US POLICYMAKERS
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.
MoU signed between UP Tourism and MakeMyTrip
The Uttar Pradesh Tourism Department signed a memorandum of understanding (MoU) with MakeMyTrip on Friday to promote tourism in the state. The signing took place at the Tourism Directorate, Uttar Pradesh.
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
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.
US yields lift dollar and leave yen languishing
Market anticipation grows for potential Australian interest rate hikes, with ING economist Rob Carnell leaning towards forecasting a hike at the August meeting.
India central bank policymakers divided over rate-growth debate
Internal members maintain hawkish stance on inflation, with Governor Das cautioning against hasty actions for fear of worsening the situation
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China will struggle to undo US dominance
The US economy is thriving with strong growth and investment, while China's influence is waning. The euro zone is also facing challenges.
Fed seen on track to Sept rate cut after inflation data
The US government report indicates that consumer prices did not rise in May, potentially paving the way for interest-rate cuts in the coming months. The Fed is expected to hold the policy rate in its current 5.25%-5.5% range. The benign inflation report could set them up for a rate cut in September and another in December.
Fed pivot or not, RBI likely to go its own way on rates, says I-SEC PD
“It is plausible to make the interpretation that RBI MPC may well pivot before Fed starts its own cutting cycle and that was the motivation for the statement... However, we believe the reason for this emphasis was the opposite based on other statements,” wrote economists from ICICI Securities Primary Dealership.
JPMorgan, Citi scrap Fed rate-cut bets for July after jobs data
JPMorgan's chief US economist, Michael Feroli, stated in a report on Friday that "the recent momentum in job growth" indicates that the "broader" labor-market weakening, which the Fed mentioned could justify a rate cut, might take more than three months to materialize.
How China rose to lead the world in cars and solar panels
Heavy subsidies for industry, together with weak sales in China, have set the stage for an export boom, raising fears of factory job losses elsewhere
Fed officials see inflation falling, signal no rush to cut rates
Federal Reserve's John Williams believes monetary policy is restrictive, aiming to bring inflation down to the 2% target.
Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise
Oil prices fell on Friday due to concerns over inflation risks, U.S. crude inventories, and OPEC+ negotiations to extend oil production cuts.
Fed officials urge patience on timing of initial rate cut
The timeline was echoed by Cleveland Fed President Loretta Mester in comments on Tuesday night at an Atlanta Fed conference.
Responsible Innovation, how a blueprint for collaborative action is advancing global healthcare
On the occasion of the Abu Dhabi Global Healthcare Week (ADGHW), Dr. Asma Ibrahim Al Mannaei, Executive Director of the Research and Innovation Centre, discusses the UAE's prioritisation of healthcare in driving investments and partnerships focusing on advancing technology and attracting top talent and fostering collaboration with India reflecting shared challenges and opportunities in healthcare. Overall, collaboration with global partners and investment in manufacturing capabilities exemplify the UAE's commitment to healthcare excellence and innovation, while initiatives like Malaffi enhance data-driven services. Read on to discover how ADGHW aims to faciliate responsible innovation in healthcare, even as the UAE emphasises patient rights protection in an era of advancing AI and data usage.
Rupee ends flat; oil cos, foreign banks' dollar demand offsets rise in Asia FX
The Indian rupee closed flat on Thursday as dollar demand from local oil companies and likely equity-related outflows weighed on the local unit even as most other Asian currencies rallied.
Empowering healthcare innovations: Dr. Noura Khamis Al Ghaithi on ADGHW's role in global healthcare collaboration
H.E. Dr. Noura Khamis Al Ghaithi discusses ADGHW as a platform for global healthcare collaboration, focusing on innovations and partnerships with Indian healthcare providers. The event aims to develop precision health initiatives, strengthen life sciences research, attract medical tourism, and support a growing startup ecosystem.
Brent hovers above $83 as inflation data takes centre stage
Though prices were supported by a few factors last week, including a lack of progress in the latest round of negotiations to halt hostilities in Gaza, economic factors are back in the spotlight.
London's FTSE 100 hits new high after BoE signals rate cuts
Britain's FTSE 100 scaled a record high on Thursday after the Bank of England kept interest rates unchanged but investors cheered increasing indications that more policymakers are warming up to cutting borrowing costs soon.
RBI not likely to cut interest rates soon; how this delay can impact bond investors, what they should do
The expected reduction in interest rates has been delayed, which is different from what was anticipated earlier this year. Experts now predict a slower and less substantial decrease. This has consequences for bond market investments.
Fed policymakers agree: There's no urgency to cut rates
Minneapolis Fed President Neel Kashkari told Fox News Channel he also wants to be "patient," with the first rate cut "potentially" not appropriate until next year.
Finland the world’s happiest country, Biden goes after Chinese semiconductor firms
The US government is pressing allies including the Netherlands, Germany, South Korea and Japan to further tighten restrictions on China’s access to semiconductor technology.
Gold sprints to record high as Fed sticks to 2024 rate-cut view
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.
Fed lifts neutral view; more to come?: McGeever
In their quarterly Summary of Economic Projections, officials raised the median outlook for 2025 and 2026, and more importantly, increased their longer-run median interest rate outlook above 2.5% for the first time in five years.
Fed seen sticking with three 2024 cuts despite higher inflation
Fed Chair Jerome Powell and his colleagues will update their economic and rate projections at the March 19-20 meeting for the first time since December, and survey respondents expect only small tweaks to their outlook with no change in the projected rate path.
Most Fed officials flagged risks of cutting rates too quickly
The minutes of the January 30-31 Federal Open Market Committee meeting showed policymakers remain attentive to the trajectory of inflation, with some worried that progress toward the central bank's 2% target could stall. Together, the record reinforced the Fed's preference for more evidence that inflation is firmly on a downward path.
Gold struggles below $2,000/Oz as Fed cut bets trimmed
Spot gold was down 0.1% at $1,991.09 per ounce (Oz), as of 0146 GMT, after hitting its lowest since Dec. 13 on Tuesday. Bullion fell about 1.4% on Tuesday in its biggest daily decline since Dec. 4.
Fed policymakers signal no rush to cut US interest rates
U.S. central bankers want to hold off on cutting interest rates until they have more confidence that inflation is headed down to 2%, and on Wednesday gave a range of reasons for feeling little urgency to start easing policy soon or to move quickly once they do.
Wall St futures edge lower as investors await data, policy cues
In the US, the investors will look out for the "Beige Book", the Fed's compendium of reports about the economy, on Wednesday. The personal consumption expenditure index data for October - the Fed's preferred inflation gauge - is slated to be released on Thursday. While traders have priced in the chances of a pause in rate hikes in December, they see a nearly 50% chance of at least one 25-basis point rate cut in May 2024, according to the CME FedWatch Tool.
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