Economy Financial News

Jitendra Sriram, Senior Fund Manager, Baroda BNP Paribas MF, says post the recent correction in the market, the utility space is definitely looking promising because of the energy demand that is coming in our economy and the kind of reactive steps that the utility sector is taking is definitely positive. That looks fairly interesting and even pockets of industrials are looking fairly interesting because the government was a little slow in the first half because of all the election dynamics, code of conduct and all these things. Further, Sriram says, one needs to keep the auto sector on the radar, but it could still shape up much better than what people are expecting. What is your take on the FMCG sector because over the last six or three months or so, we have been betting on the FMCG sector and there have been murmurs around the fact that a rural recovery is underway, the urban recovery is already there and maybe things will look better for the FMCG sector? Jitendra Sriram: It should happen because the monsoons have been fairly normal, and we would expect that at least the rural demand should start picking up.

China has announced it will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan ($562 billion), seeking to reverse a slump in the property industry

Subscribe to enjoy similar stories. McKinsey is overhauling its China business after cutting back on government-linked clients and reducing the unit’s workforce by nearly 500 people, about a third of the total. To reduce security risks associated with doing business in China, the U.S.-based consulting firm has been separating its China operations from other global operations, people familiar with the matter said—a practice increasingly popular among multinational companies.

Subscribe to enjoy similar stories. India’s financial sector has grown rapidly in recent years. According to a ministry of finance press release dated 22 July, India’s market-capitalization-to-GDP ratio ranks fifth globally and primary markets facilitated capital formation of ₹10.9 trillion in 2023-24, up from ₹9.3 trillion in 2022-23.

dollar held near an 11-week high on Thursday as uncertainty over the upcoming U.S. election looms and as resilience in the U.S. economy added to bets the Federal Reserve will be less aggressive in easing rates versus its peers elsewhere. The highlight of the Asia day will be a press conference in China at 0200 GMT focused on measures to prop up its beleaguered property sector, which will be key in getting the economy back on steadier footing and determining whether the rally in Chinese markets can continue.

Subscribe to enjoy similar stories. Modern protectionists are desperate to find historical examples of tariffs promoting industrialization and economic growth. To this end, they increasingly argue that 19th-century America’s extraordinary economic success was fueled by high tariffs.

Subscribe to enjoy similar stories. Singapore's Temasek Holdings Pte. Ltd has signed an agreement to buy 17-18% in Blackstone Inc.-backed VFS Global Services Pvt.

Manipur chief minister N Biren Singh claimed that economy of the state is reviving. He said GST collection has shown an 18% growth in the period of May to September in 2024 compared to similar period in 2023. Biren in a series of post in X, «Sharing some key achievements that prove progress is possible, even through the challenges Manipur has faced over the past one and half year. The State Government has been making various efforts towards economic recovery following the unrest that started on 3 May 2023. Following these efforts our State’s economy has shown recovery. The State’s Own Resources (including State GST) has shown an 18% growth in the period of May to September in 2024 compared to similar period in 2023». He added, «We have also made various efforts to expedite delayed projects. We are resolving various land related matters for National Highway and Railway projects. Solutions have been found for the land related matters for Railways and about 50% of pending land has been made available in the last one year for National Highway Projects.In the last year we have also started some major projects. The Lamphelpat Water body Rejuvenation Project with a cost of Rs. 650 crore is under implementation. This project will enable us to prevent floods in greater Imphal area and also provide an open space for citizens as well as an alternate drinking water source».

sales growth in the first half of this fiscal year, underscoring continued weak consumer sentiment and sluggish demand in the world’s third-largest automobile market. Mahindra & Mahindra (M&M), Toyota Kirloskar Motor and Kia India reported higher sales, while others including the top three—Maruti Suzuki, Hyundai and Tata Motors saw sales decline during the period. Sales at Toyota Kirloskar—the maker of Fortuner and Innova Hycross models—grew more than 31%--the fastest pace among all automakers, in a market where overall volumes expanded by only 0.5%. M&M and Kia followed, clocking sales growth of 21% and 5.6%, respectively, according to data from the Society of Indian Automobile Manufacturers (SIAM).

Disinflation, not inflation, could be the Bank of Canada‘s next worry.

Inflation in the U.K. has fallen to its lowest level in more than three years, a drop that has cemented market expectations that the Bank of England will lower interest rates at its next policy meeting

Markets on Wall Street were largely unchanged early Wednesday after pulling back from record lows a day earlier as investors shed technology and energy sector shares

Italy’s far-right government has approved a budget for next year of about 30 billion euros, or $33 billion, which officials say will be partly funded by a levy on Italian banks and insurers

Subscribe to enjoy similar stories. Louis Vuitton’s owner seems surprised at how quickly Chinese consumers have closed their wallets and abandoned its brands. It has no obvious place to turn to next for growth.

Risks surrounding debt projections are «elevated and highly tilted to the upside» in advanced economies such as the UK, the IMF said in a pre-released chapter of its forthcoming Fiscal Monitor report.  The United Nations' financial agency also identified the UK and the US as two major economies with «debt growing at a faster pace than in the pre-pandemic years» and urged both countries to act immediately. IFS warns Reeves against ramping up public debt as chancellor weighs change to fiscal rules «Postponing adjustments would only make the required correction larger. Even more, wait...

Subscribe to enjoy similar stories. The stimulus unleashed by the People’s Bank of China (PBoC) last month was a tough act to follow. When it was the turn of the finance ministry to describe its role in boosting China’s subpar expansion, investors fretted about the absence of fireworks and demanded something more.

«If you look at OPEC and their announcements in terms of usage, they continue to revise the fact that consumption is actually going down over time. And we do hear that coming from them,» says Jonathan Barratt, CIO, Probis Securities. I think that we have seen this volatile move in crude oil prices ever since we saw Iran launching that ballistic missile against Israel. We saw that spike in crude oil prices. And ever since then, we have been monitoring the movement quite closely. How are you looking at all of these developments and where it is likely to take crude oil prices from here on? Jonathan Barratt: Look, obviously a lot of volatility, crude prices under a lot of pressure. I guess there is a sense of relief that we get that Israel has decided, based on what the US has maybe just told Israel, that they would not attack any of Iran's oil facilities and we get a sense of relief that. And part of that geopolitical risk has sort of come off. But we have also got other influences there in oil prices, which are making it come down at the moment and that is also, of course, China and some of the weak data we are getting out of there. So, there are some major things at the moment and at the moment, they are causing the price of oil to come lower.

mutual funds have topped the return chart and offered an average return of around 6.01% in the last one month. Around 65 international funds or global funds have completed one month of existence in the market. Among these 65 funds, nine offered double-digit returns. The top three funds were from the Chinese economy. Mirae Asset Hang Seng TECH ETF FoF gave the highest return of around 48.86% in the last one month, followed by Edelweiss Gr China Equity Off-Shore Fund which gave 23.61% return in the same time period. Axis Greater China Equity FoF gave 21.74% return in the last one month.

Small business owners are growing more uncertain about the economy ahead of the presidential election and are reining in spending, according to a new survey

The artificial intelligence boom is providing an unusual windfall for Anguilla, a tiny island in the Caribbean

Mexican officials say companies have pledged $20 billion in new foreign direct investment in Mexico