Economy Financial News

Wall Street week ahead: Investors eye key US economic data, OPEC+ meet While the US economy is slowing, it has not deteriorated enough to justify the Federal Reserve beginning to cut interest rates, the firm noted. As a result, the economy will likely suffer from the squeeze of tighter credit longer than markets appear to anticipate, it said.

By Clyde Russell

Investing.com-- Gold prices rose slightly in Asian trade on Tuesday, sticking to a six-month high amid growing bets that the Federal Reserve will not raise interest rates any further.

Launched in October 2018, Mint's macro tracker provides a monthly comprehensive report on the state of the economy, based on trends in 16 high-frequency indicators. For each indicator, the value in each month is assigned a colour-coding (red, amber and green) to denote where it lies relative to the five-year average (worse, in line, or better).

Investing.com-- Most Asian currencies advanced on Tuesday amid growing conviction that the Federal Reserve was done raising interest rates, which in turn put the dollar at a three-month low.

US Treasury yields, spurred by renewed hopes for an end to the rate hike cycle and as oil prices hovered around $80 per barrel ahead of the OPEC+ meeting. The BSE Sensex was trading 47 points or 0.07% higher at 66,016. Nifty50 was trading at 19,823, up 29 points or 0.15% at around 9.17 am. Domestic macroeconomic data and sustained domestic investor inflows also aided the rise in Indian equities. From the Sensex stocks, UltraTech Cement, Power Grid, NTPC, Wipro, and Axis Bank opened with gains, while ICICI Bank, M&M, Reliance Industries, L&T, and Tech Mahindra opened with cuts. Paytm shares dipped 1.4% after Warren Buffet's investment arm, BH International Holdings exited Paytm's parent through open market transactions in a Rs 1,370 crore deal. Shares of KPI Green Energy rose nearly 4% after the firm received a new order of a 4.66 MW Solar Power Plant under the CPP segment. On the sectoral front, Nifty Metal rose 1.07%, and Nifty Oil & Gas surged 0.83%.

The latest forecast for India’s economic growth by Standard & Poor’s is out. The global rating agency now sees India’s gross domestic product expanding 6.4% in 2023-24, up from the 6% it had pencilled in earlier. That’s a respectable bump-up and S&P attributes it to the robust momentum in the domestic economy, which seems to have offset headwinds on the export front and lived down high food inflation.

insurance premiums, lowering of investor confidence in a country seen to be dangerous, and the psychological impact of all-pervasive surveillance and security measures, apart from its corrosive effect on democracy, are all incalculably costly in the long run. On top of this is the loss of velocity of virtually all movement, be it of goods, people or money, congealing the flow of the global economy. Aircraft have lower utilization because of security delays, cash registers in malls slow, and there is a ‘security surcharge’ that we pay.

Pakistani rupee is set to end the year as Asia’s worst-performing currency and the losses are seen extending into 2024. The currency has fallen about 20% against the dollar this year and analysts say its troubles are far from over. BMI expects the currency will weaken to 350 rupees per dollar by the end of next year, while Karachi-based brokerage Topline Securities Ltd.

International Monetary Fund (IMF). In a blog, the IMF's Simon Black, Florence Jaumotte, and Prasad Ananthakrishnan argued that emerging and developing countries (EMDEs) need $2 trillion annually, a fivefold increase from 2020. Even if advanced economies meet or somewhat exceed their promise to provide $100 billion a year, the bulk of the financing for these low-carbon investments will need to come from the private sector, they argued. «Eight years on from the Paris Agreement, policies remain insufficient to stabilise temperatures and avoid the worst effects of climate change.

