MONTHLY DATA CONSUMPTION LIMIT
FMCG Q1 check: Some hot, some not
Scorching summer heat and elections created a mixed quarter for consumer goods, with sales of cooling products like beverages, ice creams, talcum powder, and sunscreens rising up to 15 per cent amidst the heatwave. However, impulse snacks and single-serve beverages saw a decline due to reduced out-of-home consumption. Election restrictions impacted alcohol sales, while delayed monsoon affected insecticide sales. Last-mile servicing challenges were reported, particularly in rural areas due to the heat.
ETMarkets Smart Talk: There might be a renewed focus on social expenditure in final Budget 2024: Arun Kumar Poddar
While we strive to reduce our reliance on FIIs, our Systematic Investment Plan (SIP) contributions are reaching record highs, reflecting growing confidence in the Indian markets.
Oil holds near two-month high on higher demand outlook, possible rate cut
Exciting developments in the oil market as prices hold steady near recent highs, driven by robust demand projections and the possibility of U.S. interest rate cuts. The looming threat of Hurricane Beryl and reduced crude imports into Asia, especially China, add further intrigue to the market landscape.
India's power consumption rises nearly 9pc to 152.38 billion units in June
The highest supply in a day (peak power demand met) also rose to 245.41 GW in June 2024 against 223.29 GW in the year-ago month. The peak power demand was recorded at 224.10 GW in June 2023. The peak power demand touched an all-time high of 250.20GW in May this year. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023.
Dow closes at a one-month high as investors broaden portfolios
The Dow reached a one-month high, but the Nasdaq fell over 1% as investors shifted from AI-linked stocks. Federal Reserve rate cuts were anticipated, impacting market movements.
China's yuan steady near 7-month lows as traders eye yen and data
China's yuan weakens against the dollar as foreign investors avoid the stock market. Analysts suspect currency manipulation by Beijing to maintain stability and competitiveness.
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Govt mulls more frequent job data surveys
India's Ministry of Statistics and Programme Implementation (MoSPI) is considering increasing the frequency of the Periodic Labour Force Survey (PLFS) from quarterly urban unemployment data to monthly, and shifting the release of rural employment data from annual to quarterly. Officials are also discussing revising the base year for gross domestic product (GDP) and inflation. These efforts aim to leverage technology to enhance efficiency and reduce data lag, ensuring compliance with international standards.
Data storage cos in a sweat over need to stay cool
Data centers in western and northern India are facing rising operational costs due to soaring temperatures. Firms like Yotta and CtrlS are using alternative cooling methods and renewable energy, while ESDS reports a 10-12% rise in power costs due to erratic grid supply. Several of these data centres are located in New Delhi, Haryana, Noida.
Better ForeCaste: Gap in consumption shrinks; spending by SC, ST, OBCs rose 1% faster each yr
Consumption spending in marginalized groups like Scheduled Castes, Scheduled Tribes, and Other Backward Classes has seen a faster annual growth rate of 9.2% between 2011-12 and 2022-23, indicating a decline in consumption inequity between upper and lower castes in India. The monthly per capita consumption of these groups nearly tripled in rural areas.
Consumption inequality down in a decade
The Household Consumption Expenditure Survey (HCES) results revealed a decline in consumption inequality over the last decade in India. The share of the top 10% households in consumption decreased by 1.9% in rural areas and 4% in urban areas. The Gini coefficient, a measure of inequality, showed a decline between 2011-12 and 2022-23, indicating a positive trend in income distribution.
India's May fuel use inches up on month on strong industrial activity
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
Oil prices extend losses on worries of supply rising later in 2024
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
Sweltering heat triggers 15% rise in India's power consumption in May
India's power consumption surged by 15% to 156.31 BU in May 2024 due to scorching heat, leading to increased use of cooling appliances. Peak power demand hit a record high of 250.07 GW, surpassing the previous peak of 243.27 GW. Experts project a peak demand of 260 GW this summer, driven by soaring temperatures.
Not with standing weekly loss, downside in gold likely to remain limited
Going by the action in bonds, the markets are still not giving much credence to the idea of a rate hike. The next week is quite crucial for the financial markets as many major data and reports will be released.
Asia stocks gain, dollar drifts as inflation tests await
Asian stocks rose for the fourth month, while the dollar drifted lower. Investors await inflation readings from Europe and the U.S. for interest rate guidance.
