Stocks in Asia are set for a mixed start on Friday following a jump in Treasury yields amid ongoing uncertainty about how far the Federal Reserve must jack up interest rates to ensure high inflation keeps cooling. A rally in US stocks petered out Thursday, with markets ending mixed. Japan gained 2% on Friday after a holiday but other markets had a more muted start.
Rains, cooling commodities augur well for economy: Centre
Easing global commodity prices bodes well for the economy and will reflect positively on the current account deficit (CAD) even as the central government keeps a close watch on trends in inflation, especially from the perspective of protecting the interests of the poor and the middle class, a top government official said on Thursday. A promising monsoon means half the battle is won, the person said. (Full Report)
India holds world’s highest rate of recognising start-ups per day
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 75,000 startups- a milestone which coincides with 75th year of independence. As India celebrates Azadi ka Amrit Mahotsav, the Indian startup ecosystem continues to be fuelled by innovation, enthusiasm, and entrepreneurial spirit.
Out of the total recognized startups, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services and 5% to agriculture. An impressive, 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last 6 years. The fact that about 49% of our startups are from Tier II & Tier III today is a validation of the tremendous potential of our country’s youth. (Full Report)
US stocks end mixed as Wall Street loses momentum
A rally in US stocks petered out Thursday, with markets ending mixed as analysts weighed encouraging inflation news against expectations that the Federal Reserve will continue to raise interest rates. The broad-based S&P 500 closed down 0.1% at 4,207.27. But the Dow Jones Industrial rose 0.1% to end the day at 33,336.67, while the tech-rich Nasdaq Composite Index dropped 0.6% to end at 12,779.91.
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