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The Hindu
03-06-2025
- Business
- The Hindu
Rupee declines 21 paise to 85.60 against U.S. dollar
The rupee declined 21 paise to settle at 85.60 (provisional) against the U.S. dollar on Tuesday (June 3, 2025), weighed down by a firm American currency and outflow of foreign funds. According to forex traders, the local unit remained under pressure tracking negative domestic equity markets amid geopolitical uncertainties. Investors are also awaiting cues from the Reserve Bank's monetary policy announcements. RBI's Monetary Policy Committee (MPC) will begin deliberations on its bi-monthly policy on Wednesday and the outcome is scheduled to be announced on June 6. At the interbank foreign exchange, the domestic unit opened at 85.55 and moved between the high of 85.44 and a low of 85.60 against the greenback during the day. The unit closed the session at 85.60 (provisional) against the dollar, registering a loss of 21 paise from its previous close. On Monday, the rupee appreciated 16 paise to settle at 85.39 against the dollar. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee weakened against the dollar on weak domestic equities and FII outflows. "Trade tensions between U.S. and China and renewed geopolitical tensions between Ukraine and Russia may also weigh on the domestic unit. Traders may take cues from job openings and factory orders data from the U.S.," Choudhary said, adding, "USD-INR spot price is expected to trade in a range of 85.20 to 85.90." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.25% at 98.95. Analysts said the US dollar index lost some ground after ISM manufacturing PMI fell more than expected, but recovered soon as China's manufacturing PMI showed slower-than-expected growth in that country. Brent crude, the global oil benchmark, fell 0.12% to $64.55 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex tanked 636.24 points, or 0.78%, to close at 80,737.51, while the Nifty declined 174.10 points, or 0.70%, to 24,542.50. Foreign institutional investors (FIIs) sold equities worth ₹2,589.47 crore on a net basis on Monday, according to exchange data. A monthly survey released on Monday showed India's manufacturing sector growth fell to a three-month low in May, restricted by inflationary pressures, softer demand and heightened geopolitical conditions. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 58.2 in April to 57.6 in May, highlighting the weakest improvement in operating conditions since February.
Time of India
03-06-2025
- Business
- Time of India
Rupee falls 21 paise to 85.60 against US dollar amid weak equities, FII outflows
The rupee depreciated by 21 paise to close at 85.60 (provisional) against the US dollar on Tuesday, as a stronger greenback and persistent foreign fund outflows weighed on market sentiment. Forex traders said the domestic unit came under pressure due to negative trends in local equity markets and geopolitical uncertainties. Investors also remained cautious ahead of the Reserve Bank of India's (RBI) upcoming monetary policy decision, PTI reported. The RBI's Monetary Policy Committee (MPC) begins its three-day policy deliberation on Wednesday, with the outcome scheduled for announcement on June 6. At the interbank foreign exchange market, the rupee opened at 85.55 and traded between a high of 85.44 and a low of 85.60 against the dollar. It eventually settled at the day's lowest point, recording a 21 paise loss from its previous close. On Monday, the rupee had gained 16 paise to finish at 85.39 against the US dollar. