Sensex Today Live Updates: Sensex down 120pts, Nifty at 22,090; FMCG, Bank, FS, Pharma, Health lose, Auto, IT flat

Sensex Today Live : LTIMindtree has partners with UK-based Vodafone, a global leader in managed Internet of Things (IoT), with over 175 million connections worldwide, to offer connected and smart IoT solutions, powered by its Insight NXT platform (iNXT) and Vodafone’s IoT Managed Connectivity. This will enable Industry X.0 and digital transformation across multiple vertical sectors, the company said in an exchange filing.

LTIMindtree’s iNXT Business Unit brings Technical and Functional components, together with Vodafone’s IoT Managed Connectivity solutions, will deliver to solve complex business challenges.

The collaboration will will empower clients to maximize their efforts across revenue acceleration through newer business models, cost efficiency and sustainability, leveraging Smart IoT and Industry X.0, LTIMindtree said in the filing.

Sensex Today Live : Average hotel room rates in India rose 14% yoy to ₹7,560/day in 11MFY24. The exit room rate for February 2024 at ₹8,900/day (+7% yoy) scaled a new peak, with occupancy at 73%, implying a RevPAR of ₹6,500/day (+10% yoy).

The strength in ARRs gives us improved visibility for FY2025E, leading to an upward revision of 2-5% in ARRs across coverage companies, implying up to 6% revision in FY2025E EBITDA.

Of the 55k incremental branded keys expected for the industry over FY2023-28E, India saw 9.5k keys getting added in 11MFY24, implying that new supply would continue to come at a measured pace. We remain constructive on the hospitality space in India, owing to favorable demand-supply dynamics.

Chalet Hotels: We have revised our EBITDA estimates for Chalet by 6% for FY2025E and 7% for FY2026E, with a revised FV of ₹900 (from ₹790) to factor in (1) higher room rates for the premium hotels, (2) equity infusion of ₹10 billion at ₹792/share and (3) the acquisition of a 158-key property in the NCR. We expect it to deliver the highest EBITDA CAGR within our coverage of 41% over FY2024-26E, as it adds ~600 keys over this period (and another 280 thereafter).

Indian Hotels: We have revised our EBITDA estimates for IHCL by 6% for FY2025E and 10% for FY2026E with a revised FV of ₹620 (from ₹535) to factor in (1) higher room rates for the premium hotels, and (2) lower operating costs as reflected in the business performance for 9MFY24. Indian Hotels has a healthy pipeline of new keys (~11k) spread across owned/ leased properties (2.6k keys) and managed properties (8.5k keys). The opening of the new 371-key Ginger Hotel at the Mumbai Airport could add to the earnings profile.

We revise our EBITDA estimates for FY2025/26 by 6%/10%, aided by ARR improvement and some margin expansion, implying a 32% EBITDA CAGR over FY2024-26E.

Lemon Tree Hotels: We revise our EBITDA estimates for Lemon Tree by 2%/4% for FY2025/26—this is lower than the revision for peers as we see a tad lower ARR growth for mid-tier hotels as highlighted above, as well as limited scope for ARR improvement at Aurika, Mumbai. Nevertheless, Lemon Tree should see 39% EBITDA CAGR over FY2024-26E as the Aurika (~2X ARR in comparison to the portfolio average) stabilizes in terms of its occupancy and earnings.

SAMHI Hotels: We revise our EBITDA estimates for SAMHI by 6%/5% for FY2025/26E as we improve our ARR growth assumptions for the next year. We expect SAMHI to deliver positive net profit in FY2025E (~Rs1.2 bn), aided by higher room rates and lower finance costs. With a net debt of Rs18 bn as of March 2024E, we expect the finance costs to decline 40% yoy to Rs2.2 bn in FY2025E.

Sensex Today Live : Indian benchmark indices were had erased their on Thursday and were trading in the red.

At 2 pm, Sensex was down 60.93 points, or 0.08%, at 72,882.75, and Nifty was down 13.50 points, or 0.06%, at 22,134.40.

Sensex Today Live : Charlie Munger’s well-known saying, “The big money is not in the buying and the selling but in the waiting,” resonates deeply with all long-term stock market investors. However, this investment wisdom is not exclusive to securities market investors.

Cryptocurrency holders, also known as HODLers, also adhere to this principle. They distinguish themselves from transient investors who trade cryptocurrencies for quick profits. A HODLer is someone who retains their cryptocurrencies for an extended period, undeterred by market fluctuations. (Read the full story here.)

