US ECONOMIC GROWTH
China's GDP growth dips: Where is its economy headed?
China's GDP growth in the second quarter was 4.7%, below the expected 5.1%. The slowdown raises concerns about economic stability and calls for measures to stimulate growth. IMF projects a gradual slowdown in growth due to various factors including ageing population and property sector crisis. Policy meeting aims to outline strategies for promoting advanced manufacturing and boosting domestic consumption. Structural reforms are suggested to enhance productivity and address economic imbalances.
Asian stocks mixed as dollar up on Trump-win bets: Markets wrap
Asian stocks show mixed reactions to Trump's assassination attempt. US dollar rises, while S&P 500 contracts remain stable. Bitcoin reaches $60,000. Analysts discuss potential market implications and focus shifts to China's key rate decision.
US economy no longer overheated, Fed's Powell tells Congress
Fed Chair Jerome Powell informed Congress that the U.S. job market has cooled from its pandemic extremes, indicating a stronger case for potential interest rate cuts. Powell emphasized the balance of risks the Fed now faces, highlighting recent improvements in inflation and economic conditions. Despite not signaling specific future actions, analysts suggest Powell's remarks hint at a possible rate cut as early as September. The Fed’s policy rate remains at 5.25% to 5.5% since July 2023. Powell’s semiannual Senate testimony will be followed by a House hearing on Wednesday.
US Fed hopeful of achieving 2 per cent inflation target soon
The U.S. Federal Reserve noted a lack of significant progress towards its 2 percent inflation target in its latest meeting. Despite this, there have been modest improvements in recent months. This conclusion was shared in the Fed policy minutes released on Wednesday.
SCO fosters regional stability & multilateral coop: Kazakhstan
The SCO Summit in Astana, Kazakhstan, represents a significant event for over 3 billion people. Kazakhstan, as a founding member, prioritizes the SCO's development within its balanced foreign policy. Deputy Foreign Minister Roman Vassilenko emphasized the summit's role in mutual respect and consensus-building. Under Kazakhstan's presidency, over 150 events focused on energy, digitalization, and environmental protection. President Tokayev's "World Unity for Just Peace and Harmony" initiative highlights Kazakhstan's influence. Kazakhstan's strategic location, rich resources, and strong economic growth make it a key player in global diplomacy and trade.
Recession looming large on US economy? What growth rate has been predicted by Fed Reserve body? Everything you may like to know
Recessions are fairly common in the US economy. There has been about one U.S. recession every five years or so since World War 2. But they don't last long. The average duration of a U.S. recession since World War II is just 11.1 months.
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US trade deficit widens in May on weak exports
The U.S. trade deficit widened for a second consecutive month in May, reaching $75.1 billion as exports decreased, potentially impacting economic growth in the second quarter; the goods trade deficit also rose to $100.2 billion, the highest since May 2022, with a 0.9 per cent increase, while services exports saw a boost from travel, helping offset declines in automotive and goods exports.
US job openings rise to 8.1 million despite higher interest rates
U.S. job openings increased slightly to 8.1 million in May, despite higher interest rates aimed at cooling the labor market, as reported by the Labor Department. Layoffs rose slightly, while the number of Americans quitting their jobs remained stable. The economy and job market have shown resilience despite the Federal Reserve's efforts to raise rates. Job openings have decreased since a peak in March 2022, signaling a possible slowdown in the economy.
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.
US inflation cools in May, boosting hopes of Fed rate cut
May's stable inflation, influenced by service costs and goods prices, sets the stage for potential Federal Reserve interest rate changes. The report highlights slight consumer spending growth and hints at the Fed's aim for a controlled economic slowdown through core inflation moderation.
Gold prices heads for quarterly rise; spotlight on inflation data
In the world of gold investment, tracking prices, inflation data, and the Federal Reserve's stance is key. Market dynamics shift based on factors like GDP estimates, equipment spending, and spot silver prices. Understanding these nuances is crucial for making informed investment decisions in a constantly evolving economic environment.
US economic growth for last quarter is revised up slightly to a 1.4% annual rate
The US economy expanded at a 1.4% annual pace from January to March, the slowest quarterly growth since spring 2022, according to the government. Consumer spending grew only 1.5%, indicating high interest rates may be impacting the economy. The Commerce Department estimated a 1.3% GDP growth in the first quarter.
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.
