The bulls are calling the shots on the bourses. Indian stocks extended their recent strong gains today, 2 April 2014, as gains in European and Asian stocks boosted sentiment on the domestic bourses. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit record high on intraday basis as well as on closing basis. The Sensex garnered 105.05 points or 0.47%, up 78.03 points from the day's low and off 40.61 points from the day's high. The market breadth, indicating the overall health of the market, was strong. The BSE Small-Cap and BSE Mid-Cap indices rose more than 1.5% each. Both these indices outperformed the Sensex.
Indian stocks edged higher for the sixth day in a row today, 2 April 2014. From a recent low of 22,055.21 on 25 March 2014, the Sensex has garnered 496.28 points or 2.25% in six trading sessions. The Sensex has gained 1,380.81 points or 6.52% in calendar year 2014 (so far till 2 April 2014). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 5,102.78 points or 29.24%.
Coming back to today's trade, shares of state-run banks rose across the board, with Bank of Baroda hitting 52-week high. In pharma pack, Aurobindo Pharma rose to hit record high after the company announced completion of the previously announced acquisition of certain commercial operations in Western Europe from Actavis plc. Airline stocks surged after state-run oil marketing companies on Tuesday, 1 April 2014, announced reduction in the price of aviation turbine fuel (ATF), reflecting global trends.
Key benchmark indices edged higher and hit fresh record high at the onset of the trading session. The Sensex and the 50-unit CNX Nifty, both, hit fresh record high. Key benchmark indices retained positive zone in morning trade. Key benchmark indices moved in a narrow range in positive terrain in mid-morning trade. Key benchmark indices recovered from lower level soon after trimming intraday gains in early afternoon trade. Key benchmark indices retained positive zone in afternoon trade. Key benchmark indices extended intraday gains in mid-afternoon trade as European stocks reversed initial losses. The Sensex further extended gains in late trade.
The market sentiment was boosted by data showing that foreign institutional investors (FIIs) remained net buyers of Indian stocks on Tuesday, 1 April 2014. FIIs bought shares worth a net Rs 385.66 crore on Tuesday, 1 April 2014, as per provisional data from the stock exchanges.
The S&P BSE Sensex garnered 105.05 points or 0.47% to settle at 22,551.49, a record closing high for the barometer index. The index jumped 145.66 points at the day's high of 22,592.10 in early trade, a lifetime high for the barometer index. The index rose 27.02 points at the day's low of 22,473.46 in mid-afternoon trade.
The CNX Nifty garnered 31.50 points or 0.47% to settle at 6,752.55, a record closing high. The index hit a high of 6,763.50 in intraday trade, a lifetime high for the index. The index hit a low of 6,723.60 in intraday trade.
The BSE Mid-Cap index garnered 112.92 points or 1.59% to settle at 7,198.92. The BSE Small-Cap index garnered 113.64 points or 1.6% to settle at 7,220.36. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3273 crore, higher than Rs 2,522.86 crore on Tuesday, 1 April 2014.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,895 shares gained and 896 shares fell. A total of 130 shares were unchanged.
The S&P BSE Realty index (up 1.89%), the S&P BSE Healthcare index (up 1.57%), the S&P BSE Oil & Gas index (up 1.43%), the S&P BSE Capital Goods index (up 1.18%), the S&P BSE Consumer Durables index (up 1.13%), the S&P BSE Power index (up 1.02%), the S&P BSE Auto index (up 0.95%), the S&P BSE Bankex (up 0.93%) and the S&P BSE Teck index (up 0.77%) outperformed the Sensex.
The S&P BSE IT index (up 0.35%), the S&P BSE Metal index (down 0.5%) and the S&P BSE FMCG index (down 1.5%) underperformed the Sensex.
Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
Index heavyweight and cigarette major ITC lost 2.34% to Rs 344.15. The stock hit high of Rs 352.40 and low of Rs 340.35.
Reliance Industries (RIL) rose 1.37% to Rs 954. The stock hit 52-week high of Rs 959.80 in intraday trade. Export Development Canada (EDC), Canada's leading financier and insurer of Canadian exporting companies, has announced $500 million in financing for RIL. The transaction is among the largest financing packages that EDC has ever extended in Asia, RIL said during trading hours today, 2 April 2014.
