LOWER INTEREST RATES
Gold prices steady as US rate-cut optimism supports
Gold prices remain stable as market watches for Federal Reserve interest rate decisions. U.S. economic data release expected to provide more insights. Traders predict rate cuts in the coming months. India's platinum imports increase due to loophole usage. Silver declines, platinum slightly drops, palladium remains constant.
SBI launches 444-day deposit scheme with 7.25% interest
State Bank of India (SBI) has introduced a new 444-day deposit scheme with 7.25% interest, 15 basis points higher than the prevailing rate. The bank's higher rate comes after raising the benchmark marginal cost of fund-based lending rate by 5 to 10 basis points. The Reserve Bank of India warns banks of possible systemic risk due to persistent credit growth outpacing deposit growth.
Indian rupee weakens amid global dollar strength and investor caution
The Indian rupee weakened against the dollar as the greenback strengthened globally due to investors’ risk aversion after an assassination attempt on former US president Donand Trump and as weakness in the Chinese yuan weighed on Asian currencies, dealers said.
ECB to opt for summer pause after initial rate cut
The European Central Bank (ECB) is expected to hold interest rates steady, following June’s cut from 4% to 3.75%. ECB President Christine Lagarde indicated further rate cuts will be cautious, despite recent inflation easing to 2.5%. The ECB’s data-dependent approach considers wage growth and services sector inflation.
Monetary policy will anchor India's growth ambitions, said RBI DG Michael Patra
The role of monetary policy will be crucial in navigating India's inflation rate with global levels which will help preserve both the internal and external value of rupee, Patra said in a speech at the mid-career training programme for officials of the Indian Administrative Service (IAS) at the Lal Bahadur Shastri National Academy of Administration, Mussoorie.
European shares hit 1-month high on upbeat earnings, Fed rate-cut hopes
France's CAC 40 outperformed its European peers, rising 0.7% after a volatile week of elections, where leaders of the left-wing New Popular Front are currently discussing potential candidates for prime minister.
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Loan interest rates in July 2024: These 7 banks have revised loan interest rates in July
Loan interest rates in July 2024: Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend. Here is a look at the list of banks that have revised their MCLR in July 2024.
Gold eases but set for weekly gain as Fed rate-cut bets boost appeal
Gold prices see a slight dip after three weeks of gains, driven by U.S. inflation data hinting at interest rate cuts. Analysts predict potential record highs as market conditions favor gold. Silver, platinum, and palladium show weekly declines amidst market uncertainties.
Nasdaq ends sharply lower as investors rotate out of Big Tech
The Nasdaq fell sharply due to Nvidia, Apple, Tesla, Microsoft, Amazon, and Meta Platforms losses amid inflation data. Smaller companies rallied, boosting the Russell 2000. Heavy U.S. trading was noted as the S&P 500 fell and real estate rose 2.7%. Delta and Conagra Brands forecast lower profits; Tesla delayed robotaxi launch. Citigroup fined $136M.
Economists seek lower import tariffs at pre-budget meeting with PM Modi
In a pre-budget meeting in New Delhi, Prime Minister Narendra Modi met with economists who recommended reducing import tariffs on intermediate goods, lowering interest rates, signing more free trade deals, and cutting logistics costs to boost exports. They advocated for agricultural support for farmer producer organizations (FPOs) and emphasized capital expenditure for growth, cautioning about rural inflation.
Commercial vehicle sales volumes may degrow by 3-6% in FY25: CARE Ratings
Commercial Vehicle (CV) sales volumes are projected to decline by 3-6% in FY25, driven by weak demand in MHCV and LCV segments and high dealer inventory levels. However, a rebound is expected in the second half of the fiscal year due to post-election infrastructure projects and replacement demand. Despite challenges, recovery is anticipated with GDP growth and potential interest rate cuts supporting the industry.
HDFC Bank increases loan interest rates by up to 10 basis points; loan EMIs to rise further
The bank has increased the lending rates by up to 10 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now range between 9.05% and 9.40%.
Dollar stays lower after US jobs data; euro up ahead of French election
Nonfarm U.S. payrolls increased by 206,000 jobs last month, the Labor Department report showed. Data for May was revised sharply down to show 218,000 jobs added instead of the previously reported 272,000. The unemployment rate rose to 4.1%, slightly higher than the estimated 4.0%.
