Employees walk past electronic ticker boards that indicate the latest stock figures. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty End Little Changed; ICICI Bank Surges Nearly 7%

Closing Bell

Indian equity benchmarks were little changed as gains in ICICI Bank were offset by losses in Mahindra & Mahindra, Infosys and Larsen & Toubro.

The S&P BSE Sensex was little changed at 35,216.32 and the NSE Nifty 50 index was also little changed at 10,717.80.

Ten out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Capital Goods index's 0.85 percent drop. On the flipside, the S&P BSE Bankex index was the top sectoral gainer, up 1.32 percent.

The broader markets ended mixed as the S&P BSE MidCap index fell 0.1 percent while the S&P BSE SmallCap index rose 0.1 percent.

Find Out All That You Missed During The Day In Countdown

Stocks Moving On Heavy Volumes

  • PNB Housing Finance: The Delhi-based mortgage lender fell 8 percent to Rs 1,265.55. Trading volume was 84.1 times its 20-day average.
  • Shree Renuka Sugars: The Mumbai-based sugar producer fell 0.65 percent to Rs 15.40. Trading volume was 22.1 times its 20-day average.
  • Inox Leisure: The Vadodara-based multiplex operator rose 6.8 percent to Rs 301.20. Trading volume was 11.3 times its 10-day average.
  • Kajaria Ceramics: The Delhi-based tile maker fell 0.02 percent to Rs 529.80. Trading volume was 10.8 times its 20-day average.

Bharti Airtel Trades Flat After Block Deal

  • Bharti Infratel had 20 lakh shares change hands in a block deal. The stock rose 0.16 percent to Rs 321.15.

Buyers and sellers were not immediately known

Source: Bloomberg

HEG Rises On Reporting Stellar Q4 Earnings

  • Shares of the Madhya Pradesh-based graphite electrodes maker rose 1.57 percent to Rs 2,970 after it reported stellar March quarter numbers.

Key earnings highlights:

  • Margin at 73.6 percent versus 11.7 percent (YoY)
  • EBITDA at Rs 950.83 crore versus Rs 30.1 crore (YoY)
  • Revenue up 5 times at Rs 1292.4 crore versus Rs 257.6 crore (YoY)
  • Net profit at Rs 634 crore versus Rs 3.4 crore Loss (YoY)

Shree Renuka Sugars Slips After Multiple Block Deals

  • Shree Renuka Sugars had 4.4 crore shares change hands in eight block deals. Stock down 0.3 percent at Rs 15.45.

Buyers and sellers were not immediately known

Source: Bloomberg

Kajaria Ceramics Off Day's Low On Meeting Profit Estimates In Q4

Shares of the Delh-based tile maker rose 0.7 percent to Rs 533.55 after it met Bloomberg consensus estimates in March quarter.

Key earnings highlights:

  • Consolidated net profit at Rs 66 crore versus Bloomberg estimate of Rs 68 crore
  • Consolidated net profit down 6.8 percent at Rs 66 crore versus Rs 70.7 crore (YoY)
  • Consolidated revenue at Rs 750 crore versus Bloomberg estimate of Rs 767 crore
  • Consolidated revenue up 4.1 percent at Rs 750 crore versus Rs 720.7 crore (YoY)
  • Consolidated EBITDA at Rs 120 crore versus Bloomberg estimate of Rs 131 crore
  • Consolidated EBITDA down 82 percent at Rs 120 crore versus Rs 130.7 crore (YoY)
  • Consolidated margin at 16 percent versus Bloomberg estimate of 17.1 percent
  • Consolidated margin at 16 percent versus 18.1 percent (YoY)
  • To Invest Rs 15 crore In Kajaria Plywood in one or more tranches

Jubilant FoodWorks Surges To Record High On Beating Estimates In Q4

Shares of the Noida-based Domino's pizza chain operator rose as much as 1.5 percent to record high of Rs 2,6,45 after its net profit surpassed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

  • Same-store-sales growth at 26.5 percent, highest in 6 Years
  • Standalone profit at Rs 68 crore versus Bloomberg estimate of Rs 54 crore
  • Standalone profit up nearly 10 times at Rs 68 crore versus Rs 6.7 crore (YoY); Other Income at Rs 12.7 crore
  • Standalone revenue at Rs 779.8 crore versus Bloomberg estimate of Rs 754 crore
  • Standalone revenue up 27.3 percent at Rs 779.8 crore versus Rs 612.7 crore (YoY)
  • Standalone EBITDA at Rs 127.8 crore versus Bloomberg estimate of Rs 120 crore
  • Standalone margin at 16.4 percent versus Bloomberg estimate of 15.9 percent
  • Board approves 1:1 bonus issue

Fortis Healthcare Extends Losses After Block Deal

  • Fortis Healthcare had nearly 37 lakh shares change hands in two block deals. Stock down 2.3 percent at Rs 152.40.

