Market Bizzz

Taiwan Semi posted an 80% jump in third-quarter profit, helped by demand from customers such as iPhone maker Apple Inc, by far the largest investment in Berkshire’s $306.2 billion equity portfolio.

Traders now see an 89% probability of a 50-basis-point increase at the U.S. central bank’s December meeting, with only an 11% likelihood of a 75-basis-point rise. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.03% to 910.41 tonnes on Monday from 910.12 tonnes on Friday.

This comes after the International Monetary Fund said on Sunday that the global economic outlook has become gloomier than projected last month, citing a steady worsening in purchasing manager surveys in recent months

The news on COVID rules had stoked a short-covering bounce in the yuan last week, which added to broad pressure on the dollar as yields dived. The dollar regained a little ground early on Monday as its index added 0.4% to 106.870, but remained well short of last week’s 111.280 top.

Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. The dollar index rose 0.4% against its rivals after falling to a near three-month low on Friday, making gold more expensive for other currency holders.

Aurobindo Pharma Vice-Chairman and Managing Director K Nithyananda Reddy said the company’s second quarter performance was subdued, mainly due to macro-environment factors and higher competitive intensity for some products in the US.

“Stocks like JSW Steel, Jindal Steel, Tata Steel have done well in the last couple of weeks and looking at the set up we believe that another 4% to 5% rally we can witness in the coming trading session.”