decline in margins over time. Metal stocks extend gains for the third straight session. At 12:30 IST, the barometer index, the S&P BSE Sensex, surged 737.14 points or 0.91% to 82,179.18. The Nifty 50 index jumped 241.45 points or 0.97% to 24,994.65. In the broader market, the S&P BSE Mid-Cap index rose 0.59% and the S&P BSE Small-Cap index added 0.43%. The market breadth was positive. On the BSE, 2,142 shares rose and 1,697 shares fell. A total of 186 shares were unchanged. The Reserve Bank of India (RBI) cut the policy repo rate by 50 basis points to 5.50%, signaling a shift in its monetary policy stance from accommodative to neutral. The decision, announced at the conclusion of the Monetary Policy Committees (MPC) 55th meeting held from June 4 to 6, 2025, was driven by easing inflation and a stable growth outlook. With the rate cut coming into effect immediately, the standing deposit facility (SDF) rate now stands at 5.25%, while the marginal standing facility (MSF) rate and the bank rate are adjusted to 5.75%. This decision is in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth. The RBI maintained its real GDP growth projection for FY26 at 6.5%, with quarterly growth seen at 6.5% in Q1, 6.7% in Q2, 6.6% in Q3, and 6.3% in Q4. On the inflation front, the RBI revised its forecast downward to 3.7% for FY26 from the earlier estimate of 4%. Quarterly projections suggest CPI inflation at 2.9% in Q1, 3.4% in Q2, 3.9% in Q3, and 4.4% in Q4. The RBI cited broad-based moderation in inflation over the past six months, with headline CPI now well below target. It noted that both food and core inflation are expected to remain soft, helped by easing global commodity prices amid a global growth slowdown. Looking ahead, the MPC emphasized a data-dependent approach, stating it will closely monitor evolving domestic and global conditions to guide future policy moves. The minutes of the MPC meeting will be released on June 20, and the next policy meeting is scheduled from August 4 to 6, 2025. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.97% to 15.14.94. The Nifty 26 Jun 2025 futures were trading at 25,078.30, at a premium of 83.65 points as compared with the spot at 24,611.95. The Nifty option chain for the 26 June 2025 expiry showed a maximum call OI of 54.1 lakh contracts at the 26,000 strike price. A maximum put OI of 53.5 lakh contracts was seen at 24,000 strike price. Buzzing Index: The Nifty Metal index rose 1.32% to 9,353.55. The index added 2.53% in the past three trading sessions. JSW Steel (up 4.08%), Jindal Stainless (up 2.59%), Hindustan Zinc (up 1.91%), National Aluminium Company (up 1.67%), Welspun Corp (up 1.66%), Hindustan Copper (up 1.63%), NMDC (up 1.62%), Adani Enterprises (up 1.45%), Jindal Steel & Power (up 1.11%) and Hindalco Industries (up 1.09%) advanced. On the other hand, Lloyds Metals & Energy (down 2.75%), Tata Steel (down 0.97%) and APL Apollo Tubes (down 0.64%) edged lower. Stocks in Spotlight: Max Estates rose 2.01% after its board approved a material related party transaction between Max Estates Gurgaon Two (Developer), a wholly-owned subsidiary, and Antara Senior Living (ASLL), a wholly-owned subsidiary of Max India. Praj Industries rose 2.87% after the company secured an international assignment from Enersur SA, one of Paraguays leading renewable energy firms, to develop a fully integrated biorefinery project in the South American nation. Brigade Enterprises rose 2.51% after the companys wholly owned subsidiary, Brigade Tetrarch, announced the incorporation of a Limited Liability Partnership (LLP) named Auraterra Developers LLP.
