US VS CHINA
After Kotak twist & China spies, Hindenburg vs Adani gets murkier as new details emerge in the drama
Adani-Hindenburg row: In the ongoing Adani-Hindenburg saga, new revelations show that US short-seller Hindenburg Research shared its critical report on the Adani group with New York hedge fund manager Mark Kingdon months before its public release. According to Sebi, this collaboration involved a profit-sharing agreement tied to significant declines in Adani's market value, exceeding USD 150 billion across 10 listed firms.
China's yuan slumps to near 8-month low after soft inflation
China's yuan weakens against USD to near eight-month low due to missed inflation expectations. Analysts foresee continued bearish trend until September. Fed Chair's comments on interest rate cuts contribute to currency pressure.
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.
Is China fueling Pakistan's nuclear ambitions against India?
A recent image from the 2023 Pakistan Day Parade reveals Pakistan’s JF-17 Thunder Block II aircraft equipped with a Ra’ad-I nuclear-capable missile, marking a significant strategic enhancement. The development, aided by China, aims to replace aging Mirage aircraft and bolster Pakistan’s nuclear deterrence. Amidst an intensifying nuclear arms race in South Asia, this advancement impacts regional stability and poses implications for India.
Pakistan equips JF-17 jets with Ra'ad nuclear missiles, US report confirms
Recently analyzed photographs from the 2023 Pakistan Day Parade rehearsals have unveiled Pakistan's JF-17 Thunder Block II aircraft equipped with a Ra'ad air-launched cruise missile (ALCM), as confirmed by the Federation of American Scientists (FAS).
The first Joe-Don presidential debate tells us more about the state of the US than the next POTUS
This was the first time a POTUS and an XPOTUS were trading shots -- at one point, golfing shots. ‘I’m happy to play golf with you if you carry your own bag,’ 81-yr-old Biden said to 78-yr-old Trump. ‘Think you can do it?’ But a TV debate like this overturns the old WYSIWYG jungle proverb. Instead, it was WYGIWYS – What You Got Is What You Saw. America having to choose between two has-beens running on spare fossil-fuel.
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China premier calls to 'oppose decoupling' at economic forum
Friction between the West and the world's second-largest economy has intensified in recent years, particularly as Beijing and Washington compete for supremacy in advanced technology and new "green" industries.
China's yuan eases to 7-month low on PBOC's weak guidance
China's yuan eases to a seven-month low against the dollar, set for a sixth straight monthly decline in June. The central bank guides official fixing weaker amid capital outflows and speculation of yuan depreciation.
Enemy within? China is buying land around American military bases
China's proximity to military bases within the US, including a nuclear missile base in Wyoming, raises national security concerns. The US government blocked a Chinese-backed cryptocurrency mining firm from owning land near Francis E. Warren Air Force Base in Wyoming, citing it as a 'national security risk'. The order required the divestment of property operated as a crypto mining facility near the base.
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.
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.
General elections 2024: A weaker mandate to impel policy reset
The underwhelming election results reflect voters' focus on economic and livelihood issues over free-food distribution. The need for productive employment is becoming a dominant necessity in policy considerations.
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.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Lok Sabha Elections: In India's political landscape, tensions among states are most dangerous divide
India's weeks-long election is reaching its conclusion as the remaining 164 of 543 constituencies in the lower house of parliament vote by June 1. The focus has been on religious and caste divides, but tensions between Indian states are prominent. Regional parties are leading opposition to the BJP, with concerns of power imbalances and federalism threats. The next government faces challenges in managing growing regional tensions and maintaining national unity. The BJP's dominance and regional alliances will shape India's political landscape in the coming years.
Foreign-themed mutual funds rally up to 80% in a year. Should you go international?
International funds, including top performers like Mirae Asset NYSE FANG+ETF FoF, showed strong growth. However, concerns arise with Sebi's restrictions on overseas ETF investments and varying earnings growth in indices like Hang Seng and CSI 300.
India to go 6km deep inside ocean to power your next electric car
India and China compete for minerals crucial for electric vehicles and solar panels. India applies to explore the Indian Ocean for cobalt and manganese, emphasizing strategic importance, Carlsberg Ridge, ANS, polymetallic nodules, Sunil Kumar Singh, NIO, and NIOT.
Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
Longer for higher rates may dim gold’s shine next week
Next week, US CPI data will be released, which will be crucial for gold. In case of hotter-than-expected inflation data, gold will fall. The bullion rally has coincided with a rally in risk assets and bonds.
‘Expensive’ India lures investors avoiding China risks
Indian equities now trade at around 23 times next year’s expected earnings, exceeding even US, and outpacing the 17 for Japan and about nine for China, according to data compiled by Bloomberg based on MSCI Inc.’s indexes.
ETMarkets Smart Talk: There's high interest in Indian market among global fund managers; Jiten Doshi decodes FII behaviour
Foreign institutional investors base their decisions on factors like benchmark composition, market ownership, growth, returns, and valuation attractiveness. Initially cautious about India due to high valuations, they show interest despite concerns. Many investors favored China and other emerging markets over India but are now reassessing their investments in light of market dynamics.
China may surge 30% in next 12 months but India is vastly superior to any emerging market long term: Mark Matthews
Mark Matthews views India as a superior long-term investment over China, citing the capex cycle and potential growth in private banks. He emphasizes the positive energy and entrepreneurship in India, indicating a promising outlook for the economy and stock markets. Matthews further says that accoeding to him the Indian market is still going up.
How pricey is Nifty vs other global markets? Take a look
A recent report by Equirus highlights the global market performance vs Nifty50 along with the PE ratio. Take a look:
India can’t match China’s past 8-10% growth, Morgan Stanley says
Morgan Stanley predicts India won't match China's past high growth rates, foreseeing a steady 6.5%-7% growth due to infrastructure and workforce limitations. Despite this, India's economic prospects are positive, resembling the mid-2000s boom. However, replacing China as a manufacturing hub seems unlikely. India's recent growth and potential rate cuts by the Reserve Bank of India are key factors to watch.
India performs better than China on key global integration parameters: DHL report
India has overtaken China in export to GDP ratio and services export, according to the DHL Global Connectedness Report. The report highlights India's increasing international engagement and opportunities for deeper global integration. India's trade ties are expected to expand further, driven by its domestic economic boom.
Dollar edges down vs euro as eventful week kicks off
The euro was up 0.12% to $1.0853, while the dollar index - which measures the currency against six major peers - was about flat at $103.83. The Japanese yen fluctuated around the closely watched 150-per-dollar level. The dollar was last up 0.24% at 150.485 yen.
In China vs Europe EV battle, Renault leads latter's charge
The strong presence of Chinese competitors at the show, which returns this week after a four-year hiatus due to the Covid-19 pandemic, shows "they are interested in our market, in our customers," Renault CEO Luca de Meo said. Speaking to media later, after unveiling Renault's highly-anticipated new electric R5, he insisted Europe's auto industry was "up for the challenge".
Vietnam should seize a rare opportunity to take on China
Over the past decade, Vietnam has built a beachhead in manufacturing, ranging from cars to electronics. Computers and accessories are now the largest export, surpassing textiles and footwear.
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