India bond yields seen little changed amid lack of fresh cues
Indian government bond yields are expected to hold steady on Monday, moving in a 6.95%-6.99% range. Inflows under the FAR, crossing $10 billion, and foreign banks' increased bond purchases ahead of the inclusion affect U.S. Treasury yields.
US manufacturing production surges 0.9% in May; beats monthly expectations
In May, production at U.S. factories rebounded more than anticipated, recovering from declines in the previous two months. However, sustained momentum is unlikely due to rising interest rates and weakening demand for goods. According to the Federal Reserve's report on Tuesday, manufacturing output surged by 0.9% last month, following a downward revision showing a 0.4% decline in April.
World Bank upgrades global growth outlook on resilient US economy
The World Bank raised its global growth outlook due to resilient consumer spending in the US, but warned of weak growth by historical standards.
See policy continuity even with coalition government: Gokul Laroia, CEO, Morgan Stanley Asia
Morgan Stanley's Asia CEO Gokul Laroia discussed Indian elections, markets, and risks with Nishanth Vasudevan before an investor conference.
India bond yields seen rising tracking US peers
Indian government bond yields are expected to rise due to a spike in U.S. Treasury yields after strong economic data. The benchmark 10-year yield in India is likely to move in a 7.01%-7.06% range on Monday.
Inflation, Fed meeting to give clues for US market direction
Investors await next week's inflation data and Fed meeting for signals on stock market trajectory amid conflicting economic signals. S&P 500's 12% YTD rise hinges on Fed's ability to manage inflation without hampering growth.
US Fed's 'dot plot' could offer glimpse of rate-cut resolve
Since raising their benchmark federal funds rate more than five percentage points starting in March 2022, the Federal Open Market Committee (FOMC) has held borrowing costs at a two-decade high since July. A host of Fed leaders have suggested in recent weeks they see no rush to cut rates, with inflation more persistent and the outlook for growth staying solid.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
Asian earnings growth to outpace US and Europe, India's growth momentum strong: Report
The analysis by CLSA, citing Bloomberg's projections, forecasts that Asian earnings growth will surpass that of the US and Europe for both this year and the next. This positive outlook is in line with the Reserve Bank of India's (RBI) prediction of a robust 7.2 per cent growth rate for India in fiscal year 2025.
Wall St Week Ahead-Inflation, Fed meeting to give clues for US market direction
Political uncertainty may impact market stability. Early presidential debate raises concerns about 2024 election influence. Market attention shifts from economic data to political landscape.
US adds far more jobs than expected in May
The U.S. job market showed strong growth in May, with nonfarm payrolls increasing by 272,000 jobs, surpassing economists' expectations. The unemployment rate rose slightly to 4.0%, ending a 27-month streak below 4%. Despite recent softening, the labor market's resilience has kept the Federal Reserve cautious about cutting interest rates, likely delaying any rate cuts until at least September. However, other indicators suggest the job market may be loosening, prompting the Fed to closely monitor economic conditions to avoid overcooling the economy.
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.
"Rewards for doing business in India are significant": Alexander Slater, MD USIBC
In the debut episode of the new podcast series "Doing Business in India," Jonathan Hymer, the Minister Counsellor for Commercial Affairs at the United States Embassy in New Delhi, welcomed Alexander Slater, the Managing Director of the US India Business Council, to discuss the evolving business landscape in India post-pandemic.
China is ‘bizarrely unwilling’ to boost demand, Paul Krugman says
Nobel laureate Paul Krugman criticised China's reliance on production over consumer demand, warning of global consequences. Chinese economist Li Daokui called for increased central government debt to drive growth. Krugman questions Japan's panic over a weak yen, while emphasizing the need for rate cuts.
OPEC+ extends major oil production cuts until 2025 to stabilise market
OPEC+ has announced an extension of its substantial oil production cuts into 2025, aiming to stabilise the market amid sluggish demand growth, elevated interest rates, and increasing U.S. oil production. The group will maintain its current reduction of 5.86 million barrels per day (bpd), with specific cuts being extended and gradually phased out.
IMF revises China's GDP to 5% this year; growth may decelerate to 3.3 per cent by 2029, says Gita Gopinath
The 5 per cent growth revision by the International Monetary Fund (IMF) is in line with the target set by the Chinese government for the world's second-largest economy which is grappling with a slowdown triggered by the crippling property sector crisis and industrial overcapacity.
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