Sensex Today Live : On Tuesday, the International Monetary Fund (IMF) upgraded India’s economic growth forecast for the fiscal year 2024-25 to 6.8%, a significant increase from the 6.5% prediction made in January. This revision, along with similar upward adjustments by other prominent agencies, reaffirms India’s position as the world’s fastest-growing major economy. However, the question remains: how accurate are these forecasts typically?

The IMF’s World Economic Outlook reports provide nine GDP growth predictions for a given year, spread over a 24-month period. The initial forecast is released in January, two fiscal years before the year in question (for instance, January 2019 for the fiscal year 2020-21), and the final projection is made in January of the relevant year (such as January 2021 for the fiscal year 2020-21). (Read the full story here.)

Sensex Today Live : Indian benchmark indices had on Thursday, tracking Asian peers higher as sentiment firmed up there.

At 1 pm, Sensex was up 437.34 points, or 0.60%, at 73,381.02, and Nifty was up 152.70 points, or 0.69%, at 22,300.60.

Sensex Today Live : The company is slated to release its Q4FY24 financial results on April 18. Amid a backdrop of weak discretionary spending, Infosys is projected to report subdued figures for Q4FY24. While revenues are anticipated to see a sequential drop, the EBIT margin is likely to remain stable due to a series of weak growth. As per the average estimates of seven brokerages, Infosys is expected to report a net profit of ₹6,142 crore in Q4FY24, marking a modest growth of 0.58% from the ₹6,106 crore reported in the December quarter. In terms of Q4 revenue in USD, Infosys is expected to see a 0.38% decline to $4,645 million from $4,663 million on a QoQ basis. In rupee terms, revenue is projected to decrease 0.59% to ₹38,590 crore from ₹38,821 crore sequentially. On the operational front, Infosys’ Earnings before Interest and Taxes (EBIT) for the quarter ending March 2024 is expected to decrease 0.69% to ₹7,906 crore from ₹7,961 crore in the December quarter.

Sensex Today Live : The company is anticipated to post impressive earnings for the quarter ending March 2024, propelled by substantial volume growth, improved realisations, and a higher average selling price (ASP). The Q4 results for Bajaj Auto are set to be announced on April 18. Bajaj Auto’s sales volume in Q4FY24 is projected to have risen by 24.6% to 10,68,576 units, up from 857,788 units in the same period last year. It is forecasted to report a net profit of ₹1,805 crore in Q4, marking a 26% increase from ₹1,432.9 crore in the same quarter last year, according to the average estimates of five brokerages. The company’s revenue for the quarter ending March 2024 is also expected to surge nearly 26% to ₹11,200 crore, up from ₹8,904.7 crore in the corresponding quarter of the previous year.

Sensex Today Live : Capacite Infraprojects today informed the exchanges it has received two orders totaling ₹549 crore from Macrotech Developers and Raymond.

In an exchange filing, the company said it has been awarded the order from Microtech Developers for their luxury residential project in Worli, Mumbai for a total contract value of ₹ 256 Crore (excl. GST), while the project from Raymond Limited (Realty Division) includes construction of the additional building in Thane and scope enhancement of existing building aggregating to ₹ 293 crore.

Sensex Today Live : Among the heavyweight indices across sector, the Auto index had gained the most, followed by the Consumer Durables and Oil & Gas indices. Barring Healthcare, all other sectoral indices were also in the green.

Sensex Today Live : The broader market was outperforming the already higher benchmark indices, with the BSE SmallCap index up 1.24%, and the BSE MidCap index up 0.91%. 

Sensex Today Live : 14 of the 50 stocks on the Nifty 50 were in the red. Nestle India, Apollo Hospital Enterprises, Axis Bank, HCLTech, and Titan, were the top drags, while Bharti Airtel, Power Grid Corp., Mahindra & Mahindra, BPCL, and Tata Steel, were the top gainers. 

Sensex Today Live : Nine of the 30 stocks on the Sensex were in the red, with losses led by Nestle India, Axis Bank, HCLTech, ITC and Titan, while Bharti Airtel, Power Grid Corp., Mahindra & Mahindra, Tata Steel, and Larsen & Toubro, were the top gainers. 

Sensex Today Live : Indian benchmark indices had on Thursday, tracking Asian peers higher as sentiment firmed up there.

At 12 pm, Sensex was up 451.58 points, or 0.62%, at 72,961.66, and Nifty was up 158.50 points, or 0.72%, at 22,306.40.

