ECONOMIC ACTIVITIES
China stocks fall on economic data; HK jumps
Market turbulence as private-sector survey highlights new order concerns, influencing Hang Seng Tech Index performance.
Fed chief Jerome Powell says more evidence of falling inflation needed before rate cuts
Federal Reserve Chair Jerome Powell stated the U.S. central bank requires more data before reducing interest rates to confirm the recent lower inflation is accurate. May data showed no increase in the Fed’s preferred inflation measure, with the 12-month rate decreasing to 2.6%, still above the 2% target.
China's June factory activity contracts again, services slows
China's economic indicators for June painted a challenging picture, with manufacturing activity stagnating and services slipping to a five-month low, according to an official survey released on Sunday. The Purchasing Managers' Index (PMI) remained unchanged at 49.5, below the growth threshold of 50, indicating ongoing economic struggles despite some positive signals in industrial production. Analysts noted that while exports have been a strong driver, both domestic and external demand remain insufficient to fully utilize China's manufacturing capacity, prompting calls for additional policy support to stimulate growth.
Wall Street closes subdued as investors sit, wait for inflation data
Tech stocks like Amazon surged as market volatility persisted. Atlanta Fed President hinted at rate cuts amidst narrowing inflation. Micron's revenue forecast met mixed reactions, reflecting ongoing market uncertainty.
Centre eyeing one startup in every district by next year
The government is optimistic about its plan to have at least one registered startup in all 785 districts of the country, industry department officials said. With only 20-25 districts remaining without a startup, the goal is expected to be achieved within a year.
Overseas Indians parked $1 billion in NRI deposits in April
During the month a bigger chunk was garnered under the NRE (RA) with deposits worth $583 million, while $483 million flows were in FCNR(B) scheme. In addition to these two schemes, NRIs also park funds in NRO or non-resident ordinary deposit schemes. The funds in these schemes are meant for local use by the NRI and repatriable upto a certain limit. About $27 billion is the outstanding amount parked in this scheme compared to the outstanding amount of $99 billion in NRE(RA) and $26 billion in FCNR(B).
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Credit growth up by 19.3%, crosses deposit growth; PVBs outpace PSBs: CareEdge
Scheduled Commercial Banks (SCBs) in India saw a significant 19.3% year-on-year credit growth in the last quarter of FY24, translating to an expansion of ₹26.6 lakh crore, reaching ₹164.3 lakh crore in total credit. This surge was driven by personal loans and lending to NBFCs. Deposit growth lagged at 13.6%, with the credit-to-deposit ratio rising to 79.7%.
Gold edges higher as weak US data lifts Fed rate-cut bets
Gold prices rose on Thursday amid expectations of a Federal Reserve interest rate cut, while investors awaited key data on retail sales, jobless claims, and inflation pressures.
FPIs net sellers of Indian equities at Rs 14,794 crore in June so far
Foreign portfolio investors were as unenthusiastic in June so far, as they were in April and May when they offloaded shares worth Rs 38,158 crore. Domestic institutional investors, however, continued to repose their faith in D-Street and remained on the buying side.
Oil dips on deflated US interest rate cut expectations, OPEC+ decision
Oil prices fell for a third consecutive week as investors considered OPEC+ reassurances and the latest U.S. jobs data impacting Federal Reserve interest rate decisions.
Demand under rural jobs scheme eases again in May
Demand for work under India's rural job guarantee scheme, MGNREGS, dropped for a seventh consecutive month in May, signaling improved economic conditions at the start of the fiscal year. About 37.46 million individuals sought work, down 12.1% from the previous year, with 27.18 million households seeking work, a 14.3% drop. The trend is attributed to better-paying job opportunities and the impact of heat waves across the country, although the data is subject to revision.
Oil rises on strengthening Fed rate cut expectations
Oil prices rose in Asian trading on rising expectations of a Federal Reserve interest rate cut in September and a rebound from a selloff linked to growing U.S. inventories and an OPEC+ supply increase.
Wall Street stocks end slightly higher as weak jobs data supports rate cut
U.S. stocks rose on Tuesday as labor market data hinted at a Fed rate cut. Axos Financial dropped after Hindenburg Research shorted the stock.
Oil drops over $1 as OPEC+ decision spotlights shaky demand
Oil prices fell more than $1 on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.
China's manufacturing surges, Caixin PMI shows, but global risks grow
To counter soft domestic demand and a years-long property crisis, China has boosted infrastructure investment and ploughed funds into high-tech manufacturing to bolster the broader economy this year.