Buyers and sellers were not immediately known

Source: Bloomberg

Sanofi India Q4 Net Profit Rises 37%, Meets Estimates

Shares of the Mumbai-based drug maker rebounded from intraday lows after it met Bloomberg consensus estimates in March quarter. The stock rose 0.78 percent to Rs 4,865.75.

Key earnings highlights:

  • Revenue up 11.7 percent at Rs 617.7 crore versus Rs 553 crore (YoY)
  • Revenue at Rs 617.7 crore versus Bloomberg estimate of Rs 620 crore
  • Net profit up 37.5 percent at Rs 82.5 crore versus Rs 60 crore (YoY)
  • Net profit at Rs 82.5 crore versus Bloomberg estimate of Rs 82.9 crore
  • Margin at 21.8 percent versus 18.4 percent (YoY)
  • EBITDA up 32.2 percent at Rs 134.4 crore versus Rs 101.7 crore (YoY)

Market Check: Benchmarks Erase Gains Dragged By HDFC Twins, Infosys

  • Indian equity benchmarks erased gains dragged by weakness in HDFC twins, Infosys, Larsen & Toubro and Mahindra & Mahindra.
  • The S&P BSE Sensex fell 0.12 percent or 44 points to 35,163 and the NSE Nifty 50 index declined 0.2 percent or 20 points to 10,695.
  • The broader markets also edged lower as the S&P BSE MidCap index fell 0.3 percent and the S&P BSE SmallCap index slipped 0.1 percent.
  • The overall market breadth turned marginally negative as 1,343 stocks were declining while 1,087 were advancing on the BSE.

Click here for more stock market stats

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ICICI Bank Holds Gains Amid Block Deal

  • ICICI Bank had 10 lakh shares change hands in a block deal. The stock held on to gains and was up 7.5 percent at Rs 311.55.

Buyers and sellers were not immediately known

Source: Bloomberg

SBI Gains After Block Deal

  • Shares of the country’s largest lender rose 1.83 percent to Rs 251. The stock saw 11 shares change hands in a block deal.

Buyers and sellers were not immediately known

Source: Bloomberg

Godrej Consumer Products Gains As Profit Beats Estimates On Exceptional Gain

Shares of the Mumbai-based household products maker rose 2.65 percent to Rs 1,132 after its net profit surpassed Bloomberg consensus estimates in March quarter aided by an exceptional gain of 194 crore.

Key earnings highlights:

  • Net profit up 59.24 percent at Rs 617 crore versus Rs 387.58 crore (YoY)
  • Net profit at Rs 617 crore versus Bloomberg estimate of Rs 445 crore
  • Profit includes exceptional gain of Rs 194 crore
  • Revenue up 5.8 percent at Rs 2,528.89 crore versus Rs 2,389.8 crore (YoY)
  • Revenue at Rs 2,528.89 crore versus Bloomberg estimate of Rs 2,621 crore
  • Volume growth at 6 percent

ICICI Bank In-The-Money Call Options More Than Double

Premiums on in-the-money strike price call option contracts of ICICI Bank surged more than 100 percent.

  • Premium on ICICI Bank 290 call rose 99 percent to Rs 26.20
  • Premium on ICICI Bank 300 call rose 111 percent to Rs 18.70
  • Premium on ICICI Bank 310 call surged 127 percent to Rs 12.50
  • Premium on ICICI Bank 320 call surged 128 percent to Rs 7.75

Click here for F&O stats

Exide Posts Strong Q4. Is It Advisable To Accumulate? Find Out On Hot Money

Tata Coffee Falls After March Quarter Profit Slumps

Shares of the Bangalore-based coffee producer fell as much as 7.2 percent, the most in over three months, to Rs 123.70 after its profit in March quarter slumped.

