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Sep 28, 2017 07:51 AM IST IST | Source: Moneycontrol.com
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highlights
Morgan Stanley expects the benchmark Sensex to cross the 1 lakh-mark by 2028, making it one of the the top five equity markets in the world with a market capitalisation of USD 6.1 trillion, reports The Economic Times. "India's stock market could be among the world's best performers in the next 10 years, leading to India's market cap rising from USD 2 trillion to USD 6 trillion. We see the Sensex crossing the 100,000 mark, albeit the bulk of the returns are likely to be front ended in the coming five years," Morgan Stanley said.
The firm also expects India to become the world's third largest economy in the world with a GDP of USD 6 trillion, helped by digitisation. The firm said that digitisation will provide a boost of 50-75 bps to GDP growth. It expects India's real and nominal GDP growth to compound annually by 7.1% and 11.2%, respectively, over the next 10 years.
India plans to offer stakes of up to 60% in oil and gas fields owned by state energy companies that are already in production to private firms, reports Reuters, a move that would hit revenues of state explorers. The government is making the decision after failing to draw investment from global oil majors in new fields. The plan is meant to boost India’s domestic oil and gas output and help meet Prime Minister Narendra Modi’s target to reduce oil imports by 10% by 2022. The sales plan would affect so-called “nomination blocks” or fields handed to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India. The fields are both onshore and offshore.
President Donald Trump proposed on Wednesday the biggest US tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favours business and the rich and could add trillions of dollars to the deficit, reports Reuters. Trump said his tax plan was aimed at helping working people, creating jobs and making the tax code simpler and fairer. But it faces an uphill battle in the US Congress with Trump’s own Republican Party divided over it and Democrats hostile. The plan would lower corporate and small-business income tax rates, reduce the top income tax rate for high-earning American individuals and scrap some popular tax breaks, including one that benefits people in high-tax states dominated by Democrats.
Morgan Stanley expects the benchmark Sensex to cross the 1 lakh-mark by 2028, making it one of the the top five equity markets in the world with a market capitalisation of USD 6.1 trillion, reports The Economic Times. "India's stock market could be among the world's best performers in the next 10 years, leading to India's market cap rising from USD 2 trillion to USD 6 trillion. We see the Sensex crossing the 100,000 mark, albeit the bulk of the returns are likely to be front ended in the coming five years," Morgan Stanley said.
The firm also expects India to become the world's third largest economy in the world with a GDP of USD 6 trillion, helped by digitisation. The firm said that digitisation will provide a boost of 50-75 bps to GDP growth. It expects India's real and nominal GDP growth to compound annually by 7.1% and 11.2%, respectively, over the next 10 years.
Good Morning Moneycontrol users. This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
India plans to offer stakes of up to 60% in oil and gas fields owned by state energy companies that are already in production to private firms, reports Reuters, a move that would hit revenues of state explorers. The government is making the decision after failing to draw investment from global oil majors in new fields. The plan is meant to boost India’s domestic oil and gas output and help meet Prime Minister Narendra Modi’s target to reduce oil imports by 10% by 2022. The sales plan would affect so-called “nomination blocks” or fields handed to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India. The fields are both onshore and offshore.
Yashwant Sinha, a veteran of the BJP and former Finance Minister, has launched a scathing attack on the government's handling of the economy in light of the recent slowdown in the country's GDP growth. In an editorial piece in The Indian Express, Sinha says the economy is in a mess and he needs to speak up. Meanwhile, senior political leaders have reacted to Yashwant Sinha's criticism. Former Finance Minister P Chidambaram lauded Sinha for speaking out his concerns. Meanwhile, in an exclusive interview to CNBC-TV18, Subramanian Swamy agreed with Sinha about the hurried GST roll out. Transport Minister Nitin Gadkari has defended the government and said that the fall in GDP is a temporary phenomenon.
US President Donald Trump criticized Facebook as “anti-Trump” and questioned its role during the 2016 presidential campaign, amid probes into alleged Russian interference in the election and possible collusion by Trump’s associates, reports Reuters. CEO Mark Zuckerberg defended his company’s role in US elections and rejected assertions in a tweet from Trump that the social network was against him. In a Facebook post on Wednesday, Zuckerberg said both Trump and liberals were upset about ideas and content on Facebook during the campaign.
Bank of England Chief Economist Andy Haldane said he saw encouraging signs of pay growth and any increase in interest rates should be seen as a “good news story” for Britain’s economy, Sky News reports. Haldane said he was among of the majority of BoE rate-setters who, at their meeting this month, felt that Britain’s first interest rate hike in a decade might be needed in the coming months.
British retail sales growth unexpectedly surged to a two-year high in early September, boosting the chances of a pick-up in the pace of economic growth and a Bank of England interest rate rise in November, reports Reuters. The Confederation of British Industry’s retail sales balance jumped to +42 from -10 in August, the highest in two years.
Oil prices fell on Thursday, with US crude giving up some of the previous session’s gains that were driven by a surprise fall in inventories, while Brent moved further away from the recent 26-month highs. Heightened expectations that the US Federal Reserve will raise interest rates again this year drove gold to a one-month low, extending losses after the biggest one-day loss in almost two years during the previous session.
Asian shares were firm on Thursday while US bond yields and the dollar held sizable gains made the previous day after President Donald Trump proposed the biggest US tax overhaul in three decades. Japan's Nikkei rose 0.5% while MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade. The SGX Nifty indicates a subdued start for the expiry session today.
US stocks rose on Wednesday as gains in financial shares were powered by growing expectations for a December interest rate hike and on hopes President Donald Trump’s administration may be making progress on a tax plan. New orders for US-made capital goods increased more than expected in August and shipments maintained their upward trend, pointing to underlying strength in the economy.
The Russell 2000 index of small-cap stocks rose 1.92% and notched its best day since early March. Small-cap names are likely to be the biggest beneficiaries of a tax cut. The Dow Jones Industrial Average rose 56.39 points, or 0.25%, to 22,340.71, the S&P 500 gained 10.2 points, or 0.41%, to 2,507.04 and the Nasdaq Composite added 73.10 points, or 1.15%, to 6,453.26.
President Donald Trump proposed on Wednesday the biggest US tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favours business and the rich and could add trillions of dollars to the deficit, reports Reuters. Trump said his tax plan was aimed at helping working people, creating jobs and making the tax code simpler and fairer. But it faces an uphill battle in the US Congress with Trump’s own Republican Party divided over it and Democrats hostile. The plan would lower corporate and small-business income tax rates, reduce the top income tax rate for high-earning American individuals and scrap some popular tax breaks, including one that benefits people in high-tax states dominated by Democrats.