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US Treasury yields rise above 4%, global markets react

EditorNatashya Angelica
Published 01/17/2024, 03:24 AM

NEW YORK - Global markets experienced downturns as US Treasury yields crossed the four percent threshold, influencing investor sentiment worldwide. In response to this significant move in US yields, Asian markets saw a decline, with the exception of Japan's Nikkei, which edged up slightly. Market participants are also closely monitoring the situation for upcoming economic data from China.

The anticipation of Chinese economic updates and the rise in US Treasury yields contributed to the GIFT Nifty's decline in the morning session. Despite the broader market downturn, some companies reported positive financial results. HDFC Bank announced a substantial net profit of Rs 16,373 crore. Similarly, ICICI Lombard General Insurance reported growth in its profit, signaling resilience amidst market volatility.

In corporate developments, Bharat Petroleum Corporation's subsidiary, BISPL, is gearing up for Tender Offers for its senior notes. Expanding its real estate portfolio, Godrej Properties has recently acquired a new tract of land in Bengaluru earmarked for development. Infrastructure company G R Infraprojects has secured a new project from the National Highways Authority of India (NHAI), further cementing its position in the sector.

Meanwhile, TV18 Broadcast disclosed losses, underlining the challenges some companies are facing in the current economic climate. On the banking front, the Reserve Bank of India (RBI) has approved the appointment of Praveen Achuthan Kutty as the new Managing Director & CEO of DCB Bank, effective from late April 2024.

In the aviation industry, GMR Airports stood out with a report of passenger traffic growth, demonstrating resilience in the face of broader market pressures. PNC Infratech also had a positive announcement, having been awarded road contracts from the Madhya Pradesh Road Development Corporation, indicating continued expansion in infrastructure development.

Lastly, TechIndia Nirman and Star Housing Finance shared their quarterly financial results, contributing to the mix of corporate financial disclosures that investors are weighing amidst the current economic conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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