ECONOMICALLY WEAKER
Gold price surge on weaker-than-expected US jobs report
The US services sector faced an unexpected contraction in the last quarter, with the ISM services gauge dropping to 48.80, marking the fastest pace of decline in four years. This contrasts with the S&P Global US Services Index, which reached its highest level since April 2022 at 55.30.
Brent crude above $87 at highest levels since April
Brent crude prices reach a 3-month high at $87 due to a significant drop in US inventories. Market sees gains supported by dollar weakness and improved US fuel demand outlook. However, economic worries persist with unexpected German industrial orders decline and rise in US jobless claims.
Dollar on the defensive after soft data, little relief for yen
Currency markets react to global economic trends, with sterling potentially shifting leadership from Rishi Sunak to Keir Starmer in the UK.
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.
Rupee ends lower pressured by weaker yuan, importer dollar bids
Rupee under pressure as economy cools and FX reserves build up. Investors expect U.S. rate cuts, impacting rupee. Despite importers' dollar demand, rupee may strengthen with inflows. Interest rate futures hint at rate cuts ahead, influencing market sentiment.
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Economic cracks are getting exposed in the 2024 market bounty
Dispiriting trends that have been visible for months now alongside the frenzy for megacap tech stocks and private credit – are on display yet again. Companies with dicey balance sheets have underperformed anew in June. Equal-weighted stock benchmarks where disruptive AI market leaders have the same weighting as industrial bellwethers have lagged yet again.
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.
Oil edges lower after industry group reports jump in US stockpiles
Oil prices fell on surprise U.S. stockpile increase, with concerns over weak demand. The U.S. summer driving season and consumer confidence decline contributed to market worries, along with a stronger dollar. Brent crude dropped to $84.82 a barrel.
Oil prices inch down on weaker US consumer demand ahead of China data
Oil prices slipped on weaker U.S. consumer demand. China's economic data indicated deflation, impacting markets in Singapore and other countries.
Rs 15,000 crore gone! Check out 3 reasons why a weaker Modi 3.0 still won't scare FIIs
Around Rs 15,000 crore has been withdrawn by FIIs from India in the last four days amid election uncertainties, causing concern on Dalal Street about the impact of a weaker Modi 3.0 mandate on further outflows.
Modi 3.0 has heavy lifting to do on tax reforms to managing stock risks
Economists outline key priorities for India's incoming government, emphasizing the need for growth, job creation, and macro stability. Pronab Sen highlights the importance of sustainable livelihoods, while Pranjul Bhandari suggests that 'easy' reforms could maintain 6.5% growth. However, achieving 70 million jobs requires politically sensitive reforms in agriculture, labor, and land. Additional recommendations include infrastructure investment, judicial reforms, enhancing export competitiveness, and further tax reforms, particularly bringing petroleum and power under GST.
A weaker Modi government will slow India's fiscal tightening, Moody's says
Indian PM Modi's narrower election victory limits aggressive fiscal reforms, per Moody's analyst Christian de Guzman. BJP secured 240 seats, with NDA totaling 293. Despite this, fiscal consolidation will persist, but populist spending risks increase. India's fiscal deficit target is 4.5% by 2025/26. Bond yields surged post-election, and Moody's sees stable economic prospects.
Modi 3.0 mandate may be weaker, but Indian economy has a robust growth outlook: Fitch Ratings
Fitch Ratings has maintained a positive outlook on India's medium-term economic growth, citing substantial government capital expenditure and strengthened corporate and bank balance sheets. The BJP-led NDA is likely to form the next government, and India's strong medium-term growth outlook is expected to remain intact.
General elections 2024: A weaker mandate to impel policy reset
The underwhelming election results reflect voters' focus on economic and livelihood issues over free-food distribution. The need for productive employment is becoming a dominant necessity in policy considerations.
Modi govt's fiscal consolidation pace post-Covid worse than peers? Moody's report flags weaker fiscal, debt metrics
Moody's rating agency has pointed out that India's fiscal consolidation following the Covid-19 pandemic has lagged behind when compared to its peers. This includes several emerging markets in the Asia-Pacific region.
US stocks slip in choppy trading after weaker jobs data
Oil companies Exxon Mobil and Chevron dropped 2.3% and 1.5%, respectively, as demand concerns weighed on crude prices. Energy stocks led S&P 500 sectoral declines with 1.5% fall. Small-cap stocks, typically more sensitive to economic expectations, declined 1.2%, while the rate-sensitive real estate sector gained 0.9%.
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.
Rupee closes mildly weaker, forward premiums slip
The Indian rupee closed slightly down on Monday, unable to build on recent gains as local dollar demand pressured the currency even as most of its Asian peers rose.
PM's charge that Congress will run bulldozer on Ram temple 'complete lie': Mallikarjun Kharge
Kharge refutes BJP's claims, defends Congress' inclusive policies and initiatives, and justifies calls for reservation ceiling raise, caste census, and five-year plans.
US industrial production weaker than expected in April
US factory output remained unchanged in April, disappointing analysts who had anticipated a third consecutive monthly increase, as per Federal Reserve data released on Thursday. Industrial production showed no growth last month, down from a revised 0.1 percent rise in March. This data contradicts expectations of a gradual manufacturing sector recovery. Manufacturing output declined by 0.3 percent compared to the previous month, with notable drops in motor vehicles, parts, and electrical equipment. Mining output fell by 0.6 percent, while utilities saw a 2.8 percent rise.
Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year.
147 candidates qualify Indian Forest Service examination: UPSC
UPSC announced 147 qualifiers for the 2023 Indian Forest Service exam. Top scorers: Ritvika Pandey, Kale Pratiksha Nanasaheb, Swastic Yaduvanshi. 51 candidates have provisional candidature. Queries can be addressed at the 'facilitation counter' or website.
Rupee ends weaker pressured by oil cos' dollar buys, forward premiums inch up
The Indian rupee ended lower on Monday as dollar demand from local oil companies and other importers, pressured the local currency even as most of its Asian peers gained.
Bunge Q1 Results: Profit falls on weaker agribusiness results, shares drop
Agricultural commodities trader Bunge Global reported a smaller-than-expected decline in first-quarter profit on Wednesday as good oilseed processing results in Europe and Asia blunted the impact of weaker grain trading margins.
Gold extends record rally on safe-haven appeal, weaker dollar
Spot gold edged 0.2% higher to $2,283.47 per ounce, as of 0055 GMT, after hitting an all-time high of $2,288.09 earlier in the session.
Rupee closes at 6-month high of 82.83 on strong inflows, weaker dollar
The domestic currency settled at 82.83 per US dollar on Wednesday, its strongest closing level since September 4, 2023, Bloomberg data showed. On Tuesday, the rupee had closed at 82.90 per US dollar.
HC modifies order on raising income threshold from Rs 1 lakh to Rs 5 lakh yearly to admit students under EWS quota
A bench of Acting Chief Justice Manmohan and Justice Manmeet PS Arora stayed certain directions issued by a single judge of the high court in the December 5, 2023 judgment which had raised the threshold income limit from Rs 1 Lakh to Rs 5 lakh annually until the government amended the relevant law.
PM Modi hands over 15,000 homes under largest affordable housing project
Prime Minister Narendra Modi handed over 15,024 homes to economically weaker sections in Maharashtra's Solapur district, as part of the world's largest affordable housing project under PMAY-U. The project, spanning 350 acres, is divided into two phases and will construct a total of 30,000 flats across 833 buildings. Each dwelling unit costs Rs 6.10 lakh, including infrastructure priced at Rs 5,00,000.
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