Economy Financial News

₹72,200- ₹72,500 in MCX. Indications of "higher for longer" interest rates boosted the dollar, which rose above 105, putting pressure on gold prices and leading to profit booking and increased volatility.

AI and clean energy: Prepare for the global economy that's emergingMoreover, the consumer electronics industry is set to contribute to this growth, driven by the steady rise in AI-specific chips used in personal computers. This trend is expected to continue over the next three years, the report said.Gartner's analysis indicates that 'AI PCs', including desktops and laptops equipped with dedicated chips for AI tasks, will account for just over one-fifth of all new desktop and laptop sales worldwide this year.“By the end of 2026, 100% of enterprise PC purchases will be an AI PC," the report said, highlighting the potential impact of Microsoft’s announcement on the launch of AI PCs earlier this month.On 20 May, Microsoft CEO Satya Nadella introduced 'Copilot+ PCs', a set of specifications mandating brands to incorporate chips with dedicated neural processors to enhance new features available on Microsoft’s Windows operating system.

Elon Musk has been in touch with former US President Donald Trump. It may be offered an advisor position in the White House, assuming that Donald Trump and the Republicans win the upcoming US Presidential Elections in November 2024. Other reports indicate that the former US president still needs to work out the details, which may not materialize. However, the two individuals are in touch and have been holding regular conversations in recent months.

The Bank of Canada makes its interest rate decision next week and there is still a lot of uncertainty over which way the coin toss will land.

Fatemah Ahmedi* feels like a loser.

UBS Wealth Management SVP Brenda O’Connor Juanas and the Lonski Group founder John Lonski discuss the earnings season and share their market outlook for 2024 on ‘Mornings with Maria.’

Main Street Asset Management CIO Erin Gibbs and QI Research CEO Danielle DiMartino Booth discuss whether the Fed will hike interest rates this year on 'Making Money.'

With the current state of the global economy, the finance industry is seen as the most attractive career for graduates, according to a CFA Institute study.

Lebanon's caretaker economy minister says the country's rulers, fuel companies and private electricity providers have blocked an offer by gas-rich Qatar to build three renewable energy power plants to ease the crisis-hit nation’s decades-old electricit...

Indian economy is on a firm footing with an improved external sector sustainability and a robust corporate balance sheet which along with a thrust on production linked incentive schemes could boost employment, said the Reserve Bank of India in its annual report. «The outlook for the Indian economy remains bright, underpinned by a sustained strengthening of macroeconomic fundamentals, robust financial and corporate sectors and a resilient external sector,» RBI said.

A new government will soon take charge at the centre. Hopefully, India’s new government will have a long-term vision and the courage to think outside the box. Nothing less will do to prepare India for the emerging new global economy, driven by fundamental, disruptive technological changes that are gathering momentum.

Morgan Stanley. The global investment bank, in its latest report '2024 Global Economic Midyear Outlook', attributed India's firm growth to three megatrends — global offshoring, digitalization, and energy transition. Morgan Stanley forecasts 6.8 per cent growth in 2024 (against RBI's 7 per cent), and 6.5 per cent the next, and thinks inflation will stay within policymakers' comfort zone.

“We have the ability to identify themes early for our investors. Typically, in smaller companies, there is an element of discovery wherein there is scepticism,” says Himanshu Kohli, Co-founder, Client Associates. In an interview with ETMarkets, Kohli who manages more than Rs 300 cr said: “Many of our investee companies, though small in size, are already market leaders or challengers in niche industries with substantial growth potential,” Edited excerpts: How much AUM have you raised? Himanshu Kohli: About Rs 300 crore (we aim to place an additional Rs 200 crore by exercising our green shoe option).

Asian stocks were a sea of red on Thursday and bonds slid on bets global interest rates would stay higher for longer, as investors looked to key inflation readings at the end of the week for further clues on the future path of monetary policy. The dollar rode U.S. Treasury yields higher while gold remained under pressure on renewed expectations that the Federal Reserve is unlikely to cut rates any time soon.

S&P Global has raised the outlook on India’s credit rating to “positive" from “stable" while affirming its rating of BBB minus. It cited robust economic growth and improved expenditure quality for the move, which puts India’s sovereign rating in the reckoning for an upgrade.

Mint poll of economists. According to the median estimate of the 20 economists, GDP growth slowed to 7.0% in January-March from 8.4% the previous quarter mainly due to the slowdown in industrial growth and subdued agricultural activities. However, strong growth in all quarters, with three of the four printing 8%-plus growth, would result in GDP growth rising to 7.9% in FY24 from 7.0% the previous year, according to estimates by 19 economists.

Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation

FTAs)," US Ambassador to India Eric M. Garcetti said in an interview. "But I do think that there's an openness in Washington to advance a discussion about preferential trade between our countries.

import of capital goods and machinery to build factories as manufacturers in China and Southeast Asia embark on their own expansion plans. That could potentially hobble their ability to meet any rise in consumption demand. Reliance is among Indian companies facing such challenges as it looks to set up production facilities for its fast-moving consumer goods (FMCG) business and scale it up, said a senior executive, citing difficulties in establishing bottling plants for Campa Cola with machinery suppliers asking for a year and more. Reliance didn't respond to queries.

India's sovereign outlook after 10 years to 'positive,' citing improved quality of public spending and expectation of broad continuity in reforms and fiscal policies. India's rating remains unchanged at BBB-. The agency said the country's rating could be upgraded in the next 24 months if it adopts a cautious fiscal and monetary policy that reduces the government's elevated debt and interest burden while bolstering economic resilience. «It's a welcome development,» finance minister Nirmala Sitharaman posted on X, «It has been possible due to the series of macroeconomic reforms undertaken since 2014, along with substantial outlay for capex, fiscal discipline, and decisive & visionary leadership.» Expressing enduring confidence in the economy, economic affairs secretary Ajay Seth told ET, «I am glad S&P, in its own assessment, has realised the strength of India's economy and upgraded outlook… The team led by the chief economic adviser could convince them (S&P) to reach (this) assessment.»

U.S. stocks closed lower under the weight of higher yields in the bond market