Economy Financial News

backlash against climate-friendly policies is under way in rich democracies. It has many causes. Some voters deny that climate change is happening.

South Korea’s central bank governor Lee Chang-yong is calling for action around central bank digital currencies (CBDC) which he says have become imperative and there is an urgency that can no longer be postponed.

Canadians continue to be hit by the climb in Bank of Canada interest rates, with the costs of paying down debt rising to a record in the third quarter while net worth declined, according to Statistics Canada household finance data released Dec. 13.

LTIMindtree has opened a new delivery centre in Mexico City to expand its presence in Latin America, the company said on Friday. The centre will enable workforce transformation and localisation for LTIMindtree in the Americas and was inaugurated on Thursday. It will support the company’s capabilities in the region, bringing LTIMindtree’s services closer to its customers in the SAP and digital engineering service lines. As the LATAM delivery & operations head, Anurag Tripathi, associate vice president of LTIMindtree will lead the Mexico City delivery centre with a focus on future growth and delivering high-quality results for customers.

Pakistan cricket players who alleged that the Indian cricket board is treating them unfairly in the ICC World Cup 2023. Pakistan has never won a Test series in Australia and after their performance in the Test match so far, it does seem that they intend to change that record. Australian opener slammed a massive 164 to take Australia to 487 runs and Pakistan has already lost two wickets at the score of 132.

By William Schomberg

Investing.com — The U.S. dollar edged higher in early European trade Friday, but remained on course for its steepest weekly decline since July after the Federal Reserve signaled rate cuts next year while central banks in Europe stuck to their hawkish paths.

Investing.com — European stock markets edged higher Friday, continuing the post-Fed rally even after the more cautious stances from the European Central Bank and the Bank of England. 

By Amanda Cooper

(Updated — December 15, 2023 4:26 AM EST)

Stock market today: Extending its bull trend for yet another session on US Fed rate cut buzz, Nifty IT index touched new life-time high for second day in a row on Friday. On Thursday, Nifty IT index had hit a new high of around 33,260 odd levels while Nifty IT index today climbed to a new peak of 35,655. All IT major like Tata Consultancy Services (TCS), Infosys, HCL Tech Tech Mahindra, Wipro, LTIM, etc.

Also Read: PBOC's bold move: Injects $112 billion lifeline amid economic challenges The People's Bank of China (PBOC) said it was keeping the rate on 1.45 trillion yuan ($203.97 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.50% from the previous operation. With 650 billion yuan worth of MLF loans set to expire this month, the operation resulted in a net 800 billion yuan fresh fund injection into the banking system in December, booking the biggest monthly increase on record, Reuters reported.

Asian shares have churned higher after the Dow Jones Industrial Average climbed to another record high

By Mike Dolan

Mayuresh Joshi, Head, Equity Research-India, William O'Neil, says “as metal demand comes back slowly and steadily as far as China is concerned, the expectations of a soft landing in the US, strong recovery signs that we are seeing in Europe and holding out of macros and the expectations of infra spend in India, is expected to keep volumes afloat as far as Indian companies are concerned. With a sharp recovery in LME prices, the large expectation is that operating leverage should start kicking in from the first of the next financial year. It is a pre-emptive move that we are probably seeing on a lot of these counters.” What do you think is aiding the move in metals and is it sustainable? Two-three factors are clearly aiding the kind of growth that is now coming through for the sector as a whole. One, yesterday, Powell statement which is clearly indicating that at some stage in the second half of the next calendar year rate cuts will be a given, that will give a huge boost to the global economy and commodities in general should see a huge comeback.

A look at the day ahead in European and global markets from Kevin Buckland

Investing.com-- Gold prices rose slightly in Asian trade on Friday, extending a push above key levels after dovish signals from the Federal Reserve sparked steep losses in the dollar and Treasury yields.

The US 10-year bond yield has seen significant movement in the 4.5-4.9% range over the past two months. Some investors expected the Federal Reserve to begin easing monetary policy sooner on growth concerns, and were thus bidding up bond prices, causing yields to fall. At the other end, consistent pressure on the US fiscal deficit and a lack of faith in the Fed’s easing was putting upward pressure on yields.

TOKYO (Reuters) — Japan's core consumer inflation was expected to ease in November, slowing down to the level seen in mid-2022, partly as energy price gains weakened, a Reuters poll showed on Friday.

Investing.com-- Most Asian currencies steadied after a recent rally on Friday, while the dollar languished at four-month lows as traders positioned for deeper-than-expected interest rate cuts by the Federal Reserve in 2024.

Sandip Sabharwal, asksandipsabharwal.com, says “holding some amount of cash is prudent potentially in sectors where the run-up has been too swift or where someone has an overexposure and then wait for some corrections to allocate that. But the overall economic outlook is positive, so we cannot go very hugely into cash. So, maybe a 10-15% cash position could be potentially prudent and then in between, opportunities will keep on coming up because all stocks do not correct at the same time.” It is almost like the market is believing that the next RBI policy will see a rate cut. Is there a correlation? Should one also anticipate a rate easing by the RBI? It looks highly unlikely that we are going to see a rate cut anytime soon. The scenario that is building globally right now is that the rate hike cycle clearly seems to have ended and once that happens, we will see that the dollar index peaks out, flows start into emerging markets, etc. I think that is the phenomenon we would see.