By Landon Thomas Jr WASHINGTON: The International Monetary Fund warned on Tuesday that continued weak growth in emerging economies would reduce global growth despite an improving outlook in the United States and Europe. The fund unveiled its spring economic forecasts as central bankers, finance ministers, academics and financiers from around the world converged here for a week of networking, deal-making and crisis management (in the case of Greece and its continuing debt talks).
In an interview with ET Now, Nirmal Jain, IIFL, shares his views on markets. Excerpts: ET Now: How do you react to the market comeback? Are you surprised or were you in the camp that believed that even if there is a knee-jerk reaction, that would be bought into? Nirmal Jain: We were always of the opinion that impact of Greece on India will be very negligible or very small. People who overestimated the reaction would have gone short and that is what the recovery in the market is showing. To my mind, India-specific factors will play a lot more on Indian markets.
MUMBAI: The market expects a rate cut on Tuesday. The Reserve Bank of India may lower interest rates for the third time this calendar year to spur growth, according to all the respondents in an ET poll. RBI Governor Raghuram Rajan may reduce the benchmark rate by 25 basis points at the June 2 monetary policy review, said the 13 market participants surveyed. A basis point is 0.01%. The benchmark repo rate is now at 7.50%. Apart from industry, key members of the Narendra Modi government have been pushing for a rate cut.
HONG KONG | BANGALORE: The most important market for Chinese smartphone makers may no longer be China. For years, hundreds of millions of Chinese have bought smartphones. In the process, they lifted the fortunes of local handset makers, from the well known like Huawei and Lenovo to the obscure like Coolpad and Gionee. But the era of fast growth is coming to an end in China, where the research group IDC said on Monday that phone sales fell 4% in the first quarter from a year earlier, the first contraction in six years. IDC expects no growth in China's smartphone market in 2015.
By: Peter Bendor-Samuel The bloom is coming off the rose for many Indian IT services firms. Over the past decade, India created a wealth-generating "engine" of innovation and an industrialised services model. That disruptive model took the world by storm. It humbled industry giants, bringing once-great firms such as EDS and CSC to their knees and forcing other great firms such as IBM and Accenture to adopt India's model. Large Indian firms such as Cognizant, Infosys, TCS and Wipro became global leaders.
New Delhi (AFP) - Prime Minister Narendra Modi's right-wing government will unveil its first full budget on Saturday, a day after announcing the time was ripe for long-awaited reforms to kickstart the economy.
India's stock market valuation is reasonable compared to other emerging markets such as China, Russia and Brazil, which have rallied this year significantly, said Tai Hui, managing director and chief market strategist - Asia at JP Morgan Asset Management Company. In an interview with Biswajit Baruah, Hui said he is optimistic about India's prospects. Excerpts: Is the worst of FII selling over for India? We think investors should remain invested with Indian equities.
It’s hard to be optimistic about India right now. Asia’s third-largest economy is growing at the slowest pace in a decade, the trade gap is widening, the rupee is plunging and the government’s cost of borrowing is soaring as confidence evaporates and investors flee.