September 2022 - DigitalMedia

30Sep

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ECONOMIC NEWS

Oil Heads For Fourth Straight Monthly Loss as OPEC Meeting Looms

Oil prices rose slightly on Friday, but were set for a fourth straight month of losses amid growing concerns over weakening demand, with the focus now turning to a potential supply cut by the OPEC next week. London-traded Brent oil futures, the global benchmark, were flat at $87.50 a barrel by 21:55 ET (01:55 GMT), while U.S West Texas Intermediate curse futures rose 0.4% to $81.56 a barrel. Both contracts were set to lose about 9% in September. Prices took mixed signals from Chinese manufacturing data on Friday. While the Official Government Reading showed that activity expanded in September, a Private survey showed that activity sank far more than expected. Oil prices tumbled from annual highs this year amid growing concerns that rising interest rates will crimp economic activity...

29Sep

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Uncategorized

Govt hikes DA by 4% under 7th Pay Commission; details here

The Union Cabinet has hiked the Dearness Allowance (DA) of central government employees and pensioners by 4 percent under the 7th Pay Commission, The hike takes DA to 38 percent from the current 34 percent of basic pay/pension. The Finance Ministry said that the central government employees and pensioners will become entitled to a higher amount of Dearness Allowance (DA) and Dearness Relief (DR), respectively, w.e.f. July 1, 2022. Speaking at a press conference in New Delhi, the Union Minister added that the hike in salary and pension will benefit over 50 lakh government employees and about 62 lakh pensioners ahead of the festive season. Meanwhile, Finance took to Twitter to add that the combined impact on the exchequer on account of both DA and DR (Dearness Relief) would be R s 12...

Indian economy showing resilience and recovery: CEA

27Sep

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Stock Market

Indian economy showing resilience and recovery: CEA

However, there are challenges, and geopolitics is messy for which foreign investors are cautious, the CEA said. Chief Economic Advisor (CEA) V Anantha Nageswaran has said the Indian economy was on the path to recovery but cautioned that foreign investors may remain cautious because of geopolitical challenges. Speaking at a virtual seminar organised by Swadeshi Research Institute, he said all sectors of the economy such as agriculture, manufacturing and construction are “doing well”. “The Indian economy is showing resilience and on the path to recovery. Private demand and the services sector are doing better than expected,” he said. Private capital formation is taking place, while foreign direct investment (FDI) flow is keeping steady, he said. However, there are challenges, and geo...

26Sep

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Business

Oil Prices Hover Near 8-Mth Low as Recession Fears Dent Outlook

Oil prices held near eight-month lows on Monday after falling sharply last week as markets feared that slowing global economic activity will dent demand for crude. Anderson-traded Brent oil futures rose 0.3% to $85.29 a barrel, while U.S. West Texas Intermediate futures were unchanged at $78.67 a barrel by 21:30 ET (01:30 GMT). Both contracts were trading just above their weakest level in eight months and were nursing steep losses from last week. Prices trimmed early gains on Monday after Japanese Business activity showed manufacturing activity in the world’s second-largest economy grew at a slower pace in September from the prior month. The reading came on the heels of dismal business activity data from the Eurozone and the UK last week, which heightened fears of a global rec...

22Sep

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Bitcoin

BOJ Holds Ultra-Low Interest Rates Despite High Inflation, Fed Pressures

The Bank of Japan (BOJ) held its benchmark interest rates at ultra-low levels on Thursday, as expected, citing the need for accommodative monetary policy amid continued headwinds from rising commodity prices and the aftermath of the COVID-19 pandemic. The world’s third-largest central bank held its short -term policy interest rate. at negative 0.1% after a unanimous vote and vowed to keep purchasing bonds so that 10-year yields remain pinned at zero. The central bank has kept the short-term rate in negative territory for over seven years, amid a marked slowdown in the Japanese economy. The move pushed the yen to a new 24-year low of 145.33, as the currency continues to face pressure from a growing gulf in local and overseas lending rates. Still, the yen recovered from the low quickl...

