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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.

Bob Iger said on Wednesday he would «definitely» step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale. In a wide-ranging interview at the New York Times Dealbook Conference, Iger also said he was «bullish» on the prospects for Shanghai Disneyland and he expected the company would expand the theme park «relatively soon.» Iger, 72, returned to Disney as CEO in November 2022, less than a year after he retired, to revamp the media company after the board ousted his hand-picked successor, Bob Chapek. Iger had planned to stay for two years but agreed to extend his stay through 2026. Disney's board is undertaking a «robust» search for a successor, Iger said, adding that he was «definitely going to step down» at the end of his current contract. After Iger spoke, Disney's board announced it had appointed Morgan Stanley CEO James P.

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

Investing.com-- Oil prices fell in Asian trade on Thursday tracking weak economic signals from top importer China, with traders now holding out for an upcoming OPEC+ meeting where the cartel is widely expected to announce more supply reductions. 

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.

Police in the South Korean city of Daegu say they have raided a “drug trafficking organization” that used crypto as a payment tool – and arrested 48 people.

A lawsuit filed in federal court is alleging negligence by CSX Transportation caused a train derailment and chemical fire that forced residents of a Kentucky town from their homes just before the Thanksgiving holiday

Investing.com — The Dow gave up some gains to close flat Wednesday, though remained on track to post big November gains amid fresh optimism that the economy will avoid recession and ongoing optimism of Fed rate cuts of early next year.

By Stephen Culp

Stocks on Wall Street are on track to close out 2023 on a solid note with investors growing increasingly optimistic that that the Federal Reserve may be done raising rates amid cooling inflation and as the economy holds up better than expected.

Sensex rallied 727 points and Nifty closed above the 20,000 mark for the first time since September 18 driven by buying in heavyweight HDFC Bank, Axis Bank ICICI and TCS on expectations of more foreign fund inflows. In a remarkable day for Indian equities, the combined market valuation of all listed companies on the BSE reached the $ 4-trillion milestone for the first time on Wednesday. Both the benchmarks are less than 1% shy of the record highs hit on September 15. Here's how analysts read the market pulse: «Nifty moved up smartly as the bulls remained at the helm following a consolidation breakout on the daily chart.

Kansas City Chiefs' star Travis Kelce and renowned singer Taylor Swift have hit the top of Billboard charts with their recent collaboration, "Fairytale Of Philadelphia." The track, a joint effort with Travis' brother Jason Kelce, climbed to #1 on the Rock Digital Song Sales and Holiday Digital Song Sales charts just two weeks after its release, as confirmed by Billboard. This rendition, featured on an upcoming charity Christmas album by Eagles offensive linemen Jason Kelce, Lane Johnson, and Jordan Mailata, reworks the lyrics of The Pogues' '80s classic, "Fairytale of New York." Described as «a tale of two brothers whose love withstands the test of time» by the album's Instagram account, the song has resonated strongly with audiences. Travis Kelce expressed his delight about the collaboration on the brothers' «New Heights» podcast, stating, «That song was fun. That song was actually pretty sweet, man.» He humbly added that he felt uncertain about its quality after leaving the studio, crediting the team for enhancing it beyond his expectations. The success was swift, as the song soared to the top of the iTunes charts within a day of its debut.

Paytm appeared to suffer an outage on Wednesday evening with many complaining about its digital wallet. Outraged netizens said they were unable to see their account balance, add funds or make transactions. Data shared by outage tracking platform Downdetector indicates a sharp rise in complaints around 7 pm on Wednesday.

A wave of Canadians gearing up for retirement will be forced to make “significant” cuts to live comfortably for the rest of their lives, an analysis from Deloitte Canada shows.

Gold steadied after hitting the highest since May, as comments from Federal Reserve officials bolstered bets that policymakers will start cutting interest rates next year.

Charlie Munger, who passed away yesterday night, had many fans in the Indian mutual fund industry. The respect these successful fund managers had for the straight talking Munger was enormous. Several fund managers, very successful in their own right, refused to share their thoughts about this great teacher because they felt inadequate to the task. Munger, who was often described as the sparring partner of Warren Buffett of Berkshire Hathaway, was known for his straight forward nature and deep insight into investing. He is also credited with steering Buffett away from Benjamin Graham style of value investing to a more robust investment style. Together these two legends created a company that is valued more than many multinational companies. ETMutualFunds managed to convince two respected Indian mutual fund managers to share their thoughts on the departed investment guru. S Naren, ED and CIO of ICICI Prudential Mutual Fund, said the best way to characterise Charlie Munger, an army veteran and trained lawyer, is as the epitome of wisdom. “His multifaceted approach to investment has made a lasting impression on the world of investing. He introduced the concept of quality over quantity investing. His 'latticework' investment strategy, which emphasised the artistry involved in investing, will live on,” said Naren.

Remembering Charlie Munger, Vallabh Bhanshali, Chairman, Enam Group, says “at Berkshire, they remained prepared all the time, irrespective of what happened. We saw in 2008, how prepared they were. When amongst the smartest companies in the world Goldman Sachs was in trouble, all they needed was to place a phone call to Munger and Buffett and then they discussed with Munger. And the next day they had a deal sheet with someone as smart as Goldman Sachs and how much money they made on Goldman Sachs! So they were always prepared. They waited for a simple idea. ” We have learnt a lot from you but you have always said that Charlie Munger has been one of your teachers. You have called him the modern Rishi. And that is how I think the world would like to remember him. Absolutely.

Arvind Kejriwal government in Delhi will notify its 'Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023' later today. The scheme introduces the nation's first-ever aggregator scheme exclusively tailored for premium buses and calls for a modal shift in public transportation. The buses that will come to be a part of the initiative will have exceptional quality, comfort, and reliability, and will lead to a reduction in congestion and air pollution, the government said.

Investing.com — The U.S. dollar stabilized in early European trade Wednesday, remaining near a three-month low amid growing expectations that the Federal Reserve has completed its series of rate hikes and could begin cutting rates early next year.

Telangana Assembly Elections will conclude at 6 pm on Thursday, November 30. Telangana is the last state to go to polls this year. The exit polls results for all the five states — Rajasthan Madhya Pradesh, Mizoram, Chhattisgarh and Telangana — will be declared after the voting ends in Telangana on Thursday.