TRADING
Government change in UK won't impact proposed FTA
The Labour Party gained a landslide majority in Thursday's parliamentary elections and dealt a bruising defeat to incumbent Rishi Sunak's Conservative Party. "Smooth transition of current talks will take place as the Labour Party has shown support to the trade deal with India," said Sachin Chaturvedi, Director General, Research and Information System for Developing Countries. The Labour Party holds a different position on social service payments and totalisation issues, he said, adding that this could be an arena of discussion in upcoming rounds of talks.
Prioritising India-UK ties, FTA in focus under new PM Keir Starmer
The India-UK FTA talks began in January 2022 but were stalled in the 14th round as both countries stepped into their general election cycles this year. India saw the new government in the first week and on Friday, it was the UK's. "There is no question in my mind that India will continue to be important for the new Labour government," said Rahul Roy-Chaudhury, Senior Fellow at the International Institute for Strategic Studies (IISS).
Modi to focus on trade imbalance, Indian soldiers in talks with Putin
During his visit to Moscow, Prime Minister Modi aims to address the trade imbalance with Russia and work towards the safe return of Indian nationals involved in the Ukraine conflict. The discussions also focus on enhancing exports across various sectors to strengthen bilateral relations.
Why disconnecting global trade from China is so hard
There are several major factors that create a natural limit to how much of a supply chain can be exfiltrated from China, even if sweeteners like free land, tax breaks and cheap utilities are on offer.
Markets on alert for Biden exit as Trump-win trades mount
Portfolio recalibration began at the end of last week after Biden's contentious debate with Trump sparked concerns about the 81-year-old Democrat's suitability for another term.
Traders’ Corner: An agro commodity stock for possible 7% long trade; multiproduct bet for 6% swing trade
More sectors are joining the bullish movement of broader markets
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US trade deficit widens in May on weak exports
The U.S. trade deficit widened for a second consecutive month in May, reaching $75.1 billion as exports decreased, potentially impacting economic growth in the second quarter; the goods trade deficit also rose to $100.2 billion, the highest since May 2022, with a 0.9 per cent increase, while services exports saw a boost from travel, helping offset declines in automotive and goods exports.
F&O stocks to buy today: L&T, IGL among top 9 trading ideas for July 3, 2024
The Indian market is expected to open higher on Wednesday, following positive global cues. On Tuesday, the Nifty futures closed marginally higher, gaining 0.02% to reach 24,210 levels. The India VIX decreased by 1.14% from 13.83 to 13.67 levels.
Global goods trade rises in Q1 after flat 2023: WTO
The World Trade Organization anticipates a 2.6% growth in world merchandise trade volume for April 2024 and a 3.3% increase for the same month in 2025. Trade values declined by 2% year-on-year in the first quarter of 2024, attributed to falling export and import prices.
India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD
The UNCTAD nowcast predicts a stronger positive trend for the second quarter of 2024, projecting an approximate 2% increase for the first half of 2024. This increase is expected to add around $250 billion to goods trade and about $100 billion to services trade in the first half of 2024 compared to the second half of 2023.
Goods trade up 1% in first quarter of 2024: WTO
World merchandise trade volume increased by 1% in the first quarter of 2024 compared to the previous quarter, with a 1.4 per cent rise from the same period in 2023, according to the World Trade Organization (WTO). Despite Europe experiencing a decline, most regions contributed to the increase. The WTO predicts a 2.7 per cent growth in trade volume for 2024 if the current expansion pace continues.
India executes first Rs 1 crore pulses export to Myanmar under Rupee-Kyat trade settlement mechanism
The first transaction of over Rs 1 crore pulses export from India to Myanmar under the Rupee-Kyat trade settlement mechanism was successfully completed. The transaction aims to boost bilateral trade and promote the use of local currencies. The Central Bank of Myanmar released guidelines for payment procedures and the Indian mission organising awareness events to encourage businesses to benefit from the mechanism.
Protect, without derivative damage
Financial market regulators are warning about risks from increased derivatives trading in the Indian equity market. This surge in trading futures and options aligns with growing household exposure to equities. Suggestions to raise transaction costs could impact institutional investors and market development.
