US President-elect Donald Trump has issued a stark warning to BRICS nations, including India, threatening a 100% tariff on goods if they pursue plans to de-dollarize and abandon the US dollar as their primary trading currency. He demanded a commitment from these countries to refrain from creating a new currency or supporting alternatives to the dollar, emphasizing the potential economic consequences of non-compliance.
Oil prices saw a slight increase, with Brent crude rising 8 cents to $71.92 a barrel and U.S. West Texas Intermediate up 9 cents to $68.09. The uptick followed positive data indicating modest expansion in China's factory activity for November, amid concerns over the stability of the Israel-Lebanon ceasefire.
China's manufacturing activity expanded in November, with the Caixin/S&P Global PMI rising to 51.5, surpassing forecasts and indicating growth for the second consecutive month. This improvement is attributed to increased new business inflows and a rise in export orders, reflecting the impact of recent stimulus measures. However, challenges remain, including a decline in real estate investment and potential tariff risks from the U.S.
India's forex reserves fell by USD 1.31 billion to USD 656.582 billion for the week ending November 22, according to the Reserve Bank of India. This decline follows a significant drop of USD 17.761 billion the previous week, marking a continued decrease from the record high of USD 704.885 billion in late September. Foreign currency assets, a key component of the reserves, decreased by USD 3.043 billion to USD 566.791 billion, reflecting the impact of currency fluctuations.
Indian bonds are poised for a rally into 2025, with Quantum Asset Management predicting a yield drop of up to 50 basis points for the benchmark 10-year bond by mid-2025. Trust Mutual Fund anticipates rates could slide to 6.25%-6.5% over the next 18 months, despite recent pressures from a stronger dollar and rising Treasury yields.
Gold prices have declined, trading around $2,635 an ounce, as a stronger US dollar follows President-elect Donald Trump's warning to BRICS nations against creating a new currency. The dollar's rise has made gold more expensive for international buyers, contributing to a nearly 3% drop last week.
Bulgari is focusing on expanding in India, anticipating significant growth driven by favorable demographics, according to CEO Jean-Christophe Babin. He predicts that India could rise to be among the top five or eight luxury markets globally, as demand in China declines due to economic challenges.
Asian stocks rose following gains in US shares, with South Korea and Australia leading the way. The euro weakened amid political tensions in France, where Marine Le Pen signaled a potential no-confidence vote against the government over budget issues. Finance Minister Antoine Armand rejected Le Pen's demands for budget adjustments by Monday.
Oil prices rose slightly as the dollar weakened, with Brent crude around $72 a barrel and West Texas Intermediate above $68. Traders are focused on the upcoming OPEC+ meeting, which has been postponed by four days, following a 3% decline in prices last week.
Bulgari is shifting its focus to India to counteract declining luxury demand in China due to an economic slowdown. CEO Jean-Christophe Babin highlighted the brand's expansion in India, driven by strong growth and favorable demographics, with 13 boutiques or official retailers currently listed in the country.
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