Key earnings highlights:

  • Net Profit down 86 percent at Rs 6.5 crore
  • Revenue up 9 percent to Rs 440 crore
  • EBITDA down 67 percent to Rs 37 crore
  • EBITDA Margins at 8.5 percent versus 28.2 percent

Vakrangee Falls For 11th Straight Day

Shares of the Mumbai-based based e-governance service provider fell for 11th straight day to hit its lowest level since Nov. 2015.

The stock was locked in a 5 percent lower circuit at Rs 77.45. Its chartered accountant Price Waterhouse & Co resigned even before completing a year of auditing at the company.

Appointed at the annual shareholder meeting in September last year, PW did a standard limited review of the second and third quarters.

Find About Q4 Estimates For Indian Drugmakers On Trend Spotting

Inox Leisure Surges For Second Day After Q4 Net Beats Estimates

Shares of the Vadodara-based multiplex chain operator rose as much as 8.18 percent to Rs 305 after its profit surpassed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

  • Consolidated net profit at Rs 57.6 crore versus Bloomberg estimate Of Rs 7.3 crore
  • Consolidated Revenue at Rs 323.6 crore versus Bloomberg estimate Of Rs 318 crore
  • Consolidated EBITDA at Rs 42.1 crore versus Bloomberg estimate Of Rs 36.5 crore
  • Consolidated margin at 13 percent versus Bloomberg estimate Of 11.5 percent
  • Consolidated net profit at Rs 57.6 crore versus Rs 34 Lk (YoY)
  • Consolidated one-time tax gain of Rs 53.7 crore
  • Consolidated Revenue up 12.2 percent at Rs 323.6 crore versus Rs 288.4 crore (YoY)
  • Consolidated EBITDA up 77.2 percent at Rs 42.1 crore versus Rs 23.7 crore (YoY)
  • Consolidated Margin at 13 percent versus 8.2 percent (YoY)

Efforts Being Made To Resolve Stress Of Some Power Assets: Ajay Kumar Bhalla

Ajay Kumar Bhalla, power secretary in an exclusive conversation with BloombergQuint said various efforts are being made to resolve stress of some of the power assets.

Highlights of conversation:

  • Believe 5-6 plants likely to be out of stress
  • RBI circular in February this year allowed some flexibility to lenders
  • SBI along with other lenders working on sustainable debt levels
  • Working on ministry level for resolution of stressed assets
  • Power sector not only has financial restructuring problem but also coal availability, PPA availability, etc
  • NTPC was never supposed to be part of the proposed SPV
  • NTPC bids have not come through yet
  • Need to coordinate with SBI to resolve regulatory issues
  • Have initiated pilot project for buying 2500 MW on bidding basis
  • RBI does not look at sector issues, it is for the power ministry to resolve the issues
  • Loss has come down substantially on an aggregate basis for all discoms
  • 83 percent households in India are now electrified
  • Target growth of 6 percent up to 2022
  • Some power stations have less coal, railways ensuring timely delivery

ICICI Bank 300 Call Strike Price Surges 70%

ICICI Bank 300 strike price call option was among the most active stock option contracts on the National Stock Exchange.

Premium on the contract surged 69 percent to Rs 14.95 and it shed 10.5 lakh shares in open interest to 45.15 lakh shares.

F&O Check: Bank Nifty 26,000 Call Most Active On NSE

Nifty Bank's 26,000 strike price call option was among the most active option contracts on the National Stock Exchange.

Premium on the contract surged 56 percent to Rs 87.50. Over 1.74 lakh shares were added to the open interest which stood at over 8.18 lakh shares.

Click here to see the complete options chain

Is It The Right Time To Take Long Positions On The Nifty? Find Out On The F&O Show

Trident Falls After Net Profit Nearly Halves In March Quarter

Shares of the Ludhiana-based textile maker fell as much as 6.2 percent, the most in nine months, to Rs 64.25 after its net profit nearly halved in March quarter.

Key earnings highlights:

  • Revenue down 6 percent at Rs 1,185 crore
  • Net profit down 49 percent at Rs 51 crore
  • EBITDA up 3 percent at Rs 217 crore
  • Margin at 18.3 percent versus 16.7 percent

Talwalkars Surges On Exchange Nod To List Unit, Q4 Earnings

Shares of the fitness centre operator rose as much as 5.9 percent, most in over two months, to Rs 68.7.

