Oct 10 2024: The World Bank has increased its growth forecast for South Asia to 6.4% in 2024, up from a previous estimate of 6.0%, citing robust domestic demand in India and quicker economic recoveries in countries like Sri Lanka and Pakistan. India’s economic growth for the fiscal year ending March 2025 has been revised upward to 7%, compared to April’s estimate of 6.6%. This improvement is driven by a rebound in agricultural output and stronger private consumption. “You have an emerging consumer class in India driving the economy forward, along with recoveries in Sri Lanka and Pakistan, and a tourism-led…
Author: editor2
Oct 10 2024: Most Asian currencies edged higher on Thursday, regaining some ground after recent losses, while the U.S. dollar remained steady near a seven-week peak as markets awaited key consumer inflation data. The regional currencies had been under pressure due to uncertainty over the pace of future interest rate cuts by the Federal Reserve. However, sentiment improved slightly after the minutes from the Fed’s September meeting indicated broad support for the previous 50 basis point rate cut, even though future rate decisions remained unclear. A more positive outlook toward China also boosted Asian currencies, as Beijing signaled upcoming fiscal stimulus…
Oct 10 2024: Oil prices increased on Thursday, supported by rising fuel demand as Hurricane Milton hit Florida and growing concerns about potential supply disruptions in the Middle East due to escalating tensions between Israel and Iran. Brent crude futures gained 24 cents, or 0.3%, to reach $76.82 per barrel, while U.S. West Texas Intermediate (WTI) futures rose 28 cents, or 0.4%, to $73.52 per barrel. Fuel demand surged in Florida due to the storm, with nearly a quarter of gas stations running out of supplies, pushing crude prices higher. Additionally, tensions between Israel and Iran further bolstered prices, as Israeli…
Oct 10 2024: Bitcoin’s price declined on Thursday, falling 2.3% to $60,919.2, as investors remained cautious ahead of key U.S. inflation data that could influence the Federal Reserve’s interest rate outlook. Broader cryptocurrency markets also weakened, trailing gains seen in other risk assets like stocks. Speculation over the potential sale of a large number of Bitcoin held by the U.S. government further pressured the market, although such a sale is not expected in the near term. The upcoming Consumer Price Index (CPI) data, due later on Thursday, is being closely watched for further clues on the Federal Reserve’s rate cut trajectory.…
Oct 10 2024: European stocks nudged higher on Thursday, mirroring gains in Asian markets fueled by optimism over potential stimulus measures from China. Investors are also awaiting U.S. inflation data for further signals on the Federal Reserve’s interest rate trajectory. As of 0713 GMT, the pan-European STOXX 600 index rose 0.1%, with healthcare and telecom sectors leading the gains, while technology stocks faced some pressure. Wall Street’s recent record highs also provided a positive backdrop after the Fed’s September meeting minutes revealed strong support for a half-point rate cut. Market attention is now focused on U.S. consumer price data, expected later…
Oct 9 2024: China’s finance ministry is set to reveal detailed fiscal stimulus measures during a highly anticipated press conference on Saturday, aimed at boosting the country’s economy. The announcement follows a media briefing earlier in the week, which left investors disappointed as no major new steps were introduced to stabilize the faltering economy. Finance Minister Lan Fo’an will outline the fiscal strategy, focusing on “intensifying countercyclical fiscal policy adjustments to foster high-quality development,” according to the State Council Information Office. The press conference is scheduled for 10 a.m. (0200 GMT). Chinese markets pared earlier losses following news of the upcoming…
Oct 9 2024: The U.S. dollar surged to its best week in two years, once again demonstrating the difficulty of betting against the currency when global forces resist letting it fall. The DXY index, which measures the dollar against major global currencies, jumped more than 2% last week. This sharp turnaround surprised many speculators who had shorted the dollar, expecting it to weaken. While the rally was fueled by a strong U.S. employment report and revised expectations for Federal Reserve rate cuts, the dollar’s recovery began earlier in the week, with the payroll data merely amplifying the momentum. The primary driver…
Oct 9 2024: Oil prices edged higher on Wednesday as geopolitical developments in the Middle East took center stage, counterbalanced by cautious demand expectations ahead of a key meeting on China’s fiscal policy. Brent crude futures increased by 45 cents, or 0.6%, reaching $77.63 per barrel by 0703 GMT, while U.S. West Texas Intermediate (WTI) futures rose by 33 cents to $73.90 per barrel. This minor recovery followed a steep 4% drop in prices during the previous session on the possibility of a ceasefire between Hezbollah and Israel. However, markets remain concerned about a potential Israeli strike on Iran’s oil infrastructure.…
Oct 9 2024: Bitcoin’s price remained relatively unchanged on Wednesday, stabilizing after recent declines as traders awaited new insights on U.S. interest rates from the Federal Reserve and upcoming inflation data. The cryptocurrency rally stalled earlier this week as expectations for slower interest rate cuts by the Fed impacted sentiment. A stronger U.S. dollar also weighed on the broader crypto market, contributing to reduced risk appetite. As of 01:50 ET (05:50 GMT), Bitcoin slipped just 0.1%, trading at $62,466.2. Focus on Fed Minutes and Inflation Data Traders are now keenly awaiting the release of the Fed’s September meeting minutes, scheduled for…
Oct 9 2024: European stock markets showed little movement on Wednesday as investor sentiment was dampened by the ongoing conflict in the Middle East and market volatility in China. At 03:05 ET (07:05 GMT), Germany’s DAX index traded nearly flat, while France’s CAC 40 dipped 0.1%, and the U.K.’s FTSE 100 rose 0.4%. European Markets Impacted by Global Factors The main European indices slipped following losses in Asian markets, particularly in China, where the absence of more concrete stimulus measures from Beijing after the Golden Week holiday disappointed investors. China, a key export market for many European companies, has been struggling…
