US Unemployment Data, IRDAI On Senior Citizens' Insurance, SEBI's Check On Exchanges | Rise With Profit

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This is the daily morning update from NDTV Profit. Over the course of the next few minutes, we'll bring you up to speed with everything you need to know so that you can start your day ahead of the curve.

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Global markets remain on edge, awaiting clarity on whether US President Donald Trump's administration will levy additional tariffs on major trading partners. In the way of major news, the number of Americans filing new applications for unemployment benefits fell more than expected last week, pointing to low layoffs, though there are not too many job opportunities for those who are out of work.

Initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 207,000 for the week ended Jan. 25, according to data released by the Labor Department.

Meanwhile, inflation-adjusted gross domestic product increased by an annualised 2.3% in the fourth quarter, after rising 3.1% in the prior three-month period, according to the government's initial estimate published yesterday. The median forecast in a Bloomberg survey of economists called for a 2.6% growth.

US equities briefly lost ground late in the session after President Donald Trump said the country will put a 25% tariff on imports from Mexico and Canada — two of the US' top trading partners. He said he would likely decide by the end of the day whether to put a 25% tariff on imports of Mexican and Canadian oil, that would take effect on Feb. 1.

The Dow ended the session with gains of 0.4%, while the S&P 500 and the Nasdaq climbed 0.5% and 0.25%, respectively.

Earlier in the day, the European Central Bank cut interest rates, as expected, and reiterated that euro zone inflation is increasingly under control, despite concerns about global trade, leaving the euro a touch weaker.

In the Asia Pacific region this morning, two of the three early risers have started in the green. The South Korean market, which came back on stream today after a holiday, was trading lower by 0.9%, last I checked.

Gold prices hit an all-time high overnight in the international market on safe-haven demand. And they extended gains this morning.

Back home, all attention is on the presentation of the Union Budget tomorrow. In case you missed the announcement, it will be a normal trading day for the markets. There's widely expected to be some announcements to spur economic growth by way of infrastructure spending and measures to bolster consumption.

In other news to track this morning, the Insurance Regulatory and Development Authority of India has released a notification directing insurers to not revise premium rates for senior citizens by more than 10% per annum. The notification, that was released yesterday, made note of the steep increase in premium rates under some of the health insurance products offered to citizens aged 60 years and above.

The Securities and Exchange Board of India on Thursday came out with a circular putting in external and internal checks for the performances of stock exchanges, clearing corporations and depositories.

As per the new circular, market infrastructure institutions, like stock exchanges and clearing corporations, need to appoint an independent external agency to check their performance and that of their statuary committees every three years.

In corporate news, Bharti Airtel Ltd.'s African arm, Airtel Africa PLC, said that it is committed to its plans for the initial public offering of Airtel Money, its mobile money unit, but refused to delve into the details of the offering. The management said the company is looking to increase prices for Nigeria and the decision had been taken after a rigorous process, adding that it, however, does not know how the competition would react to this move.

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