Economy Financial News

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the Federal Reserve may have to keep increasing its benchmark interest rate in the coming months to combat persistent inflation. 

Rishi Sunak on Thursday defended his shift in climate action policy as a «pragmatic and realistic approach» towards delivering the country's Net Zero target, amid criticism over proposed delays in certain measures. A day after his speech set out a pushback of petrol and diesel car ban and other cost-intensive measures to reduce the country's carbon emissions, Sunak fought back suggestions that he was filtering down the UK's climate commitments. Amid criticism from within his own party and also from Opposition and industry, he stressed that his updated approach was designed to protect «hard-pressed British families» from «unacceptable costs». «We're very confident — being in government, with all the information at our disposal — that we are on track to hit all our targets,» Sunak told the BBC in an interview. «We're absolutely not slowing down efforts to combat climate change.

non-tariff measures (NTM) including the Carbon Border Adjustment Mechanism (CBAM). Some of the recent regulations that can prove to be NTMs include the EU’s CBAM and Deforestation-free Regulation (EUDR), and the United States’ Inflation Reduction Act, it said.

By Kevin Yao

Nifty IT index has been in the green since May this year on a monthly basis but concerns are growing that if interest rates in the US stay high for a longer than expected period, it will impact the Indian IT stocks. An aggressive Fed is bad news for economic growth in the US and a weakness in the US economy is bad news for Indian IT companies because of their high exposure to the US market. Even though the US Fed maintained a pause on interest rate hikes, on expected lines, its hawkish tone appears to have spooked markets and the Nifty 50 suffered a loss of almost a per cent in intraday trade on Thursday.

TAIPEI (Reuters) -Taiwan's central bank cut its 2023 economic growth forecast for the export-reliant economy due to sluggish global demand though predicted better growth next year, while it kept rates on hold on Thursday as inflationary pressures cool.

₹83.13-83.18 to the US dollar. But this must be seen in a broader perspective. In 2022, the rupee saw an 11% slide, plunging from ₹74.21 to ₹82.61 by year's end – the most significant drop since 2013.

By Simon Johnson and Niklas Pollard

LONDON (Reuters) — In a big day for central banks across Europe on Thursday, Switzerland shocked markets by leaving its interest rates unchanged, while Sweden and Norway met expectations with a quarter-point hike each.

JAKARTA (Reuters) — Indonesia's central bank left interest rates unchanged for an eighth straight month on Thursday, amid renewed pressure on the rupiah currency and bond yields.

By William Schomberg

BANGKOK (Reuters) — Thailand's central bank is monitoring the weak baht, which is not entirely bad for the economy and could help the key export and tourism sectors, the prime minister said in remarks aired on Thursday, as the baht hit multi-month lows.

India has won the bid to host the International Congress on the Chemistry of Cement (ICCC) here in 2027, where global leaders, academicians, and professionals would deliberate on progress of research in this sector, an official statement said.

Amitabh Mohanty, MD and CEO of JM Financial Mutual Fund believes India is on a multi-decade growth path and the impact of global economic slowdown could be limited on the country. In an interview with Mint, Mohanty shared his views on markets, the economy and the sectors he finds promising. The process of investment remains the same for most investors. Disciplined asset allocation after proper analysis of risk appetite and time horizon of investment, could deliver results.

Investing.com-- Most Asian currencies tumbled on Thursday, while the dollar rose to six-month highs after the Federal Reserve warned that U.S. interest rates will remain higher for longer. 

Investing.com-- Gold prices fell on Thursday after the Federal Reserve warned that U.S. interest rates will remain higher for longer, with investors sharply lowering their price expectations for the yellow metal in the coming months.

Today's Bitcoin price stands at $27,033, having experienced a trading volume of $13 billion over the past 24 hours. Bitcoin has witnessed a slight dip, declining around 0.50% during this timeframe. 

Jamie Dimon said the Federal Reserve may have to keep increasing its benchmark interest rate in the coming months to combat persistent inflation. The central bank was “a day late and a dollar short” in beginning to raise rates and the rapid increases over the last 18 months were just “catching up,” Dimon said Wednesday at an event hosted by the Detroit Economic Club. Dimon spoke just before the Fed published its decision to leave rates unchanged, though officials signaled that borrowing costs will likely stay higher for longer after one more hike this year. “Odds are higher that they will have to go higher than they are today,” Dimon said. “I’m talking about four months from now, six months from now — that inflation will be at 4% and it won’t be coming down for a whole bunch of reasons.” The central bank has spent much of the last 18 months fighting historic levels of inflation, which has decelerated in recent months.

Investing.com-- The dollar hit a six-month high against a basket of currencies on Thursday, while U.S. Treasury yields hit multi-year peaks after the Federal Reserve warned that U.S. interest rates will remain higher for longer.

Prime Minister Rishi Sunak says he’s delaying by five years a ban on new gas and diesel cars that had been due to take effect in 2030

Gold prices retreated on Thursday as the U.S. dollar and bond yields powered higher after the Federal Reserve signalled another rate hike this year and a tighter monetary policy through 2024 than previously expected. FUNDAMENTALS * Spot gold slid 0.3% to $1,924.68 per ounce by 0059 GMT, while U.S.