Economy Financial News

MUMBAI : Driven by foreign institutional inflows, the Sensex hit the 70,000-mark for the first time on Monday, with 70% of its last 10,000-point sprint taking just 31 days. The feat, reflecting the bullish momentum in the markets, was achieved a session after the Nifty 50 tested the 21,000-mark. Both the Sensex and the Nifty closed a tad off their intraday highs, gaining over one-tenth of a per cent each at 69,928.53 and 20,997.10.

Vladimir Putin Monday promised to reinforce Russia's «military-naval might» as he attended the inauguration of two nuclear submarines in the country's Far North. The Russian leader took part in a flag-hoisting ceremony in Severodvinsk on the White Sea where the "Krasnoyarsk" and «Emperor Alexander III» were built over the past six years. «With such ships and such weapons, Russia will feel that it is safe,» Putin told navy officers, while visiting one of the submarines in the frozen Arctic waters.

There’s a common lament across the halls of Expo City Dubai, the 1,000-acre venue of CoP-28, the climate huddle: This event feels more like a slick trade show than an environmental summit. About 100,000 attendees—nearly three times the number who attended CoP-26 in Glasgow—are milling through the venue. Fossil fuel companies have more than 2,000 representatives in attendance, including Sultan Al Jaber, president of the conference and the chief executive officer of the Abu Dhabi National Oil Company, the UAE’s state-owned petroleum business.

Canada’s economy is stalling, the unemployment rate is rising and housing costs are crushing some households. The country’s banks are exposed to all of that, yet their shares are surging.

The growing burden of mortgage payments as homeowners renew under much higher interest rates has roused concern from policy makers to politicians.

The recent rise of gold to a record US$2,135 per ounce has led to much discussion of the reasons behind the metal’s positive run during the past few years, from central banks investing more in bullion to expectations of rate cuts next year.

Now could be a great time to buy a home if you are ready to enter the housing market, says an industry expert.

China's Huawei will start building its mobile phone network equipment factory in France next year, a source familiar with the matter said, pressing ahead with its first plant in Europe even as some European governments curb the use of the firm's 5G gear. The company outlined plans for the factory with an initial investment of 200 million euros ($215.28 million) in 2020, but the roll-out was delayed by the COVID-19 pandemic, the source said on Monday. They declined to be identified because they are not authorised to comment on this matter.

International Monetary Fund's No. 2 official on Monday warned that fragmentation in the global economy and clear shifts in underlying bilateral trade could trigger a «new Cold War» given the Ukraine war and tensions between the United States and China. First Deputy Managing Director Gita Gopinath told the International Economic Association in Medellin, Colombia, that losses could reach 2.5% to 7% of global gross domestic product if the world economy fragmented into two blocs.

Investors spent most of 2023 fretting about inflation and interest rates. Now they are snapping up everything from stocks and bonds to crypto and even gold. The simultaneous surge across assets has sparked debate about whether the “everything rally" marks the arrival of a lasting bull market—or just a fleeting sugar high at the end of the Federal Reserve’s tightening cycle.

Bank of India on Friday raised its growth expectations for India’s economy in the current financial year to 7%, from its earlier projection of 6.5%, taking comfort from rising rural consumption and increasing capital expenditure. Shah, also group chief executive and managing director of automaker Mahindra & Mahindra Ltd, said fresh investments were evident in some sectors. “If I comment first on the auto sector, from Mahindra’s perspective, we have doubled capacity for SUVs already… we’ve been ahead of the curve on this.

NEW DELHI : The government has released about Rs60,104 crore in interest-free, capital expenditure loans to states, out of the Rs80,000 crore earmarked for this fiscal year, minister of state for finance Pankaj Chaudhary informed the Lok Sabha on Monday. The loans fall under a Union government scheme called ‘Special Assistance to States for Capital Investment’, which was introduced during the early days of the Covid-19 outbreak.

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Airports and highways are expected to be busier this Christmas season than they were a year ago

By Harry Robertson and Rae Wee

Oppenheimer Asset Management predicts that strong earnings growth and a resilient economy will drive the S&P 500 to a record high of 5,200 by the end of 2024, representing approximately 13% upside from the current level.

Ahmedabad (Gujarat) [India], December 9: In response to the global imperative for sustainable practices, Ishitva Robotic Systems, headquartered in Ahmedabad, proudly introduced its pioneering waste sorting solution – Sanjivani®. It was unveiled at the Plastvision 2023 exhibition in Mumbai, on 7th December 2023. Sanjivani® represented a groundbreaking advancement in waste management and recycling, poised to redefine industry standards and contribute significantly to India's Make In India initiative.

GDP growth will moderate to 6.5 per cent in FY25, mainly due to global headwinds, Axis Bank's chief economist Neelkanth Mishra said on Monday. India's GDP is 7 per cent lower than what it would have been if the pre-pandemic GDP growth trend had continued, Mishra added. It can be noted that last Friday, the Reserve Bank sharply upped its FY24 growth estimate to 7 per cent from the earlier 6.5 per cent.

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Reserve Bank of India’s latest policy tone suggests that it could tolerate funds flowing to the system through government spending as long as durable liquidity keeps reducing, in line with the central bank’s inflation targeting aim. “Should govt spending pick up in Q4 and lead to system liquidity improving then that could see overnight rates falling back towards Repo rate. As long as that process is coterminous with a fall in durable liquidity RBI should allow the reset in overnight rates to play out,” economists from ICICI Securities Primary Dealership wrote in a December 11 note. An easing call rate indicates lower cost of borrowing in the economy as a host of financial instruments are linked to the interbank rate of borrowing and lending. The economists pointed out that in the RBI’s latest monetary policy statement on December 8, governor Shaktikanta Das had emphasized that factors such as a rise in currency in circulation had mopped up a portion of durable liquidity surplus in the banking system in the ongoing quarter. Moreover, Das also alluded to a compression in the RBI’s balance sheet from pandemic highs, indicating that a large part of the excess liquidity sloshing around the system during the pandemic had already been tackled by the central bank.

Investing.com — U.S. stock futures were muted on Monday, hovering just below the flatline, as investors prepared for the Federal Reserve's final two-day policy meeting this year.