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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
India is emerging as Abrdn Plc’s top investment choice in Asia, driven by the Reserve Bank of India's confidence in easing inflation and its commitment to defend the rupee. This environment is expected to enhance carry trade opportunities, with attractive bond valuations positioning India favorably against other emerging markets.
The Bank of Ghana's Governor, Dr. Ernest Addison, asserts that a resilient banking industry foundation has been established, bolstered by measures to address emerging risks like technological disruptions and climate vulnerabilities. Despite improvements in asset growth and capital adequacy, challenges such as rising non-performing loans and financial fraud persist, necessitating stronger internal controls and ethical practices. Industry leaders emphasize the need for collaboration and ongoing education to navigate the evolving financial landscape effectively.
The Philippine peso has weakened significantly, attributed to a strong US dollar amid rising geopolitical tensions, according to the central bank. The peso's recent depreciation aligns with trends observed in regional currencies used for comparison.
US equity markets surged, with the Dow Jones gaining 461 points as investors shifted to cyclical stocks amid a resilient economy, while the ASX 200 hit a record high of 8446, driven by strong energy, banking, and resource sectors. Key economic indicators showed a decline in US housing starts and a drop in jobless claims, while inflation rates in the UK and Japan saw mixed results. Upcoming data releases include the US FOMC meeting minutes and Australia's monthly CPI indicator, which may influence future monetary policy decisions.
Mahanagar Gas has increased the price of CNG by Rs 2/kg to Rs 77/kg, effective November 22, in response to rising input costs. This adjustment follows a reduction in APM gas supply by Gail India to city gas distributors, impacting profitability. Despite a rise in shares on the announcement day, MGL's stock is down 4% year-to-date.
The Indian rupee's stability, praised by foreign investors and policymakers, is largely attributed to the Reserve Bank of India. However, this stability may mask an overvaluation, as indicated by the real effective exchange rate (REER), which assesses the currency's fair value against a 40-currency trade-weighted basket.
India’s youngest infrastructure lender has ramped up its activity in the interest-rate derivatives market, effectively lowering the country’s borrowing costs amid an economic slowdown. This increased hedging has contributed to a decline in the five-year overnight index swap rate to 6.25%, even as US Treasury yields have risen.
The U.S. dollar remains near a 13-month high as investors evaluate the Federal Reserve's interest rate trajectory, with the euro struggling amid European uncertainties. The dollar index slightly dipped to 107.01, close to its one-year peak, while U.S. jobless claims fell to a seven-month low, suggesting potential for rate cuts in December.
India is projected to achieve a 7% growth in FY25, driven by a strong Rabi crop and robust domestic demand, according to Jyoti Prakash Gadia, Managing Director at Resurgent India. However, he notes potential moderation in growth in the following years. The timing of interest rate cuts will depend on inflation trends and global conditions, with the RBI remaining cautious.
Despite stronger-than-expected UK inflation data, market sentiment remains bearish on the British pound following a recent rate cut by the Bank of England. The pound briefly rose above $1.27 against the dollar but quickly lost ground, driven by the dollar's strength and the BoE's cautious policy approach. UBS indicates that this trend will likely keep sterling under pressure.
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