“Large private sector banks are available at attractive valuation backed by the very healthy and clean balance sheet, witnessing robust credit growth, Ajit Banerjee, Chief Investment Officer of Shriram Life Insurance Company. In an interview with ETMarkets, Banerjee said: “This lower premium combined with stronger earnings growth expectations for the Indian equity markets vs. Emerging markets over the next two years places India in a good position comparatively in terms of valuations and outlook,” Edited excerpts: Samvat 2080 started on a positive note as the market picked up momentum. Where are markets headed? The world economy is undergoing a mix of tailwinds and headwinds. On one side, we are witnessing an easing of inflation in the US and a global decline in commodity prices that have positively impacted the economy which reduced probable global recession fears and potentially influenced the US Federal Reserve's future rate hike trajectory.

Investing.com-- Asian stocks rose slightly on Tuesday as traders kept to the sidelines before a string of key economic readings from the U.S. and China due later this week, although most regional bourses were sitting on strong gains for November. 

HONG KONG (Reuters) — Hong Kong private home prices extended a fall in October, dipping to their lowest since March 2017, official data showed on Tuesday, weighed down by higher interest rates and weak buying sentiment.

Here are the key issues in the two-week COP28 negotiations starting Nov. 30 in Dubai. TAKING STOCK OF CLIMATE PROGRESS The main task at COP28 is a first-time assessment of countries' progress towards meeting the 2015 Paris Agreement's goal of limiting the global temperature rise to «well below» 2 degrees Celsius, while aiming for 1.5C. With global efforts lagging, countries will try during this «global stocktake» to agree on a plan to get the world on track to meet climate goals, which could include urgent steps towards cutting CO2 emissions or boosting green technology investments. As the COP28 talks begin, countries are at odds over whether this exercise should put the onus on all countries or just the world's wealthiest countries to do more because they released the most planet-warming emissions historically. Countries are expected to update their national emissions-cutting targets and plans by 2025. FUTURE OF FOSSIL FUELS The toughest talks at COP28 may focus on the future role of fossil fuels, and whether countries should commit to start phasing out the use of CO2-emitting coal, oil and gas. Countries agreed at COP26 to phase down the use of coal, but they have never agreed to quit all fossil fuels — the main source of planet-warming emissions. The United States, European Union and many climate-vulnerable countries are insisting on a final COP28 deal that commits countries to phase out fossil fuels.

JP Morgan Asset Management fixed income portfolio manager Kelsey Berro discusses when the Fed might start lowering interest rates on Making Money.

TOKYO (Reuters) — Japan's top business lobby Keidanren will discuss at next month's executive meeting the potential negative impact of the yen's weakness on the economy, the Yomiuri newspaper reported on Tuesday.

By Brigid Riley

oil companies in India have spent ₹65,000 crore on capital expenditure during the first seven months of this financial year, underscoring their rapid expansion to meet surging demand for energy in one of the world's fastest-growing economies. These companies had set a capex target of ₹106,000 crore for the year through March 2024, and they have already achieved 62% during the April to October period, according to oil ministry data. IndianOil, the nation's top refiner and fossil fuel retailer, has already spent two-thirds of this year's budget of ₹30,000 crore. The company has been spending on a range of projects from petrochemicals to pipelines, fuel marketing, and natural gas infrastructure. IndianOil is targeting to boost its refining capacity to 107 million tonnes per annum (mtpa) by 2025 from the current 70 mtpa Oil and Natural Gas Corp., the largest domestic producer of oil and gas, is the second-highest spender among the state-run oil companies.

The profligate Trudeau government is proposing a tax reform to ensure fair tax contributions from all, but in reality it’s nothing more than a stealth tax hike designed to fill government coffers at the expense of Canadian charities. The tax grab is coming by way of proposed changes to the alternative minimum tax (AMT), and the country’s donors and charity fundraisers are upset.

Taylor Morrison CEO Sheryl Palmer discusses the headwinds facing the housing market after a drop in August existing home sales on 'The Claman Countdown.'

The 100 largest asset owners in the world saw their assets under management decline by 9% by the end of 2022 compared to the previous year, but still controlled more than $23 trillion in assets. But who are they?