Nawaz Sharif, Daughter Arrive In Lahore After Jail Sentence Is Suspended

Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

Madrid, Jul 25: Spain is witnessing a new surge in virus" coronavirus infections with nearly a thousand cases daily, a month after lifting the pandemic lockdown.

The country is reinstating both voluntary guidelines and mandatory restrictions that it had lifted on June 21, The Washington Post reported.

Spain on Wednesday reported over 224 outbreaks and 2,622 virus" coronavirus cases. According to a report in Washington Post, the new surge is attributed primarily to seasonal farmworkers, people attending family get-togethers and nightclub partyers.

On Thursday, the health ministry reported an additional 971 cases.

"The majority are related to fruit collection and also to the spaces where measures to avoid contact are relaxed," Spain Health Minister Salvador Illa told parliament. "We have to call on citizens to not lose respect for the virus not to be afraid of it, but not to lose respect for it either."

The government of Spain lifted all restrictions put in place to combat virus" coronavirus on June 21 and declared 'a new normal'. 

The virus" coronavirus pandemic till then had killed 24,000 people and infected more than 2,70,166.

Countries around the world are witnessing the second surge of virus" coronavirus. The resurgence could threaten the economic bounce Spain was hoping to get from vacationers eager for summer fun.

The surge in cases has been greatest in the northeastern region of Catalonia with more than 7,953 new confirmed cases since July 10.

Spain's National Epidemiological Survey has predicted that the rate of increase more than doubled in the past three weeks.

Meanwhile, the Catalan government reverted to pre-June 21 confinement rules in Barcelona and a dozen other municipalities in the metropolitan area, as well as in Figueras, Vilafant, La Noguera and Lleida.

Authorities have ordered bars and restaurants to limit indoor occupancy to 50 per cent, reduced sports to fewer than 10 people, closed night clubs and gyms and blocked some cultural activities.

The epidemiologist in charge of the region's biggest hospital warned in an interview last week with the Spanish daily El Pais that the situation in the agricultural hub of Lleida, located about 100 miles west of Barcelona, "had clearly gotten out of hand."

"Nobody foresaw that there would be a number of people coming from abroad to pick fruit in unfavourable conditions and that they might be infected," said epidemiologist Magda Campins of Vall d'Hebron in Barcelona. "And when the infections began to be detected, it was hard to keep tabs on the cases and their contacts because some of them, although they should have been in isolation, got away because they needed to earn money."

Catalonia's Department of Labour, Social Affairs and Family is using a hotel in Lleida to quarantine fruit workers who test positive for COVID-19 but are unable to isolate at home.

In the capital of Madrid, which was the epicentre during the pandemic's first wave in the spring, authorities reported 710 new cases in the past week. The use of face masks is widespread, but the region has shied away from making them mandatory in public.

Madrid's regional health secretary, Enrique Ruiz Escudero, defended that position while citing an uptick in infections in the under-40 age group. He told young people not to let down their guard.

"We can't take even one step backwards. Young people have to be aware of the responsibility they have," Ruiz Escudero said in a news conference Thursday. "I ask them to use the face mask and to maintain a safe distance."