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Eliza Shapiro is a reporter on the Metro desk. @elizashapiro

State Bank of India, HDFC to gain from Nifty Bank index readjustment

State Bank of India (SBI) and Housing Development Finance Corporation (HDFC) will see maximum inflows from passive trackers on account of the quarterly rebalancing exercise of the National Stock Exchange Nifty Bank Index.

IndusInd Bank and AU Small Finance Bank could see maximum outflows.

The rejig of the Nifty CPSE Index will result in inflows in Oil and Natural Gas Corporation, NTPC, and Coal India and maximum outflows in Bharat Electronics, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.

While no new stocks are getting added or removed from these indices, the churn is due to adjustments to the weights of existing components.

The quarterly rebalancing will be done on June 29, but the changes will be based on closing prices as of June 27.

“Based on closing prices from June 14, the one-way turnover on the CPSE Index is 1.9 per cent, leading to a one-way trade of Rs. 410 crore, while the one-way turnover on the Nifty Bank Index is 2.1 per cent, leading to a one-way trade of Rs. 1,400 crore,” says Freitas, an independent equities analyst who publishes on Smartkarma.

The flows for the Nifty Bank Index may change if the HDFC and HDFC Bank merger is implemented before the end of June, he adds.

European Shares May Struggle For Direction At Open

European stocks may struggle for direction on Tuesday as investors await key speeches from Fed officials, Fed Chair Powell’s congressional testimonies and the Bank of England’s interest-rate decision due this week for clues on the monetary policy path ahead.

Markets await Fed Chair Jerome Powell’s congressional testimonies on Wednesday and Thursday for clues on additional interest-rate hikes, if any.

The Bank of England is scheduled to announce its policy on Thursday, with economists expecting the central bank to raise interest rates by a quarter point to a 15-year high of 4.75%, marking its 13th straight rate rise.

On Monday, two ECB policymakers argued for more rate hikes amid risks of higher inflation.

Asian markets traded mixed as concerns about China’s slow economic recovery offset optimism over the country’s central bank cutting its one-year and five-year loan prime rates. The dollar was buoyant, sending oil and gold prices lower.

U.S. markets were closed on Monday for the Juneteenth holiday.

European stocks fell notably on Monday as investors fretted about the outlook for inflation, interest rates and economic growth.

The pan European STOXX 600 lost 1 percent. The German DAX and France’s CAC 40 both fell around 1 percent while the U.K.’s FTSE 100 shed 0.7 percent.

IBM To Buy Apptio

IBM (IBM) has entered into a definitive agreement with Vista Equity Partners to purchase Apptio Inc. for $4.6 billion. IBM noted that Apptio is a FinOps leader, with over 1,500 clients, serving more than half of the Fortune 100.

Apptio empowers enterprise leaders to manage technology spend and direct investments to high-value cloud innovation and digital transformation. It has three core offerings, all delivered as software as a service – ApptioOne, Apptio Cloudability, and Apptio Targetprocess.

IBM said the acquisition will accelerate the advancement of its IT automation capabilities.

Pharvaris Says FDA Lifts Clinical Hold On Deucrictibant For On-Demand Treatment Of HAE

Pharvaris N.V. (PHVS) announced Monday the U.S. Food and Drug Administration (FDA) has lifted the clinical hold on the Investigational New Drug (IND) application for deucrictibant for the on-demand treatment of hereditary angioedema or HAE, following review of data from a preplanned interim analysis of the ongoing 26-week nonclinical study.

Pharvaris expects to submit data from the 26-week nonclinical study by the end of 2023 to address the remaining hold on the IND application for deucrictibant for prophylactic treatment of HAE.

“The lift of the clinical hold on on-demand clinical trials enables the company to continue development of PHVS416 (deucrictibant immediate-release capsules) in the U.S., including resuming RAPIDe-2, its extension study for acute treatment of attacks

The company said it plans to request an end of Phase 2 meeting with the FDA and is preparing for RAPIDe-3, its global Phase 3 study of PHVS416 for the on-demand treatment of HAE, to include U.S. sites.

The 26-week nonclinical study to address the remaining hold on prophylactic deucrictibant in the U.S. is still progressing and the company plans to submit the data from that study to the FDA by the end of the year.

Based on current enrollment, the company confirms that top-line data from CHAPTER-1, its Phase 2 proof-of-concept study of PHVS416 for the prophylactic treatment of HAE, remains on track to be announced by the end of the year.

Oil Prices Gain On Supply Concerns Amid Russian Turmoil

Oil prices were moving higher on Monday after a short-lived armed rebellion in Russia added to uncertainties over the war in Ukraine.

Benchmark Brent crude futures rose half a percent to $74.38 a barrel, while WTI crude futures were up 0.4 percent at $69.43.

After an aborted mutiny by Wagner mercenary forces led by Yevgeny Prigozhin, analysts said the geopolitical risk and internal instability in Russia has increased.

U.S. Secretary of State Antony Blinken said the events exposed “real cracks” in Putin’s rule.

“It’s not a good thing to see that a nuclear power like Russia can go into a phase of political instability,” Eu foreign policy chief Josep Borrell told reporters in Luxembourg, adding this was the moment for the EU to continue supporting Ukraine more than ever.

Oil prices also benefited from an OPEC report suggesting that global oil demand will surge 23 percent to 110 million barrels a day by 2045.

During an Energy Asia conference on Monday, OPEC Secretary General Haitham Al Ghais explained the oil cartel’s world forecast was rooted in the fact that “oil is irreplaceable for the foreseeable future,” according to CNBC.