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, attributed the rupee's decline to subdued domestic equities and foreign institutional investor (FII) outflows. "Trade tensions between US and China and renewed geopolitical tensions between Ukraine and Russia may also weigh on the domestic unit. Traders may take cues from job openings and factory orders data from the US," Choudhary said, adding, "USD-INR spot price is expected to trade in a range of 85.20 to 85.90." The dollar index, which measures the greenback's strength against a basket of six major currencies, was trading 0.25 per cent higher at 98.95. While the index initially weakened following a sharper-than-expected drop in the US ISM manufacturing PMI, it quickly rebounded after China's manufacturing PMI revealed slower-than-anticipated growth. Meanwhile, Brent crude futures, the global oil benchmark, dipped 0.12 per cent to USD 64.55 per barrel. On the equities front, the 30-share BSE Sensex plunged 636.24 points, or 0.78 per cent, to settle at 80,737.51, while the NSE Nifty50 dropped 174.10 points, or 0.70 per cent, to close at 24,542.50. FIIs offloaded shares worth Rs 2,589.47 crore on a net basis on Monday, as per exchange data. A monthly survey released on Monday revealed a slowdown in India's manufacturing sector, with the HSBC India Manufacturing Purchasing Managers' Index (PMI) slipping to a three-month low. The PMI declined from 58.2 in April to 57.6 in May, indicating the weakest improvement in operating conditions since February, as inflationary pressures, softer demand, and heightened geopolitical concerns impacted growth Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
See - Sada Elbalad
28-04-2025
- Business
- See - Sada Elbalad
Gold Declines as US Trade Tariff Risks Decrease
Waleed Farouk Gold prices fell in local markets during trading on Monday, with the ounce declining on the global stock exchange, affected by profit-taking and potential deals in Asia and other countries with the United States, which reduces the risk of tariffs. Gold prices fell by EGP 25 during today's trading, compared to the end of the week. The price of 21-karat gold reached EGP 4,750 per gram, while the price of an ounce fell by $24 to $3,295. The price of 24-karat gold reached EGP 5,429 per gram, the price of 18-karat gold reached EGP 4,071 per gram, and the price of 14-karat gold reached EGP 3,167 per gram, while the price of the gold pound reached EGP 38,000 per gram. Gold prices in local markets fell by EGP 10 during last week's trading, with 21-karat gold opening at EGP 4,785, touching EGP 4,850, and closing at EGP 4,775. Meanwhile, the ounce fell by $8, opening at $3,327 and closing at $3,319. Gold prices witnessed a significant decline amid profit-taking following televised remarks by US Treasury Secretary Scott Besant, indicating several trade deals with several Asian countries, which would reduce the risk of tariffs. Besant said, "If there are 180 countries and 18 important trading partners, let's put China aside, because these are private negotiations. There are 17 important trading partners, and we have a working mechanism." He added, "Some of these deals are going well, especially with Asian countries." Markets are under pressure due to conflicting signals from US-China trade talks. Despite Washington announcing a partial easing of tariffs and President Trump suggesting active negotiations, Beijing has denied any discussions are underway, keeping uncertainty high. Economic data revealed that China's gold consumption fell 5.96% year-on-year to 290,492 tons in the first quarter, according to the China Gold Association. Jewelry demand fell by nearly 27% amid persistently high prices, while demand for gold bars and coins rose by nearly 30%, providing limited compensation. Despite the decline in demand, gold remains supported by ongoing geopolitical risks. Increasing instability, including reports of military movements in Eastern Europe, continues to boost demand for safe havens. Meanwhile, expectations of a Federal Reserve interest rate cut remain, with futures markets anticipating the first cut in June, with a 1% cut expected through 2025. The Federal Open Market Committee is scheduled to issue its interest rate decision on May 7, and US data last week has already begun to show signs of a shift. Durable goods data, for example, revealed a significant shift in consumer confidence. In a related development, markets are awaiting the release of the US JOLTS report for March, the first reading of GDP for the first quarter of 2025, the ISM manufacturing PMI, and April nonfarm payrolls figures. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Yahoo
12-02-2025
- Business
- Yahoo
Is GE Aerospace (GE) The Best Manufacturing Stock To Buy Now?
