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Canada is projected to generate approximately C$100 million ($71.4 million) annually from newly implemented tariffs on Chinese steel, aluminum, and electric vehicles, according to Parliamentary Budget Officer Yves Giroux. Finance Minister Chrystia Freeland announced these tariffs in August, citing China's practice of overproducing goods and undercutting Canadian prices as justification.
Foreign institutional investors (FIIs) continued their buying spree, net purchasing shares worth Rs 8,540 crore, while domestic institutional investors (DIIs) net sold Rs 2,304 crore. At market close, the Sensex rose by 809.53 points to 81,765.86, and the Nifty increased by 240.95 points to 24,708.40. Year-to-date, FIIs have net sold Rs 2.86 lakh crore, contrasting with DIIs' net purchases of Rs 5.75 lakh crore.
French Prime Minister Michel Barnier's government was ousted in a no-confidence vote, marking a significant political crisis as left and far-right parties united against him. Analysts predict ongoing instability, with a high likelihood of fresh parliamentary elections next year and a provisional budget likely to roll over from 2024, delaying urgent fiscal reforms. President Macron faces pressure to quickly appoint a successor amid a divided National Assembly, complicating efforts to address France's fiscal challenges.
The Reserve Bank of India (RBI) is set to determine its rate trajectory on December 6, amid rising inflation and falling growth. While experts anticipate a status quo in rates during this meeting, historical patterns suggest the RBI may align with the US Federal Reserve's rate hikes, as seen in 2022.
Chinese loans, part of the Belt and Road Initiative, have raised concerns among leaders in cash-strapped countries. While aimed at expanding trade influence through infrastructure investments, critics fear these loans may burden poorer nations with unsustainable debt, leading to asset seizures upon default.
DP World, a UAE-based port operator, is set to expand its operations in India to address trade bottlenecks. CEO Sultan Ahmed Bin Sulayem highlighted plans for more industrial parks and enhanced logistics capabilities to improve the flow of goods amid ongoing challenges in the sector. The company already operates ports in India and has invested in rail connections.
Raiffeisen economists project a slight economic recovery for Switzerland in 2025, with GDP growth expected at 1.3%, up from 1.1% this year. However, uncertainties from US trade policy and political instability in Germany and France pose risks, while the chemicals and pharmaceuticals sector shows resilience. Interest rates are anticipated to fall further, potentially approaching zero, impacting financing and the real estate market.
Raiffeisen Switzerland forecasts a slight economic growth of 1.1% for 2024 and 1.3% for 2025, despite uncertainties from U.S. trade policies and political instability in Germany and France impacting demand. The Swiss National Bank is expected to lower interest rates further, with a potential approach to zero or negative rates by 2026.
The Reserve Bank of India (RBI) has recently engaged in the non-deliverable forward (NDF) market to manage currency fluctuations and stabilize the rupee, marking a shift from its traditional focus on the local over-the-counter (OTC) spot market. RBI governor Shaktikanta Das confirmed this strategic intervention, highlighting changes in their approach to mitigate exchange rate volatility.
South Africa's current-account deficit narrowed unexpectedly in the third quarter, with the gap shrinking to an annualized 1% of GDP, or 70.8 billion rand ($3.9 billion). This improvement was driven by a larger decline in the value of goods exports compared to merchandise imports, according to the South African Reserve Bank.
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