Economy Financial News

Rothschild & Co. and Morgan Stanley are among global investment banks opening up in Abu Dhabi as the deep-pocketed United Arab Emirates’ capital continues to attract more international money and financial firms.

The euro retreated and stocks climbed as decelerating European inflation added fuel to broader rate-cut expectations that have spurred a global rally in assets this month. 

(Reuters) -Some major banks expect global economic growth to ease further in 2024, squeezed by elevated interest rates, higher energy prices and a slowdown in the world's two largest economies.

By Robert Harvey

By Aftab Ahmed

The USD/JPY currency pair is undergoing a correction in its long-term upward trend, primarily fueled by the periodic weakness of the US dollar due to disinflation and a potential Fed pivot in May.

Billionaire investor and CEO of Galaxy Digital Mike Novogratz has expressed an optimistic outlook for assets like Bitcoin (BTC), gold, and silver as the Federal Reserve undergoes a shift in its monetary policy.

Hindustan Petroleum Corporation Ltd (HPCL) plans to start operations at the 5 million tonne a year Chhara LNG import terminal in Gujarat in the next couple of months and has already got offers from 6-7 parties to hire capacity, a senior company official said on Thursday. The terminal was mechanically completed in March but its commissioning was delayed as a 40-km pipeline connecting it to an existing network meant for sales to consumers was not yet ready. «We will commission the LNG terminal in the next couple of months,» HPCL Director (Marketing) Amit Garg told reporters here.

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interest-rate cuts could be just months away. The benchmark 10-year note yield has fallen by 60 basis points in November, as prices have soared, logging its biggest one-month drop since a 70-bps fall in December 2008, when the Federal Reserve slashed interest rates in response to a struggling economy and a distressed financial system. Yields were last up 1 bp at 4.28% in European trading. The U.S. economy has shown far more resilience than most expected — creating more jobs, maintaining spending and activity and all during 17 months of almost non-stop rate rises from the central bank to lower inflation. Consumer price pressure are abating fast, spending is holding up and there has been enough evidence in the data to suggest the economy is heading for a gentle slowdown rather than recession. In the space of a month, markets have shifted from an expectation for rates to fall by around 60 bps in the second half of the year to pricing a scenario in which the Fed will cut rates by a full percentage point by this time next year, with the possibility of the first drop as early as March. «When it comes to market pricing, a Q1 rate cut has gone from being a complete out-of-consensus view only a month ago, to a serious proposition now.

India expects a clear roadmap on climate financing during the COP28 starting today, where world leaders, including Prime Minister Narendra Modi, will converge to chalk out strategies for climate mitigation. «Climate finance and climate technology are a very crucial segment of all the global efforts in addressing this challenge of environmental degradation. We expect a clear roadmap to be agreed at COP28 on climate finance which would be important for delivering on the new, collective, quantified goals...,» foreign secretary Vinay Mohan Kwatra told media persons here in the national capital. Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change. Asked what India's stance on the reduction of coal consumption for its energy requirements was, Kwatra said, «Coal is and would remain an important part of India's energy mix, it has always been, as we move forward to meet our developmental priorities in the country.» «We are proactive in taking practical climate action measures and basing them on a firm conceptual understanding and a very firm belief our development has to be a green development,» he said, adding that though it would be subject to India's own developmental priorities. PM Modi committed to an ambitious five-part «Panchamrit» pledge at COP26 held in 2021.

Tata Technologies hogged all the limelight on Thursday, the SME IPO of Rockingdeals Circular Economy, which sells refurbished and other products, also doubled on listing. The stock debuted today at a premium of 114% at Rs 300 on NSE SME as against an issue price of Rs 140. After the listing, the stock further rallied and hit an upper circuit of 5% at Rs 315 apiece. Rockingdeals Circular IPO, which was opened for public subscription between November 22 and November 24, received a whopping 312.64 times subscription.

India Q2 GDP data LIVE Updates: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation is set to release the Gross Domestic Product (GDP) data, for second quarter spanning July to September months of the financial year 2023-24, today. Economists expect growth rate to slow down in Q2 of this financial year as compared to last quarter where it registered robust growth of 7.8 percent.

climate summit convened by the UN, COP28 , which opens in Dubai on November 30th, one group is sure to have an outsize voice. These are the small island developing states (SIDS). Their club numbers just 39 full members and 18 associates.

₹4,687 crore in November so far. State election outcomes, interest rate trajectory in the US, and geopolitical issues are some of the key factors that will move the market in December. "Favourable outcome of state elections, reinforcement of the belief that the top of rate hike cycle is behind us globally and any favourable development in the two geopolitical conflicts are some factors that can take the Nifty higher in December," said Deepak Jasani, Head Retail Research, HDFC Securities.

The Bank of Canada’s public consultations on the creation of a digital Canadian dollar reveal most respondents are opposed to it.

Investing.com-- Most Asian currencies kept to a tight range on Thursday tracking weak economic signals from China, while the dollar steadied from recent losses as markets awaited a key inflation reading due later in the day.

₹300, which is 114.3% higher than the issue price of ₹140. Rockingdeals Circular Economy IPO opened for subscription on Wednesday, November 22, and closed on Friday, November 24.

OECD warned. Moreover, the OECD said the risks to the forecast are tilted downwards amid heightened geopolitical tensions, an uncertain outlook for trade, and the risk that tight monetary policy could hurt firms, consumer spending and employment more than expected. “Inflation is easing, but growth is slowing,” OECD Chief Economist Clare Lombardelli said in a statement. “We are projecting a soft landing for advanced economies, but this is far from guaranteed.” The gloomy perspective points to a long hangover from the global inflation crisis that followed the Covid pandemic and a surge in energy prices after Russia’s invasion of Ukraine.

Asia and Russian leadership and erstwhile Soviet leadership have long sought to play a greater role in the Asia-Pacific (or what India terms as the Indo-Pacific region). This role is gaining further momentum following rupture in ties with the West in the aftermath of the Ukraine conflict.

Consumption is a theme that has always been a play on India within the emerging market basket, given its enormous size of the population, favourable demographics, and changing preferences particularly among the lower- and middle-class segments. This is one theme that Arvind Kothari of Niveshaay Investment Advisory is extremely positive on, and within this, the smallcase manager prefers discretionary players. “The discretionary space looks interesting to us, and we are comfortable about investing in companies where valuations are more palatable,” Kothari, who is the founder of the investment advisory firm, said in an interview with ETMarkets. Besides consumption, Kothari is also betting on the manufacturing theme, and believes that a third term for the incumbent government in 2024 would back these two themes as it would signify political stability, and continuity of reforms. “If the Indian economy maintains the anticipated growth trajectory, these two themes are well-positioned to be influential in the journey,” he said. Edited excerpts: What’s your take on the current market trajectory as India seems to be outpacing most of its EM peers, notwithstanding the global risks.