Live now
IST | Source: Moneycontrol.com
Select Language
- Home
- News
- Markets
- Portfolio
- Watchlist
- Forum
- MoneySavers
- Live TV & Shows
- Videos
- Commodities
- Currencies
- Mutual Funds
- Personal Finance
- Property
-
Hackathon
Specials
Subscriptions
highlights
Bitcoin hits bigger stage as exchange giant CME launches futures
CME Group, the world’s largest derivatives exchange operator, began trading bitcoin futures on Sunday, with the contract opening at what is currently its session high and dropping over 6% within the first half hour. The CME bitcoin front-month futures opened at $20,650 and have so far traded as low as $19,290 and as high as $20,650 in a session that extends into Monday. The new contract was recently at $19,290 on CME, below the $19,500 reference price set by the exchange for the January contract.
The reference price, from which price limits are set, is $19,600 for the February contract, $19,700 for March and $19,900 for June, according to CME. The week-old bitcoin futures contract at the CBOE was last trading at $19,280, up 6.5% on the day. Bitcoin recently traded down 1.7% on the Bitstamp exchange at $18,640.
UN says India can grow at 8% for next 20 years
India can achieve an 8% growth rate for the next two decades by promoting investment and improving the living conditions of its people, a senior UN economic official told PTI. Describing India's economic condition as largely positive and "favourable to growth", Sebastian Vergara, an Economic Affairs Officer at the United Nations, said the country needs to unleash the next set of reforms to achieve its potential.
"It needs to think as to how to maintain and consolidate its growth for a very long period of time. India in our assessment has the potential to grow at 8%, not for a few years, but 20 years," Vergara said. "For that, India needs to come out with the next series of reforms, for example, promote investment and improve the living condition of its population," he said. Despite the positive economic condition, Vergara said, India's economic growth could be a little lower in comparison to some of the earlier forecasts.
The UN, in its latest report, projected India's growth rate to be 7.2% in 2018 and 7.4% in 2019. The annual 'World Economic Situation Prospects' report, released last week, said the GDP growth for India in 2017 is projected to be 6.7%.
Japan export growth accelerates, underscores steady eco recovery
Japan’s export growth accelerated in November to mark a full year of annual gains, underscoring the strength of external demand that has led the economy to its second-longest run of post-war growth. The 16.2% export growth in November handily beat a 14.6% annual gain expected by economists in a Reuters poll, accelerating from a 14% year-on-year increase in the previous month, according to the Ministry of Finance. In volume terms, Japan’s exports rose 5.5% in November from a year ago, the 10th consecutive month of rises, led by robust shipments to China and Asia, the data showed.
Bitcoin hits bigger stage as exchange giant CME launches futures
CME Group, the world’s largest derivatives exchange operator, began trading bitcoin futures on Sunday, with the contract opening at what is currently its session high and dropping over 6% within the first half hour. The CME bitcoin front-month futures opened at $20,650 and have so far traded as low as $19,290 and as high as $20,650 in a session that extends into Monday. The new contract was recently at $19,290 on CME, below the $19,500 reference price set by the exchange for the January contract.
The reference price, from which price limits are set, is $19,600 for the February contract, $19,700 for March and $19,900 for June, according to CME. The week-old bitcoin futures contract at the CBOE was last trading at $19,280, up 6.5% on the day. Bitcoin recently traded down 1.7% on the Bitstamp exchange at $18,640.
For in-depth analysis of the Assembly elections in Gujarat and Himachal Pradesh, click here
The fate of 337 candidates including Chief Minister Virbhadra Singh and his predecessor Prem Kumar Dhumal will be known in a few hours as counting of votes begins in Himachal Pradesh where traditional rivals BJP and Congress have contested all 68 seats. The hill state witnessed a record 75.28% turnout and pollsters have predicted a BJP victory. For complete coverage, click here
Counting of votes for the Gujarat Assembly polls, considered a prestige battle for Prime Minister Narendra Modi in his home state and a litmus test for new Congress president Rahul Gandhi has begun. For complete coverage, click here
UN says India can grow at 8% for next 20 years
India can achieve an 8% growth rate for the next two decades by promoting investment and improving the living conditions of its people, a senior UN economic official told PTI. Describing India's economic condition as largely positive and "favourable to growth", Sebastian Vergara, an Economic Affairs Officer at the United Nations, said the country needs to unleash the next set of reforms to achieve its potential.
