December 17th is a pivotal day in India and globally. India witnesses the tabling of ‘One Nation, One Election’ bills, Poco’s smartphone launch, and PM Modi’s Rajasthan visit. Internationally, the US Federal Reserve’s interest rate decision and Bryan Adams’ concert in Goa are key events. These developments impact politics, finance, technology, and entertainment.
This week saw a roller coaster ride in global markets, with oil prices plummeting, TGI Friday’s filing for bankruptcy, and political tensions escalating. Read on for insights into these developments and more in our comprehensive news wrap.
The Japanese yen has surged against the US dollar, driven by a combination of USD weakness and potential monetary policy adjustments from the Bank of Japan (BOJ). The BOJ’s recent hawkish comments, hinting at a possible interest rate hike, have contrasted with the dovish stance of the US Federal Reserve, suggesting a potential shift in monetary policy outlook for both countries. This dynamic has led to a downward trend in the USD/JPY pair.
This week in India, the Securities and Exchange Board of India (SEBI) imposed a five-year ban on Anil Ambani for his involvement in the RHFL loan scandal. Meanwhile, the Maharashtra government was stopped from organizing a bandh due to the Badlapur sexual assault case. In global news, the US Federal Reserve hinted at potential interest rate cuts.
On June 10, a series of significant events unfolded across various sectors, including business, politics, and technology. Here’s a summary of the top news stories:
– US Fed Meeting: The Federal Reserve’s policy-setting committee is unlikely to announce a rate cut on Wednesday, but Fed Chair Jerome Powell’s remarks will be closely watched for clues about the bank’s assessment of inflation and growth, as well as the timeline for potential rate cuts.
– Apple’s WWDC 2024: Apple’s annual World Wide Developers Conference kicked off with CEO Tim Cook delivering the keynote address. Anticipated announcements include updates to Siri, iOS, and other Apple software, with a focus on generative AI.
– Motilal Oswal Financial Services: Shares of the Indian financial services firm surged over 18% on the BSE, hitting an all-time high after trading ex-bonus.
– Monsoon in Mumbai: The southwest monsoon arrived in Mumbai, bringing relief from the heatwave and issuing an orange alert for heavy rainfall.
– India-Canada Relations: Prime Minister Narendra Modi expressed India’s desire to work with Canada based on mutual respect, in response to Canadian Prime Minister Justin Trudeau’s congratulations on Modi’s electoral victory.
Gold prices continued their downward trajectory, reaching a two-week low on April 23 as investors cashed in on profits ahead of key economic data from the United States. The de-escalation of tensions in the Middle East, particularly following Iran’s declaration against retaliation in response to an Israeli drone attack, has led to a shift in investors’ risk appetite, away from safe-haven assets like gold. Furthermore, signals from the US Federal Reserve, hinting at no immediate interest rate cuts in June, have reduced the allure of non-interest-yielding gold. The market now anticipates the first Fed rate cut in September at the earliest. Investors await the release of US GDP data on Thursday and Personal Consumption Expenditures (PCE) figures on Friday for insights into the economy’s health and the timing of potential rate cuts.
The FTSE 100 has hit a new record high as traders bet on the US Federal Reserve raising interest rates before the end of 2024. The UK’s blue-chip index has risen 0.5% to 8,066.39 in early trading, beating its previous intraday record of 8,047.06 set in February last year. A weaker pound against the dollar is boosting the FTSE 100, as many of its companies report their finances in the US currency.
