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Business Standard

INR strengthens to 2-month high after Fed's 50 bps rate cut

The Indian rupee strengthened by 10 paise to hit a two-month high level of 83.66 against the US dollar on Thursday after the US Federal Reserve cut the benchmark interest rate by 0.50 per cent, boosting investors' sentiment. The economic projections provided by Fed officials at the meeting suggested the central bank will cut rates by another 50 basis points by the end of the year. Fed officials also expect to continue lowering rates next year, with the projections indicating rates will be lower by another full percentage point by the end of 2025. Massive buying in domestic equities and inflow of foreign funds also supported the local unit. Indian shares rose on Thursday, but key benchmark indexes ended off their day's highs amid signs of escalating tensions in the Middle East. The benchmark 30-share BSE Sensex hit a new record high of 83,773.61 in intraday trade before finishing up by 236.57 points, or 0.29 percent, at 83,184.80. Likewise, the broader Nifty index hit a fresh record ..

The Economic Times

European shares advance as Fed begins easing cycle with jumbo rate cut

The U.S. central bank kicked off its monetary-easing cycle on Wednesday with a jumbo reduction that brought the benchmark policy rate to 4.75%-5.00% range.

Business Standard

US stocks erase intraday gains to end in negative

US stocks saw considerable volatility during the trading session on Wednesday following the Federal Reserve's announcement of its decision to lower interest rates by a super sized 50 bps. The economic projections provided by Fed officials at the meeting suggested the central bank will cut rates by another 50 basis points by the end of the year. Fed officials also expect to continue lowering rates next year, with the projections indicating rates will be lower by another full percentage point by the end of 2025.

Mint

Latest Market News Today Live Updates September 19, 2024: US Fed rate cut: Here's how US Central Bank's decision will impact Indian stock market; Experts weigh in

Latest Market News Today Live Updates: Follow Mint's market blog for real-time updates on your favourite companies. This blog keeps you informed on all things Dalal Street and global markets.

Mint

US Fed rate cut: Here's how US Central Bank's decision will impact Indian stock market; Experts weigh in

Indian investors are closely watching the decision, as it is expected to shape the market trend on Thursday, September 19. Experts suggest that a 50bps rate cut could boost market sentiment.

The Economic Times

Not saying mission accomplished on lowering inflation: Powell

The US central bank is increasingly confident that strength in the jobs market can be maintained with an "appropriate recalibration" of policy, said Federal Reserve Chair Jerome Powell. He added that he doesn't believe the central bank waited too long to cut its interest rate target.

CNBC TV18

IT stocks drag Nifty 50, Sensex as Fed rate decision looms

While the US central bank is widely expected to cut interest rates after the end of its two-day monetary policy meeting tonight, there is still uncertainty about the magnitude of the cut, whether it will be 25 basis points or 50 basis points.

Mint

US Fed rate cut: Gold prices near record high; is it time to increase exposure to yellow metal? Experts weigh in

US Fed rate cut: Gold prices are near all-time highs amid expectations of a US Fed rate cut, which could weaken the dollar and boost gold demand. Factors like geopolitical tensions and central bank buying will also influence prices, with experts suggesting potential gains in the coming years.

The Economic Times

European shares at two-week high in lead-up to Fed rate decision

Investors will be squarely focused on Fed's decision on Wednesday, with markets now pricing in a 67% chance that the U.S. central bank could ease rates by 50 basis points

The Economic Times

Will investors make money as the US Fed is all set to cut the rates?

Lower interest rates mean higher bond prices, benefiting bond investors. While the US Federal Reserve raised rates significantly, India's central bank took a more moderate approach. We expect a smaller rate cut from India's central bank this year.

The Economic Times

Britain's Revolut prepares for 2025 India launch, FT reports

Revolut set up in India in 2021 but did not receive in-principle approval from the country's central bank to issue prepaid cards and wallets until earlier this year, the newspaper reported.

The Economic Times

Retail users power up e-Rupee transactions

The Central Bank Digital Currency (CBDC), or e-rupee, has seen significant growth among retail users. As of March 2024, e-rupee circulation reached ₹234.12 crore, up from ₹16.3 crore a year earlier. The increase is attributed to big banks promoting CBDC wallets and the RBI allowing interoperability with the Unified Payments Interface.

Hindustan Times

ECB Should Maintain Gradual Approach to Rate Cuts, Lane Says

The European Central Bank should stick with its cautious stance on lowering interest rates, Chief Economist Philip Lane said — further strengthening expectations for the next cut to come in December rather than October.

Mint

Wall Street week ahead: All eyes on Federal Reserve’s interest rate decision

The US central bank is widely expected to slash interest rates for the first time since 2020

Mint

Lagarde Signals ECB Open to October Cut But December More Likely

The European Central Bank is open to considering an interest-rate cut in October if the economy suffers a major setback — though the next comprehensive set of information will only be available at the following meeting, President Christine Lagarde said.

