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The Reserve Bank of New Zealand is expected to slow the pace of interest rate easing after February, following a third consecutive half-percentage point cut. Assistant Governor Karen Silk indicated that pauses may be integrated into the cycle, as inflation is projected to rise to 2.5% next year, necessitating a mildly restrictive monetary policy to maintain pressure on price-setting.
Food inflation in India surged to a 15-month high of 10.9% in October, contributing to a retail inflation peak of 6.2%. Amid these rising inflationary pressures, the Reserve Bank of India is facing calls for interest rate cuts to boost economic growth, despite maintaining current rates.
The Reserve Bank of India (RBI) is expected to maintain interest rates during its meeting on December 6, amid a significant increase in consumer inflation. This development has prompted several economists to revise their forecasts for the first rate cut, now anticipated in February.
The FTC has initiated an antitrust investigation into Microsoft, scrutinizing its software licensing and cloud practices amid allegations of market dominance abuse. In other news, Unusual Machines' stock surged following Donald Trump Jr.'s appointment to its advisory board, while Ikea reported a decline in profits due to price cuts. Additionally, South Korea unexpectedly cut interest rates to boost its economy, and U.S. consumer spending remains strong, although inflation progress has stalled.
Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the declines as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following persistent inflation. The S&P 500 dropped 22.85 points to 5,998.78, the Nasdaq Composite fell 113.80 points to 19,061.78, and the Dow Jones Industrial Average decreased by 136.31 points to 44,723.23. Consumer spending showed solid growth in October, indicating a strong economy, but progress on inflation appears to have stalled.
Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the decline as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following strong inflation data. The S&P 500 dropped 22.85 points to 5,998.78, while the Nasdaq Composite lost 113.80 points, ending at 19,061.78. Despite solid consumer spending in October, inflation progress seems stalled, prompting traders to bet on a 25 basis point rate cut in December, but expect rates to remain unchanged in January and March. Investors are also assessing the implications of President-elect Donald Trump's recent trade pledges, which include imposing significant duties on imports from Mexico, Canada, and China.
South Korea's central bank unexpectedly cut its benchmark interest rate by 25 basis points to 3%, marking the first consecutive cuts since 2009. This decision follows a weaker-than-expected GDP growth of 1.5% in the third quarter and a reduction in the GDP forecast for 2024 to 2.2%. Inflation has also slowed, with October's rate at 1.3%, the lowest since February 2021.
The Bank of Korea unexpectedly cut its benchmark interest rate by a quarter-percentage point to 3%, responding to heightened trade and economic concerns following Donald Trump's presidential election victory. This move comes alongside a revision of growth forecasts, indicating a cautious outlook for the economy.
The Biden administration is advancing a $680 million arms sale to Israel, which includes thousands of joint direct attack munition kits and hundreds of small-diameter bombs. This move comes despite a newly brokered ceasefire in Lebanon between Israel and Hezbollah, as Israel continues its conflict with Hamas in Gaza. The arms package has been under consideration for several months, having been previewed to congressional committees in September and submitted for review in October.
Anil Rego, founder and fund manager of Right Horizons, expects the positive earnings trend in the BFSI sector to continue, despite a subdued overall corporate earnings performance in Q2FY25. He anticipates that the RBI will not cut policy rates in December but expects a reduction in interest rates by the last quarter of FY25, noting reasonable valuations in large caps following recent market corrections.
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