Sensex Today Live : Bharti Airtel informed the exchanges that Dialog Axiata, Axiata Group Berhad and Bharti Airtel have signed a Definitive Agreement to combine their operations in Sri Lanka.

The company said, under this agreement, Dialog will acquire 100% of the issued shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares amounting to 10.355% of the total issued shares of Dialog by way of a share swap.

The transaction is subject to the approval of Dialog’s shareholders and is pending the completion of specific conditions outlined in the Share Sale Agreement, including clearance from the Colombo Stock Exchange (CSE) and completion of other applicable legal, corporate and regulatory compliance procedures, the company said in an exchange filing.

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger, the company added.

Sensex Today Live : On April 15, Jio Financial Services announced its joint venture with US-based BlackRock to expand into wealth management and brokerage services in India. In a stock exchange filing, the financial institution announced a 50:50 joint venture dedicated to wealth management initiatives, which includes establishing a wealth management company and a subsequent brokerage firm in India.

Sensex Today Live : NATCO Pharma today informed the exchanges that a lawsuit has been filed by Fresenius Kabi USA, LLC and Fresenius Kabi Deutschland GmbH (together, Fresenius), against Natco Pharma USA, earlier knows as Dash Pharmaceuticals in the District Court of Delaware relating to the marketing of Dash Pharmaceuticals’ Diazepam Injection prefilled syringe in the US.

The company said in the exchange filing that Fresenius has not yet effectuated service of the complaint which is required to commence the lawsuit. This means that Fresenius has not yet formally delivered the complaint to Natco Pharma USA LLC, which is necessary to officially start the lawsuit.

Natco Pharma intends to defend the matter accordingly, the company said in its exchange filing. Dash Pharmaceuticals LLC had been acquired by Natco Pharma, Inc. and its name had been changed to Natco Pharma USA LLC.

Sensex Today Live : Shilpa Medicare informed the exchanges today that its marketing partner, Amneal Pharmaceuticals had launched non-small cell lung cancer drug PEMRYDI RTU in the US market. The product, a Pemetrexed injection of 10 mg/mL, the first ready-to-use pemetrexed formulation in the US market, has already been granted permanent J-code (J9324) by the U.S. Centers for Medicare & Medicaid Services (CMS).

Pemetrexed Injection is used as a drug, in the treatment of non-small cell lung cancer in combination with other chemotherapy agents. It is also indicated in the treatment of mesothelioma in combination with cisplatin, the company said in its exchange filing.

According to IQVIA, U.S. annual sales for pemetrexed for the 12 months ended February 2024 were $287 million.

Sensex Today Live : Vedanta group-led Hindustan Zinc has become the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted by The Silver Institute, USA, the company said in an exchange filing.

Its Sindesar Khurd mine has emerged as the world’s 2nd largest silver-producing mine moving up from last year’s 4th position, the company added in its exchange filing.

Ashok Leyland, in a press release today said it has signed a memorandum of understanding (MoU) with South Indian Bank for financing dealers under the bank’s dealer finance program.

Under this partnership, the bank will provide competitive dealer finance options to the dealers of Ashok Leyland, the company said.

Sensex Today Live : Talbros Automotive Components today informed the exchanges that it has secured a multi-year contract from a large European OEM valued at approximately ₹1,000 crore. These orders are to be executed over a period of next 8 years commencing from Q4FY25, the company said.

The order, secured by TACL’s joint venture company, Marelli Talbros Chassis Systems Private Limited (MTCS), is centered on the supply of Suspension Arms tailored for both conventional internal combustion engine (ICE) vehicles and new age electric vehicle (EV) platforms for EMEA and NAFTA regions.

The production for the same would be done from the Pune plant of MTCS, with a capex investment of around ₹65 crores spread through FY25. The investments would be done through internal accruals and debt, the company said.

Sensex Today Live : Jyoti Structures informed the exchanges that it has commissioned the 765 KV, Double Circuit, Hexa Bundle Conductor transmission line from Khavda to Bhuj, built at a contract value of ₹382.14 crores, including GST.

Sensex Today Live : Indian benchmark indices were muted but green on Thursday, tracking Asian peers higher as sentiment firmed up there.

At 11 am, Sensex was up 17.98 points, or 0.02%, at 72,961.66, and Nifty was up 44.10 points, or 0.2%, at 22,192.