Talwalkars Better Value Fitness Ltd. received in-principle nod from exchanges to list Talwalkars Lifestyles. The company also declared its results for the March-ended quarter yesterday wherein its net profit rose 33 percent to Rs 4 crore.

Key earnings highlights:

  • Net profit up 33 percent at Rs 4 crore
  • Revenue up 18.75 percent at Rs 19 crore
  • EBITDA up 30 percent at Rs 13 crore
  • Margin at 68.4 percent versus 62.5 percent

PC Jeweller Resumes Decline, Slumps Over 10%

Shares of the Delhi-based jewellery retailer resumed their downward spiral after rising for three days in a row.

The stock slumped 11 percent to Rs 213.90.

ICICI Bank Hits Two-Month High On Cheap Valuations, Lower Stress From Bad Loans

Shares of the country's third largest lender by market cap rose as much as 7.69 percent, the most in over six months, to Rs 311.65 as cheap valuations and lower stress from bad loans was seen trumping the steepest fall in quarterly profit since 2016.

Most brokerages remained upbeat as they expect the private sector lender’s asset quality to remain stable despite higher provisions. The bank reported 50 percent decline in profits for the March quarter at Rs 1,020 crore, its worst ever in the last two years.

Key earnings highlights:

  • Net profit fell nearly 50 percent to Rs 1,020 crore
  • Net interest income, or the core income, rose a percent to Rs 6,022 crore
  • Gross non-performing assets as a percentage of total assets increased sequentially to 9.9 percent from 8.6 percent.
  • Net NPA ratio rose to 5.4 percent from 4.6 percent in the previous quarter
  • Provisions jumped 86 percent sequentially to Rs 6,625.7 crore

Opening Bell

Indian equity benchmarks edged higher led by ICICI Bank, ITC, Axis Bank and Reliance Industries.

The S&P BSE Sensex rose 0.3 percent to 35,628 and the NSE Nifty 50 index gained 0.2 percent to 10,742.

Fifteen out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Bankex index's 1 percent gain. On the flipside, the S&P BSE Information Technology index was the top sectoral loser, down 0.1 percent.

The broader markets were mostly in-line with the benchmarks as the S&P BSE MidCap index rose 0.2 percent and the S&P BSE SmallCap index advanced 0.3 percent.

PNB Housing Finance Slumps Over 6% In Pre-Market Trade

Shares of the Delhi-based mortgage lender fell 6.28 percent, the most since in one month, to Rs 1,288.

PNB Housing Finance saw 1.6 crore shares or 9.6 percent equity change hands in four blocks in pre-market trade.

Rupee Slips 7 Paise Against Dollar In Early Trade

The rupee weakened by 7 paise to trade at a fresh 15-month low of 67.20 against the U.S. dollar in early trade today due to appreciation of the American currency overseas amid sustained foreign capital outflows.

Dealers attributed the rupee's fall to increased demand for the U.S. currency from importers.

However, a higher opening in the domestic equity market capped the losses.

Oil prices retreated from three-and-a-half-year highs as investors waited on an announcement by President Donald Trump on whether the U.S. will reimpose sanctions on Iran.

Money Market Heads Up: Bond Yield May Stay In A Range Of 7.60-7.65%

After the rally comes the real test of appetite for Indian bonds as states tap the market to raise Rs 11,200 crore of debt.

The surprise announcement by the RBI about open market operations (OMO) purchases led to a 11 basis points decline in 10-year bond yield to 7.62 percent. Investors however feel that the positive momentum will continue only if the market is convinced of RBI's continuous support via more open market operations to buy bonds.

For today, yield may stay in a range of 7.60 percent-7.65 percent.

In the currency market, implied opening from forwards suggest the spot rupee can open around 67.1745 a dollar. The risk appetite remains strong in Asia and we may see rupee claw back some gains. Traders are expecting a range of 66.90-67.30 a dollar in the day.

BQ Heads Up!

Brokerage Radar

On ICICI Bank

CLSA

  • Maintain 'Buy' with a target price of Rs 430.
  • While net profit below estimates, operationally the earnings were largely in-line.
  • Slippages rose sharply primarily from existing stressed book and Gitanjali Gems.
  • Key positive was healthy CASA growth and focus on de-risking.
  • Improvement in asset quality key to rerating; ICICI Bank remains top picks.

