By Laila Kearney NEW YORK (Reuters) – Oil plummeted about 9% on Tuesday in the biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand. Global benchmark Brent crude settled at $102.77 a barrel, losing $10.73, or 9.5%. U.S. West Texas Intermediate (WTI) crude ended …
Oil tumbles 9% on recession demand destruction fears Read More »
By Kavya Guduru (Reuters) – Gold lost more than 2% on Tuesday to sink further below the $1,800 support level as a sharp rally in the dollar and rising interest rates sapped appetite for the non-yielding asset. Spot gold was trading at $1,765.22 per ounce by 1:45 p.m. ET (1745 GMT), having earlier declined as …
Gold drops over 2% in selloff sparked by strong dollar Read More »
By Rajendra Jadhav MUMBAI (Reuters) -India’s gold imports in June nearly trebled from year-ago levels on correction in prices and as jewellers replenished inventories after robust sales during a key festival, a government source said on Tuesday. Higher imports by the world’s second-biggest bullion consumer could support benchmark gold prices, but the surge may increase …
India’s June gold imports treble y/y on price correction Read More »
NEW DELHI (Reuters) – India has expanded the excise duty exemption for biofuels to encourage the blending of higher proportions of ethanol and components of vegetable oil with gasoline and diesel, a government order said. India, the world’s third-biggest oil importer and consumer, has been particularly keen to rein in its oil import bill since …
India expands biofuel tax benefit for ethanol and vegoils Read More »
BENGALURU (Reuters) – India’s dominant services industry expanded at the fastest pace in over eleven years in June amid strong demand but stubborn inflation remains a concern as prices charged rose at the sharpest rate in almost five years, a private survey showed no Tuesday. The S&P Global India Services Purchasing Managers’ Index rose to …
India June services growth fastest in more than 11 years Read More »
BENGALURU (Reuters) -Indian shares rose on Tuesday, lifted by energy companies and beaten-down metal stocks, as softening commodity prices eased worries around red-hot inflation. As of 0514 GMT, the NSE Nifty 50 index climbed 1% to 15,999, while the S&P BSE Sensex was up 0.96% at 53,747.87. The Nifty Metals index added 1.8% after falling …
Indian shares gain about 1% as energy, metal stocks rally Read More »
By Arundhati Sarkar (Reuters) – Gold fell on Monday as prospects of higher interest rates dimmed appeal for the non-yielding asset, but a softer dollar helped bullion to cling above the $1,800 support level. Spot gold fell 0.2% to $1,807.40 an ounce by 1311 GMT, having touched a five-month low of $1,783.50 on Friday. U.S. …
Gold slips as interest rate expectations sap appeal Read More »
By Manoj Kumar and Aftab Ahmed NEW DELHI (Reuters) -India’s June trade deficit widened to a record $25.63 billion, pushed by a rise in crude oil and coal imports, from $9.61 billion a year ago, adding to fears of further pressure on the rupee. New Delhi is worried about rising imports after a surge in …
India’s record trade deficit in June adds pressure on currency Read More »
By Sethuraman N R BENGALURU (Reuters) – Indian shares recovered early losses to close higher on Monday as consumer stocks gained after commodity prices tumbled, overshadowing a selloff in metal companies due to worries over waning demand from top consumer China. NSE Nifty 50 index closed up 0.53% at 15,835.35 and the S&P BSE Sensex …
Indian shares rise as lower commodity prices lift consumer stocks Read More »
By Manoj Kumar NEW DELHI (Reuters) -India is trying to “address volatility” in the Indian rupee that has tumbled to record lows against the dollar in recent weeks, a government official said on Monday, amid concerns of a widening trade deficit and sell off of assets by foreign investors. The rupee has plunged 6% against …
India to address volatility in rupee against dollar – government official Read More »
