Economy Financial News

By Amruta Khandekar and Shristi Achar A

Investing.com — U.S. stock futures hover around both sides of the flatline, as markets geared up for fresh labor market data that could help indicate how the Federal Reserve will approach its future interest rate decisions. Elsewhere, GameStop (NYSE:GME) shares slip after the video game retailer and meme stock darling posted lower-than-projected quarterly net sales, while China's exports rise in November.

Lower-than-expected temperatures in the global north during early December and late November have raised eyebrows. This occurrence is particularly rare, especially in light of the ongoing global warming issues as temperatures this low aren't expected so early in the heating season.

By Khushi Singh and Ankika Biswas

Singapore’s regulatory body the Monetary Authority of Singapore (MAS)  plans to begin piloting the digital currency “E-CNY” – also known as the digital yuan, in collaboration with China to encourage tourism spending.

Nirmala Sitharaman on Thursday said that India's second-quarter growth is the highest in the world, and the country continues to maintain its momentum as the fastest-growing economy. Addressing the Rajya Sabha during the Winter Session of Parliament, Sitharaman asserted that economic activity has been good across sectors. «India's second quarter growth is the highest in the world as India continues to be the fastest-growing economy.

Indian Overseas Bank led the gains with a 3.4% increase, trailed by Indian Bank and Punjab National Bank, recording gains of 3.1% and 1.6%, respectively. Also Read: Nifty 50, Sensex snap 7-day winning streak; mid, smallcaps outperform; RBI MPC outcome in focus According to domestic brokerage firm Motilal Oswal, the recent strong performance of the BJP in state elections has instilled confidence of political stability for 2024. This positive outlook bodes well for India's macroeconomic and policy momentum, especially considering the country's leading growth among major economies in terms of both GDP and corporate earnings.

Also Read: We continuously maintained momentum of being fastest growing major economy: FM Sitharaman in Rajya Sabha In the last financial year, a total of 762 billion dollars of exports was recorded. Out of this, 453 billion dollars was merchandise exports, services exports were 309 billion dollars. The picture was not the same 10-15 years ago when the export was led by services export mostly, Union Minister told ANI on Thursday.

₹1.6 lakh cr in sign of economic growth: SitharamanMilestone Alert!Livemint tops charts as the fastest growing news website in the world

Read here: Nifty at new high again! B&K sees another 10% upside in 12 months BofA has discussed some key macro lessons of 2023 and their investment implications: Contrary to the unanimous consensus a year ago predicting a U.S. recession in 2023, the economy defied expectations and continued its robust performance. Key factors contributing to this resilience included substantial fiscal expenditures, a tight labor market driving real income and consumer spending, increased capital expenditures—especially in collaboration with public sector infrastructure spending—and the adaptability of the dynamic U.S.

Reserve Bank of India’s rate-setting panel on December 6 commenced the fifth meeting this financial year. India’s relatively favourable macroeconomic indicators give the central bank even more confidence to chart its own path, even as it remains wary of worrying external factors. Retail inflation eased from a four-month-high in October at 4.87 per cent while India’s gross domestic product (GDP) growth rate trumped analyst expectations in Q2FY24 at 7.8 per cent. The Monetary Policy Committee’s priority is clear, as said by the RBI Governor Shaktikanta Das, inflation over growth and draining out excess liquidity from the system. To this extent, the RBI is expected to keep benchmark lending rates unchanged, for the fifth straight time. The MPC’s decisions have been in stark contrast to some advanced economies, who continue their fight to tame sticky price pressures. Moreover, MPC members have perhaps afforded doing so as it has enjoyed optimism on certain high-frequency indicators in the fastest growing major economy, while key global economies are sailing in rough seas.

iith.ac.in. As per the notification, the last date to apply is 22nd December. The notification states the opening is available for 15 departments namely: Artificial Intelligence, Electrical Engineering, Biomedical Engineering, Entrepreneurship and Management, Biotechnology, Liberal Arts, Chemical Engineering, Materials Science and Metallurgical Engineering, Chemistry, Mathematics, Civil Engineering, Mechanical and Aerospace Engineering, Computer Science & Engineering, Physics, Design.

Rajeev Chandrasekhar on Thursday said that the digital economy will contribute 20 per cent of India's gross domestic product (GDP) by 2026. The Union minister of state for electronics and information technology, skill development and entrepreneurship was speaking at the inaugural function of 'Startup Conclave 2023', organised by the Gujarat government at helipad ground in the state capital.

One of Washington’s biggest China critics traveled to New York in mid-September to meet with some of Wall Street’s best-known financiers. His mission was to persuade them to stop investing in China. Wisconsin Republican Mike Gallagher, who chairs a House committee on China, was surprised to find they didn’t need much coaxing.

₹1.84 trillion in FY23. The consolidated order book is at ₹8.8 trillion, led by large hydrocarbon-related projects abroad and strong capex from the industrial sector as well as GCC-related projects. The International business is growing at more than 24% year-on-year.

SINGAPORE—Chinese internet titan Alibaba Group Holding once seemed invincible. Now, it is stuck in a slump. The e-commerce giant was a major driver of China’s growing consumer economy as it pioneered online shopping in China.

The heads of state from South America’s Mercosur trade bloc are in Rio de Janeiro for a meeting that is expected to disappoint members hoping to finalize a deal with the European Union

Pashupati Advani, Founder, Global Foray, says “the question is whether our IT is able to actually pivot and take advantage of that. I think in some cases, they will take some advantage which is why it is not going to fall off a cliff. But I think that the business models are becoming more difficult and a lot of jobs are going back to the countries where the work is getting done just as a way of protectionism which seems to be happening all over the world. ” How do you see this MPC meet? Do you expect it to be a big event? What are your expectations from the MPC meeting? The world wants to keep rates where they are and start pulling them down. We do not have an indication of that yet. But I think this MPC meeting will just basically say nothing. I think they are not really going to change rates this time, that is my humble assumption.

Mihir Vora, CIO, Trust MF, says India’s “oil sensitivity to the GDP has reduced because services exports have boomed. It used to be $100 billion, now we are $240 billion. So, we are far bigger in terms of services exports which is reducing the volatility of oil. Yes, there is a current account deficit, but it is much less volatile than what it used to be. So, our external vulnerability to oil has reduced significantly so that is one. And second, again as we all know, compared to 10 years ago, look at the domestic flows.” We are assuming that FIIs will come back. That is a big assumption. Yes.

Ukraine. While the G-7 and its European allies have been trying to find additional ways to squeeze Russia’s economy to constrain its ability to fund its war in Ukraine, diamonds have remained a stumbling block. Earlier attempts to sanction Russian gems in Europe had met resistance from leading importer nations like Belgium, which had argued that a simple ban would just shift the lucrative gem trade elsewhere.

COP28 is approaching the end of the first week and the kings, presidents and prime ministers have flown off. Now, hundreds of seasoned climate diplomats must get down to the tough job of negotiating a text that everyone can agree on. Adnan Amin, who as chief executive officer of COP28 is one of Sultan Al-Jaber’s most senior lieutenants, said in an interview there are several areas that are likely to test negotiators over the rest of the summit. The tussle over whether the final agreement should commit to a “phase down” or “phase out” fossil fuels is prominent as always and different formulations are currently being shopped.