SLOW PACE
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
UK manufacturing growth slows as shipping delays hit exports, PMI shows
While output and overall new orders grew at close to their fastest pace in two years, export orders fell for a 29th successive month, due to the shipping delays and high freight costs.
Monsoon gathering pace, to strengthen in Maharashtra by June 21-22: IMD
Several parts of Mumbai received showers on Wednesday morning, but it was insufficient to give respite from oppressive heat. Monsoon arrived in Mumbai on June 9, two days ahead of its normal schedule. Since then it made little progress and it is yet to cover parts of northern Maharashtra and Vidarbha.
India's world-beating growth pace to continue, says RBI Governor Shaktikanta Das
"In the first three quarters of 2023-24, the current account deficit was 1.2% (of GDP)," Das said. "Our teams are working on the fourth quarter numbers. They look to be even lower, and when you look at the annual current account deficit number, I will not be surprised next week when we publish the current account deficit numbers - they could be even lower than 1% (of GDP)," he said at the ET Now event.
Global wind installation growth pace slows on rising costs
Global wind power growth expected to slow in 2024 due to rising costs, limited infrastructure, and policy uncertainty, with installations increasing by almost 6%.
Onion prices on the boil as arrivals slow, demand picks up
The average wholesale price of onions at the Lasalgaon mandi in Nashik on Monday was Rs 26 a kg, compared with Rs 17 on May 25. The price of best-quality onions, whose share in the total traded volume is small, has crossed Rs 30 a kg at many wholesale markets in the state.
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Gold tumbles on solid US nonfarm payroll report, China slowing down gold buying
Gold prices rose on rate cut expectations but fell due to a strong US nonfarm payroll report. The Dollar Index strengthened. Traders shifted rate cut expectations. Market awaits the US Federal Reserve's decision. China's Central Bank paused gold buying due to high prices.
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.
Risk weighting slows unsecured loan growth
The growth of unsecured credit in India, including personal loans and credit card outstanding, slowed to 18% in April from 23% in November 2023. The Reserve Bank of India's risk weighting on such exposures aims to reduce delinquencies in the banking system.
Auto sales enter slow lane in May, expected to bounce back in the festive season
In May, automobile sales slowed down due to heatwaves, election uncertainties, and a high base effect. Maruti Suzuki's sales grew 4.4% year-on-year, but this was lower than the 13.8% growth seen in May 2023. Hyundai Motor India and Tata Motors also saw modest growth, while Mahindra and Mahindra and Toyota India experienced significant increases in sales. Industry leaders expect a sales rebound post-election and with a good monsoon forecast. The auto sector's growth aligns with India's 8.2% GDP rise in 2023-24.
T20 WC warm-up: A chance to test track and India's second pace-bowling option
India's T20 World Cup warm-up game against Bangladesh on June 5 will see Yashasvi Jaiswal and Arshdeep Singh and Mohammed Siraj put their best foot forward. With all 15 cricketers being regular playing XI members of their respective IPL franchises, finding the perfect combination is key to ending India's 13-year global trophy drought. Skipper Rohit Sharma and head coach Rahul Dravid need to make judicious calls in two areas: fitting Jaiswal in the side and finding Jasprit Bumrah's opening pace-bowling partner.
Will the pace of the rally in PSU sector cool down? Sandip Sabharwal answers
My base case is that the current government will continue. So, if that doesn't happen, which I believe is a remote possibility, then I think the post-election strategy has to be very different.
Indian economy likely grew at weakest pace in a year in Jan-March, says Reuters poll
India's economy likely experienced its slowest growth in a year during the January-March quarter, attributed to weak domestic demand, according to a Reuters poll of economists. This follows a surprising 8.4% GDP growth in the October-December quarter, boosted by a sharp drop in subsidies that artificially increased net indirect taxes, while gross value added (GVA) grew by 6.5%. For the January-March period, GDP growth is expected to have slowed to 6.7%, with GVA growth at 6.2%.
India May business growth robust as exports rise at record pace, PMI shows
HSBC's flash India Composite purchasing managers' Index , compiled by S&P Global, rose slightly to 61.7 this month from April's final reading of 61.5, marking the 34th month above the 50-level separating growth from contraction.
Slow spending by India government may prompt more cash infusion
India's federal government spending is expected to remain sluggish for several more months, leading to potential measures to inject liquidity into the banking system. Recent actions include three short-term securities buybacks and alterations in treasury bill borrowings. Slower spending is attributed to the ongoing national election.
Raut slams EC over slow voting pace in Maharashtra, claims poll panel 'extended branch of BJP'
Shiv Sena (UBT) leader Sanjay Raut accused the Election Commission of favoring BJP in Maharashtra's Lok Sabha polls. He alleged slow voting in areas favorable to Maha Vikas Aghadi (MVA) like Thane and Kalyan.