"We have been partnering with a wide section of Canadian suppliers for materials, equipment and services across our hydrocarbon businesses over the last 4-5 years and we are also engaging with them for our telecom business rollout. We have more than a decade-long relationship with EDC, and this landmark deal will provide further impetus to foster trade between RIL and Canadian companies over the coming years," said Srikanth Venkatachari, RIL's Joint Chief Financial Officer.
EDC provided the financing in response to the increasing business that RIL has been undertaking with Canadian companies since 2004, when EDC first became one of their financiers. The new financing package helps diversify RIL's funding sources and extends the maturity profile of its long-term debt in a cost effective manner, RIL said.
"RIL is a global leader in many sectors that match up well with Canadian industrial expertise, creating a natural partnership that benefits both of our priority interests. A strong relationship with EDC helps the RIL Group benefit from a global source of mature and dependable financing in a capital-constrained global economy. In turn, EDC introduces Canadian companies to RIL that not only meet their specific supply chain needs, but that can help them grow their global business. Everybody wins in this deal," said Rajesh Sharma, EDC's Senior Vice-President and Global Group Head, Business Development.
Meanwhile, RIL on Tuesday, 1 April 2014, said that the Supreme Court has appointed an international arbitrator in the KG D6 issue. Australia's Justice Mr. James Spigelman will be the third arbitrator and shall be the Chairman of the Arbitration Tribunal, RIL said. The Government of India had opposed the appointment of an international arbitrator, whereas RIL had submitted that the third arbitrator can be an International Arbitrator not being from India, Britain or Canada, where the three stakeholder companies are based. RIL has a 60% stake in the KG D6 block, Britain's BP has a 30% stake and Canada's Niko has a 10% stake.
India's Supreme Court has accepted RIL's argument and appointed Justice Mr. Spigelman, a former Chief Justice of New South Wales in Australia from 1998 to 2011. Poland-born Justice Spigelman has rich experience in the field of corporate affairs, insurance, arbitration and international law, the company said.
According to the Production Sharing Contract (PSC) signed between the Government of India and RIL, the Arbitration Tribunal must comprise three arbitrators. Of these, contractor (RIL, BP and Niko) and the Government of India are allowed to appoint one Arbitrator each, while the third arbitrator must be mutually appointed by both appointed arbitrators. However, the two appointed arbitrators were unable to reach an agreement on the appointment of the third arbitrator and hence RIL had to approach the Supreme Court, the company said.
With the constitution of the Arbitration Tribunal, the path has been cleared for a speedy resolution of various disputes relating to the KG D6 block, RIL said. The dispute arose when the recoverable gas from the field was found to be lesser than the initial estimates. Post this development, the central government had wrongfully sought to disallow recovery of full costs incurred by RIL in the block. As a result, RIL was compelled to proceed with arbitration. But since there was no consensus on the appointment of the third arbitrator, RIL had to approach the Supreme Court, the company said.
Both RIL and the Government of India are bound by the PSC. According to the PSC, any dispute between the parties can be resolved only through the process of arbitration. "We are hopeful that the constitution of the Arbitration Tribunal will silence the vested interest groups which are unreasonably raising this issue across the country," RIL said.
PSU OMCs edged higher as the under-recovery on High Speed Diesel (HSD), PDS Kerosene and Domestic LPG declined. Lower crude oil prices and higher rupee also aided gains in the shares PSU OMCs. BPCL (up 0.62%), HPCL (up 1.3%) and Indian Oil Corporation (up 2.06%) gained.
The under-recovery on High Speed Diesel (HSD) applicable for the first fortnight of April effective 1 April 2014 fell to Rs 5.93 per litre from Rs 7.16 per litre during 2nd fortnight of March 2014. In the case of PDS Kerosene, the under-recovery for April 2014 declined to Rs 34.43 per litre, from Rs 36.34 per litre in March 2014. The under-recovery on LPG declined to Rs 506.06 per cylinder, from Rs 605.80 per cylinder in March 2014. The under-recovery on HSD is calculated on fortnightly basis whereas the under-recovery on PDS Kerosene and LPG is calculated on monthly basis.
