Last week the stock markets extended their winning streak to the fourth consecutive week even as the rupee hit fresh lows against the dollar. The optimism was in part due to easing trade tensions between China and the United States and partly due to positive earnings season.
Global crude oil prices fell for the seventh trading week, while gold prices saw the worst week in the past 15 months, on the back of a stronger dollar and subdued investment buying. The rupee depreciated to a low of 70.4 per dollar, tracking similar movements among emerging market currencies as the economic crisis in Turkey intensified.
Economic and business indicators will be impacted by global events this week.
China – US trade talks
Officials from US and China are expected meet this week to ease off trade tensions. Market buzz is talks in Washington would take place on August 21 and 22, just before $16 billion new US tariffs on Chinese goods take effect. Dealers reported rumours the talks could set the stage for a summit between Donald Trump and Xi Jinping in November.
EU, Others Back US Complaint Against India at WTO
The European Union, Russia, China, Japan and eight other countries have backed the US complaint against India’s export promotion schemes at the World Trade Organisation (WTO). The US has challenged almost all of India’s export programmes at the WTO saying they will harm its workers, citing the Agreement on Subsidies and Countervailing Measures.
Federal Reserve’s annual symposium in Wyoming, where Federal Reserve Chairman Jerome Powell will speak on Friday. The conference’s official theme is the economic impact of superstar firms like Amazon.com Inc.
Click here for Latest News updates and viral videos on our AI-powered smart news genie