Gold Silver Reports (GSR) – In a snap poll of 56 economists taken after gross domestic product data on Thursday, 26 of those respondents, or about 46 percent, expect the RBI to take the repo rate higher at the June 6 meeting. The GDP data showed Asia’s third-largest economy grew at its fastest pace in nearly two years in the January-March period.
Global Economic
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Government Sanctions Rs 30000-Crore GST Refunds To Exporters
Gold Silver Reports (GSR) – Government Sanctions Rs 30000-Crore GST Refunds To Exporters — The government has sanctioned Goods and Services Tax refunds worth Rs 30,000 crore to exporters so far in lieu of input tax credit and integrated GST paid by them. Of the Rs 30,000 crore refunds, Rs 16,000 crore was refund for IGST paid, and Rs 14,000 crore was given as input tax credit to exporters, according to a finance ministry statement issued today. The input tax credit refund includes sanctions by both central and state governments.
Southwest Monsoon Hits Kerala, Says Skymet
Gold Silver Reports (GSR) – Southwest Monsoon Hits Kerala, Says Skymet — IMD’s main parameter to decide the arrival of monsoon is by measuring the rainfall in its available 14 stations. If 60 per cent of the available 14 stations — Minicoy, Amini, Thiruvananthapuram, Punalur, Kollam, Allapuzha, Kottayam, Kochi, Thrissur, Kozhikode, Thalassery, Kannur, Kudulu and Mangalore — report rainfall of 2.5 mm or more for two consecutive days after May 10, the onset of Monsoon over Kerala can be declared on the second day.
India’s Correlation With Global Markets Approaches 10-Year Low
Gold Silver Reports (GSR) – The disconnect is most pronounced in the bond market, where India’s 10-year yields have almost no correlation with a portfolio consisting of global sovereign debt. A shrinking correlation between financial markets in India and those in the rest of the world is one reason to buy its assets. The weighted average correlation of India’s currency, bonds and stocks with those in other global economies fell to 0.32 last month, approaching a more than 10-year low of 0.29 set in November. The reading was as high as 0.68 in 2010, data compiled by Bloomberg show. Global investment managers say this divergence provides them with an asset class that can smooth out returns in their portfolios.
Government Rejigs Top Managements Of Three PSU Banks
Gold Silver Reports (GSR) – Government Rejigs Top Managements Of Three PSU Banks – Based on recommendations of Banks Board Bureau, the government rejigged top managements of three state-run lenders. banking secretary tweeted.
As part of Banking Reforms and on recommendation of BBB, Govt. appoints Dr Charan Singh ,Anjali Bansal ,Tapan Ray as Non Exec Chairperson of Punjab&Sind Bank, Dena Bank & Central Bank of India. @FinMinIndia @PIB_INDIA pic.twitter.com/mAAH4BU57V
— Rajeev kumar (@rajeevkumr) May 24, 2018
Fuel Prices Raised For Tenth Day In A Row
Gold Silver Reports (GSR) – Fuel Prices Raised For Tenth Day In A Row – State-run oil marketers hiked petrol and diesel prices for the tenth day in a row. The price of petrol was hiked by 29 paise today to Rs 84.9 a litre in Mumbai and diesel was raised by 28 paise to Rs 72.76 a litre, according to data released by Indian Oil Corporation Ltd.
U.S.-China Trade Truce May Be Fleeting Absent Serious Reform
Gold Silver Reports (GSR) – U.S.-China Trade Truce May Be Fleeting Absent Serious Reform — President Donald Trump had threatened to slap tariffs on up to $150 billion in Chinese imports, while Beijing vowed to respond in kind. For now, Mnuchin’s cease-fire declaration will soothe the nerves of investors worried that the world’s two biggest economies were on the verge of an all-out trade conflict.