India's stock markets corrected recently but foreign money is likely to chase China rather than India in the short-to-medium term, said Chris Wood, global head of equity strategy at Jefferies, on Thursday. Wood told the Business Standard Manthan Summit in New Delhi he is bullish about Indian equities from a long-term perspective, but for the short term he is cautious given the quantum of foreign investor (FII) outflows and valuation woes.
A summary of Saturday's action in the Premier League.
Mohamed Salah had already clinched the Premier League Player of the Season award, the Golden Boot for most goals scored and the Playmaker award for most assists, making him the first player to win all three awards in the same season.
Arsenal's Calafiori secures 1-0 win at Manchester United; Crystal Palace hold Chelsea to 0-0 draw.
Global head of equity strategy at Jefferies, Christopher Wood, has cut his exposure to Indian equities by one percentage point in the Asia-Pacific ex-Japan relative-return portfolio, and Australia and Malaysia by half a percentage point each in favour of China, which has seen a hike in exposure by two percentage points. The rally in China has been fast-forwarded by the approach of a seven-day holiday with the CSI 300 Index up 8.5 per cent on Monday, and 25.1 per cent in five trading days, he said.
Gold prices have been on an uptrend in the last few months, rising nearly 28 per cent to $2387 per ounce now. This rise in gold price, according to Christopher Wood, global head of equity strategy at Jefferies, is attributed to the demand from China amid lack of investor euphoria as regards the yellow metal. "Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally.
Despite the rally in equities over the last few years, India, according to Christopher Wood, global head of equity strategy at Jefferies, is still in early stages of an equity cult. Any changes to the capital gains tax for equities - both long-term and short-term - in Budget 2024 scheduled to be announced on July 23, he believes, can trigger a bigger correction that what the markets witnessed post the Lok Sabha election outcome on June 4 that saw the Bharatiya Janata Party (BJP) lose majority, though it was able to form the government with the help of coalition partners.
Global fund managers remain bullish on the Japanese stock markets, which is now their most preferred destination in the Asian region. Both Morgan Stanley and Jefferies in their recent reports, have cited their preference for the Land Of The Rising Sun, which is fast becoming the land of the rising equities, too.
Nuno Espirito Santo's side took the lead after five minutes when a corner fell to Elliot Anderson on the edge of the area and his powerful deflected drive found the net.
Newcastle United registered a 2-0 home win over Chelsea on Sunday that moves the Magpies a step closer to Champions League football next season.
Forest's tally is the same number as Leicester City had accumulated by the same point of the 2015/16 campaign when they went on to become shock Premier League champions.
Manchester City and Chelsea both secured their Champions League places with victories on the final day of the English Premier League season and Newcastle United joined them despite stumbling to a last-day defeat.
The sharp rally in the midcap stocks has made valuations expensive, and there is room for a correction, wrote Christopher Wood, global head of equity strategy at Jefferies in his latest note to investors, GREED & fear. The midcap index, Wood said, now trades at 24.1x 12-month forward earnings compared with 18.7x for the Nifty. Rising crude oil prices, he believes, are another worry for India, which imports nearly 80 per cent of its annual crude oil requirement.
A round-up of Saturday's action in the English Premier League.
Global financial markets are not yet fully factoring in any escalation in the Israel-Palestine geopolitical conflict, said Christopher Wood, global head of equity strategy at Jefferies in his latest weekly note to investors, GREED & fear. The pertinent point about ongoing events in West Asia from a financial market perspective, according to him, is that, despite much talk about a pending ground invasion of Gaza, no such invasion has yet happened. "This is beginning to make GREED & fear wonder if it is ever going to happen.
New Zealand advance to their third football World Cup following the 1982 and 2010 finals.
A round-up of Saturday's action in the English Premier League.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
Images from Saturday's FA Cup quarter-finals.
A round-up of Saturday's action in the Premier League.
Forest were good value for the win, though Ipswich came close to opening the scoring midway through the first half.
Some reporters later returned to the conference room, although local press strongly condemned the player's actions, adding to criticism of the team's poor form this season, which has left them sitting 10th in the Liga MX table.
Images from Sunday's action in the Premier League.
Images from Saturday's action in the Premier League.
Brighton & Hove Albion and Nottingham Forest maintained unbeaten starts to the Premier League season with a topsy-turvy 2-2 draw as the visitors finished with 10 men and both managers were shown red cards in a feisty clash on Sunday.
IMAGES from the Premier League matches played on Sunday
Round-up of matches from the opening weekend of the English Premier League 2024-25
However, despite Covid, Indian markets registered their best financial year performance in a decade, with the Sensex and Nifty50 rallying 68 per cent and 71 per cent, respectively, in FY21.
IMAGES from the Premier League matches played on Tuesday.
IMAGES from the Premier League matches played on Saturday.
IMAGES from the English Premier League matches played on Wednesday.
IMAGES from the Premier League matches played across England, on Sunday.
Images from English Premier League matches played on Sunday.
Striker Chris Wood's second-half penalty gave Newcastle United a 1-0 win over Wolverhampton Wanderers in the Premier League on Friday to further banish any lingering relegation fears.
Tottenham Hotspur and Newcastle United both sealed comeback victories to boost their European qualification hopes.
Mohamed Salah scored a late equaliser from a penalty kick as Liverpool escaped Old Trafford with a single point in a 2-2 draw with Manchester United to climb to even on points with Premier League leaders Arsenal.
Liverpool moved back to the top of the Premier League with a 2-0 victory at struggling Burnley
Images from the English Premier League matches played on Saturday, April 13.
Costa Rica edged past 10-man New Zealand 1-0 in their intercontinental playoff
A summary of Saturday's action in the FA Cup.
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