BUSINESS
Crude oil prices expected to remain elevated in medium term: HDFC
Accordingly, the brokerage house's report, cited that Brent crude price which is currently at more than $75 per bbl has been driven by recovery in global demand with opening up of economies. "The US was hit by Hurricane Ida in July end, which has resulted in disruption of production from Gulf of Mexico (GoM) of 1.7mb per day in August.
Rising fuel prices accelerate demand for CNG vehicles
"Demand for CNG vehicles remains strong, benefiting from surging fuel prices and increased CNG penetration in newer cities," said Motilal Oswal Financial Services (MOFSL). "Inventory in the system is 10-20 days." According to MOFSL, the retail demand evolution has been a mixed bag since the lifting of the second lockdown from mid-June 2021.
Eurozone inflation hits 13-year high of 3.4%
Energy prices were still the main driver of inflation in the 19-member eurozone, increasing by 17.4 per cent y-o-y, Xinhua news agency reported.Food, alcohol and tobacco, and non-energy industrial goods prices all recorded a 2.1 percent yearly growth. Services price growth accelerated to 1.7 per cent in September. In August, the yearly inflation rate had already broken a ten-year record at three per cent.
Liquor crisis: Delhi tipplers throng govt shops as pvt outlets down shutters
The private liquor shops in the national capital will not be operating in 105 of the 272 municipal wards between October 1 and November 16 due to the implementation of the Delhi government's new excise policy that will come into force from November 15. The Delhi government recently unveiled its new excise policy for the year 2021-2022 with the objective to achieve optimum revenue for the government.
Paddy procurement from Oct 11 in interest of farmers, consumers: Govt
"Because of the untimely rains, maturity of paddy grains is delayed. As per Indian Meteorological Department (IMD) data, rainfall during September 2021 is 77 per cent and 139 per cent above normal in Punjab and Haryana respectively," a release from the Ministry of Consumer Affairs, Food and Public Distribution said.
India's Sep exports rise over 21%, imports over 84%
Exports in September 2020 had stood at $27.56 billion. Data furnished by the Ministry of Commerce and Industry showed that in comparison to September 2019, last month's exports rose by 28.51 per cent. Furthermore, the data showed that September merchandise exports were higher by 84.75 per cent, on a year-on-year basis, at $56.38 billion from $30.52 billion reported for the corresponding month of last year.
India's forex reserves decline by over $997 mn
The Reserve Bank of India's (RBI) forex reserves declined to $638.646 billion from $639.642 billion reported for the week ended September 17. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.255 billion to $576.731 billion.
Microchip shortage, high fuel prices dent auto makers' Sept sales
The semiconductor or microchip shortage has impacted the industry's production levels, extending the waiting period besides escalating prices. Major automobile players such as Maruti Suzuki, Hyundai Motor, Tata Motors and Mahindra reported an adverse impact on production that led to lesser dispatches. Semiconductors play a critical part in the production of internal combustion engines.
S&P 500, NASDAQ performance in Sep the worst since start of pandemic
Stocks have been extremely choppy in September, as investors grappled with an abundance of issues: high inflation expectations, rising bond yields, the pace of the economic recovery, America's debt ceiling, and China's corporate debt levels. September was the worst month this year for all three indexes. And for the S&P 500 and Nasdaq, this month was their poorest performances since the start of the pandemic.
India's manufacturing PMI rises to 53.7 in Sept
Accordingly, the headline seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 (index reading) in September as against a reading of 52.3 in August. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
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