Oil marketing companies (PSU OMCs) are currently incurring combined daily under-recovery of about Rs 342 crore on the sale of Diesel, PDS Kerosene and Domestic LPG at government controlled prices.
Brent crude oil futures settled $2.14 lower on Tuesday at $105.62 per barrel, its lowest settlement since Nov. 8 as data showing a slowdown in Chinese manufacturing fed concerns over the outlook for energy demand. Lower crude oil prices will help reduce under-recoveries of PSU OMCs on domestic sale of diesel, LPG and kerosene at government controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals. The government has already freed pricing of petrol.
The strength in rupee against the dollar has also eased concerns of higher cost of crude oil imports. Public sector oil marketing companies (PSU OMCs) import about 70-75% of their crude oil needs.
Coal India declined 1.26%. The company said during market hours that as per provisional basis the actual production of the company and its subsidiary companies was 101% of targeted production at 53.40 million tonnes in March 2014. The actual offtake of the company and its subsidiary companies was 94% of targeted offtake at 44.80 million tonnes in March 2014.
Most auto stocks gained. Tata Motors gained 2.31%. The company's total sales fell 29.6% to 51,184 units in March 2014 over March 2013. Total domestic sales fell 33.5% to 45,996 units in March 2014 over March 2013. Total exports jumped 46.1% to 5,188 units in March 2014 over March 2013. The sales figures were announced after market hours on Tuesday, 1 April 2014.
Ashok Leyland rose 3.31%. The company after market hours on Tuesday, 1 April 2014 reported a 27% decline in its total sales at 10,286 units in March 2014 over March 2013. Sales of medium and heavy commercial vehicle declined by 20% to 7,723 units in March 2014 over March 2013. Sales of light commercial vehicles declined 40.74% to 2,563 units in March 2014 over March 2013. The company's sales fell 22.05% to 89,342 units in the year ended 31 March 2014 over the year ended 31 March 2013.
Small car maker Maruti Suzuki India shed 0.32% to Rs 1,925 in volatile trade. The stock hit high of Rs 1,949 and low of Rs 1,923.85. The company on Tuesday, 1 April 2014, said its total sales fell 5.5% to 1.13 lakh units in March 2014 over March 2013. Domestic sales declined 5.2% to 1.02 lakh units in March 2014 over March 2013. Exports fell 8% to 11,081 units in March 2014 over March 2013.
The company's total vehicle sales declined 1.4% to 11.55 lakh units in the year ended 31 March 2014 (FY 2014) over the year ended March 2013 (FY 2013). Total domestic sales rose 0.3% to 10.53 lakh units in FY 2014 over FY 2013. Total exports fell 15.8% to 1.01 lakh units in FY 2014 over FY 2013.
Mahindra & Mahindra (M&M) was unchanged at Rs 997.95. M&M's total tractor sales rose 2% to 17,673 units in March 2014 over March 2013. Tractor sales in India rose 6.55% to 16,571 units in March 2014 over March 2013. The company announced the monthly sales data during trading hours on Tuesday, 1 April 2014.
M&M's total tractor sales jumped 20% to 2.67 lakh units in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). Tractor sales in India jumped 22% to 2.57 lakh units in FY 2014 over FY 2013.
M&M also said during market hours on Tuesday, 1 April 2014, that its total auto sales declined 0.5% to 51,636 units in March 2014 over March 2013. Total auto sales dropped 10% to 5.07 lakh units in FY 2014 over FY 2013.
TVS Motor Company declined 0.83%. The company during market hours on Tuesday, 1 April 2014, reported 17% rise in total sales to 1.96 lakh units in March 2014 over March 2013. TVS Motor Company's total exports grew by 28% to 29,944 units in March 2014 over March 2013. Two wheeler exports grew 21% to 23,340 units in March 2014 over March 2013.
Total two wheeler sales increased by 16% to 1.88 lakh units in March 2014 over March 2013. Domestic two wheeler sales registered a growth of 16% to 1.65 lakh units in March 2014 over March 2013. Scooters sales grew by 63% to 47,766 units in March 2014 over March 2013. Motorcycles sales grew by 10% to 68,158 units in March 2014 over March 2013.