Gold inches higher as inflation data looms, set for fourth monthly gain
Gold prices edge up for a fourth straight monthly gain as investors await key U.S. inflation data for insights into the Federal Reserve's policy path.
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.
Oil rises as major producers expected to keep output cuts in place
Oil prices rose on expectations of production cuts by major producers at a meeting this Sunday as fuel consumption is set to increase with the start of the peak summer demand season.
Nasdaq crosses 17,000 mark for first time ahead of inflation test
While the Nasdaq and S&P 500 celebrated their fifth consecutive week of gains, the Dow Jones took a different path on Friday. Healthcare stocks, led by an 8% plunge in Moderna, dragged down both the Dow and the broader S&P 500 sector. This divergence comes amidst ongoing market optimism fueled by speculation of potential interest rate cuts from the world's most influential central bank later this year. This optimism has propelled Wall Street to record-breaking highs since late 2023.
Sterling hits fresh 2-month high versus dollar ahead of inflation data
German inflation figures will be released on Wednesday and the wider euro zone's reading on Friday, along with the U.S. core personal consumption expenditures (PCE) price index - the Federal Reserve's preferred measure of inflation.
F&O stocks to buy today: DLF, Biocon among top 7 trading ideas for 24 May 2024
Indian markets poised for consolidation on mixed global cues. Nifty futures closed marginally up at 23,008, India VIX down at 21.38. Options data indicates trading range between 22,500 to 23,500. Experts recommend buys on Canara Bank, DLF, Divi’s Labs, Voltas, Ashok Leyland, Axis Bank, and Biocon.
F&O stocks to buy today: HUL, BEL among top 6 trading ideas for 23 May 2024
Indian market poised for gains following global optimism. Nifty futures up marginally, VIX down. Analysts foresee support at 22500, targets at 22730 and 22810. Experts recommend buying BEL, CIE Automotive India, IRB Infrastructure, Hindustan Unilever, and M&M Financial.
Amid heatwave, Delhi's power demand touches an all-time high of 8,000MW
Delhi recorded its highest peak power demand of 8000 MW during a heatwave, breaking previous records. The State Load Dispatch Centre (SLDC) and India Meteorological Department issued alerts. BSES discoms successfully met the demand. Tata Power met 2225 MW in North Delhi without outages. Air conditioning contributes significantly to energy use.
Delhi's power demand soars to May's highest ever at 7,572 MW amid rising temperatures
Delhi experienced its highest-ever peak power demand for May due to a heatwave on Monday, as confirmed by officials from the electricity distribution companies. According to real-time data from the State Load Dispatch Centre, Delhi, the peak power demand reached 7,572 MW at 3:33 pm.
Delhi's power demand peaks at 6,780 MW; may reach 8,000 MW this summer: Discoms
With the day temperature spiralling up with each passing day, Delhi's power demand shot to 6,780 MW on Thursday -- the highest this summer so far, discom officials said. Realtime data from State Load Dispatch Centre (SLDC) showed that the peak power demand of the city was 6,780 MW at 3.26 PM on Thursday.
Asian shares hit 15-month high as traders wait for CPI
MSCI's broadest index of Asia-Pacific shares outside Japan climbed slightly and hit its highest since early 2023 in morning trade, as a strong rally in Hong Kong shares extended into a fourth consecutive week.
India needs Rs 4.2 lakh cr investment to connect 24 cr households with broadband by 2030
According to the break-up provided by Prashant Singhal, fibre deployment will need investments in the range of Rs 2.7-3 lakh crore, passive infrastructure Rs 90,000-96,000 crore, WiFi and in-building solutions Rs 6,600-Rs 9,000 crore, data centres Rs 9,700-Rs 14,100 crore and satellite broadband services Rs 26,000-29,000 crore.
Telecom data centres prepare to take the heat of summer months
The persistent heatwave conditions pose increased cooling challenges for telecom data centers, critical components of broadband communications infrastructure responsible for call/data routing and safeguarding essential customer data. Executives from Bharti Airtel's Nxtra Data and Reliance Jio emphasize leveraging renewable energy integration, energy-efficient enhancements, and advanced cooling technologies to manage costs and ensure uninterrupted data center operations.
India extends duty-free import of yellow peas by four months
In early December, the central government allowed duty-free imports of yellow peas until March 2024, later to be extended till April and then June. It was part of New Delhi's intervention to cool the prices of the overall pulse basket.
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