Prospect of steeper Fed cuts boosts stocks, drives record gold prices
WEB4 days ago · (Reuters) -U.S. stocks advanced on Friday and gold continued to hit record highs as investors looked to whether the Federal Reserve might move more aggressively to cut rates at its policy meeting next week. Futures tied to the Fed's policy rate now reflect about a 47% chance the Fed will cut its policy rate by half a percentage point, climbing …
India removes floor price for basmati rice exports to claw back …
WEB4 days ago · NEW DELHI (Reuters) -India removed a floor price for basmati rice exports on Friday, according to a government order, to help farmers struggling with debt and higher costs boost overseas sales of the premium grade just weeks ahead of the arrival of the new-season crop. Last year New Delhi set a floor price, or minimum export price (MEP), …
Indian state minister to meet Samsung officials in bid to resolve …
WEB5 days ago · The labour minister of India's southern state of Tamil Nadu is set to hold talks on Thursday with officials of Samsung Electronics, in a bid to resolve a strike that has disrupted its consumer electronics plant for four days. Hundreds of workers at the plant in Sriperumbudur near the industrial city of Chennai have boycotted work to seek higher …
Global stocks mostly rise as markets eye likely Fed rate cut
WEB4 days ago · New York - Dow: UP 0.6 percent at 41,096.77 (close) dan/fox. Asian markets mostly rose Friday while the yen sat around nine-month highs and gold hit a record after another healthy day on Wall Street as investors gear up for an expected US interest rate cut next week.Gold spiked at a fresh high of $2,570.30 on expectations that the Fed will cut ...
Indian central bank likely selling dollars to support rupee, traders say
WEB5 days ago · The Indian central bank was likely selling U.S. dollars on Thursday to help the rupee hold above the key support level of 84, five traders told Reuters. The rupee was quoting at 83.97 per U.S. dollar compared to its close at 83.9775 in the previous session. State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank …
Bajaj Housing Finance draws bids worth $39 billion in hottest India …
WEB6 days ago · The interest in the company's public offer -- the most this year among mainboard IPOs worth more than $500 million -- was due to the lender's prospects in a booming home loan market and came during the busiest week for Indian IPOs in 2024. Bajaj Housing Finance, a unit of non-bank lender Bajaj Finance, will become India's …
Oil rises 3% as storm batters US Gulf of Mexico production
WEB5 days ago · NEW YORK (Reuters) -Oil prices rose about 3% on Thursday as producers assessed the damage to output in the U.S. Gulf of Mexico after Hurricane Francine tore through offshore oil producing areas before being downgraded to a tropical storm. UBS analysts estimated as much as 1.5 million barrels of Gulf of Mexico output was disrupted …
US dollar mixed after inflation report supports smaller Fed rate cut
WEB6 days ago · The U.S. dollar was mixed overall on Wednesday in choppy trading after data showed underlying inflation in the world's largest economy rose in August, reinforcing expectations that the Federal Reserve will likely implement a smaller 25-basis-point interest rate cut option next week. The greenback posted gains against the Swiss franc, sterling, …
Rupee ends flat; RBI intervention offsets pressure from weak Asia FX
WEB5 days ago · The Indian rupee was little changed on Thursday, holding above its lifetime low, supported by likely intervention from the Reserve Bank of India (RBI) amid weakness in most Asian currencies. U.S. consumer prices increased marginally in August, but underlying inflation showed some stickiness, dimming hopes of the Federal Reserve cutting rates by ...
Samsung India strike puts spotlight on powerful Indian labour group
WEB4 days ago · A labour strike in India that has disrupted production at a Samsung plant has put the spotlight on a politically-backed worker group which quietly mobilized employees of the South Korean company and now plans to extend its efforts in the country's electronics sector. The Samsung protests over low wages, now in their fifth day, cast a shadow on …