Asian shares retreat as investors question US economic strength
Asian share markets weakened as U.S. economy's 'exceptionalism' unravels with weakening manufacturing activity. MSCI's Asia-Pacific index down 0.1%. U.S. Treasury yields fall after weak manufacturing data. Westpac economist Coombs sees market pricing 40 basis points rate cuts by 2024.
Asian factory activity expands in May on robust global demand
Manufacturing activity in Asia showed growth in May according to private surveys released on Monday, fueled by increasing global demand. This development adds to optimism for a continued economic recovery in the region, particularly with China displaying initial signs of resurgence.
China's factory activity growth hits 2-year high, Caixin PMI shows
The Caixin/S&P Global manufacturing PMI rose to 51.7 in May from 51.4 the previous month, marking the fastest pace since June 2022 and beating analysts' forecasts of 51.5. The 50-point mark separates growth from contraction.
India bankers brace for IPO surge as election uncertainty lifts
About $3.9 billion has been raised in India via IPOs so far this year, more than double the same period in 2023, and a tally that’s higher than the combined amount raised in South Korea and Hong Kong, according to data compiled by Bloomberg.
Mumbai realty market breaks record for 10th month in row
Mumbai, India's commercial capital, has recorded its best performance on record for real estate deals in May, driven by brisk sales and high demand despite increased mortgage rates and rising property prices. The Mumbai property market saw over 11,917 property registrations, up 21.3% from the previous year. The market's sustained confidence in India's economic expansion has resulted in robust business activity in the industry.
Mumbai property market continues record-setting spree with best-ever May
The country’s commercial capital witnessed more than 11,917 property registrations during the month, up 21.3% from a year ago. The performance led to the state exchequer fetching revenue worth over Rs 1,029 crore through stamp duty collection, up 23.5% on-year, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
Moody's projects 6.8 per cent GDP expansion in 2024 on strong growth, post-election policy continuity
Moody's Ratings projected India's growth at 6.8% in 2024, followed by 6.5% in 2025. The prediction was driven by economic expansion and post-election policy continuity. The real GDP grew by 7.7% in 2023, with strong government spending and manufacturing activity. High-frequency indicators suggest sustained momentum in the economy. Moody's expects 6-7% annual GDP growth with policy continuity and increased capital expenditure. Private investment outlook is positive, despite inflation volatility.
China's factory activity unexpectedly contracts in May
China's manufacturing activity fell in May, with the official factory survey showing a decline. Calls for fresh stimulus persist due to the ongoing property crisis impacting businesses, consumers, and investors.
India seen to emerge as an economic superpower in impending problem-ridden global financial landscape
Global recession risks have diminished, but inflation concerns threaten financial stability. The IMF, World Bank, and rating agencies forecast a slowdown in global growth, citing Middle East conflicts, financial stress, persistent inflation, and reduced international trade as key risks. The IMF's Global Debt Monitor reveals global debt at $235 trillion, or 238% of global GDP, raising fears of a debt crisis. Fiscal prudence may suffer as many nations face elections this year.
Growth momentum likely to stay in Q1FY25: FinMin
The finance ministry's April report predicts strong economic activity in FY25, with rising industrial activity and fixed investments. Positive macro-economic indicators include a bright manufacturing outlook and improved services sector, supported by increased capacity utilization and EPFO data.
Eurozone business activity speeds up in May
The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global recorded a figure of 52.3, up from 51.7 in April and the highest in 12 months. Any reading above 50 indicates growth, while a figure below 50 shows contraction.
RBI may delay plan to ease interest rates
The RBI has raised the benchmark policy rates by 250 basis points (one bps is 0.01 percentage point) since May 2022 as inflation surged way beyond the central bank's 4% target. But inflation is slowly aligning with the target, although concerns remain over the trajectory for food inflation.
Rate easing may have to wait, highlights RBI in its latest bulletin
“A modest easing of headline inflation in the reading for April 2024 confirms the expectation that an uneven and lagged pace of alignment with the target is underway” wrote the Reserve Bank of India deputy governor Michael Patra and his team in their assessment of the economy published in the latest monthly Bulletin.
"ISRO aims to explore human space flight activities, build space stations": Chairman Somnath
Indian Space Research Organisation (ISRO) Chairman Sreedhara Panicker Somanath on Sunday attended a programme at a school and said that the space agency aims to explore human space flight activities and build space stations.
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