Economic News 

Audi Ex-Boss Becomes First VW Board Member Sentenced Over Diesel Scandal

Former Audi boss Rupert Stadler was handed a suspended sentence of one year and nine months by a Munich court on Tuesday for fraud by negligence in the 2015 diesel scandal, becoming the first former Volkswagen (ETR: VOWG_p) board member to receive such a sentence. The ex-boss was fined 1.1 million euros ($1.20 million), which will go to the state treasury and non-governmental organisations, the court said.The sentence is in the middle of the 1.5-2 year timeframe the judge had said the former CEO would face if he confessed to…

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Uncategorized 

Tesla Stock Is No Longer a Buy At Goldman Sachs; Shares Slip

Goldman Sachs analysts downgraded Tesla (NASDAQ:TSLA) stock to Neutral from Buy following a massive year-to-date rally in the electric vehicle (EV) maker’s stock. Still, they raised the price target to $248 per share from the prior $185, reflecting increased EPS estimates and a higher target multiple. The analysts remain positive on Tesla’s long-term growth potential and competitive positioning. However, the 108% YTD rally (+38% in the last month) means that “the stock now better reflects” Goldman’s bullish stance on the EV manufacturer. “Overall we believe our view that Tesla is…

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Economic News 

Dollar Steadies After Powell’s Testimony; Sterling Awaits BOE Meeting

The U.S. dollar stabilized in early European trade Thursday near a one-month low after the first day of Federal Reserve Chair Jerome Powell’s semi-annual testimony to Congress, while sterling edges lower ahead of the latest Bank of England meeting. At 01:50 ET (05:50 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, edged higher to 101.707, trading just above its recent one-month low. Mixed messages from the Fed Federal Reserve Chair Jerome Powell appeared before the House Financial Services Committee of Congress on Wednesday.…

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Uncategorized 

Can HDFC AMC make it Back to The MSCI Index After Abrdn Stake Sale?

Abrdn’s clean-up block trade of a 10.2 percent stake in HDFC AMC will increase the company’s free float market capitalisation but the stock has to rally over 10 percent from the current level to make it back to the MSCI index. “As per the latest global market cap cut-off, HDFC AMC needs to move above Rs 2,220 levels before the cut-off date in July to make a re-entry in MSCI Standard Index in the forthcoming August 2023 review,” Abhilash Pag aria, head of Nuvama Alternative & Quantitative Research told A…

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Nifty 

Stocks Rally Stalls, Eyes Powell Testimony For Rate Clues

Global shares drifted on Monday, consolidating gains after hitting a 14-month high last week, as investors awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets. The MSCI’s broad gauge of world stocks was steady, with Wall Street markets closed for the Juneteenth holiday. In Europe, the Stock 600 share index fell 0.5% in early trading. After a week in which the stock market cheered the Fed’s decision to skip a rate increase in June, Powell is scheduled to deliver congressional testimony…

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Economic News 

Global banks raise forecast to 4% peak for key ECB rate

Goldman Sachs (NYSE:GS), BNP Paribas (OTC:BNPQY), Uncredited (BIT:CRDI) and RBC Capital Markets had earlier expected the ECB’s terminal rate to peak at 3.75%, following a 25 basis points (bps) hike in July, they said in notes after the central bank meeting. The ECB raised euro zone borrowing costs to their highest level in 22 years on Thursday and said stubbornly high inflation all but guaranteed another move next month and likely beyond that too. “The signal for July was more explicit than it needed to be and therefore reveals significant…

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Market 

4 Big Analyst Picks: Accenture Upgraded To Neutral Ahead of Q3 Earnings

Earlier this week, the company announced a $3 billion investment over three years in its Data & AI practice. The expansion includes new industry solutions, the AI Navigator for Enterprise platform, a Center for Advanced AI, and doubling their AI talent to 80,000 people. The company is set to report its Q3/23 earnings on June 22. Street estimates stand at $3.01 for EPS and $16.49B for revenues.Shift4 Payments upgraded to Outperform SVB Moffett Nathanson upgraded Shift4 Payments (NYSE:FOUR) to Outperform from Market Perform and raised its price target to $80.00…

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Uncategorized 

Toyota Wins Over Shareholders at AGM After Questions On Strategy, Governance

Toyota shareholders backed the board and voted down the first resolution proposed in 18 years at an annual general meeting (AGM) on Wednesday, an endorsement of the automaker a day after it laid out an extensive electric vehicle strategy. EV ROADMAP Toyota aims to produce more efficient, faster-charging versions of current batteries to improve EV driving range and cost, and, within the decade, mass produce game-changing solid-state batteries after saying it had overcome a technical hurdle. MANUFACTURING CHANGE The carmaker said it would radically redesign manufacturing, having vehicles drive along…

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Market 

Nikkei Closes Above 33,000 For The First Time In 33 Years

Japan’s benchmark Nikkei gauge surged on Tuesday, closing over 33,000 for the first time in 33 years, led by technology shares on expectations of a flood of investment in chip-related companies. SoftBank Group Corp jumped 5.25% on reports it may team up on an AI venture with Chat GPT operator Open AI and that its semiconductor unit Arm is in investment talks with Intel Corp (NASDAQ:INTC). Chip-testing equipment maker Advantest Corp soared 4.79%. Toyota Motor (NYSE:TM) Corp shares leapt 4.99% after the automaker announced plans to market next-generation battery electronic…

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Uncategorized 

European Stock Futures Edge Higher; Central Bank Decisions Seen Key

European stock markets are expected to drift higher at the open Monday, at the start of a week dominated by a series of key central bank meetings in the U.S., Asia and Europe. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.4% higher, CAC 40 futures in France climbed 0.3% and the FTSE 100 futures contract in the U.K. rose 0.4%. enteral bank decisions to drive stock markets European equities are seen edging nervously higher Monday. With little in the way of major earnings of economic…

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