Dollar on the defensive amid lower yields, yen hovers near 38-year trough
The dollar weakens after Powell's dovish U.S. bond yield comments, amid potential Japanese intervention during U.S. holiday. Concerns over Biden presidency and easing long-term Treasury yields persist, as local inflation remains steady and the Australian dollar sees a rise.
US weekly jobless claims drift lower
Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the Labor Department said on Thursday. The claims data included last Wednesday's Juneteenth National Independence Day, a new holiday. Claims tend to be volatile around public holidays.
PPF, SCSS, Sukanya Samriddhi interest in July-September 2024: Will govt hike interest rates of PPF, small savings schemes for next quarter?
PPF, SCSS, Sukanya Samriddhi interest in July-September 2024: The government is likely to announce the interest rates of Public Provident Fund (PPF), Senior Citizen Savings Schemes (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Post Office Monthly Income Scheme (POMIS) and other small savings schemes for the July-September quarter 2024 by June 30, 2024. Will the government finally make PPF investors happy this time? Will Centre increase the interest rates of SCSS, NSC, Sukanya Samriddhi Yojana and other other small savings schemes for the July-September quarter 2024? Know what experts suggest
Gold prices inch lower as focus turns to US inflation data
Gold prices impacted by Japan Chain Store Sales YY for May and upcoming US Consumer Confidence in June.
Gold loan interest rates in June 2024: Latest gold loan interest rates of 24 banks
A gold loan is a secured loan that allows you to leverage the value of your gold ornaments or jewelry to obtain funds. Latest gold loan interest rates offered by banks in June 2024.
RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity
BUDGET EXPECTATIONS: The Retailers Association of India (RAI) has urged the Union Budget FY25 to focus on lowering individual taxes to boost demand and consumption. RAI's pre-Budget recommendations include low-cost financing, subsidies on land and electricity, and the adoption of supportive policies to strengthen the retail sector, which contributes 10% to India's GDP
Japan's Nikkei closes lower as tech shares drag; value stocks up
Japan's Nikkei share average closed slightly lower on Friday due to losses in technology shares, offsetting gains in value stocks amidst a weak yen and higher yields.
Gold inches lower as firmer bond yields dent appeal
Gold prices fell due to higher U.S. Treasury yields as investors awaited economic data to predict Federal Reserve's interest rate cuts.
Pakistan's central bank cuts key rate as expected to boost economy
Pakistan's central bank lowered its key interest rate by 150 basis points to 20.5%, the first reduction in nearly four years, as part of efforts to stimulate growth amidst declining retail inflation. The move, preceding Pakistan's annual budget, follows a decrease in inflation to 11.8% in May. Economic reforms under an IMF bailout have been implemented to stabilise the economy, with expectations of further rate reductions.
Rupee ends lower on jump in US bond yields, RBI intervention caps losses
The Indian rupee ended weaker on Monday, weighed down by a rise in U.S. bond yields, but likely intervention by the Reserve Bank of India (RBI) helped limit the currency's losses.
US stocks close slightly lower; jobs data strong but rates still high
Wall Street stocks ended slightly lower on Friday after strong U.S. jobs data raised concerns about the Federal Reserve's stance on interest rates. The Labor Department reported 272,000 jobs in May, exceeding expectations, with a 4% unemployment rate.
Home loan borrowers may have to wait longer for lower EMIs but a rate cut likely this year; how to make the most of it
Home Loan Interest Rates: The Reserve Bank of India (RBI) in its recent Monetary Policy Committee meeting decided to maintain the repo rate at 6.5%, prolonging the wait for home loan borrowers seeking relief from high interest rates and increased EMIs. Despite the current pause in repo rate the possibility of a rate reduction this year is still there.
Rupee ends lower on importer, foreign banks' dollar buys
The Indian rupee ended weaker on Thursday, pressured by dollar demand from local importers and foreign banks even as most of its Asian peers gained.
Wall Street ends lower amid rate concerns, higher bond yields
Stocks declined following the Beige Book release, showing U.S. economic expansion and reduced rate cut expectations, per CME FedWatch Tool.
Gold prices inch lower as US rate cut bets cool
Gold prices eased as traders reduced rate cut expectations by the U.S. Federal Reserve, awaiting U.S. inflation data this week.
U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices
Existing home sales fell 1.9% to 4.14 million in April, with median prices rising to $407,600. Lawrence Yun expressed frustration over the sales drop.
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