U.S. annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s, data showed on Friday.
Multiple global firms are expressing caution towards their business in China, due to a frail economic recovery from the pandemic slowdown. Procter & Gamble saw a 1% fall in overall volumes, while L Oreal mentioned that the recovery in the Chinese market is slow. Intel s CEO Pat Gelsinger reported that the China market has not come back as strongly as expected. Furthermore, there were fewer new orders from China for ABB, while Citigroup expressed that the deceleration in growth was the "biggest disappointment.
Healthcare sector performed well through the early phase of Covid, and as such, returns were high in that period. What we have seen is a correction for some time post that stellar initial performance. However, even earnings performance for the larger pharma companies has been weak in the past few quarters driven by weak margins.
The RSI is a momentum oscillator that ranges from 0 to 100 and is used to assess the strength and direction of a stock s price movements. An RSI value above 70 indicates that a stock is in an overbought zone and may be ripe for a price correction, while an RSI below 30 signifies an oversold condition and the potential for a rebound.
Supreme Petrochem is a leading player in the Indian petrochemical industry, involved in the manufacturing and distribution of a wide range of plastic products. On July 21, 2023, the stock price closed at Rs 446.40, surpassing its 20-day SMA of Rs 440.34.