Global stocks, dollar rise; investors eye earnings
NEW YORK Stocks rallied on Tuesday as investors looked past U.S. President Donald Trump's protectionist rhetoric and focused on encouraging economic data and quarterly earnings reports.
Reuters Market Eye - Credit Suisse upgrades Mahindra and Mahindra(M&M) to "outperform" from "neutral," saying its four-wheeler autos and commercial vehicles will benefit from even a short-lived economic recovery, while the auto-maker has "undemanding valuations."
The investment bank still has Maruti Suzuki India Ltd as its preferred pick saying it had done "an excellent job of maintaining its marketshare and stands out on all parameters needed to succeed in India."
However, Credit Suisse downgrades Tata Motors Ltd to "neutral" from "outperform" saying unit Jaguar Land Rover could see muted volume growth in the near term, in part as Evoque sales slow down.
The investment bank says it remains concerned about the two-wheeler market given the deterioration of pricing power.
M&M closed 1.24 percent higher, while Tata Motors lost 0.9 percent.
(Reporting by Abhishek Vishnoi)
NEW YORK Oil prices edged higher on Tuesday ahead of weekly U.S. inventory data on evidence the global market is tightening as lower production by OPEC and other exporters drains stocks.
NEW YORK The U.S. dollar firmed against the yen and euro on Tuesday, after several days of losses in the wake of President Donald Trump's inaugural speech promising more trade protectionism, with the U.S. economic outlook still seen as better than that of Europe or Japan.