Market Snapshot USD/INR ₹93.06 -0.0% Nifty 50 Index 22,968.25 +1.1% India 10-Year Bond Yield 7.04% -0.08 Spot Gold ($/oz) $4,646.14 -0.1% S&P 500 Futures 6,619.00 -0.5% Market data as of 08:14 AM IST, Apr. 7, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Alex Gabriel Simon in Mumbai with your daily dose of market news and analysis before th...
Market Snapshot USD/INR ₹93.06 -0.0% Nifty 50 Index 22,968.25 +1.1% India 10-Year Bond Yield 7.04% -0.08 Spot Gold ($/oz) $4,646.14 -0.1% S&P 500 Futures 6,619.00 -0.5% Market data as of 08:14 AM IST, Apr. 7, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Alex Gabriel Simon in Mumbai with your daily dose of market news and analysis before the opening bell. A three-day advance in the Nifty 50 Index — during which the benchmark has climbed nearly 3% — suggests that some investors are returning to Indian stocks following a monthslong selloff. Today will likely prove to be a good test of this positive trend, as the mood in global markets remains jittery after US President Donald Trump escalated threats to obliterate key Iranian infrastructure if his terms aren’t met before a deadline . Overseas investors have pulled a net $16.8 billion from Indian shares so far this year, a significant drag on the market. Focus will soon shift to the RBI’s policy decision due tomorrow, where investors will be keenly watching the central bank’s commentary on the rupee as well as the inflation outlook. In today’s newsletter, we cover: Kotak’s take on the market The impact of the latest US pharma tariffs The advantage for organized building materials firms But first, let’s look at the selloff in the bond market. Markets Buzz: Bond Selloff Tests Banks The benchmark 10-year yield jumped nearly 38 basis points in March, its biggest monthly spurt since 2017, amid the Iran war and the subsequent oil shock. Coming in the last month of the financial year, the yield surge will result in large losses on banks’ investment books. Combined with losses from the forced unwinding of arbitrage bets after the RBI’s recent currency curbs , this is likely to cool risk appetite at bank treasury desks. That in turn could translate into softer demand for the government’s record 16.1 trillion rupees of bond issuance this fiscal year, something the central ...
U.S. minted silver & gold 1 oz coins. jansucko/iStock via Getty Images In my first-ever Seeking Alpha article on Pan American Silver ( PAAS ), I suggested its Q4 earnings report would be a blowout (see: Pan American Silver: Get Ready For A Potential Q4 Earnings Blowout ). It was . But that wasn't a very difficult call to make given the company's strong fundamentals combined with the very bullish p...
U.S. minted silver & gold 1 oz coins. jansucko/iStock via Getty Images In my first-ever Seeking Alpha article on Pan American Silver ( PAAS ), I suggested its Q4 earnings report would be a blowout (see: Pan American Silver: Get Ready For A Potential Q4 Earnings Blowout ). It was . But that wasn't a very difficult call to make given the company's strong fundamentals combined with the very bullish price movements of both gold and silver. Since then, and given the war on Iran and the extremely volatile price movements of both gold and silver (not to mention the stock price itself; see charts below), predicting the upcoming Q1 results will be considerably more difficult. But today, I'll give it a shot while also updating investors on recent (and quite bullish) corporate developments. Recent Trading: Extreme Volatility YCharts As you can see from the chart above, PAAS's Q4 earnings release was ill-timed to coincide almost exactly with a huge sell-off in the price of silver (as represented by the iShares Silver Trust ( SLV )). As a result, PAAS's excellent earnings were overshadowed by the negative price action in silver, and as a result, PAAS stock sold off. The stock eventually recovered to hit a new all-time high just prior to the start of the war on Iran, which caused a "risk-off" run to the U.S. dollar and a further sell-off in both silver and gold. That sell-off beat PAAS stock down below $48 before recovering a bit last week. But all that's in the past, so after a brief recap of Q4's results, we'll look forward to Q1 and beyond. Quick Look Back at Q4 Earnings The Q4 earnings report came in pretty much as I expected - although Q4 revenue of $1.18 billion (+44.8% yoy) only beat by $60 million, while I had estimated a beat of $100-$150 million was likely. Diluted EPS came in at $1.07/share, which was +357% yoy as compared to the $0.30/share earned in Q4 of FY24. That was achieved despite a significant yoy increase in the diluted share count (to 422.150 million from 36...
DNY59/E+ via Getty Images Market overview The S&P UBS Leveraged Loan Index (SPLL, the Benchmark) returned 1.19% over the fourth quarter of 2025. The loan market underperformed the U.S. high-yield market in the same period, with ICE BofA US High Yield Index returning 1.35%. The loan market outperformed the U.S. Treasury market, which returned 0.90%. In comparison to equity markets, the Russell 2000...
DNY59/E+ via Getty Images Market overview The S&P UBS Leveraged Loan Index (SPLL, the Benchmark) returned 1.19% over the fourth quarter of 2025. The loan market underperformed the U.S. high-yield market in the same period, with ICE BofA US High Yield Index returning 1.35%. The loan market outperformed the U.S. Treasury market, which returned 0.90%. In comparison to equity markets, the Russell 2000 Index and S&P 500 Index returned 2.19% and 2.65%, respectively. Interest rate volatility continued to decline, and longer-term rates ended the period mixed. Two- and five-year Treasury rates decreased 13 basis points (bps) and 2 bps, respectively, while the 10-year rate increased 2 bps. (A basis point is 1/100 of a percent.) While inflation remained above target and there were moments of hawkish rhetoric from the U.S. Federal Reserve, the easing cycle continued with two 25 bps cuts over the quarter. Short-term rates, including Secured Overnight Financing Rate (SOFR), which is the base rate used in the U.S. leveraged loan market, declined with ongoing Fed easing. At the end of the fourth quarter, the one-month and three-month SOFR were at 3.69% and 3.65%, respectively. The U.S. leveraged loan market continued to deliver solid total returns in the fourth quarter. Outside of idiosyncratic credit events, the market was broadly stable over period, as trade tensions continued to ease, third-quarter earnings reports continued to exhibit resiliency and macroeconomic fundamentals remained stable. Lower quality loans underperformed, with CCC rated facilities delivering negative total returns, while BB rated facilities delivered the strongest returns. Top holdings (% of net assets): as of December 31, 2025 Dayforce 7.157 10/07/2032 0.96 Ultimate Software UKG 6.935 02/10/2031 0.69 Proofpoint 6.672 08/31/2028 0.67 Indy US Bidco 5.966 10/31/2030 0.66 Whatabrands 6.812 08/03/2028 0.66 Sedgwick 6.216 07/31/2031 0.65 TK Elevator Midco GmbH 6.947 04/30/2030 0.65 Ascend Learning 6.716 12/11/...