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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
U.S. inflation rose slightly in October, with the personal consumption expenditures price index increasing by 0.2% month-over-month and 2.3% year-over-year. Despite a dip in U.S. stock markets, investors remain optimistic, with many stocks above their 200-day moving average, indicating a solid market trend. Meanwhile, South Korea unexpectedly cut interest rates amid disappointing economic growth, and forecasts suggest the offshore yuan may hit a record low against the dollar by 2025.
Investors are increasingly avoiding French assets amid rising political tensions, fearing ongoing instability. The upcoming S&P Global Ratings assessment adds to the uncertainty surrounding the budget and the government, contributing to higher borrowing costs and a significant drop in stock performance, marking the worst year relative to European shares since 2010.
OPEC+ has postponed its meeting to decide on oil production strategy to December 5, shifting from the original date of December 1. The coalition is currently implementing three sets of production cuts, totaling 39.725 million barrels per day, amid uncertain demand and fluctuating global oil prices.
Nuvama Institutional Equities has upgraded Wipro to 'Buy' from 'Hold,' raising the target price to Rs 700, citing a favorable portfolio mix and new leadership under CEO Srini Pallia. This upgrade suggests a 20% upside potential for Wipro's shares, which have gained 20% year-to-date, outperforming the Nifty 50. The brokerage anticipates a revival in discretionary spending, benefiting Wipro following recent macroeconomic improvements.
The finance ministry is evaluating a proposal from the petroleum ministry to include natural gas under the Goods and Services Tax (GST) as part of tax structure reforms. Additionally, there are considerations regarding the repeal of the windfall tax on oil and gas companies, prompted by declining oil prices. An official decision is anticipated soon.
Central banks in Eastern Europe are significantly increasing their gold reserves as a hedge against economic volatility. The Czech National Bank, under Governor Ales Michl, aims to double its gold stockpile to 100 metric tons within three years, reflecting a broader trend among regional banks to diversify investments and capitalize on rising gold prices.
European markets are set to open higher on Thursday, with the U.K.’s FTSE 100 expected to rise 16 points, Germany’s DAX up 72 points, France’s CAC gaining 30 points, and Italy’s FTSE MIB increasing by 98 points. Key data releases include Spanish and German inflation figures, along with European economic sentiment and business confidence data from Italy and Spain. Meanwhile, U.S. markets are closed for Thanksgiving, following a decline in light trading on Wednesday.
The Czech Republic's central bank is on a mission to significantly increase its gold reserves, aiming to double its stockpile to 100 metric tons within three years. Since Ales Michl took office in 2022, the reserves have grown fivefold as part of a strategy to diversify the bank's assets.
The Bank of Korea has cut its benchmark interest rate by a quarter percentage point to 3% to support a slowing economy, revising its growth forecasts down to 2.2% for 2024 and 1.9% for 2025. This marks the second consecutive month of rate cuts amid high inflation and rising household debt, as global economic uncertainties persist. The bank's actions follow a previous cut in October, the first since May 2020, as concerns grow over the impact of new U.S. tariffs and geopolitical tensions.
China's yuan is projected to weaken to record lows as U.S. tariff threats escalate, with major investment banks forecasting an average of 7.51 per dollar by the end of 2025. The yuan's depreciation poses challenges for Chinese authorities, who aim to stabilize the currency while reviving the economy. The People's Bank of China is expected to implement measures to prevent excessive declines, balancing currency control with economic growth.
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