Morgan Stanley

  • Maintain Overweight a target price of Rs 425.
  • Core pre-provisioning operating profit ahead of estimates.
  • Focus for the quarter was on asset quality.

Crdeit Suisse

  • Since its drill down list disclosure in FY16, 15 percent of ICICI’s loan book has turned into NPA and residual stress is now at 3 percent
  • Bad loan coverage remained flat at 47 percent and hence credit costs to remain elevated in FY19 as well.
  • Bank is comfortably capitalised with common equity tier 1 capital at 14.5 percent to sustain loan growth pick-up without an equity dilution.
  • Adjusted for subsidiaries value, the core bank is trading at an attractive 0.9 times book.

On Exide

Morgan Stanley

  • Maintain Overweight with target price of Rs 266.
  • Reported strong Q4FY18, ahead of estimates.
  • Strong growth and margin progression seen.
  • Strong underlying volume growth momentum continue.
  • Expect pickup in replacement sales and healthier margins in FY19.

Investec

  • Maintain Buy; Raised target price to Rs 280 from Rs 260.
  • Strong Q4 marks improvement in margin trajectory.
  • Volumes were likely the main driver of revenue growth.
  • Channel checks indicate a strong market share gain.
  • Valuation attractive; stock at a discount to Amara Raja.

On Indian Steel

Macquarie

  • Domestic steel prices on an uptrend; $10-15 per tonne increase in May 2018.
  • Weaker raw material prices to help expand margins in Q1FY19.
  • Believe stocks are not factoring in the upside risks.
  • Tata Steel offers best risk-reward.

Deutsche Bank

  • Major Indian steel producers taken $12-15 per tonne price hike in May 2018.
  • With declining raw material prices steel spreads have increased in last three months.
  • Rising spreads on the back of increasing demand to help achieve robust profitability.
  • JSW Steel is preferred pick in the sector.

IIFL on Jindal Stainless

  • Initiate ‘Buy’ with target price of Rs 107.
  • Asset sweating to drive volume growth.
  • Expect volume/EBITDA/net profit to grow at a CAGR of 11 percent/9 percent/25 percent over FY18-20.
  • Improving profitability/cash flows to aid exit from CDR scheme.
  • Balance sheet improving; valuations attractive.

Kotak Securities on Motherson Sumi

  • Maintain ‘Sell’ with target price of Rs 265.
  • EBIT growth is in line with peers - Plastic Omnium, Magna and Faurecia.
  • Return ratios are significantly inferior due to lower margins and higher working capital requirements.
  • Motherson trades at almost double the valuations despite in-line performance
  • Premium to peers not justified.

Nomura on Hexaware

  • Maintain Reduce; Raised target price to Rs 350 from Rs 310.
  • Q1CY18: Revenue ahead, EBIT Margins missed estimates.
  • Hexaware indicating strong traction in Q2/Q3.
  • Expect dollar revenue growth of 13.1 percent/10.7 percent and EBIT margins of 14.5-15 percent in FY18/19.

ABB, Jubilant Foodworks, Phoenix Mills To Report Q4 Earnings Today

  • ABB India
  • Aditya Birla Capital
  • Godrej Consumer Products
  • HEG
  • Jubilant Foodworks
  • Kajaria Ceramics
  • Phoenix Mills
  • Mahindra Holidays
  • Sintex Industries

Earnings Reaction To Watch

ICICI Bank (Q4, YoY)

  • Net profit down 50 percent at Rs 1,020 crore
  • Provision up 86 percent at Rs 6,626 crore (QoQ)
  • GNPA at 8.84 percent versus 7.82 percent (QoQ)
  • NPA at 4.77 percent versus 4.20 percent (QoQ)

Also Read: ICICI Bank’s Profit Halves As Provisions Surge In March Quarter

Tata Coffee (Q4, YoY)

  • Net Profit down 86 percent at Rs 6.5 crore
  • Revenue up 9 percent to Rs 440 crore
  • EBITDA down 67 percent to Rs 37 crore
  • EBITDA Margins at 8.5 percent versus 28.2 percent

Pfizer (Q4, YoY)

  • Revenue up 19 percent at Rs 520 crore
  • Net profit up 42.5 percent at Rs 152.5 crore
  • EBITDA up 46 percent at Rs 138 crore
  • Margin at 26.5 percent versus 21.6 percent

JK Agri Genetics (Q4, YoY)