Three wheeler sales of the company registered an increase of 58% to 8,004 units in March 2014 over March 2013.
Hero MotoCorp rose 0.06% after the company reported strong March sales figures. The company's total sales increased 11.9% to 5.24 lakh units in March 2014 over March 2013. The company's sales grew 3% to 62.45 lakh units in the year ended 31 March 2014 over the year ended 31 March 2013. The sales figures were announced after market hours on Tuesday, 1 April 2014.
Commenting on the sales performance, Hero MotoCorp Senior Vice President (Marketing and Sales) Anil Dua said: "Our strong sales performance in FY 2014 is reflective of our new strategic approach that focuses on bringing revolutionary and game-changing technologies. Our retail growth at 7% during FY 2014 reiterates the confidence and trust that customers have on our products. This kind of retail growth has significantly given us the necessary momentum for the new financial year. The new financial year will be loaded with a slew of new launches, including many of the products showcased at the recent Auto Expo. These launches will be backed by strong marketing campaigns and continued market expansion. We are gearing up for increased market demand for our products with the commissioning of the Neemrana plant in this financial year".
Bajaj Auto fell 0.7%. The company said during market hours today, 2 April 2014, that its total sales rose 1% to 3.04 lakh units in March 2014 over March 2013. Motorcycle sales rose 1% to 2.7 lakh units in March 2014 over March 2013. Commercial vehicle sales fell 1% to 33,739 units in March 2014 over March 2013. Exports jumped 17% to 1.18 lakh units in March 2014 over March 2013.
Eicher Motors rose 1.3% to Rs 6112.05 after hitting record high of Rs 6174.95 in intraday trade.
Motherson Sumi Systems rose 3.33% to Rs 265.30 after hitting record high of Rs 277 in intraday trade.
Bharat Forge gained 3.11% to Rs 430 after hitting 52-week high of Rs 431.10 in intraday trade
PSU banks rose across the board. State Bank of India (SBI) (up 2.4%), Canara Bank (up 6.56%), Union Bank of India (up 7.71%), Bank of India (up 5.86%), and Punjab National Bank (up 3.31%) rose.
Bank of Baroda rose 6.28% to Rs 780.50 after hitting 52-week high of Rs 781.80 in intraday trade.
Indian Bank rose 2.47%. The bank after trading hours on Tuesday, 1 April 2014, said that the bank has decided to increase its base rate by 0.05% from the existing 10.2% to 10.25% per annum with effect from 1 April 2014.
Axis Bank was unchanged at Rs 1468.90. The stock hit high of Rs 1475 and low of Rs 1438.50. The Reserve Bank of India after market hours on Tuesday, 1 April 2014, notified that the no further purchases of shares of Axis Bank would be allowed through stock exchanges in India on behalf of Foreign Institutional Investors (FIIs) as foreign share holding by FIIs in Axis Bank has crossed the overall limit of 49% of its paid-up capital.
ABB India rose 0.94% to Rs 855.10 after hitting 52-week high of Rs 869.90 in intraday trade
Shares of state-run Neyveli Lignite Corporation edged higher after the company said it attained record physical performance in the year ended 31 March 2014 (FY 2014) with respect to overburden removal, lignite mining and power generation from the existing mines and power plants in operation. The stock rose 2.3% to Rs 62.90. The company said that total overburden removal from all its mines put together rose 0.41% to a record 1681.72 lakh cubic metre in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The company said its total lignite production rose 1.47% to a record 266.09 lakh tonnes in FY 2014 over FY 2013. Neyveli Lignite Corporation said its total power generation from all the thermal stations rose 0.43% to a record 19988.73 million unit in FY 2014 over FY 2013.
Airline stocks rallied after state-run oil marketing companies on Tuesday, 1 April 2014, announced reduction in the price of aviation turbine fuel (ATF), reflecting global trends. ATF price at Delhi was cut by Rs 3,025.34 per kl, or four per cent, to Rs 71,800.21 per kl, according to reports. In Mumbai, jet fuel costs Rs 74,105.16 per kl as against Rs 77,322.6 per kl previously. Rates at different airports vary because of difference in local Sales Tax or VAT. Jet Airways India (up 14.14%) and SpiceJet (up 19.94%) jumped.