Business Standard

RBI imposes penalty on BNP Paribas, 3 others for compliance lapses

The Reserve Bank of India on Friday said it has imposed a penalty of Rs 31.8 lakh on BNP Paribas (the bank) for certain deficiencies in statutory and regulatory compliance. The central bank has also imposed penalties on Hewlett Packard Financial Services (India), SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for non-compliance with certain norms. In a statement, the RBI said the penalty has been imposed on the bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances'. Giving details, it said the statutory inspection for Supervisory Evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to BNP Paribas, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's

The Economic Times

Gold prices surge ahead of Onam as ECB cuts rates and Fed decision looms

Gold has become precious ahead of Onam, a festival celebrated in Kerala which falls on September 15. As the European Central Bank (ECB) cut the rate by a 25 basis point yesterday, gold and silver prices are showing an upward trajectory.

The Economic Times

Gold's 16% YTD returns surpass Sensex, catching up with Nifty

Gold's year-to-date returns have outperformed the S&P BSE Sensex and are catching up with Nifty50. The recent rally was driven by a rate cut from the European Central Bank and potential rate cuts in China. Experts see gold as a portfolio diversifier, especially with upcoming geopolitical events and US elections.

CNBC TV18

Dollar weak as traders add to wagers of big rate cut from Fed

The dollar softened on Friday, with the euro and the yen on the rise as investors remained on tenterhooks ahead of next week's central bank bonanza where the focus is on the Federal Reserve and the size of its expected interest rate cut.

Business Standard

Bidders' insistence on 51% stake in Yes Bank may jeopardise stake buy

Bidders' insistence on having a 51 per cent stake in Yes Bank may end up jeopardising the stake buy, an informed source said on Thursday. When asked on whether the deal will go through by the end of this fiscal, the source, who is not authorised to speak to the media, said the deal itself is in a quandary. As per the source, the talks on any deal "are not going anywhere" because of all the bidders' push on the 51 per cent stake. The source explained that the RBI is uncomfortable with a foreign entity owning a 51 per cent stake in a big entity like Yes Bank. There are reports of two bidders being in the fray including Japan's SMBC and Emirates NBD. The suitors are directly speaking with RBI, but the central bank is not amenable on giving the ownership control. At present, the regulations allow for a maximum of 26 per cent stake by an entity in a bank and in cases where it is higher, has set a fixed timeline for getting it down. As per the source, there has been no progress on the

The Economic Times

Draghi report on EU economy is 'severe but just': ECB's Lagarde

European Central Bank chief Christine Lagarde said Thursday a report written by her predecessor Mario Draghi calling for sweeping reforms to boost the EU economy was "severe" but "just". "It's a formidable report in that it poses a diagnosis which is severe but which is just in our view," Lagarde said at a press conference.

The Economic Times

Pakistan central bank cuts policy rates by 200 bps to 17.5%

Pakistan's Central bank on Thursday cut its key policy rate by 200 basis points to 17.5 per cent from 19.5 per cent bowing to demands for a major rate cut.

Business Standard

Govt notifies NaBFID as a public financial institution under Companies Act

The government has notified the National Bank for Financing Infrastructure and Development (NaBFID) as a public financial institution under the Companies Act. This will help the government fortify the nation's infrastructure finance structures. In a notification issued on September 10, the Corporate Affairs Ministry said that in exercise of the powers, Section 2 of the Companies Act, 2013, the Central Government, in consultation with the Reserve Bank of India, hereby notifies National Bank for Financing Infrastructure and Development as a "public financial institution". The move will enhance the bank's capacity to finance large-scale infrastructure projects, thereby bolstering the country's infrastructure development. NaBFID, a specialised Development Finance Institution (DFI), was set up in 2021, by an Act (The National Bank for Financing Infrastructure and Development Act, 2021). The Bank was set up with the essential objectives of addressing the gaps in long-term non-recourse

Business Standard

Govt notifies NaBFID as a public financial institution under Companies Act

The government has notified the National Bank for Financing Infrastructure and Development (NaBFID) as a public financial institution under the Companies Act. This will help the government fortify the nation's infrastructure finance structures. In a notification issued on September 10, the Corporate Affairs Ministry said that in exercise of the powers, Section 2 of the Companies Act, 2013, the Central Government, in consultation with the Reserve Bank of India, hereby notifies National Bank for Financing Infrastructure and Development as a "public financial institution". The move will enhance the bank's capacity to finance large-scale infrastructure projects, thereby bolstering the country's infrastructure development. NaBFID, a specialised Development Finance Institution (DFI), was set up in 2021, by an Act (The National Bank for Financing Infrastructure and Development Act, 2021). The Bank was set up with the essential objectives of addressing the gaps in long-term non-recourse

The Economic Times

Euro zone yields little changed after ECB rate cut, projections

Euro zone government bond yields were mixed on Thursday after the European Central Bank decided on a widely expected 25 basis points interest rate cut and tweaked its economic forecasts.

The Economic Times

European markets hold steady after ECB rate cut

Euro zone government bond yields, the euro and European stocks held steady on Thursday after the European Central Bank cut its main interest rate for a second time in three meetings, in line with expectations.

