Economy Financial News

Wall Street's main indexes opened higher on Thursday as retail sales data for July indicated resilient consumer spending, allaying fears of an imminent recession in the world's largest economy. The Dow Jones Industrial Average rose 287.3 points, or 0.72%, at the open to 40295.74.

No consumer durable purchase is a more powerful marker of upward mobility than car ownership. Air conditioners, washing machines, etc, tend to be utility purchases. The car one owns, in contrast, is not just far more publicly visible, it is a status symbol in India.

According to the Office for National Statistics, gross domestic product expanded by 0.9% from April to June, compared with the same quarter a year ago.  The figures confirm that the economy has enjoyed a strong recovery from its mild technical recession last year.  «The UK economy has now grown strongly for two quarters, following the weakness we saw in the second half of last year,» said Liz McKeown, director of economic statistics at the ONS.  UK inflation creeps up less than expected to 2.2% after two months at target With 0.8% growth, the statistical agency said the expansio...

Former IMF chief economist Kenneth Rogoff discusses the state of the economy following the July CPI report.

Britain's economy grew 0.6% in the second quarter of 2024, official figures showed on Thursday. Economists polled by Reuters had forecast an expansion of 0.6%, building on a rapid 0.7% recovery in the first quarter of the year from a shallow recession in the second half of 2023. At the start of the month the Bank of England raised its annual growth forecast for 2024 to 1.25% from 0.5% due to a stronger-than-expected start to the year and an expectation of 0.7% quarter-on-quarter growth in the three months to June.

market volatility has been spurred by a confluence of factors. Weaker-than-anticipated US economic data has ignited concerns about a potential recession, with market estimates now placing its likelihood at 30-35%, a significant increase from the less than 10% projection in June 2024. Adding to the turbulence, the surprise rate hike by the Bank of Japan and the subsequent reversal of yen carry trades have exacerbated market uncertainty. The Indian Rupee has borne the brunt of this volatility, hitting near all-time lows and breaching its previous October 2022 record of INR 83.5. While the Rupee has depreciated in the short term, it has exhibited relative stability compared to other emerging and developed market currencies over the past six months. INRperformance V/s Emerging Market Currencies (YTD INR depreciation~1% v/s other EM currencies ~4-10% depreciation)

China's economic recovery in July, according to data released Thursday by the National Bureau of Statistics. Unemployment rose for the first time since February, clocking in at 5.2%, compared to 5% in June. Industrial production also rose more slowly than the previous month, showing a 5.1% year-on-year increase in July, compared to a 5.3% rise in June.

Poorna Swaraj, as was the goal of the Indian National Congress, on August 15, 1947. Jawaharlal Nehru's famous uttering in his Independence Day speech, «At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom», was only partially accurate in describing the occasion. Also Read: Videshi to Swadeshi: Brands that propelled journey towards Atmanirbharta Instead of Poorna Swaraj, India got the dominion status which did not mean an independent country as most of us believe India to have become in 1947. Though India became a self-governing entity, it was still under British control in several ways. Interestingly, the Congress had been against the dominion status yet accepted it, ostensibly because it was to lead to complete independence later but also because the dominion status could have helped the first government, which was not directly elected, take hold of society and economy with the help of prevailing British laws which gave it more power of people.

Antony Blinken, extended wishes to India on the occasion of the 78th Independence Day on Thursday. Blinken said that the US celebrates the 'rich and diverse history' of the Indian people on the country's Independence Day, which is celebrated on August 15 every year. «On behalf of the United States of America, I congratulate the people of India as they celebrate the anniversary of their country's independence on August 15. On this momentous day, we celebrate the rich and diverse history of the Indian people and the bright future of US-Indian relations,» Blinken said in a press statement, according to the US Department of State.

BEIJING — China's latest efforts to stem a bond market rally reveals wider worries among authorities about financial stability, analysts said.

Canadians are managing to keep up with their mortgage payments in the face of higher interest rates, but a new Statistics Canada analysis suggests there are cracks forming on other kinds of debt.

The late British prime minister Winston Churchill infamously remarked, “India is merely a geographical expression. It is no more a single country than the Equator." The pugilistic Churchill, no friend of India, seldom hid his distaste for Indians, referring to us once as “beastly people." Ignorance levels have dropped since. Today, we are widely known for what we are: a rainbow nation of mind-boggling diversity, a blend of ethnicities, a profusion of mutually incomprehensible languages, and a host of religions, cultural practices and topographies.

Fumio Kishida's decision to step down. The rebound came after the economy shrank 0.6 percent — adjusted upwards from an earlier figure of minus 0.7 percent — in the first quarter to March. The rise, due to increases in production along with capital and public investment, beat market expectations of a 0.6 percent expansion for the world's number four economy.

RBI) is expected to unleash stringent rules, tightening provisioning requirements for project finance, introducing a new expected credit loss (ECL) framework and imposing a higher liquidity coverage ratio (LCR) for deposits to hedge against sharp outflows through digital channels. The central bank is expected to introduce these rules later this year and bankers are worried they will hurt profitability in the medium term. “Banks have given their feedback on all three proposals; we can only hope RBI listens. The project finance norms, particularly, are pretty harsh. If implemented in its current form, it could hurt financing for the sector,” said an executive at a public sector bank. “At a time when India is looking to grow faster and there is no crisis on the horizon, these norms could do more harm than good.” The central bank published a set of draft guidelines in April on project finance.

Donald Trump will have an opportunity to recalibrate his presidential comeback bid with a rally and speech in North Carolina that his campaign is billing as a significant economic address

It’s been three years since the Taliban took control of Afghanistan

Deciding between a hybrid vehicle and a plug-in hybrid vehicle comes down to three questions

U.S. stocks rose to one of their best days of the year as Wall Street relaxed after the first of several highly anticipated reports on the economy this week came in better than expected

Wholesale price increases in the United States eased in July, suggesting that inflation pressures are further cooling as the Federal Reserve moves closer to cutting interest rates, likely beginning next month

Bahnsen Group managing partner David Bahnsen analyzes the Feds plan to reduce inflation on Varney & Co.

Wall Street is holding relatively steady after the latest update on inflation came in almost exactly as economists expected