A vendor sells vegetables at a retail market in Kolkata, India. Reuters
Indian shares tumbled on Friday, as banking stocks came under pressure after the country’s central bank placed troubled lender Yes Bank under a moratorium and took over its board.
Indian stocks on Monday recorded their worst single-day fall in more than four years, tracking global markets lower, as panic over the economic fallout of the coronavirus outbreak intensified and oil prices plummeted.
Ratings agency ICRA expects India’s growth rate to further slowdown to 4.7 per cent in second quarter of FY2020, due to weak industrial output. Accordingly, the ratings agency expects a further deterioration in the growth rate of India’s GDP
India’s retail inflation rose close to the central bank’s medium-term target of 4% in September for the first time in 14 months, but analysts still predict a sharp economic slowdown will prompt a sixth consecutive interest rate cut in December.
The Labor Department's closely watched monthly employment report on Friday could bolster economists' dire predictions that it would take several years to recover from the economic meltdown. Consumer confidence, manufacturing and services industries are also stabilizing, though at low levels, hopeful signs that the worst was over.
The final day of Arabian Travel Market’s virtual event, ATM Virtual, saw a panel of tourism experts discuss the opportunities in the region to kick-start sustainable investment in the hospitality sector.
The euro rallied to a three-month high and Italy’s borrowing costs tumbled on Thursday, after the European Central Bank ramped up stimulus to shore up an economy ravaged by the coronavirus pandemic.