Market Bizzz

With shareholders quizzing Chandrasekaran on Tata Motors’ equity capital reduction move at the annual general meeting (AGM) on Tuesday, the chairman said that it is being done with the objective of fairness for both kinds of shareholders (ordinary and DVR). He added that Tata Sons (promoter) approved the move on the basis of what is good for the company and in the interest of shareholders.

The much-watched data on Wednesday showed China’s consumer prices fell 0.3% in July from a year ago, slightly better than expected but the first decline since February 2021. Producer prices dropped for a 10th consecutive month. The data followed disappointing trade figures a day earlier that fuelled concerns about the global economic outlook.

Both the contracts had settled around 1% lower in the previous trading session as investors braced for weaker demand from the world’s two biggest economies, China and the United States.

U.S. stocks have sharply rallied in 2023, with the benchmark S&P 500 rising 17.7% this year, fueled by optimism around artificial intelligence and hopes of a soft landing for the world’s largest economy.

The yield on benchmark 10-year Treasury notes rose to 4.0885% compared with its U.S. close of 4.078% on Monday. The two-year yield, which rises with traders’ expectations of higher Federal Reserve fund rates, touched 4.7682% compared with a U.S. close of 4.758%.