Stock Market LIVE: Indices to continue to remain cautious; SGX Nifty flat

The US CPI is expected to show December’s headline inflation at 6.5% versus 7.1% in November, which might give the Fed a reason to be less concerned about inflation. Meanwhile, the World Bank slashed its growth forecasts for most countries and warned that new adverse shocks could tip the global economy into a recession.

11 Jan 2023, 07:30:27 AM IST

World Bank warns global economy could easily tip into recession in 2023

The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia’s war in Ukraine continues, and the world’s major economic engines sputter.

The development lender said it now expected global GDP growth of 1.7% in 2023 — the slowest pace outside the 2009 and 2020 recessions in nearly three decades. In its previous Global Economic Prospects report, in June 2022, the bank had forecast 2023 global growth at 3.0%.

The bank said major slowdowns in advanced economies, including sharp cuts to its forecast to 0.5% for both the United States and the euro zone, could foreshadow a new global recession less than three years after the last one. (Read More)

11 Jan 2023, 07:29:23 AM IST

US among top buyers of Indian refined petroleum products

The US emerged as a top destination for refined petroleum products from India in November, much of it processed from Russian crude oil imported at a discount. According to data from the commerce ministry, Russia exported crude oil worth $3.08 billion in November to India, making it the second-largest exporter to India after Saudi Arabia.

Meanwhile, the US imported oil products worth $588 million in November, raising imports to the highest levels this fiscal. Experts said that the imports increased amid the high demand for crude ahead of the US holiday season. (Read More)

11 Jan 2023, 07:28:22 AM IST

Stocks tick higher on Wall Street on Tuesday as inflation report looms

Stocks ticked higher in quiet trading on Wall Street Tuesday, ahead of some potentially market-moving reports scheduled for later in the week.

The S&P 500 rose 27.16 points, or 0.7%, to 3,919.25 after drifting between small gains and losses through the day. The Dow Jones Industrial Average gained 186.45, or 0.6%, to 33,704.10, and the Nasdaq composite climbed 106.98, or 1%, to 10,742.63.

The stock market has had a positive start to 2023 due to hopes that cooling inflation and a slowing economy may convince the Federal Reserve to ease off its markets-shaking hikes to interest rates. The Fed since early last year has been raising rates at a furious pace in hopes of getting the nation’s painful inflation under control. Such moves risk causing a recession and hurt investment prices.

Investors were hoping for some clues about where the Fed is heading from its chair, Jerome Powell, who made remarks at a forum in Stockholm on Tuesday. But he gave little news about rates.

The next big marker for the market is likely Thursday’s update on how bad inflation was last month at the consumer level. Economists expect it to show U.S. inflation slowed further to 6.5% from 7.1% in November and from a peak of more than 9% in the summer. (AP)


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