Economy Financial News

gold extended its stunning rally to the eighth day on Friday as the US nonfarm payroll report of February was weaker than expected. The metal rose to a fresh record high as it hit $2195 before closing with a gain of 0.89% at $2179. It posted a whooping weekly gain of 4.60%. The US employers added 275K jobs in February, which was above the forecast of 200K jobs; however, the unemployment rate rose to a two-year high of 3.90% from 3.70% in January and was way above the forecast of 3.70%. Moreover, the previous two-month figures were revised lower by 167K jobs and government hirings accounted for 52K jobs, which took the sheen off the headline number. Average hourly earnings m-o-m came in at 0.10% versus the forecast of 0.20%, while y-o-y earnings at 4.30% met the forecast though it was lower than the prior data of 4.40%. Labour force participation at 62.50% was lower than the estimate of 62.60%.

Ministry of Coal (MoC) has showcased exceptional performance in various key areas, surpassing targets and setting new benchmarks in the fiscal year 2023-24. According to a press release by the Ministry of Coal, through robust initiatives and strategic planning, MoC and its associated Public Sector Undertakings (PSUs) have made significant strides in capital expenditure (CAPEX), asset monetization, and procurement through Government e-Marketplace (GeM). MoC's CAPEX targets have witnessed a remarkable trend of overachievement in recent years. In the fiscal year 2023-24, MoC set a CAPEX target of Rs 21,030 Crore.

China's consumer prices rose for the first time in six months, providing some reprieve for the world's second-biggest economy, which faces sluggish demand, a property slump and high local government debt, although producer prices dropped. The consumer price index (CPI) rose 0.7% year-on-year in February, after the steepest fall of 0.8% in over 14 years in January, data from the National Bureau of Statistics (NBS) showed on Saturday.

Gold rate today: The record run in gold prices continued throughout this week as expectations of the US Fed rate cut gained momentum after Jerome Powell's testimony before the US Congress. Spot gold price settled at a record high on Friday after briefly topping the $2,200 mark.

Investing.com – Gold prices settled at a record high Friday after briefly topping $2,200 for the first ever as growing optimism on major central banks dropping the axe on interest rates in the coming months and ongoing geopolitical tensions in high demand.

Investing.com —Canada’s main stock index, the S&P/TSX Composite, traded in the red by late-afternoon trading, tracking the S&P500 and Nasdaq lower as tech stocks retreated.

UBS economists maintained their views that the Federal Reserve will begin cutting interest rates in June, projecting a total of three reductions by the end of this year.

UK and India appears set to end without a breakthrough on major outstanding issues, according to people familiar with the negotiations, meaning agreement is unlikely to be reached before India holds a general election. UK officials flew back from New Delhi on Thursday night and Friday, with people close to both negotiating teams saying there were still hurdles to be overcome in goods, services and investment areas. Indian negotiators don’t have sufficient time to engage on the pending issues ahead of elections likely in April, two people familiar with the development said, refusing to be identified as the discussions are private. That means the 14th round of talks is likely to close without further discussions.

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By David Lawder and Susan Heavey

By Ann Saphir and Howard Schneider

Investing.com — U.S. stocks inched broadly higher on Friday after a widely-anticipated labor market report showed that the American economy added more jobs than expected last month, although January's blockbuster number was revised sharply lower.

The Bahnsen Group CIO David Bahnsen previews Fed Chair Jay Powell’s testimony before Congress and shares his expectations for upcoming job data.

Adani Group is going to make big investments in the defence sector in the next 10 years in line with the government's push for achieving self-reliance in defence manufacturing, a top executive of the company said. Ashish Rajvanshi, the CEO of Adani Defence and Aerospace, said the company is complementing the government's efforts towards 'Make in India', noting that «everyone will have to work together» to realise the desired goal. «We are going to make big investments in the defence sector in the next 10 years,» he said at NDTV's 'Defence Summit' on Thursday. Rajvanshi, however, did not elaborate on the investments.

By Lucia Mutikani

JPMorgan Chase & Co. will continue hiring in China for its asset management business as it targets growth in the world’s second-largest economy.

Investing.com — The U.S. dollar edged higher in early European trade Friday, but was still on course for a hefty weekly drop as Federal Reserve Chair Jerome Powell signaled lower interest rates in coming months, while the euro slipped back from recent highs after the European Central Bank meeting. 

Investing.com -- Markets are focused on the release of the monthly nonfarm payrolls data on Friday, which could shed some light on the state of U.S. labor demand and influence how the Federal Reserve approaches upcoming interest rate decisions. Fed Chair Jerome Powell, meanwhile, says policymakers are «not far» from having the confidence that inflation is sustainably easing, fueling hopes for rate cuts this year. Elsewhere, Costco's (NASDAQ:COST) quarterly revenue disappoints as customers shy away from spending on pricier items.

These women broke through the shackles and carved a niche for themselves in the financial space/realm

Several tax-related initiatives can encourage women's participation in the stock market. The declining number of demat accounts among women is a concerning trend, highlighted by CA Sandeep Agrawal, Director and Co-founder at Teamlease Regtech. Meanwhile, Tax Expert Megha Jain from ClearTax proposes various tax-related initiatives to encourage women's participation in the stock market.  

European shares are mostly declining, but Asian benchmarks finished higher after U.S. stocks climbed to records