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Morning Research Notes - 15.04.25
US stocks ended Monday on a high note as investors welcomed potential tariff reprieves and impressive earnings from major banks. Commodities performed well yesterday. Gold remained steady at $US3210.34 an ounce, iron ore rose by 0.8% to $US97.90 a tonne, and Brent Crude (Oil) increased slightly by 0.1% to $US64.83 a barrel.
Wall Street closed higher on Monday as investors reacted to potential tariff reprieves and strong bank earnings. The Dow Jones Industrial Average rose 312 points (0.8%), the S&P 500 climbed 0.8%, and the Nasdaq increased by 0.6%. President Trump announced temporary tariff relief for electronics and possible concessions for the auto industry, while tariffs on pharmaceuticals remained in focus. This news boosted shares of General Motors, Ford, and Stellantis. Tech giants like Apple and Dell also saw gains due to the tariff exclusions, although Tesla closed slightly lower. Intel's stock rose over 2% after selling its majority stake in Altera. Additionally, Fed Governor Christopher Waller indicated support for a rate cut if tariffs threaten a recession. Goldman Sachs reported a 15% increase in net profit, joining JPMorgan Chase and Morgan Stanley in posting strong earnings, despite concerns about tariffs and inflation.
On Monday, the Australian market closed on a positive note, with the ASX200 index rising by 1.32%. Major sectors, including Materials, Financials, Information Technology, Healthcare, and Utilities, all ended the day in the green, closing up by 2.11%, 1.22%, 2.60%, 1.80%, and 0.55%, respectively. Major commodities also had a bullish run, with aluminium, copper, zinc, and nickel all ending the day with gains.
Chart of the day
The small and mid-cap (SMID) segments in India may offer opportunities for growth at attractive valuations, driven by information asymmetry and pricing inefficiencies. While EM fund managers favour large-cap companies for their liquidity and stability, solid alpha opportunities are likely to lie in the SMID segments, which have witnessed strong EPS (earnings per share) growth from FY21. With projected EPS growth of c.25% in FY26, these segments could benefit from growing opportunities in India, digital and financial expansion, as well as government-led infrastructure development.
Source: Livewire, Motilal Oswal, India Avenue
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