Economy Financial News

Stocks had a sluggish day yesterday, with the S&P 500 essentially staying within the previous day's trading range. It managed to close the session up about 40 basis points. Interestingly, the index opened higher yesterday but the highs from the day before remained intact, for now.

rupee declined on Thursday as importers bought the U.S. dollar ahead of the release of consumer price index (CPI) data from the world's largest economy later in the day. The rupee settled at 83.2425 against the dollar compared with 83.1875 in the previous session, after having risen to a session high of 83.13. Most Asian currencies rose with the Thai baht leading the gains. The dollar index was little changed at 105.7, hovering near a two-week low, after minutes of the U.S.

U.S. wholesale prices rose last month at the fastest pace since April, suggesting that inflationary pressures remain despite a year and a half of higher interest rates

Belgium’s prime minister says his country, which has the biggest interest in the global diamond trade in the European Union, is supporting a ban on Russian diamonds as part of sanctions targeting President Vladimir Putin’s government for its war agains...

Wall Street analysts are boosting US earnings forecasts even before results start rolling in, signaling that the worst of the profit slump is likely over as ebbing inflation eases the pressure on a broad swath of industries.

Federal Reserve Bank of Boston President Susan Collins said officials are taking a more patient approach to monetary policy now that rates are at or near their peak, though further rate increases are still possible.

By Ankur Banerjee and Alun John

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IEA) on Thursday lowered its forecast for growth in oil demand in 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures. However, the Paris-based agency that advises the United States and other industrialised countries, raised its 2023 demand forecast to 2.3 million bpd, from a previous estimate of 2.2 million. OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to support prices. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. «If extra cuts are unwound in January, the balance could shift to surplus, which would go some way to help replenish depleted inventories,» the agency said. Although Russia pledged to cut crude exports until the end of 2023, according to the IEA's estimates Moscow's total exports of crude oil and products in September rose by 460,000 bpd to 7.6 million bpd, with crude accounting for 250,000 bpd of the increase. The jump in exports highlights the difficulty the West has faced in trying to reduce Russian exports and revenue to Moscow amid its war with Ukraine. Last year, the IEA predicted harsh Western sanctions would lead to a collapse in Russian energy exports. ECONOMIC HEADWINDS, GEOPOLITICAL RISK Oil prices fell sharply last week as a darkening economic outlook intensified fears of slower growth in demand, eclipsing supply concerns.

IEA) on Thursday lowered its forecast for growth in oil demand in 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures. However, the Paris-based agency that advises the United States and other industrialised countries, raised its 2023 demand forecast to 2.3 million bpd, from a previous estimate of 2.2 million. OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to support prices. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. «If extra cuts are unwound in January, the balance could shift to surplus, which would go some way to help replenish depleted inventories,» the agency said. Although Russia pledged to cut crude exports until the end of 2023, according to the IEA's estimates Moscow's total exports of crude oil and products in September rose by 460,000 bpd to 7.6 million bpd, with crude accounting for 250,000 bpd of the increase. The jump in exports highlights the difficulty the West has faced in trying to reduce Russian exports and revenue to Moscow amid its war with Ukraine. Last year, the IEA predicted harsh Western sanctions would lead to a collapse in Russian energy exports. ECONOMIC HEADWINDS, GEOPOLITICAL RISK Oil prices fell sharply last week as a darkening economic outlook intensified fears of slower growth in demand, eclipsing supply concerns.

(Reuters) — Futures for Wall Street's main stock indexes rose on Thursday as Treasury yields eased, while investors looked forward to crucial inflation data to gauge the Federal Reserve's interest-rate outlook.

Investing.com -- U.S. stock futures inch higher, as markets prepared for all-important September consumer price data that could influence how the Federal Reserve approaches future interest rate decisions. Minutes from the Fed's meeting last month showed caution among policymakers, although some officials are now wondering if a weeks-long surge in U.S. Treasury yields has tightened financial conditions for them. Elsewhere, Steve Scalise is nominated by his Republican colleagues as the new House Speaker, as the lower chamber of Congress remains at a standstill despite facing a host of major legislative questions.

Investing.com — The U.S. dollar slipped lower in early European trade Thursday, hovering near a two-week low ahead of the release of key U.S. inflation data.

MARRAKECH (Reuters) — The European Central Bank should aim to engineer a «soft landing» for the euro zone's economy as long as it is confident that inflation keeps falling towards its 2% goal, ECB policymaker Francois Villeroy de Galhau said on Thursday.

Tata Consultancy Services (TCS) share price tumbled 1.78% to Rs 3,545.40 today, a day after the IT major reported 8.7% growth to Rs 11,342 crore in its consolidated net profit in the second quarter of FY24. TCS had reported a profit of Rs 10,431 crore in the same period a year ago. The IT major’s net profit jumped 2.4% on-Quarter. The company also announced a share buyback for Rs 17,000 crore at a price of Rs 4,150 a share on October 11, 2023. TCS stock price has slipped 0.71% in the last one month and has surged over 14% in the past one year.

UBS Private Wealth Management financial adviser Sarah Ponczek and Lou Basenese discuss how rising interest rates and inflation are impacting markets on 'Mornings with Maria.'

Former White House economist Kevin Hassett shares what to expect ahead of the release of July's CPI on 'The Evening Edit.'

India's festival season, e-commerce companies like Amazon and Walmart owned Flipkart are looking forward to a potentially record breaking few weeks. Any lingering fears that inflation and higher interest rates would dampen consumers' spirit in Asia's third largest economy, are being rapidly dispelled. RedSeer, a Bangalore-based consultancy, which monitors over 100 platforms covering 90% of online sales, predicts virtual shoppers will spend a record $11 billion during the month to mid-November — which would be nearly 20% more than last year. Amazon India has made its «best-ever start» to the peak period in the shopping calendar, according to vice president Manish Tiwary, reporting a record 95 million customer visits in the first two days of its 'Great Indian Festival 2023' campaign. Over at Flipkart, sales of electronic products, lifestyle garments and furniture were seven to ten times higher than in the pre-festival period, said vice president Arief Mohamad. Both retailers have hired over 200,000 temporary workers to meet the rush and added over 300,000 new sellers, according to company officials. «I don't have time even for lunch as there are so many packets to be delivered,» said Ajay Singh, a delivery boy at a Flipkart delivery centre in a busy market in New Delhi. Singh says he's working more than 12 hours a day and expects to double his earnings over the next few weeks. CHANGING WAYS Citing a report by market research Neilson, Amazon officials said over 80% of urban consumers were expected to shop online during this festival season, and half of buyers were willing to spend more compared to last year. A shift in consumer behaviour and increased penetration of smartphones has fuelled the rise in online

TOKYO (Reuters) -Japan's Fast Retailing Co, owner of clothing brand Uniqlo, reported on Thursday that full-year operating profit rose 28% to reach its second consecutive record, aided by a post-pandemic recovery in China and the yen's slide.

LONDON (Reuters) — Britain's economy partially recovered in August after a sharp drop in July but the bigger picture remained one of only sluggish growth after last year's surge in inflation and 14 back-to-back interest rate hikes by the Bank of England.

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