8:10 PM
Blogger
In a grim outlook for the US stock market, JP Morgan has sounded the alarm, anticipating a substantial decline in the S&P 500 index by the conclusion of 2023. Marko Kolanovic, the bank's lead market strategist, has set the lowest year-end target among prominent Wall Street financial institutions, projecting the index to plummet to 4,200 points.
2:10 PM
Blogger
The Reserve Bank of India (RBI) announced a record dividend payout of over Rs 2.1 lakh crore to the government in FY24. The payout, announced on Wednesday evening, is the result of RBI's active intervention in foreign exchange and money markets.
10:10 AM
Blogger
The Reserve Bank of India added 24 tonnes of gold to its reserves between January and April this year to diversify reserves during volatility amid geopolitical tensions. Central banks, including emerging markets, are increasing gold reserves due to its store of value and rising prices in response to global uncertainty.
8:10 PM
Blogger
On a public holiday in the UK, when the markets were expected to be calm, a significant trading error occurred at Citigroup. A trader on the Delta One desk attempted to manually hedge the bank's exposure to the MSCI World Index. In the process, the trader mistakenly entered a figure intended as the notional value ($58 million) into the quantity field, resulting in the creation of an erroneously large basket of equities valued at $444 billion.
4:10 PM
Blogger
Banks in several states will be closed on Thursday, May 23, due to Buddha Purnima as per the Reserve Bank of India's holiday list. Individuals can utilize digital banking services for simplified financial management on bank holidays.
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