Source: WSJ India’s GDP grew 20.1% in the quarter ended June from the previous year to mark a rebound from the Covid-19 driven recession of about 24% last year. BSE Sensex is up + 0.9%, USDINR is up +0.07% India’s economic activities picked up from June when Covid-19 cases dropped to below 50,000 per day.Consumer confidence also went up by 1.4% in June after … [Read more...] about India Recorded a 20.1% YoY Growth Last Quarter on a Recovery From Covid-19
Forex News
Investors Likely to Lose on Cash and Bonds. Those are “Investment Garbage” – Pimco Co-Founder
Source: Bloomberg Pimco co-founder, who was once a bond king, has equated them to an “investment garbage” that is similar to cash. US 10-year Treasury yield is 1.296%. Gross says long-term yields on Treasuries are low, equating funds that buy them to an “investment garbage can.”The investor says ten-year yields would likely rise to 2% in the next 12 months, from … [Read more...] about Investors Likely to Lose on Cash and Bonds. Those are “Investment Garbage” – Pimco Co-Founder
Global Oil Demand Downgraded Amid COVID-19 Resurgence
Source: IEA The International Energy Agency downgraded its global oil demand forecast for the year, following the resurgence of the COVID-19 pandemic due to the spread of the delta variant. DBO is down 0.96%, BNO is down 1.02%. Global oil demand grew by 3.8 million barrels per day in June from May. This was led by the ease of restrictions in North America and … [Read more...] about Global Oil Demand Downgraded Amid COVID-19 Resurgence
US Factory Activity Slows to Six-Month Low 59.5 in July
Source: ISM US manufacturing expanded for the fourteenth straight month in July, but growth slowed to a six-month low. The July Manufacturing PMI stood at 59.5, down from June’s 60.6. This is the lowest in six months since January’s 58.7.Declines were recorded in new orders, production, prices, backlogs, inventories, new export orders, and imports, while employment … [Read more...] about US Factory Activity Slows to Six-Month Low 59.5 in July
US Nonfarm Payrolls Post Slight Rebound, But Remains Below Pre-COVID Levels
Source: ADP The American private sector employment rebounded in August, mainly driven mainly by additional staffing in the leisure and hospitality sector, but data indicates a slowdown from the first six months of the year. Private sector employment grew by 374,000 in August. This is higher than the 326,000 in July, but lower than 460,000 in August 2020.Large businesses … [Read more...] about US Nonfarm Payrolls Post Slight Rebound, But Remains Below Pre-COVID Levels
