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Australian shares hit record high as banks and miners gain
Australian stocks hit record highs, driven by banks, miners, and healthcare. S&P/ASX 200 rose 0.9%. BHP, Rio Tinto, Woodside Energy, CSL, and Ramsay Health Care performed well. New Zealand’s S&P/NZX 50 fell 0.1%, awaiting inflation data. Technology stocks like Xero gained. The Reserve Bank of New Zealand held the cash rate but may ease policy.
Global banks are the biggest bulls in India’s bond market
Foreign banks have become the largest investors in India's sovereign bond market, purchasing over $6 billion of debt since June. The optimistic outlook on India's economy, reinforced by election results and potential rate cuts, has led to increased inflows from global banks like Deutsche Bank and HSBC.
Mission 2032: JSW’s Inspire Institute of Sport launches elite swimming programme with Mizuho Bank
Swimming is the second biggest medal event at the Olympics with as many as 37 gold medals up for grabs at the upcoming Paris Games. But Indian swimmers never come close to reaching the final rounds, let alone winning a medal.
Europe's STOXX 600 falls as tech, banks drag
European shares fell on Friday, with Carlsberg Group dropping 8% after Britvic rejected its $3.9 billion takeover bid, causing a 0.3% decline in the STOXX 600.
Global rate-cut juggernaut is struggling to start
Central banks cagey about joining the global interest-rate cutting cycle may reveal themselves this week with a quartet of decisions in advanced economies.
Charting the Global Economy: New policies considered to be trade-restrictive hit a record in 2023
The world’s three dominant economies are entering a new, combative phase as the US increasingly uses trade weapons borrowed from China’s playbook.
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5 world market themes for the week ahead
Markets are hoping for evidence that will solidify a brightening global economic outlook, though rising trade tensions are casting a cloud, while G7 finance ministers gather in Italy.
Australian shares log best day in five months on US rate cut optimism
The much anticipated U.S. consumer price index (CPI) data for April fueled optimism that inflation was easing, prompting traders to raise bets that the Federal Reserve will cut interest rates in September and December.
India doing really well, hopefully they can qualify for T20 WC semis: Harmanpreet Kaur
India captain Harmanpreet Kaur is optimistic about her team's chances in the upcoming T20 World Cup. She considered the team among the semi finalists. The batter expressed confidence in the team's familiarity with the conditions in Bangladesh. Harmanpreet predicted India, Australia, England, and South Africa as likely semi-finalists. The team aims to overcome close losses of the past and succeed in the tournament to lift their first global trophy.
Record immigration is colliding with housing crises across the world
Many developed countries are facing economic challenges as migration-driven growth falters due to housing shortages. Despite the positive impact of immigration on workforce gaps, housing affordability worsens, leading to per-capita recessions. Countries like Canada and Australia are reevaluating their immigration policies to address these issues and sustain economic growth.
Australian shares flat as miners counter gains in banks, gold stocks
U.S. Federal Reserve Chair Jerome Powell said on Tuesday that a string of disappointing data will likely cause the central bank to take longer than expected to become confident that inflation is falling.
Charting the global economy: India can be the world's no.1 contributor to GDP growth by 2028
A new era of global rearmament is gathering pace, and it will mean vast costs and some tough decisions for western governments already struggling with shaky public finances.
Dollar sideways, yen under watch ahead of key CPI release
The main market focus on Wednesday is U.S. consumer price inflation for March, which traders have been eagerly awaiting for hints on the Fed's policy outlook.
Paytm Payments Bank CEO quits; Invesco hikes Swiggy’s valuation
Paytm Payments Bank managing director and chief executive officer Surinder Chawla has tendered his resignation. This and more in today’s ETtech Top 5.
Global factory check-up is about to reveal extent of nascent recovery
A recent uptick in a global index of manufacturing — to the highest level since mid-2022 — has spurred expectations the sector has reached a turning point after a broad consumer shift away from purchases of goods in favour of services.
New highs for Nikkei, Hong Kong limps to holiday break
The Hang Seng, however, slumped 2% in the morning, with traders frustrated by a long and so far fruitless wait for Beijing to unleash stimulus or support for China's sliding markets.