21Sep

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ECONOMIC NEWS

Asian Stocks Slammed by Fed Rate Hike Risks

Asian stock markets sank on Wednesday, tracking overnight losses on Wall Street as investors awaited an interest rate hike and more hawkish signals from the Federal Reserve. Hong Kong’s technology-heavy Hang Seng index continued to lag behind its peers, falling 1.5%, while Japan’s Nikkei index lost 1.3%. The day’s losses also negated a soft rebound seen earlier this week. Market focus was squarely on the Federal Reserve, which is expected to hike interest rates by at least 7.5 basis points (BPS) at the conclusion of a two-day meeting later in the day. Markets are also pricing in the possibility of a 100bps. hike, following hotter-than-expected U.S. inflation readings last week. Asian stocks took a weak lead-in from Wall Street indexes, which plummeted as much as 1% amid increasi...

21Sep

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Forex

Asian Stocks Slammed by Fed Rate Hike Risks

Asian stock markets sank on Wednesday, tracking overnight losses on Wall Street as investors awaited an interest rate hike and more hawkish signals from the Federal Reserve. Hong Kong’s technology-heavy Hang Seng index continued to lag behind its peers, falling 1.5%, while Japan’s Nikkei index lost 1.3%. The day’s losses also negated a soft rebound seen earlier this week. Market focus was squarely on the Federal Reserve, which is expected to hike interest rates by at least 7.5 basis points (BPS) at the conclusion of a two-day meeting later in the day. Markets are also pricing in the possibility of a 100bps. hike, following hotter-than-expected U.S. inflation readings last week. Asian stocks took a weak lead-in from Wall Street indexes, which plummeted as much as 1% amid increasi...

20Sep

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Business

10-year yields highest since 2011 before expected Fed rate hike

Benchmark 10-year U.S. Treasury yields jumped to their highest level since 2011 on Monday as investors adjusted for the likelihood that the Federal Reserve will hike rates higher and for longer than previously expected as inflation remains near multi-decade highs. Data last week showed higher-than-expected consumer prices in August, dashing hopes that the worst of rising price pressures may be in the past. It also made it more likely that the Fed will hike rates by another 75 basis points when it concludes its two-day meeting on Wednesday. Traders are now pricing in a 77% chance of a 75 basis points hike and a 23% likelihood of a 100 basis points increase. Investors are grappling to determine how long the Fed will raise rates as monetary tightening by central banks globally also r...

19Sep

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ECONOMIC NEWS

Dow Futures Tick Higher After Indices Post Their Worst Week Since June

U.S. stock futures were trading slightly higher during Sunday’s evening deals, after major benchmark indices posted their greatest weekly losses in 3 months, with investors remaining cautious amid persistent inflation fears ahead of Federal Reserve’s two-day meeting and rate decision later this week. By 7:10pm ET (11:10pm GMT) Dow Jonas Futures and S&P 500 Futures were up 0.2% apiece, while Nasdaq 100 Futures were flat at 11,862.7. Ahead of the week, market participants will be closely focused on the Federal Reserve’s interest rate decision following a hotter-than-expected CPI reading boosted expectations for a third consecutive 0.75% rate hike, lifting Fed Funds rate to a target range of 3% to 3.25%. Investors will also be monitoring building permits and existing home sa...

17Sep

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cryptocurrency

Will Mining Die With Ethereum 2.0?

The crypto community is celebrating the coming of Ethereum 2.0, however, there are also concerns for miners. Since Ethereum has switched to a proof-of-stake model, Ether will no longer be necessary. Due to this, mining machinery will become obsolete, leaving miners with fewer options. Where Will Ethereum Miners Go From Here? The Ethereum mining industry has flourished and thrived just like the Ethereum network. It is worth $19 billion, according to an estimate by crypto research group Messari. After switching to a proof-of-stake model, the mining machinery won’t be required as Ethereum 2.0 will rely solely on the staking of Ether to validate the transactions and secure the chain. Miners have a few options. Either they can start Altcoins with modified mining rigs, ...