  • Revenue at Rs 51 crore versus Rs 20 crore
  • Net profit of Rs 5.6 crore versus net loss of Rs 6.3 crore
  • EBITDA at Rs 10.5 crore versus loss of Rs 7 crore
  • Margin at 20.6 percent versus -35 percent

Tata Investment Corporation (Q4, YoY)

  • Revenue up 24 percent at Rs 58.3 crore
  • Net profit up 22 percent at Rs 42 crore

Talwalkars Better Value Fitness (Q4, YoY)

  • Revenue up 18.75 percent at Rs 19 crore
  • Net profit up 33 percent at Rs 4 crore
  • EBITDA up 30 percent at Rs 13 crore
  • Margin at 68.4 percent versus 62.5 percent

Ludlow Jute & Specialties (Q4, YoY)

  • Revenue at Rs 99 crore versus Rs 89 crore
  • Net profit at Rs 0.3 crore versus Rs 0.7 crore
  • EBITDA at Rs 1 crore versus Rs 2.4 crore
  • Margin at 1 percent versus 2.7 percent

Trident (Q4, YoY)

  • Revenue down 6 percent at Rs 1,185 crore
  • Net profit down 49 percent at Rs 51 crore
  • EBITDA up 3 percent at Rs 217 crore
  • Margin at 18.3 percent versus 16.7 percent

Tube Investments of India (Q4, YoY)

  • Revenue up 4 percent at Rs 1,233 crore
  • Net profit down 27.5 percent at Rs 37 crore
  • EBITDA up 4 percent at Rs 93.5 crore
  • Margin unchanged at 7.6 percent

Stocks To Watch

  • SEBI holds HDFC Mutual Fund IPO to probe past lapses
  • Veto Switchgears receives order worth Rs 25 crore for “Vyoma” range of Modular switches
  • Tata Metaliks says operations at Kharagpur plant stopped due to issue with workers’ union
  • Cigniti Technologies looks to explore business opportunities in Dubai
  • Lupin receives U.S. FDA approval for generic Temovate ointment
  • Unichem Laboratories Ltd. receives ANDA approval from U.S. FDA for Valsartan Tablets
  • Talwalkars gets in-principle nod from exchanges to list Talwalkars Lifestyles
  • FIH Mauritius to buy 6 percent additional stake in Bangalore Airport from Siemens

F&O Cues: Bank Nifty Open Interest Spikes 14%

  • Nifty May futures closed trading at 10,739.8 with premium of 25 versus of 40.5pts
  • All series: Nifty open interest up 1 percent & Bank Nifty open interest up 14 percent
  • India VIX ended at 13.7, up 3.8 percent
  • Max open interest for May series at 11,000 (open interest at 56.9 lakh, down 2 percent)
  • Max open interest for May series at 10,500 (open interest at 51.7 lakh, up 8 percent)

Bulk Deals: Tata AIG Life Insurance Bought 0.7% In BEML

BEML

  • Tata AIG Life Insurance Company bought 2.90 lakh share (0.7 percent) at Rs 1061.76 each

NIIT Technologies

  • Ascension Healthcare Master Pension Trust sold 4.10 lakh shares (0.7 percent) at Rs 1028.54 each

Talking Points

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India rose 0.2 percent to 10,769 as of 7:49 a.m.

Asian stocks inched higher on Tuesday as traders braced for an announcement from Washington on the nuclear accord with Iran. The dollar retreated from its strongest level this year and crude pared gains above $70 a barrel.

Here are some key events coming up this week:

  • Chinese trade data is due Tuesday.
  • It’s also the Australian annual budget day on Tuesday.
  • Malaysia holds a general election Wednesday.
  • Japanese Prime Minister Shinzo Abe hosts South Korean President Moon Jae-in and Chinese Premier Li Keqiang on Wednesday.
  • There’s a Bank of England policy decision on Thursday.
  • U.S. inflation data for April is due the same day.
  • Trump’s Iran-deal deadline is this week.
  • Some of the company earnings due include Walt Disney, Petrobras, Marriott, Toyota, Ambev and Deutsche Telekom.

Commodities

  • West Texas Intermediate crude fell 0.9 percent to $70.06 a barrel.
  • Gold fell 0.1 percent to $1,313.05 an ounce.
  • LME copper rose 0.3 percent to $6,847.50 per metric ton.
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