Markets generally positive, awaiting Wall Street... India’s economic growth faces cash crisis...
Markets generally positive, awaiting Wall Street
Global equity markets have been positive so far Friday following Wall Street’s Thanksgiving break, but investors will eye NYSE’s reopening this morning.
Asian markets ended their session generally higher but trade has been thinner than usual. Relatively steady commodity prices have helped maintain the status quo for equity indexes.
European markets are flat. London’s FTSE has shown little reaction to newly-released GDP data which revealed no change from the 2.3 per cent year-over-year and 0.5 per cent quarter-over-quarter gains seen in the last reading.
Wall Street and Toronto are expected to open higher.
India’s economic growth faces cash crisis
India’s place as the world’s fastest growing economy could be lost to China as it undertakes a replacement if its largest cash bills.
India’s 500 and 1000 rupee banknotes are being phased out but they account for 83 per cent of the cash in circulation, CNBC reports.
The move to scrap the large notes, which had not been expected, could cut at least 1 per cent of the nation’s GDP growth, which is currently running at 7.1 per cent.
"The impact on GDP growth is clearly going to be negative in the short run," Thomas Rookmaaker of Fitch Ratings told CNBC.
The Indian government has allowed 50 days for banknotes to be exchanged.
Global equity markets have been positive so far Friday following Wall Street’s Thanksgiving break, but investors will eye NYSE’s reopening this morning.
Asian markets ended their session generally higher but trade has been thinner than usual. Relatively steady commodity prices have helped maintain the status quo for equity indexes.
European markets are flat. London’s FTSE has shown little reaction to newly-released GDP data which revealed no change from the 2.3 per cent year-over-year and 0.5 per cent quarter-over-quarter gains seen in the last reading.
Wall Street and Toronto are expected to open higher.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 19,083.18 (+0.31 per cent) | +4.72 per cent | +7.14 per cent |
| TSX Composite | 15,075.20 (-0.04 per cent) | +1.38 per cent | +12.47 per cent |
| Europe (at 4.30am ET) |
|||
| UK FTSE | 6,830.18 (+0.01 per cent) | -2.67 per cent | +7.77 per cent |
| German DAX | 10,689.65 (+0.00 per cent) | -0.63 per cent | -4.30 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,521.30 (+0.93 per cent) | +4.57 per cent | -6.88 per cent |
| Japan Nikkei | 18,381.22 (+0.26 per cent) | +5.85 per cent | -7.39 per cent |
| Other Data (at 2.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 48.57 (-0.88 per cent) |
47.61 (-0.73 per cent) |
1188.80 (-0.04 per cent) |
U$0.7415 |
| Aus. Dollar |
|||
| U$0.7440 | |||
India’s economic growth faces cash crisis
India’s place as the world’s fastest growing economy could be lost to China as it undertakes a replacement if its largest cash bills.
India’s 500 and 1000 rupee banknotes are being phased out but they account for 83 per cent of the cash in circulation, CNBC reports.
The move to scrap the large notes, which had not been expected, could cut at least 1 per cent of the nation’s GDP growth, which is currently running at 7.1 per cent.
"The impact on GDP growth is clearly going to be negative in the short run," Thomas Rookmaaker of Fitch Ratings told CNBC.
The Indian government has allowed 50 days for banknotes to be exchanged.
