Business in the Week Ahead (December 11-15, 2023)
At least two new IPOs will open for subscription. The US Fed, Bank of England and ECB will decide on interest rates separately.
Moneycontrol Selects: Top stories this morning
Our specially curated package of the most interesting articles to help you stay at the top of your game.
RBI likely to hold rates again | After GDP surprise, will RBI revise growth forecast higher?
RBI’s MPC is expected to maintain status quo on key rates with fifth consecutive pause when it shares the outcome of the MPC meeting on December 8. The RBI may continue to defend the wicket given softening crude prices, weakening Indian rupee and easing long term US yields. The benchmark policy repo rate is currently 6.50 percent with stance of “withdrawal of accommodation”. The MPC kept the policy rates on hold for the fourth consecutive time in its last monetary policy meeting. In latest released numbers, India’s GDP growth surprised positively at 7.6 percent YoY Q2FY24, beating the RBI’s projection by 110 bps for the quarter. It was backed by strong growth in manufacturing sector in Q2, making India the fastest growing large economy in the world. Is there a strong case for the central bank to revise its growth estimates higher? Catch thia chat between Moneycontrol’s Nandita Khemka and CNBC-TV18’s Executive Editor Latha Venkatesh for more on what to expect.
COP28: India’s compulsions vs commitments. A reality check
New Delhi stays away from two declarations that aim to ratchet up global RE capacity and cut emissions
Chart of the Day: Is Quick Commerce gaining an edge over kirana stores?
A recovery in FMCG sales in urban markets is good news all around but what explains the worries facing India’s mom-and-pop stores?
Odisha registers over 100% growth in GST collection in November '23
The progressive collection under all Acts up to November 2023 is Rs 22,510.56 crore with a growth rate of 18.91% over the corresponding collection till November 2022.
Fed's Powell notes inflation is easing but says further progress is needed
Powell’s remarks Friday follow comments from a raft of Fed officials this week, with most of them signalling that the Fed can afford to keep its key rate steady in the coming months.
Record high gold prices add to post-festival lull in India demand
Demand was good for a few days after the Diwali festival last month, but rising prices have brought the market to a standstill, a New Delhi-based bullion dealer said.
India's foreign exchange reserves jump $2.538 billion to $597.935 billion
The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.
Rupee rises 7 paise to settle at 83.30 against US dollar
The government’s fiscal deficit at the end of October touched 45 per cent of the full-year budget estimate, as per the data released by the Controller General of Accounts (CGA).
Federal Reserve's preferred inflation gauge shows price pressures continuing to cool
The U.S. inflation gauge that was issued Thursday, called the personal consumption expenditures price index, is separate from the government's better-known consumer price index.
Applications for jobless benefits up modestly, but continuing claims reach highest level in 2 years
Hiring has slowed from the breakneck pace of 2021 and 2022 when the economy rebounded from the COVID-19 recession.
Rupee falls 7 paise to settle at 83.39 against US dollar
Foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs 71.91 crore, according to exchange data.
COP28: 2023 is set to be the hottest on record, the time for action on global warming is now
Can the COP28 being held in Dubai effectively address the contentious theme of financing and give an impetus to the global crusade against climate change?
Live | Vote Guarantees vs Economic Growth: Economist Surjit Bhalla advocates for growth-centric policies over freebies
How 2023 state elections can set the stage for general elections in 2024 and prod parties to offer more guarantees for votes. As economist and former India ED at IMF, Surjit Bhalla explains that freebies don’t lead to better human development indicators. Growth does. And that states should be allowed to raise funds from capital markets to fund their freebies.
Gold eases as dollar ticks up, Fed rate cut bets lend support
Lower rates reduce the opportunity cost of holding non-interest-bearing bullion.
Sri Lanka nearing debt restructuring: President Wickremesinghe
Sri Lanka declared bankruptcy in April 2022 which saw the ouster of the Gotabaya Rajapaksa government mid-year.
Rupee rises 2 paise to settle at 83.32 against US dollar
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said Indian rupee appreciated on positive domestic markets and foreign institutional investors inflows over the past three consecutive sessions.
FPIs investment in debt market hits 2-yr high at Rs 12,400 crore in November
According to the data, overseas investors put a net amount of Rs 12,400 crore into the debt market this month (till November 27). This was the highest inflow since September 2021, when they had poured Rs 12,804 crore.
Back from summit with Biden, President Xi heads to Shanghai to boost business confidence
Observers say China’s current economic woes were largely attributed to Xi's emphasis more on security issues denting business confidence.
ONGC charges premium over Brent in oil deals with BPCL, HPCL
The oil has been priced at the prevailing Brent crude oil price plus 1 per cent, company sources said.
India's steel demand to touch 190 MT-mark in 2030; production to reach 210 MT: SteelMint
The demand is expected to touch 120 MT mark by 2023-end, and production will be at 136 MT, as per the report.
Global equities head toward big monthly gain, dollar falls
In the UK, where the Bank of England is now viewed as having to keep interest rates at a 15-year high until late next summer, sterling rose to the highest since early September
India's forex reserves jump $5.08 billion to $595.40 billion
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