Lok Sabha Elections: Modi slams BJD, Trinamool for 'corruption and slow growth'
PM Modi criticized the corrupt BJD government in Odisha and the Mamta Banerjee-led Trinamool Congress in West Bengal for hindering growth, impoverishing farmers, youth, and tribals, urging support for BJP to fight corruption and bring change.
Fadnavis urges EC to look into complaints of slow voting in Mumbai
Maharashtra Deputy CM Devendra Fadnavis urged the Election Commission to address concerns over sluggish voting in Mumbai during ongoing polling for 13 Lok Sabha seats, including six in Mumbai. By 1 pm, turnout in Mumbai ranged from 24.46% to 28.82%. Fadnavis emphasized the need for a smoother voting process, urging EC to engage with district collectors and ensure voter convenience
Of princess, pastel flowers and homegrown slow luxury brand, 'Akutee'
Akutee, a homegrown "slow luxury" brand, has unveiled its collection of hand-painted embellishments, mostly in pastel shades, on May 16 at the Four Seasons in Bengaluru. The brand, which focuses on hand-painted embellishments, was inspired by the gardens of the royal Ghatge family of Kolhapur. The brand's name, 'Akutee', is a nod to the Ghatge royal women's lineage and an ode to all the women in her family.
Large PSUs' capital expenditure reaches ₹50,200 crore in April FY25, slower growth than previous year
Large public sector companies in India spent over Rs 50,200 crore on capital expenditure in April FY25, 6.46% of the annual target of Rs 7.77 lakh crore. Spending was lower than in April FY24. The Finance Ministry expects spending to increase. Railways, roads, and oil and gas sectors drove the expenditure.
US productivity slows sharply in first quarter
U.S. worker productivity growth slowed significantly in the first quarter, leading to a surge in labor costs, although the productivity trend remained solid. According to the Labor Department's Bureau of Labor Statistics, nonfarm productivity increased at a modest 0.3% annualized rate, down from 3.5% in the previous quarter. Economists had forecasted a higher rate of 0.8%. Productivity has risen by 2.9% compared to a year ago.
Fed announces reduction in balance sheet runoff pace
The downshift in the pace of the runoff had been widely expected, although market participants weren't sure whether the tapering of the runoff process would happen at this week's FOMC gathering or the one scheduled for June.
National Highways construction to decline by 7-10% to 31 km/day in FY25: CareEdge Ratings
CareEdge Ratings predicts a 7-10% slowdown in the pace of National Highways construction in India, estimating around 31 km/day for the current fiscal year due to increased execution challenges. Despite a healthy 20% uptick to 34 km/day in FY24, the agency expects a decrease to 11,100-11,500 km in FY25. The pace remains lower than FY21's 37 km/day due to execution difficulties and competition. BOT-HAM remains the preferred mode of award, constituting around 55% of projects awarded during FY21-24.
China's factory, services activity growth slows in April
The official purchasing managers' index (PMI) dropped to 50.4 in April from 50.8 in March, above the 50-mark separating growth from contraction, and beat a median forecast of 50.3 slightly in a Reuters poll.
Spirits market in India is surging at a record pace: Main factors and trends
After the low during the pandemic when the spirits market shrank to 311 million cases in FY21, it recovered swiftly to add about 100 million cases in annual sales in just three years, reaching 412 million cases in FY24, industry executives said, citing latest excise department data.
US growth slowed sharply last quarter to 1.6 per cent pace, reflecting an economy pressured by high rates
The state of the US economy has seized Americans' attention as the election season has intensified. Although inflation has slowed sharply, to 3.5 per cent from 9.1 per cent in 2022, prices remain well above their pre-pandemic levels.
Quickening pace of quick-commerce; and other top tech, startup stories this week
It’s no surprise, given quick-commerce platforms are betting big on advertising revenues to contribute substantially to their toplines. HSBC Global Research expects Blinkit’s ad revenues to grow fourfold from $60 million in FY24 to $240 million in FY27.
Fed officials preparing to slow pace of balance sheet runoff
The Fed is currently allowing up to $60 billion per month in Treasury bonds and up to $35 billion per month in mortgage bonds to mature and not be replaced as part of a process called quantitative tightening, or QT.
Core growth hits 15-month low of 3.6% in January, high base weighs
The slow growth in the eight core industries - cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products and steel - is likely to be reflected in industrial output as well. These sectors have over 40% weight in the Index of Industrial Production (IIP). "We could expect IIP growth to be 2-3% this month. We do not expect any resurgence in consumer goods production this month and hence (growth) will be muted," said Madan Sabnavis, chief economist, Bank of Baroda.
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