Sensex Today Live : Marksans Pharma informed the exchanges that the US FDA has concluded its routine current Good Manufacturing Practices (cGMP) inspection at the company’s facility location in Vema, Goa.

The company added that it has received five Form 483 inspectional observation from the the US FDA for its Goa facility. In an exchange filing, the company said, “On conclusion of the inspection, the Company has received 5 inspectional observations in Form 483. There is no data integrity observation. The Company will work closely with the USFDA and is committed to address these observations comprehensively within the stipulated time.”

Sensex Today Live : Bharti Airtel informed the exchanges that Dialog Axiata, Axiata Group Berhad and Bharti Airtel have signed a Definitive Agreement to combine their operations in Sri Lanka.

The company said, under this agreement, Dialog will acquire 100% of the issued shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares amounting to 10.355% of the total issued shares of Dialog by way of a share swap.

The transaction is subject to the approval of Dialog’s shareholders and is pending the completion of specific conditions outlined in the Share Sale Agreement, including clearance from the Colombo Stock Exchange (CSE) and completion of other applicable legal, corporate and regulatory compliance procedures, the company said in an exchane filing.

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger, the company added.

Sensex Today Live : Ramkrishna Forgings today informed the exchanges that the US’s largest electric passenger vehicle manufacturer had granted it approval for power train components, marking the beginning of a strategic partnership .

In an exchange filing, the company said, “This approval signifies the company’s position into the electric passenger vehicle segment with a strong emphasis on powertrain components. The approval follows the showcasing of a comprehensive portfolio of cutting-edge solutions, demonstrating company’s expertise and commitment to delivering top-notch products”.

Sensex Today Live : Endurance Technologies informed the exchanges today that it is adding more capacity for aliminium die casting and machining of automotive components after it won orders from a new customers.

In an exchange filing, the company said, “New high-end technology machines shall be installed primarily for production of machined clutch housing and transmission housing for 4 wheelers at its existing manufacturing facilities situated at plot nos. B-1/2 and B-1/3 at Chakan, Dist. Pune.”

The company said it will increase its existing capacity of 584,000 casting parts per month by 8,300 casting parts per month, as its Chakan facility is currently running at 90% capacity utilization.

Sensex Today Live : Talbros Automotive Components today informed the exchanges that it has secured a multi-year contract from a large European OEM valued at approximately ₹1,000 crore. These orders are to be executed over a period of next 8 years commencing from Q4FY25, the company said.

The order, secured by TACL’s joint venture company, Marelli Talbros Chassis Systems Private Limited (MTCS), is centered on the supply of Suspension Arms tailored for both conventional internal combustion engine (ICE) vehicles and new age electric vehicle (EV) platforms for EMEA and NAFTA regions.

The production for the same would be done from the Pune plant of MTCS, with a capex investment of around ₹65 crores spread through FY25. The investments would be done through internal accruals and debt, the company said.

Sensex Today Live : Indian benchmark indices opened in the green on Thursday, shaking off the fading hopes of an early U.S. rate cuts and geopolitical tensions in the Middle East that continued to weigh on investor sentiment.

At 10 am, Sensex was up 129.65 points, or 0.18%, at 73,073.33, and Nifty was up 61.40 points, or 0.28%, at 22,209.30.

Sensex Today Live : Jubilant Pharmova informed the exchanges that it has ceased manufacturing operations of its solid dosage formulation facility at its US subsidiary Jubilant Cadista Pharmaceuticals, in the US. The expected date of cessation will be on June 17, 2024.

The company said Jubilant Cadista will continue the sales and marketing operations for US market. The said facility manufactures tablets and capsules for the US market and has the capacity to serve 1.5 billion doses.

The company added that in order to move the US generics business to profitability, it has decided to change the operating model from in-house manufacturing to outsourced manufacturing by selected USFDA approved CMOs for the US market.

Further, following the status change of Jubilant Generics’ Roorkee facility by USFDA to VAI (voluntary action indicated), the company expects the exports to the US market from the facility to increase in a meaningful and gradual manner.

As of now, the facility was exporting only one product, Risperidone to the US market. JGL is a subsidiary of Jubilant Pharma Ltd, a wholly owned subsidiary of the company, the company said.

