Economy Financial News

By Joe Cash

Investing.com-- Most Asian stocks kept to a tight range on Thursday after data from China pointed to sustained weakness in the region’s biggest economy, although most indexes were nursing strong gains for November. 

cryptocurrency companies from the broader US economy if they fail to block and report illicit money flows, deputy treasury secretary Wally Adeyemo warned the industry on Wednesday. Speaking at an event hosted by the Blockchain Association, Adeyemo said that crypto companies need to do more to curtail the flow of illicit finance, and that the lack of action across the sector presents a risk to the US.

Neelkanth Mishra, Chief Economist, Axis Bank, says “construction is considered the biggest employer after agriculture. So if construction activity is so strong, it is very surprising to me that for staples companies, the volume growth has been so anaemic. I can think of three or four reasons for this. All of them are contributors, it is very hard to conclude on how long they are going to last. The first is that perhaps we are looking at the wrong metrics. Because remember that in the bottom 50% of the population, which is what we are tracking through such metrics, brands are a luxury.” The outsized bet that has worked so far this year is bet on urban India, the premiumisation trend. That K-shaped recovery has played out only for the uber rich, and it has not really played out for the rural economy per se. Even right now, the trends and the data points that you are seeing do not really point to a meaningful recovery in the rural end of the economy. Is that a worrisome sign? It is indeed worrisome.

Dipan Mehta, Director, Elixir Equities, says “Ujjivan Finance is one company we are quite positive on and it would be a perfect tactical play because once the merger takes place, the cost is going down and from a valuation multiple, it is very attractive compared to other microfinance companies. There is scope for the PEs to be re-rated and in the next three-four quarters, there is no threat of NPA. We will see a nice runway for earnings growth for Ujjivan Small Finance Bank." Would you call it a tactical trade or more a high-risk, high-return idea where the shelf life could be 6 to 12 months in your portfolio? Every fund manager has different tactics. Some stocks you buy are classic compounders. Some stocks you buy because they are cheap, but there are also some tactical and special situation stocks which you are tempted to buy depending on the lay of the land and depending on the terrain and what the company has to offer. Again, disclosure, there is Ujjivan Financial Services.

By Leika Kihara

Investing.com-- Chinese manufacturing activity declined further in November, as the sector saw increased headwinds from slowing overseas demand, while growth in the non-manufacturing sector also deteriorated. 

By Kane Wu

rate hikes ahead of a crucial inflation report later in the day. The dollar index, which measures U.S. currency against six rivals, eased 0.058% to 102.74, not far from 102.46 — its lowest since Aug. 10 it touched on Wednesday. The index is down 3.7% in November on growing expectations the Fed will cut interest rates in the first half of 2024. The dollar clawed back some of its losses on Wednesday after data showed the U.S.

U.S. stocks edged lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials' remarks raised questions about the duration of the central bank's restrictive policy. The Nasdaq joined the S&P 500 in negative territory, while the Dow ended nominally higher, as investors took a wait-and-see position ahead of Thursday's crucial personal consumption expenditure (PCE) inflation report. Despite the indexes' languid movement over the last three sessions, November has been a banner month.

Sensex rallied 727.71 points, or 1.10%, to 66,901.91, while the Nifty 50 closed at 20,096.60 level, up 206.90 points or 1.04%. “We expect the market momentum to sustain over the next few days. However, several important events including India GDP, monthly F&O expiry, state election exit polls and OPEC+ meeting on Thursday could induce some volatility over the last 2 days.

climate change at COP28 in Dubai, which would be the biggest UN climate meet yet. Host, the UAE, said the goal is to restrict temperature rise to 1.5°C from pre-industrial levels by closing the gap between ambition and action.

The pilot will address around 20,000 work visa renewals, or almost a tenth of the estimated 583,420 H1-B visa holders. The programme, which was proposed in February and formally announced in September during prime minister Narendra Modi’s US visit, will commence in December.

Sweden’s economy shrank in the third quarter of 2023 to mark the second time of contraction and signal that a recession may have hit the country

Stocks drifted to a mixed close on Wall Street as drops in several Big Tech companies offset gains in other parts of the market

Argentina’s President-elect Javier Milei says he's chosen Luis Caputo, a former finance minister and Central Bank chief who is known as an expert in markets, to lead the Economy Ministry when the right-wing leader takes office on Dec. 10

The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates

Sri Lanka says it has reached an agreement in principle with a group of creditors including India and Japan on debt restructuring

New Zealand’s new prime minister plans to ban cellphone use in schools and repeal tobacco controls in the agenda for his first three months in office

Electric vehicles have proved far less reliable, on average, than gasoline-powered cars, trucks and SUVs, according to the latest survey by Consumer Reports, which found that EVs from the 2021 through 2023 model years encountered nearly 80% more proble...

Nigeria’s leader has presented a $34.8 billion spending plan for 2024 to federal lawmakers with a focus on stabilizing Africa’s largest but ailing economy and tackling a deadly security crisis