Economy Financial News

US inflation beats Wall Street estimates, rises 0.4% in March; Fed's June rate cut hopes fade away The US CPI data for March marked the biggest gain in six months (since September 2023). Also Read: Fed rate cuts are now a matter of if, not just when The hotter-than-expected US inflation print for March has dealt a serious blow to hopes of Fed rate cuts in June. Experts underscore that US Fed swap markets are discounting the possibility of only two rate cuts this year, compared to the six rate cuts expected at the beginning of the year and three rate cut expectations in March.

inflation print need not to worry, according to Jefferies’ David Zervos, who says risk assets can thrive with or without interest rate cuts by the Federal Reserve. The S&P 500 Index dropped more than 1% Wednesday after the latest consumer price index topped economists’ forecasts, renewing concerns that the Fed will delay any cuts. The technology-heavy Nasdaq 100 Stock Index slumped 1.2% as Treasury yields soared to a fresh year-to-date high near 4.5%.

India later this month to explore opportunities in the country's huge agribusiness sector and further promote American products among India's rising middle class. «India represents a growth economy for the US agribusinesses seeking to capture an increasing share of the household food purchases in the fifth-largest economy in the world,» said Under Secretary of Agriculture for Trade and Foreign Agricultural Affair Alexis Taylor. From April 22 to 25, Taylor will lead a US Department of Agriculture (USDA) agribusiness trade mission to Delhi. «India's rising middle-class consumers' familiarity with American food products and increased purchasing power is a real opportunity for US producers,» Taylor said.

stock market, the Nifty 50 index has risen 4.65 percent in 2024, the BSE Sensex has surged 3.83 percent whereas the Bank Nifty index has risen nearly 1.56 percent this year. So, it is clear that despite all these assets climbing to a new peak in 2024, gold and silver have outshined the key benchmark indices of the Indian stock market in YTD time.

The Swiss government has announced steps to bolster its “too big to fail” rules aimed to avoid potentially disastrous fallout from banking sector turmoil

President Javier Milei of Argentina has kicked off a visit to the United States, where he'll meet with tech billionaire Elon Musk, as the libertarian leader seeks an infusion of cash to overhaul Argentina’s embattled economy

Invesco, which oversees investments of about Rs 86,000 crore in India, has signed an option deal to sell its remaining 40% stake in the local mutual fund business to Hinduja Group-owned IndusInd International Holdings (IIHL) as part of a broader plan to exit an increasingly competitive geography for foreign players, two people familiar with the deal said. On Tuesday, it announced the sale of a 60% stake in Invesco Asset Management India to IIHL. Invesco AMC Valuation at Rs 2,500 cr

Inflation is falling but buying food can still be expensive. Grocery prices surged 21% in the last three years, surpassing the overall 18% pace of inflation during that same time period, according to the Bureau of Labor Statistics.

Financial author and forecaster Harry Dent explains why he's predicting 'very strong, sudden tightening' of markets has yet to fully shock the economy.

Javier Milei of Argentina kicked off a visit Wednesday to the United States, where he'll meet with tech billionaire Elon Musk, as his government seeks an infusion of cash to overhaul Argentina's embattled economy. The populist president started his four-day trip in Miami, home to one of the largest populations of Argentines in the U.S., where he received an honor from the Jewish community Wednesday at an Orthodox synagogue. Milei will meet with Musk on Friday in Texas, his spokesperson said, where he will also tour a factory for Tesla, Musk’s electric car company.

Federal Reserve officials at their March meeting expressed concern that inflation wasn't moving lower quickly enough, though they still expected to cut interest rates at some point this year.

Odisha were a country, its economy would be larger than Tanzania's, Sri Lanka's or Ghana's. The state has nearly bridged the gap with the national per-capita income. In 2003, its per-capita income was 60% of the national average, and today, it's close to 90%. This convergence was possible as Odisha's economy grew faster (7.4%) than the national average (6.2%). Its population growth rate has slowed to 0.6% a year, compared to 0.9% for the nation. Growth momentum has been evident across sectors, including agriculture, manufacturing and services. Additionally, at nearly 10% of its economy and growing at 8% annually, mining has contributed to the state's economic well-being and robust public finances. Thanks to mining royalties, the state has a unique fiscal advantage. It collected non-tax revenue to 3.5% of its GDP a year, compared to 1% for an average Indian state during the last decade.

A 'Mornings with Maria' panel discusses the U.S. economy and markets after the January year-over-year CPI comes in at 3.1%.

UPI users will now be able to use their wallet money to pay through any other third-party applications. So, what changes? Now if you have money in your PhonePe UPI, to access any of your online wallet, say Paytm wallet. To understand the new rule better, let's understand what the Prepaid Payment Instruments are? The Prepaid Payment Instruments or the PPI are financial tools allowing users to store value and make cashless transactions.

US economy is on track for a soft landing, but there are plenty of risks that could change the trajectory. “We like taking profits on technology and moving toward other sectors," the official told Bloomberg in an interview. In the tech industry, “the risk-reward profile is skewed to the downside," she added.

Prime Minister Narendra Modi is set to become the first prime minister of India to feature on the cover of Newsweek after Indira Gandhi. Former prime minister Indira Gandhi featured on the cover of Newsweek's April 1966 issue. The New York-based magazine has interviewed PM Modi who addressed Newsweek's written questions and followed up with a 90-minute conversation.

Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year.

The Bank of Canada held its benchmark interest rate steady on Wednesday amid signs that inflation is easing, with officials acknowledging that a rate cut in June is “within the realm of possibilities.”

New Delhi: Only a handful of Indian goods such as mobile phones and drugs witnessed a rise in their annual export value during the first 11 months of FY24 in a year that saw high interest rates globally curb demand and geopolitical tensions hurt international trade. Goods that saw their exports value increase between April 2023 and February 2024 include agricultural produce, drugs and pharmaceuticals, cotton yarn and handloom products, electronic goods, iron ore, ceramic products /glassware and engineering goods, according to the latest commerce ministry data.

World trade is set to rebound this year and next as cooling inflation eases pressure on household budgets, according to the World Trade Organization, but the recovery may be weakened by growing distrust and fresh barriers between some large economies. Flows of goods and services across national borders have swung wildly over recent years in response to the Covid-19 pandemic and the subsequent lifting of related restrictions. While trade in goods soared in 2021 and 2022 as households in lockdown were deprived of access to many services, last year saw a decline of 1.2%.

UBS and three other systemically relevant banks must face tougher capital requirements to shield the country's wider economy, a year after the rescue of Credit Suisse. In 209 pages of recommendations on how to police banks deemed «too big to fail» (TBTF), the Swiss government pitched 22 measures for direct implementation. It stopped short of saying how far stricter capital requirements should go.