The Economic Times

ECB cuts deposit rate by 25 basis points to 3.50% as growth dwindles

ECB Rate Cut: The European Central Bank has cut interest rates again as inflation slows and economic growth falters. The deposit rate was lowered by 25 basis points to 3.50%. Investors are now looking for clues on future rate cuts, but the ECB has not pre-committed to any specific path.

Business Standard

Euro lingers near a month low against dollar ahead of ECB decision

Euro continues to linger around a one-month low on Thursday as investors await ECB interest rate decision later today. The monetary policy statement by ECB President Christine Lagarde is likely to inject volatility in the euro and dollar pair. The European Central Bank (ECB) interest rate decision will be announced alongside the publication of the staffs updated economic projections following the September monetary policy meeting. After standing pat on interest rates in July, the central bank is widely expected to reduce key rates at its upcoming policy meeting. Some of the main drivers behind an expected rate cut include sluggish economic growth across the euro zone and cooling inflation, which fell back toward the central banks 2% target in August. Currently, the EURUSD pair is quoting at $1.10, flat on the day and at its lowest level in almost a month.

Mint

EU Should Let Mobile Operators Merge, Draghi Report Says

The European Union should encourage more mergers in the telecommunications sector, according to a long-awaited report written by former European Central Bank President Mario Draghi on how the bloc can keep its economy competitive.

The Economic Times

Hinduja Group firm IIHL to raise Rs 3,000 crore via NCDs

The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company.The proceeds will be used to part fund the acquisition of RCAP, while the other leg of the transaction to complete the process for Rs 4,300 crore is parallelly underway which will be subject to receipt of regulatory approvals and completion of formalities by the administrator, sources said

The Economic Times

European stock markets rise at open

European stock markets climbed at the open Monday, recovering slightly from heavy pre-weekend falls on US economic strains, as investors await an expected interest-rate cut from the European Central Bank. The European Central Bank is set to cut eurozone borrowing costs further on Thursday as inflation in the single-currency bloc drifts back to the ECB's two-percent target. bcp/lth

Mint

ECB Is Poised to Cut Rates Again in Warm-Up Act for the Fed

The European Central Bank will probably cut interest rates on Thursday in a prelude to a US move the following week, as the global monetary cycle tilts toward more synchronized easing.

Mint

Ganesh Chaturthi 2024: Experts expect the gold price to shine brighter in 2025; can it hit the $3,000 mark next year?

Ganesh Chaturthi 2024: Experts predict gold prices may reach $3,000 in 2025 due to factors like US rate cuts, inflation, and geopolitical tensions. Central bank purchases and strong ETF inflows are also driving demand, with spot prices currently around $2,500.

The Economic Times

5 world market themes for the week ahead

September's market volatility may persist as investors await key macro events. U.S. consumer price data on Sept. 11 could influence the Federal Reserve's rate decisions. The European Central Bank is expected to cut rates again, while Japan prepares for a new prime minister amid economic challenges.

CNBC TV18

Reserve Bank of India buys 5 tonnes of gold in July, reserve at 846 tonnes

The RBI has consistently purchased gold each month this year, reflecting a broader trend among global central banks. For the first half of 2024, central banks have acquired a record 483 tonnes of gold.

Business Standard

ICICI Bank-Videocon case: SC notice to Chanda Kochhar, husband on CBI plea

The Central Bureau of Investigation has alleged that after the loan was sanctioned, Videocon Group promoter VN Dhoot invested Rs 64 cr into Nupower Renewables, a company managed by Chanda Kochhar

The Economic Times

PayGlocal gets RBI nod to operate as online merchant payments company

PayGlocal is an international payments-focused startup and has also applied for a cross-border payments licence. That application is still being processed by the central bank. The company expects to receive this licence in due course from the Reserve Bank of India (RBI).

The Economic Times

Beyond interest rates, this is the RBI tool that is moving markets

The central bank has many tools beyond interest rates to achieve its objectives.

Mint

ECB’s Villeroy Says September Rate Cut Is ‘Fair and Wise’

European Central Bank Governing Council member Francois Villeroy de Galhau backed a cut in interest rates next month after data showed a marked slowdown in inflation in August.

Business Standard

All-India house price index moderates to 3.3% in Q1FY25: RBI data

The all-India House Price Index (HPI) moderated to 3.3 per cent in the June quarter of 2024-25 from 5.1 per cent in the year-ago period, according to data released by the Reserve Bank of India on Friday. The RBI releases HPI-based on transaction-level data received from the registration authorities in 10 major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai. "All-India HPI increased by 3.3 per cent (y-o-y) in Q1:2024-25 as compared to 4.1 per cent growth in the previous quarter and 5.1 per cent a year ago; annual HPI growth varied widely across the cities - ranging from a high of 8.9 per cent (Kolkata) to a low of (-)1.7 per cent (Delhi)," the central bank said. On a sequential (quarter-on-quarter) basis, all-India HPI increased by 1.8 per cent in the first quarter of 2024-25. Among the ten cities, nine (Mumbai, Delhi, Bengaluru, Lucknow, Kolkata, Chennai, Jaipur, Kanpur and Kochi) recorded a rise in house prices duri