Economy Financial News

Chinese assets have had a terrible year—but China’s currency is gaining ground as an international payments option. The yuan’s status as a global currency still faces a huge obstacle in the form of China’s own capital controls. Even so, rising willingness to conduct trade in yuan could help insulate China’s economy, at least to an extent, in the event sanctions were imposed in a hypothetical future conflict with the West.

Narendra Modi on Tuesday said the Sikh gurus have taught Indians to live for the glory of their land and served as an inspiration to make the country better and developed. Speaking at a 'Veer Bal Diwas' event to commemorate the martyrdom of two sons of Guru Gobind Singh, Modi said India is now coming out of the «mindset of slavery» and has full faith in its people, their abilities and heritage. «When we did not respect our heritage, the world also did not value it,» he said, adding that the global perspective has now changed.

By Steven Scheer

recession this year — and that was an optimistic take compared to the 100% probability of a recession forecast two months earlier. Meanwhile, US Federal Reserve Chair Jerome Powell, drawing upon the work of his highly able staff, expressed fear in March that bringing down the rate of inflation would cost millions of American jobs. And yet none of this has happened.

Sunil Subramaniam, MD and CEO of Sundaram Mutual Fund underscores the growing might of domestic investors. He highlights that retail investor behaviour during periods of volatility will be a challenge that could crop up in 2024 and needs to be appropriately addressed. In an interview with Mint, Subramaniam shared his views on the domestic market, economy and the upcoming Budget. Edited excerpts: The year has been a great one for the markets as domestic flows, especially the SIP (systematic investment plans) book, have been strong and giving buying support whenever FPIs (foreign portfolio investors) flows have slackened.

₹42,700 crore investment solely to financial stocks during the initial two weeks of December. Data from the National Securities Depository Limited (NSDL) website discloses that, as of December 15, 2023, the assets under custody (AUC) amounted to ₹19,41,167 crores. With investments at such elevated levels, the keen interest of FIIs in this sector becomes evident, indicating the growth potential.

Gujarat lifts liquor ban in GIFT city: Netizens say ‘don't have to go to…' Besides, the seminar aims to facilitate an exchange of ideas among major stakeholders, shaping the trajectory of Gujarat's progress for the years to come. Further, the official said that the the session will foster collaborative deliberations across various themes and chapters, engaging global industry stakeholders, experts, and influential players.

Savills India. Bengaluru, Delhi-NCR and Mumbai are the top 3 performing cities and contributed to nearly 60% of the gross leasing activity in 2023. “Indian office market has seen an all-time high leasing in 2023, reversing the tides of subdued demand till six months ago. Mumbai and Chennai hit their peaks, as the second half of 2023 recovered strongly compared to the trailing 12 months (June 2022-June 2023). The renewed confidence of the markets bodes well for the industry as well for the economy, especially as we tread into a year of major democratic elections, in India as well as the US” said Anurag Mathur, CEO, Savills India. Mumbai saw record leasing activity at 10.1 mn sq.

By Rae Wee

Investing.com-- Gold prices rose in low-volume Asian trade on Tuesday, breaking out of a trading range seen through most of December as soft U.S. inflation data fueled more bets on early interest rate cuts in 2024. 

By Ankur Banerjee

stock market. Global incidents, such as the dot-com bubble, 9/11, the US subprime crisis, COVID-19, recent US economic challenges and geopolitical tensions like the Russia-Ukraine conflict and the Israel-Gaza crisis have all significantly impacted the Indian stock market. Let’s explore the relationship between these two economic powerhouses, and understand how the US market’s ebbs and flows can dictate the tempo of the Indian stock market.

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says “this week, we will see a consolidation because as it gets closer to Christmas, fund managers go on holidays and so there will be less activity but also the remaining profit booking that needs to be done, would be done. I would say that till the new year, I would expect this to consolidate but in January, I expect further inflows to come in from FIIs and take the index to new highs.” The markets are in a holiday mood right now. What has been your observation so far? It has been a very good run. The macro cues are also pretty positive. How much is already getting into the price now? Sunil Subramaniam: I would say that it is not fully into the price and the reason I say that is because this is the period when you have hedge funds booking profits, those who entered six months, a year, year-and-a-half ago, the Indian market has been one of those where they have made the best returns. As you know, hedge fund managers need to book profits before the year end in order to be able to receive their bonuses, so at this time we have suddenly got this flood of good news for India.

Indian economy grapples with the persistent challenge of inflation, the Reserve Bank of India (RBI) and the Monetary Policy Committee (MPC) have orchestrated a series of strategic measures throughout the 2023 calendar year. These actions, spanning policy changes and interest rate adjustments, reflect a proactive approach to maintaining economic stability while fostering sustainable growth.

recession, particularly in the United States, the world's largest economy. However, against the odds, most major economies, with the exception of a few in Europe, successfully steered clear of a recession in the face of a global economic slowdown. As the world looks ahead to 2024, a measured sense of optimism permeates discussions about the upcoming year.

The debate on India's sovereign rating continues, with a chief economic once again expressing dissatisfaction over the ratings assigned by major credit agencies. Despite India's economic ascent from the twelfth to fifth largest globally within 15 years, it remains pegged at the lowest investment grade. In the Economic Survey of 2016-17, the then chief economic adviser (CEA) Arvind Subramanian first highlighted the "poor standards" of rating agencies.

Investing.com-- Asian stocks moved in a flat-to-low range in holiday-thinned trade on Tuesday as soft U.S. inflation data fueled bets that the Federal Reserve will cut interest rates in 2024, although uncertainty over the timing of the move remained.

Investing.com-- Oil prices kept to a tight range in holiday-thinned Asian trade on Tuesday, as markets weighed the prospect of continued supply disruptions in the Red Sea against fears of higher production in 2024. 

stocks traded tentatively on Tuesday, while the dollar lurked near a five-month low as cooling U.S. inflation bolstered bets the Federal Reserve would cut interest rates soon. Investors were still digesting data released on Friday that showed U.S. prices fell in November for the first time in more than 3-1/2 years, underscoring the economy's durability.

«Overall the mood of the market remains positive. We expect the market to remain range bound with stock specific action next week,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal. Here's breaking down the pre-market actions: STATE OF THE MARKETS Gift Nifty (Earlier SGX Nifty) signals a positive Nifty futures on the Gift Nifty traded at 21,418.50, up 24 points or 0.11%, signalling a positive start for Dalal Street.

Rubrik Inc is eyeing acquisitions as it expands India business cashing in on the large-scale data and digital growth story amid rising number of cyber attacks. “We are very active in both organic and inorganic developments… Having a large presence in India gives us an unfair advantage, not only (on) the scale of talent, but also the ability to acquire and absorb companies here in India… We are looking at great ideas and products around cybersecurity, AI (artificial intelligence) and data security,” Bipul Sinha, chairman, cofounder and CEO of Rubrik, told ET.