Jet fuel constitutes over 40% of an airline's operating costs and the price cut will reduce the fuel cost of the cash-strapped carriers.
Aurobindo Pharma rose 4.66% to Rs 559.60. The stock hit record high of Rs 569.60 in intraday trade. The company after market hours on Tuesday, 1 April 2014, announced the completion of the previously announced acquisition of certain commercial operations in Western Europe from Actavis plc. The agreement to acquire the Actavis operations was announced in January 2014.
Aurobindo said it acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven European countries. Actavis and Aurobindo have also entered into a long term commercial and supply arrangement.
Following receipt of clearances from competent authorities, Aurobindo now intends to combine the strength of both enterprises (including its vertically integrated platform and existing commercial infrastructure) in these markets and to identify and maximise all opportunities to improve performance.
The acquisition will make Aurobindo one of the leading Indian pharmaceutical companies in Europe, said Mr Muralidharan, SVP of European Operations for Aurobindo. The acquisition will enable Aurobindo to achieve critical mass in Western Europe with a top 10 position in several key markets. He further added I am delighted to welcome relevant Actavis customers, suppliers, partners and employees to Aurobindo. We will continue to collaborate with Actavis to ensure business continuity and a smooth transition. In parallel, we will work closely with the acquired management teams to achieve a rapid and successful integration.
Mr Arvind Vasudeva, CEO of Aurobindo's Formulations Business further stated that: We had carefully reviewed the Actavis European operations and concluded that with our cost competitiveness and group structure we could significantly capitalize Actavis' strong market position in these Western European countries and improve profitability, thereby accelerating our strategy of becoming a significant Gx player in Europe.
Telecom stocks gained. Idea Cellular (up 3.93%), Tata Teleservices (Maharashtra) (up 3.97%) and Reliance Communications (up 2.35%) gained.
Bharti Airtel rose 3.22%. With reference to a news item appearing in a leading financial daily titled "Bharti plants to raise $2 billion via Bond Issue", Bharti Airtel clarified that the company and/or its subsidiaries keep evaluating opportunities on an ongoing basis to refinance the debt portfolio at efficient cost and maturity. The company further confirms that it has not released any specific information pertaining to the news report and if required, will make necessary disclosures at an appropriate time, Bharti Airtel said.
JSW Steel rose 0.23%. The company's Director-commercial and marketing director, Mr. Jayant Acharya, on Tuesday, 1 April 2014, said that India's steel consumption may rise in the current fiscal by around 5-6% in line with the projected GDP growth of the country. JSW Steel reduced prices for its two steel products -- hot rolled coil and wire rod with effect from 1 April 2014. The quantum of the cut will be Rs 500-750 per tonne for HRC and Rs 500 for Wire rod, the company said after trading hours on Tuesday, 1 April 2014. Mr. Acharya attributed the reduction in prices to decline in international steel prices and the appreciation of the rupee against the dollar.
Bharat Electronics fell 1.52%. The company reported a record turnover of Rs 6180 crore on provisional basis in the year ended 31 March 2014. State-run Bharat Electronics said that the company reported a record turnover of Rs 6180 crore on provisional basis for the year ended 31 March 2014 (FY 2014), against turnover of Rs 6012 crore in the year ended 31 March 2013 (FY 2013). The company made the announcement after trading hours on Tuesday, 1 April 2014.
The company said its exports jumped 27.21% to $41.70 million in FY 2014 over FY 2013. With a healthy order book of around Rs 23200 crore, the company is all set to continue its good run in the current financial year, Bharat Electronics said.
Realty stocks edged higher. Unitech (up 6.21%), D B Realty (up 1.53%), Sobha Developers (up 2.61%), Housing Development & Infrastructure (HDIL) (up 4%), and DLF (up 0.83%) gained.
Colgate-Palmolive (India) lost 0.31% as the stock turned ex-dividend today, 2 April 2014, for third interim dividend of Rs 9 per share for the year ended 31 March 2014.
Ashoka Buildcon jumped 3.85% after the company said its subsidiary has received fourth tranche of investment of Rs 133 crore for equity investments into various under construction projects. The announcement was made during trading hours today, 2 April 2014.