Sensex Today Live : Non-life insurer ICICI Lombard announced on Wednesday, April 17, that its net profit for Q4FY24, had increased by 19% YoY to ₹520 crore, compared to a net profit of ₹437 crore in Q4FY23. The company’s gross direct premium income (GDPI) for FY24 was ₹24,776 crore, marking a 17.8% growth from ₹21,025 crore in FY23. This growth rate surpassed the industry’s growth rate of 12.8%. When excluding crop and mass health, the company’s GDPI growth was 17.1%, which was also higher than the industry’s growth rate of 14.8% in FY24. In Q4FY24, the company’s GDPI was ₹6,073 crore, a 22% increase from ₹4,977 crore in Q4FY23. The company’s board of directors has proposed a final dividend of ₹6 per share for FY24, pending approval from shareholders at the upcoming annual general meeting. Including the proposed final dividend, the total dividend for FY24 is ₹11 per share.

Sensex Today Live : On Wednesday, April 17, fintech firm Angel One announced a 27.3% YoY increase in net profit, reaching ₹340 crore for the fourth quarter ending March 31, 2024, compared to a net profit of ₹267 crore in the same quarter last year. The company’s operational revenue jumped by 64.3% to ₹1,357.2 crore, compared to ₹826 crore in the corresponding period of the previous fiscal year. On the operational front, EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) rose by 37.2% to ₹529.7 crore in Q4FY24, up from ₹386 crore in the same period last year. The EBITDA margin for the reported quarter was 39%, compared to 46.7% in the corresponding period of the previous fiscal year.

Sensex Today Live : The Bengaluru-based realty developer has reported a 46% year-on-year increase in its sales bookings, reaching a record ₹6,013 crore in FY24, driven by strong demand for its housing projects. The company’s presales in the fourth quarter of FY24 amounted to ₹2,243 crore, marking the highest ever for a quarter. The company recorded real estate sales volumes of 7.55 million square feet in FY24 and 2.72 million square feet in Q4FY24. The average realisation for FY24 saw an annual increase of 23%. Brigade Enterprises reported collections across the group for FY24 at ₹5,915 crore, compared to ₹5,424 crore for FY23, as per a regulatory filing.

Sensex Today Live : BankNifty has also retraced 50% of the recent rally peaking out near 49,050 zone and currently has arrived near the important 50EMA level of 47,170 zone with bias remaining cautious and major support zone maintained near 46700 levels of the important 100 period MA as of now. Bankex is nearing the retracement level of 0.618% from the recent correction, and 50 DMA is at the 53,200 level, which is strong support as of now. Banknifty would have a daily range of 47,100–47,800 levels, with Bankex support at 53,200 and resistance at 54,200.

Sensex Today Live : Nifty for the 3rd consecutive sessions witnessed a gap-down opening to turn the bias weak, arriving near the significant 50EMA level of 22,115 zone and having 22,000 levels as the major support as of now. With geo-political tensions on the rise and the earnings season underway, we anticipate volatility and fluctuations during the session. Sensex is trading below 50 DMA and near the support of the lower end of the rising channel pattern level of 72,600. The support for the day is seen at 72,500/22,000 levels, while the resistance is seen at 73,400/22,300 levels.

Sensex Today Live : Barring the Healthcare index, all other sectoral indices were in the green, with the PSU Bank, Realty, and Metal index gaining the most. 

Sensex Today Live : The broader market was gaining, with the BSE SmallCap index up nearly 1%, while the BSE MidCap index was up 0.89%. 

Sensex Today Live : Eight of the 50 stocks on the Nifty 50 were in the red, with losses led by HCLTech, Nestle India, NTPC, Axis Bank and Sun Pharma, while BPCL, Power Grid Corp., HDFC Life, Mahindra & Mahindra, and Tata Steel, were the top gainers. 

Sensex Today Live : Only nine of the 30 stocks on the Sensex were in the red at open, with Nestle India, HCLTech, Axis Bank, Tech Mahindra, and NTPC, emerging as the top losers, while Power Grid Corp., Tata Steel, Tata Motors, Mahindra & Mahindra, and Reliance Industries gained the most. 

Sensex Today Live : Indian benchmark indices opened in the green on Thursday, shaking off the fading hopes of an early U.S. rate cuts and geopolitical tensions in the Middle East that continued to weigh on investor sentiment.

At opening bell, Sensex was up 262.25 points, or 0.36%, at 73,205.93, and Nifty was up 94.05 points, or 0.42%, at 22,241.95.

Sensex Today Live : Indian benchmark indices were green at pre-open on Thursday, even as fading hopes of an early U.S. rate cuts and geopolitical tensions in the Middle East continued to weigh on investor sentiment.

