Why Is the US Market Weak and Indian Market Strong?
Global markets are loosely correlated during big moves. If the US market falls by 10%-15%, Indian markets too react in the same direction. However, this month has been quite unusual. While the S&P500 has fallen by almost 11%, the Indian market is up, though marginally. What explains this? It is the tighter interest rate in the US and the prospects of higher liquidity in...
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Twitter dubbed 'Harvey Weinstein of social media', stock falls
The Twitter stock nosedived over 12% after a famed Wall Street analyst dubbed the micro-blogging platform the "Harvey Weinstein of social media", days after an Amnesty International study found Twitter a "toxic" place for women.
 
In a note to investors, online investment newsletter Citron Research's founder Andrew Left called the platform the "Harvey Weinstein of social media" and set a low target price of $20, TechCrunch reported.
 
Twitter immediately saw its stock plummeting over 12% on Thursday.
 
Left cited the latest study by Amnesty that found Twitter was "a toxic place for women", particularly women of colour, politicians and journalists.
 
"Citron has been following Twitter for years and when we read the just-published piece from Amnesty International, we immediately knew the stock had become uninvestable and advertisers will soon be forced to take a hard look at all sponsorships with Twitter," Citron wrote in its report.
 
On December 18, an Amnesty International study said that on an average, women receive an abusive or problematic tweet every 30 seconds, adding that Twitter is a "toxic" platform for women.
 
"Women of colour (Black, Asian, Latinx and mixed-race women) were 34 per cent more likely to be mentioned in abusive or problematic tweets than White women," showed the findings.
 
In his research note, Citron's Left said that "we immediately knew the stock had become uninvestable and advertisers will soon be forced to take a hard look at all sponsorships with Twitter".
 
Left added that "this story has just begun and advertisers will be forced to make more morality-based brand building decisions".
 
Twitter reacted to Citron's note, saying it's been working to reign in the kind of abuses that the Amnesty report criticised them for.
 
"Our abusive behaviour policy strictly prohibits behaviour that harasses, intimidates or silences another user's voice," a Twitter spokesperson told TechCrunch.
 
Vijaya Gadde who is Legal, Policy and Trust and Safety Global Lead at Twitter also defended the company, claiming that it wasn't clear how Amnesty defined abusive language in the report.
 
"I would note that the concept of 'problematic' content for the purposes of classifying content is one that warrants further discussion. It is unclear how (Amnesty has) defined or categorized such content, or if (they) are suggesting it should be removed from Twitter," Gadde said in a statement.
 
The Amnesty study, however, defined "problematic content" as content that is hurtful or hostile, especially if repeated to an individual on multiple or cumulative occasions, but not as intense as an abusive tweet.
 
In its study, Amnesty International said that one in 10 tweets mentioning Black women politicians and journalists in a sample analysed by the organisation was abusive or problematic.
 
"We found that although abuse is targeted at women across the political spectrum, women of colour were much more likely to be impacted, and black women are disproportionately targeted," Milena Marin, Senior Advisor for Tactical Research at Amnesty International said in a statement.
 
"Twitter's failure to crack down on this problem means it is contributing to the silencing of already marginalised voices," Marin added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Nifty, Sensex Still on an Uptrend – Thursday closing report

We had mentioned in Wednesday’s closing report that Nifty, Sensex were continuing to head higher. The major indices of the Indian stock markets were range-bound on Thursday and closed with minor losses over Wednesday’s close. On the NSE, there were 829 advances, 883 declines and 350 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 

 
In line with global markets, BSE Sensex and Nifty50 traded lower on Thursday after the US Federal Reserve raised its short-term interest rate. Metal and telecom stocks witnessed selling pressure along with index pivotals finance and banking stocks. Fed's decision to increase the short-term interest rate and its indication for a milder path of future increase weakened the dollar which supported the domestic currency, observed market analysts. 
 
The Indian rupee gained close to 40 paise after the Fed decision. It traded at Rs70.09 against the US dollar after closing at 70.40 on Wednesday. Analysts said the rupee may soon breach the 70 a dollar mark.
 
With the failure of conciliation talks, about 10 lakh bankers in private and government banks will go on strike on December 26 protesting against the merger of Bank of Baroda, Dena Bank and Vijaya Bank, the All India Bank Employees Association (AIBEA) said on Thursday. 
 
India's civil aviation regulator said that it has not found any safety concern with Jet Airways due to the financial strain being faced by the airline. According to the Directorate General of Civil Aviation (DGCA) chief B.S. Bhullar, the regulator has been monitoring the airline for the past 4-5 months. The DGCA sought the information under its CAR (Civil Aviation Requirement) which relates to financial surveillance from safety perspective. Bhullar during a press interaction here said the regulator sought broad-based information from Jet Airways on its ability to maintain aircraft and schedule. The senior DGCA official said the information was sought every 15 days. Jet Airways shares closed at Rs252.35, up 2.66% on the BSE.
 
Automobile major Maruti Suzuki is likely to log a 5% growth in wholesale sales during the upcoming January-March quarter, said the company's Chairman R.C. Bhargava. Bhargava, in a media interaction here said that the first quarter of the calendar year 2019 would reverse the recent subdued trend. 
"The wholesale figures in the first quarter next year will rise again, not to double digits, but to around 5%. It will reverse the trend which you had in the last five-six months of low growth," he said. He noted that likely offloading of stocks in December due to offers and incentives, would result in firm wholesale demand in the March ending quarter. "Good response" for the Ertiga also would pump sales, Bhargava told reporters. The Maruti head further said that the company would launch a new car during the first quarter of 2019, although he did not reveal any further details on it. The company’s shares closed at Rs7,808.95, down 1.35% on the BSE.
 
Indian IT (information technology) bellwether Tata Consultancy Services (TCS) unveiled a new private cloud in Canada to help enterprises move into the digital space. "We are extending our cloud offerings to customers in Canada and reinforcing the key role we play in their digital transformation," said TCS global head for cloud infrastructure Satish Chandra Doreswamy in the statement. TCS shares closed at Rs1,956.35, down 0.55% on the BSE.
 
US stocks fell after the Federal Reserve raised its benchmark interest rate for the fourth time this year. The Dow Jones Industrial Average on Wednesday plunged 351.98 points, or 1.49%, to 23,323.66. The S&P 500 decreased 39.2 points, or 1.54%, to 2,506.96. The Nasdaq Composite Index was down 147.08 points, or 2.17%, to 6,636.83. All but one of the 30 components of the Dow closed lower. 
 
All the 11 primary S&P 500 sectors closed lower, with consumer discretionary and technology down 2.23% and 1.94%, respectively, leading the laggards. Of the S&P 500 member stocks, 60% ended up in bear market territory on Wednesday after the Federal Reserve announced its decision to raise short-term interest rates by a quarter of a percentage point. "In view of realised and expected labour market conditions and inflation, the (Federal Open Market) Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 per cent," the Fed said in a statement after concluding a two-day policy meeting. It marked the Fed's fourth rate hike this year and the ninth such move since late 2015, as the central bank moves forward on the path of monetary policy normalization.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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