RBI Rate Cut Neutral For Stocks But Lower GDP Negative – The 25 basis-point cut in the policy rate by the country’s central bank will have little impact as stocks had priced in the quantum of reduction, Bloomberg reported quoting Dharmesh Kant, head of retail research.
Global Economic
Global Economic – The global economy is the worldwide system of trade, production, and finance that connects countries. It involves the exchange of goods, services, and money across borders, driven by businesses, governments, and consumers. This system shapes jobs, wealth, and growth everywhere.
Gold Prices Blast – PMI Data @ 47.8%; September Manufacturing ISM
The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: “The September PMI® registered 47.8 percent, a decrease of 1.3 percentage points from the August reading of 49.1 percent. The New Orders Index registered 47.3 percent, an increase of 0.1 percentage point from the August reading of 47.2 percent.
File Complaint Against PMC Bank Management, Angry PMC Depositors On RBI Move
The Reserve Bank of India-appointed administrator for Punjab and Maharashtra Cooperative Bank is likely to file a formal complaint against K Joy Thomas, the suspended managing director of the bank.
Federal Reserve, European Central Bank and BOJ likely to adopt 2 more rate cuts by March next year, says Barclays Research
The Federal Reserve, European Central Bank (ECB) and the Bank of Japan (BoJ) are all expected to adopt two more rate cuts by 25bp to 1.25-1.50bp, by 10bp to -0.70 percent and to -0.30 percent respectively, according to the latest report from Barclays Research.
Trade War – China’s New Tariff Waivers Boost Risk, GBP Awaits UK Supreme Court Ruling
Trade War – The market mood improved on fresh US-Sino trade optimism, after the US Treasury Sec. Mnuchin said trade talks with China will resume in two weeks. Further, China’s announcing new waivers to buy US soybeans offered a fresh boost to risk. Upbeat US PMI report also buoyed the sentiment.
Jay Powell and the Federal Reserve Fail Again. No “guts,” no sense – Donald Trump
The Federal Reserve on Wednesday cut interest rates by a quarter percentage point for the second time since July, as concerns grow about a potential global slowdown.