Ashoka Buildcon said that its subsidiary viz. Ashoka Concessions (ACL), has further received fourth tranche of investment of Rs 133 crore, which will be utilized for equity investment into various under construction projects. ACL has received total investment of Rs 623 crore till date, Ashoka Buildcon said.
Indian government bond prices dropped on concern demand for existing securities will fall as the government starts its annual borrowing program this week. The yield on 10-year benchmark federal paper, 8.83% GS 2023, was hovering at 8.9627%, higher than its close of 8.8035% on Friday, 28 March 2014. Bond yield and bond prices move in opposite direction. Trading in the government bond market resumed after a two-day break due to a local holiday and annual closing of bank accounts.
Reserve Bank of India Governor Raghuram Rajan said in an interview with a TV channel today, 2 April 2014, that a substantial strengthening of the rupee to 45 or 50 per dollar could hit exports, although he added the Reserve Bank of India was fine with "a certain amount of leeway" in the currency. Rajan also said that the RBI does not want to declare victory on inflation yet, despite keeping interest rates on hold on Tuesday, 1 April 2014, as widely expected. The RBI would rethink its stance if there is a "substantial" change of inflation, up or down, he said.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on Tuesday, 1 April 2014.
The next major trigger for the stock market is Q4 March 2014 and year ended 31 March 2014 (FY 2014) corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the results to see if there is any revision in their future earnings forecast of the company for the year ending 31 March 2015 (FY 2015) and/or for the year ending 31 March 2016 (FY 2016). Indian companies will start reporting their Q4 and full year results from mid-April 2014. The result season will conclude in end-May 2014.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.
European stocks edged higher in choppy trade on Wednesday, 2 April 2014, as investors awaited reports that may signal the US economic recovery is gathering pace. Key benchmark indices in UK and Germany were up 0.2% to 0.23%. In France, the CAC 40 index shed 0.03%.
A policy meeting of the Governing Council of the European Central Bank (ECB) will be held tomorrow, 3 April 2014, in Frankfurt to decide euro zone interest rates. ECB President Mario Draghi has consistently reassured listeners that the euro zone isn't heading for deflation, but that the central bank stands ready to act if needed.
Asian stocks rose on Wednesday, 2 April 2014, as increase in US manufacturing boosted optimism about growth in the world's biggest economy. Key benchmark indices in Hong Kong, South Korea, China, Japan and Taiwan were up 0.26% to 1.04%. However key benchmark indices in Singapore and Indonesia were down 0.08% to 0.18%.
Trading in US index futures indicated that the Dow could advance 21 points at the opening bell on Wednesday, 2 April 2014. US stocks rose on Tuesday, 1 April 2014, as consumer and technology shares pushed the Standard & Poor's 500 Index to an all-time high, after an increase in a manufacturing index boosted optimism the economy withstood severe winter weather.
US manufacturing companies expanded in March at a slightly faster pace compared to the prior month, a survey of executives found. The Institute for Supply Management manufacturing index edged up to 53.7%, slightly below the consensus forecasts. Any number over 50% means more companies are seeing an expansion of business instead of a contraction. Separately, the final Markit PMI for the US in March was unchanged at 55.5, down from 57.1 in February. Any reading over 50 in the purchasing managers index indicates growth.
US car sales surged to an annualized rate of 16.4 million in March the highest rate since November.
Payroll-processing firm ADP is due to release US private-sector employment numbers for March 2014 today, 2 April 2014.
The influential US non-farms payroll data for March 2014 will be released this Friday, 4 April 2014.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 said after the conclusion of a monetary policy review that it will trim its monthly bond purchases by $10 billion to $55 billion. The Federal Reserve will end its bond-buying program before the end of the year with an interest-rate increase likely to follow in "around six months," Chair Janet Yellen said on 19 March 2014. Quarterly Fed forecasts on 19 March 2014 showed more officials predicting that the benchmark interest rate, now close to zero, will rise to at least 1% by the end of 2015 and 2.25% a year later.
Lawmakers in the US on Tuesday, 1 April 2014, endorsed an aid package for Ukraine.
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