"It needs to think as to how to maintain and consolidate its growth for a very long period of time. India in our assessment has the potential to grow at 8%, not for a few years, but 20 years," Vergara said. "For that, India needs to come out with the next series of reforms, for example, promote investment and improve the living condition of its population," he said. Despite the positive economic condition, Vergara said, India's economic growth could be a little lower in comparison to some of the earlier forecasts.
The UN, in its latest report, projected India's growth rate to be 7.2% in 2018 and 7.4% in 2019. The annual 'World Economic Situation Prospects' report, released last week, said the GDP growth for India in 2017 is projected to be 6.7%.
Japan export growth accelerates, underscores steady eco recovery
Japan’s export growth accelerated in November to mark a full year of annual gains, underscoring the strength of external demand that has led the economy to its second-longest run of post-war growth. The 16.2% export growth in November handily beat a 14.6% annual gain expected by economists in a Reuters poll, accelerating from a 14% year-on-year increase in the previous month, according to the Ministry of Finance. In volume terms, Japan’s exports rose 5.5% in November from a year ago, the 10th consecutive month of rises, led by robust shipments to China and Asia, the data showed.
Asian shares rise amid US tax cut hopes, SGX Nifty trades over 10,400 levels
Asian shares inched up on Monday, tracking Wall Street, which hit record highs on expectations US lawmakers will pass a long-awaited tax bill, while the British pound hovered near three-week lows amid Brexit talks. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1%, after rising 0.8% last week. Australian shares were up 0.6%, edging closer to a level not seen since early 2008. Japan's Nikkei rose 1% to 22,795, not far from a 25-year peak of 23,382 set last month.
The US tax bill, which will likely cut corporate taxes to 21% from 35% now, has been a major catalyst for this year’s surge in global stock markets. The tax overhaul is expected to boost corporate profits, triggering share buybacks and higher dividend payouts - a boon for shareholders. Votes on the legislation are expected this week. If approved, President Donald trump could make it law by Christmas, analysts said.
The SGX Nifty is currently trading around the 10,400 mark ahead of counting for the Assembly elections in Gujarat and Himachal Pradesh. Exit polls indicate a clear win for the BJP in both states.
What the markets looked like last week
Global financial markets ended last week on a mixed note after concern from investors over potential obstacles to Republican's tax overhaul and a slate of policy meetings from major central banks in Europe. In the US, uncertainty over the progress of House and Senate Republicans in finalising tax reform legislation sparked some volatility late in the week. However, the US markets ended last week on a positive note following reports that Republicans had agreed to extend the child tax credit. The Dow Jones Industrial Average jumped 139 points to 24,652, a record. The S&P 500 gained 0.9% to finish at 2,676.
Major European stock indexes were generally down last week. Last Thursday, both the European Central Bank and Bank of England left interest rates unchanged. The ECB promised to hold rates low for an extended period and even maintained a pledge to provide more stimulus if needed. The decisions came a day after a US Federal Reserve meeting where the central bank announced a widely expected interest rate hike but left its rate outlook for the coming years unchanged. German and French markets were down by 0.4% and 0.9%, respectively, , while UK's FTSE was up by 1.3% week-on-week.
Investor sentiment in Asia was hit by concerns about tax-reform efforts in the US. Shares in China declined as investors booked profits, reacting to a hike in interest rates following a hike by the US Federal Reserve. In Japan, shares in insurance, banking and communication sectors led the market fall. The Nikkei fell by 1.1% and closed at 22,553 whereas, China's Shanghai Composite fell 0.7% WoW.
Back home, benchmark indices in India bounced back on Friday and ended last week on a positive note on the back of the outcome of Gujarat and Himachal Pradesh exit polls. On the currency front, the rupee strengthened by 30 paise to close at 64.04 against the dollar from its previous close at 64.34. The BSE Sensex ended last week marginally higher by 0.6% WoW.