Sensex was up 239.42 points, or 0.33%, at 73,183.10, and Nifty was down 64.45 points, or 0.29%, at 22,212.35 during pre-open.

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are likely to open lower on Thursday tracking mixed global market cues.

The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 22,148 level, a discount of nearly 50 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market indices extended losses for the third straight session as geopolitical concerns weighed on investor sentiments. The Sensex declined 456.10 points, or 0.62%, to close at 72,943.68, while the Nifty 50 dropped 124.60 points, or 0.56%, to settle at 22,147.90. Nifty 50 formed a small positive body candle on the daily chart with minor upper shadow. The Indian stock market was closed on Wednesday for Ram Navami.

“Technically, this market action signals range bound action in the market with weak bias. Normally, such formations post reasonable decline indicate an upside bounce from the lows. Nifty is currently placed near the crucial support of ascending trend line as per weekly chart and near lower end of an ascending channel on the daily chart around 22,000 levels. Hence, there is a possibility of a bounce in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

(Read the full story here.)

Sensex Today Live : The domestic stock market is anticipated to commence trading with caution on Thursday, influenced by weak cues from global markets. Asian markets exhibited mixed trading, while the US stock market concluded lower overnight due to a sell-off in technology stocks. The Indian stock market remained closed on Wednesday in observance of Ram Navami.

Investors are apprehensive that the ongoing conflict could trigger a surge in crude oil prices, which could subsequently exert pressure on inflation. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, suggests that the bearish trend might dominate Thursday’s session as well, with the benchmark Nifty potentially facing downside risk until it reaches the psychological level of 22,000. (Read the full story here.)

Sensex Today Live : Indian shares are set to open little changed on Thursday, after falling about 3% in the past three sessions, as fading hopes of early U.S. rate cuts and geopolitical tensions in the Middle East continue to weigh on investor sentiment.

India’s GIFT Nifty was trading at 22,178 as of 7:54 a.m. IST, indicating that the Nifty 50 will open near its Tuesday’s close of 22,147.50.

Indian markets were closed on Wednesday for a local holiday. The benchmark Nifty 50 and S&P BSE Sensex have lost about 2.7% each in the last three sessions.

They had notched record closing highs on April 10.

Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.

Oil nursed its sharpest fall in two-and-a-half months on demand worries and the lack, so far, of an obvious Israeli or U.S. response to Iran’s weekend attack.

Analysts do not expect dramatic new sanctions on Iranian oil, although the U.S. was set to reimpose oil sanctions on Venezuela which steadied Brent crude futures at $87.37 a barrel after Wednesday’s $2.70-a-barrel drop.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% but regional moves were uneven, with gains in South Korea and Australia but falls elsewhere. Japan’s Nikkei fell 0.4% and with a drop of 4.3% so far this week is eyeing its largest weekly loss since December 2022.

Wall Street indexes fell overnight and S&P 500 futures were flat in early Asia trade. The dollar dipped slightly overnight and news of an unusual trilateral agreement between the U.S., Japan and Korea to consult closely on foreign exchange left the door open to intervention to slow dollar gains in Asia.

U.S. short-term interest rate expectations were little changed but selling of longer-dated bonds abated, and 10-year U.S. Treasury yields fell 7.2 basis points to 4.59% and two-year yields retreated after touching 5%.

Australian stocks looked set to snap five consecutive sessions of losses with the ASX 200 up 0.5% just before midday in Sydney.

Stock market nerves follow a wave of bond selling and dollar buying as sticky U.S. inflation and a shift in tone at the Federal Reserve pointed to persistently high U.S. rates. The rates-sensitive Nasdaq is down 3% so far this week.

The euro is under pressure as European policymakers are readying to cut rates in two months time, though at $1.0665 it is off this week’s five-month lows.

The Australian dollar took a small knock to $0.6435 from data showing an unexpected fall in Australian employment in March.

The yen traded at 154.22 per dollar, close to a three-decade low, and traders are eyeing a breach of 155 as a possible trigger for intervention.

Elsewhere in commodity markets European gas prices have retreated from three-month highs and sharp rallies in metal prices have paused, though not reversed.

Three-month London copper is up 12% this year and traded at $9,584 per tonne overnight. Singapore iron ore held gains at just over $110 a tonne. Gold is just below last week’s record high at $2,366 an ounce.

A handful of U.S. and European central bankers speak later on Thursday. U.S. jobless claims data is due and earnings at Blackstone and Netflix will be closely watched.