Market Trading Guide: Deepak Nitrite, Bata India among 5 stock recommendations for Monday
After a record-breaking rally, Indian equity indices closed the last week in the red due to profit booking at higher levels. Analysts attribute India's optimism about the upcoming Union budget and upgraded GDP forecasts as continuing drivers of momentum in the market. Additionally, large caps are gaining favor again due to the return of Foreign Institutional Investors (FIIs). Here are 5 stock recommendations for Monday
CCI to tweak fair trade norms soon
Under the green channel process, introduced in 2019, an M&A deal is deemed to have been approved upon filing the application with the regulator, subject to conditions, including meeting the prescribed value thresholds. The move was aimed at expediting the deal approval process and balancing regulatory facilitation with enforcement functions.
US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
Foxconn employment row: Trade unions gather info on recruitment exercise at Tamil Nadu plant
The Union Ministry of Labour and Employment has sought a detailed report from the Tamil Nadu labour department after reports suggested that Foxconn was not hiring married women at the sprawling facility near here. An official of a manpower agency in Sriperumbudur said Foxconn India outsources employees through agencies and claimed that he did not come across any such incident of married women not getting preferred for recruitment.
Infosys CEO Parekh settles insider trading charges
Salil Parekh, CEO of IT major Infosys, has settled a matter related to alleged insider trading violation by agreeing to pay Rs 25 lakh, said the Securities and Exchange Board of India (Sebi).
Sebi eases trading norms for company insiders
"Insider may make adjustments, with the approval of the compliance officer, in the number of securities and price limit in the event of corporate actions related to bonus issue and stock split occurring after the approval of trading plan and the same shall be notified on the stock exchanges on which securities are listed," Sebi said .
Narrowing trade deficit, rise in remittances aid current account surplus: CRISIL
Financial flows also increased leading to accretion in foreign exchange reserves during the fourth quarter amounting to USD 30.8 billion, it said. The country's foreign reserves, as of June 14, 2024, stood at USD 652.9 billion. The report said even though the FDI inflows continued, there has also been a rise in outward FDI, leading to a reduction in net flows, the report said.
Online investment scam: Fake Invesco, Goldman Sachs agents dupe Kerala man Rs 7.5 crore
A man from Kerala was scammed of Rs 7.55 crore by fraudsters posing as representatives from Invesco Capital and Goldman Sachs, who tricked him with a fake account balance. To prevent such scams, be vigilant of unsolicited offers, research investments, and refrain from sharing financial details.
87 stocks turn multibaggers in resilient Indian market during H1. What's the second half looking like?
Indian market showcases resilience with 87 stocks turning multibaggers in H1. Top performers include Marsons and Tinna Trade. IT and capital goods sectors witness significant growth. Analysts predict positive market trajectory post-Union Budget and US Fed's decisions.
"It's all happening again": The supply chain is under strain
The intensifying upheaval in shipping is prompting carriers to lift rates while raising the specter of waterborne gridlock that could again threaten retailers with product shortages during the make-or-break holiday shopping season. The disruption could also exacerbate inflation, a source of economic anxiety animating the U.S. presidential election.
Rupee trades in narrow range against US dollar in early trade
The rupee traded against the US dollar, influenced by positive domestic equities and the strength of the American currency. Forex traders noted the impact of the strong US dollar and elevated crude oil prices on the local unit.
CII calls for review of trade ties with China
The CII called for a review of trade ties with China due to the country's reliance on electronics components imports, posing a risk to domestic manufacturing sustainability.
DGFT implements automated system for adhoc input-output norms fixation
The Directorate General of Foreign Trade (DGFT) has introduced a new automated system to establish adhoc input-output norms, aimed at facilitating foreign trade procedures. This initiative allows exporters to import duty-free raw materials for manufacturing goods meant for export under advance authorisation. Exporters can now apply for customized adhoc norms through a rule-based, automated process if standard norms do not meet their specific requirements.
EVs versus pork: China has its hand on a raw nerve of Europe
The escalating trade tensions between Europe and China over electric vehicles have the potential to ignite a new trade war. As Europe imposes tariffs on Chinese EVs, China retaliates by targeting European farmers, particularly in the pork industry. This tit-for-tat strategy threatens to impact various sectors on both sides.
Counterstrike! China eyes trade war targets across Europe
Trade war: China is preparing to retaliate against the European Union over proposed tariffs on electric cars. Targeted products include brandy from France, pork from Spain, wine primarily from France, and cars from Germany. The potential trade barriers aim to comply with WTO rules but could impact European exporters significantly.
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