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In an unexpected move overnight, President Donald Trump said the US would take over the war-torn Gaza Strip after Palestinians are resettled elsewhere. The US would then develop the region economically. Trump revealed the plan without giving any specifics, when he addressed the press during a joint conference with Israeli Prime Minister Benjamin Netanyahu, who is visiting the US. That’s based on a report by Reuters.
The announcement followed an earlier proposal by Trump for the permanent resettlement of Palestinians from Gaza to neighbouring countries. He called the enclave in Gaza a demolition site.
When asked who would live in the Gaza strip, Trump responded saying it could become a home to – in his words – the world’s people. Netanyahu, for his part, said Trump was thinking outside the box with fresh ideas.
Turning to global markets, Wall Street gained on optimism that a trade deal would be worked out between China and the US, after the postponement of tariffs on Canada and Mexico. The gains were led by energy stocks.
New 10% US tariffs on Chinese imports took effect on Tuesday, which China countered with levies on US goods, which will come into effect on Feb. 10. It was unclear when the country’s leaders would talk and Trump said he was in no hurry. A proposed telephone call on Tuesday between Trump and Chinese President Xi Jinping didn’t take place, suggesting relations remain cool at best, according to Reuters.
The three benchmark indices gained, with the Dow rising over 100 points and the S&P 500 and the Nasdaq gaining 0.7% and 1.3%, respectively. In the Asia Pacific region, the three early risers have started in the green. Meanwhile, the dollar cooled further, with the dollar index now hovering at around 108. The rupee gained ground, as did a basket of other currencies, against the dollar in trade yesterday.
The Securities and Exchange Board of India has introduced guardrails around how retail investors can access algo trading. The provisions involve a triangular sort of relationship between the stock exchanges, brokers, and the algo providers. At first, the brokers will act as the principal and the algo providers will be like their agents. Meanwhile, the stock exchanges will provide a unique identifier for all the orders generated through these algos.
In case a retail investor is working on their own algo and using it eventually, they will have to get it registered as well, in case they exceed the specified order per threshold. However, they will only be able to let their immediate family members use that algo.
In major earnings, Titan Co.’s consolidated net profit declined marginally in the third quarter, meeting analysts’ estimates. The company’s profit fell to Rs 1,047 crore, compared with a consensus estimate of Rs 1,097 crore.
Titan’s jewellery segment saw a 26% growth in total income to Rs 14,697 crore. The watches and wearables segment recorded a total income of Rs 1,128 crore, up 15%. The eye care segment saw 16% increase in total income, amounting to Rs 194 crore. Titan’s emerging business ventures reported a total income of Rs 118 crore, growing 5% over the same period last year.
Remember, the key issue to focus on is footfalls and volumes. The value of gold has increased substantially on a year on year basis, so the increase in total income from the jewellery segment is partially on account of that.
Meanwhile, Tata Power Co.’s consolidated net profit rose 8% in the third quarter, beating analysts’ estimates. The power producer’s profit increased to Rs 1,031 crore in the quarter ended December, according to an exchange filing on Tuesday. That compares with the Rs 971-crore consensus estimate of analysts tracked by Bloomberg.
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