We recently published a list of . In this article, we are going to take a look at where GE Aerospace (NYSE:GE) stands against other best manufacturing stocks to buy now. The manufacturing sector stands as a cornerstone of the U.S. economy, significantly contributing to the nation's gross domestic product (GDP), employment, and technological innovation. According to the National Institute of Standards and Technology (NIST), in 2023, the U.S. manufacturing sector contributed approximately $2.3 trillion to the nation's Gross Domestic Product (GDP), accounting for about 10.2% of the total U.S. GDP. Additionally, data from the U.S. Bureau of Labor Statistics (BLS) indicated that as of January 2025, the manufacturing sector employs approximately 12.76 million individuals. In recent years, the sector has experienced notable trends that are reshaping its landscape. One prominent development is the movement towards reshoring—the practice of bringing manufacturing operations back to the United States. Geopolitical tensions, such as Russia's invasion of Ukraine, ongoing trade frictions with China, and the aftereffects of the COVID-19 pandemic, have exposed vulnerabilities in global supply chains, prompting companies to reconsider the risks of offshoring. The decline in China's factory activity and the country's economic slowdown have also contributed to this shift, as firms seek to reduce their dependency on a single manufacturing hub. In fact, according to a report by CNBC, mentions of 'reshoring' in the broader market's earnings transcripts surged by 128% in the first quarter of 2023 compared to the previous year, outpacing even the rise in discussions about artificial intelligence. Manufacturing stocks have shown resilience over the past year. Despite challenges like inflation and shifting interest rates, the sector has benefited from strong domestic demand and strategic investments in technology. In 2024, greater asset price dispersion across securities, sectors, and countries created strong alpha opportunities for hedge funds. This market dynamic coincided with a significant increase in corporate profits within the U.S. manufacturing sector, which experienced a five-year compound annual growth rate of 11.1%, as reported by NIST. The outlook for the U.S. manufacturing sector is cautiously optimistic. Despite ongoing challenges, a focus on innovation and supportive policies position the sector for steady growth. According to a report by Reuters, in January 2025, manufacturing expanded for the first time since 2022, with the ISM manufacturing PMI rising to 50.9—the highest reading since September 2022. Given this, we will take a look at some of the best manufacturing stocks. For this list, we first scanned Insider Monkey's database of 900 hedge funds as of the third quarter of 2024. Our focus was on selecting manufacturing companies across various sub-sectors within the industry, including industrial equipment, automotive, aerospace, and consumer goods. From this pool of companies, we identified the 10 best manufacturing stocks and ranked them in ascending order based on the number of hedge funds holding stakes in them at the end of Q3 2024. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here). A technician in a power station monitoring the flow of energy generated by a gas turbine. Number of Hedge Fund Holders: 95 GE Aerospace (NYSE:GE) is the aerospace arm of General Electric, focused on developing and servicing advanced jet engines and aerospace systems. The division is positioning itself for a turnaround by leveraging new product introductions and digital innovations to enhance efficiency and sustainability. As of February 10, 2025, GE Aerospace (NYSE:GE) has achieved a year-to-date return of approximately 23.19%. In fiscal 2024, GE Aerospace generated adjusted revenue of approximately $35.1 billion, reflecting a 10% year-over-year increase, and delivered an adjusted EPS of $4.60, marking a 56% growth compared to the previous year. The division produced an operating cash flow of $5.8 billion and reported a free cash flow of $6.1 billion, underscoring its capacity to generate solid cash flows while working to improve margins and reduce costs through operational efficiencies. Recent developments have further bolstered GE Aerospace's (NYSE:GE) outlook. The company has secured a five-year Performance-Based Logistics (PBL) contract with the Indian Air Force (IAF) to provide comprehensive sustainment solutions for T700-GE-701D engines powering the IAF's fleet of AH-64E-I Apache helicopters. This contract positions GE Aerospace to strengthen its footprint in global defense markets, ensuring engine availability through Maintenance, Repair, and Overhaul (MRO) services and enhancing the operational readiness of the Apache fleet. On January 27, 2025, Bank of America Securities raised its price target for GE Aerospace (NYSE:GE) to $225.00, maintaining a 'Buy' rating. Overall, GE ranks 5th on our list of best manufacturing stocks to buy now. While we acknowledge the potential for GE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GE but that trades at less than 5 times its earnings, check out our report about the . READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