Yen near 10-week low, dollar buoyant as traders adjust rate bets
The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialled back bets on how quickly the Bank of Japan will raise interest rates and how soon the Federal Reserve will cut them.
Airline CEO-turned-politician Christopher Luxon to lead New Zealand to the right
Christopher Luxon, former CEO of Air New Zealand and leader of the centre-right National Party, is set to become New Zealand's prime minister-elect, ending six years of centre-left government. Luxon plans to use his business management skills to improve the country's economy by curbing inflation and reducing government debt. He has also committed to maintaining legal abortion and supporting same-sex marriage. Luxon, who is learning the Maori language and a fan of Taylor Swift, has stated that there will be little change in New Zealand's foreign policy.
China’s Politburo signals easing property policies, debt risk plan
The Communist Party's 24-member Politburo its top decision-making body led by President Xi Jinping vowed at a key economic policy meeting to optimize and adjust policies for the property sector. They also called for actively expanding domestic demand and strengthening "counter-cyclical" adjustments, according to a readout of the gathering published Monday by the official Xinhua News Agency.
Rupee trading soon, ESG group for textiles, handicraft ecomm portal launched: Piyush Goyal
Commerce and industry minister Piyush Goyal also said that the government is setting up an Environmental, social and governance (ESG) group- comprising industry and government officials- for the textiles sector, as it aims $100 billion exports and $250 billion value of production by 2030, and launched an e-commerce portal on handloom and handicraft products, which would be integrated with the Open Network for Digital Commerce (ONDC).
Japan’s MUFG set to buy into DMI Finance with $230 mn investment
Incorporated in 2008, DMI is registered as a non-banking finance company (NBFC) with the Reserve Bank of India (RBI). While it was mainly engaged in secured corporate lending - largely to real estate builders - till a few years ago, it has shifted focus to digital lending, providing consumer, personal and micro, small and medium enterprise (MSME) loans. It's a digital technology-driven business with API-based origination, underwriting and loan management systems.
ANZ CEO: Banking turmoil has potential to trigger financial crisis
Australia's banking regulator, soon after the collapse of startup-focused lender SVB, flagged it had intensified supervision of local banks. Global regulators have acted much quicker to support banks this time, having learned lessons from the prior crises, Elliott said.
Dollar subdued ahead of Fed rate decision
Catril said the Fed faces a difficult choice given a strong labour market alongside February inflation figures that were higher than many market watchers expected. Such circumstances would usually be ripe for a return to a 50 basis point hike were it not for worries over financial stability, he said.
Which companies are affected by Silicon Valley Bank collapse?
The collapse also raised concerns that rising interest rates could expose vulnerabilities in the global economy as a decades-long era of cheap money ends. Below is a list of companies across the globe that have their deposits with the bank:
Roblox, Buzzfeed, other companies affected by Silicon Valley Bank collapse
Startup-focused lender SVB Financial Group last week became the largest bank to fail since the 2008 financial crisis, sending shockwaves through the global financial system and prompting regulators to step in to contain the fallout.
Most Asian shares extend rally, markets await UK inflation data
The U.S. dollar was little changed on Wednesday and hovered close to the weakest level in almost two weeks. It, however, hit another fresh 32-year high of 149.34 yen overnight, before stabilising at 149.16 amid risk of intervention from the Japanese authorities.
Torrential rain causes havoc in New Zealand, hundreds forced from homes
Torrential rain causes havoc in New Zealand, hundreds forced from homes on Friday. Nelson, on the north coast of the South Island, has been worst affected with more than 400 homes evacuated and some declared uninhabitable because of the rains.
Australia's ANZ offers to buy Suncorp Bank for $3.4 billion: Report
ANZ and Suncorp were locked in late-stage talks on the weekend, with the deal for Suncorp Bank expected to be announced on Monday morning, the Australian Financial Review (AFR) said in a report on Sunday, citing sources involved in the talks.
Australia shares end higher on gains in miners, EML Payments
The S&P/ASX 200 index rose 0.3% to 7,479 points at the close of trade. The bourse closed 0.4% lower on Tuesday.
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