n ECB’s press conference in Frankfurt later tonight, Draghi will have the chance to restate his case for a prudent approach towards ending bond purchases while reaffirming the positive outlook for the region’s economy.
At the closing bell, the BSE Sensex stood higher by 212 points (up 0.6%) and the NSE Nifty closed up by 47 points (up 0.4%). The BSE Mid Cap index ended the day down 0.1%, while the BSE Small Cap index ended the day up by 0.3%.
Europe’s largest oil company Royal Dutch Shell plc reported earnings per ADS (on a current cost of supplies basis, excluding items – the market’s preferred measure) of $1.28.
In spite of the market's negative reaction to some of the recent earnings reports issued by credit card companies, one might think the individual consumer is in pretty bad shape.
No one seems able to account for the rise in LIBOR-OIS. I think it’s a vain effort, and focuses on the wrong segments, but nonetheless there is considerable uncertainty which always casts suspicions into the shadows. That is important.
VIX challenged the 50-day Moving Average, currently at 19.29. A close above the 50-day confirms the buy signal for the VIX. It may have completed a right shoulder of an inverted Head & Shoulders formation as well, giving it a probable upside target.