somrat4030
Well-known member
Feb-25, 2022, World Economical news and financial latest updates, by forex forum.
U.S. consumer spending increased more than expected in January, offering the economy a strong boost at the start of the first quarter, but price pressures continued to mount, with annual inflation surging at rates last experienced four decades ago.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 2.1% last month after falling 0.8% in December, the Commerce Department said.
Spending was driven by purchases of motor vehicles, nondurable goods and recreational goods as well as outlays on heating amid freezing temperatures across many parts of the country. Economists polled by Reuters had forecast consumer spending rebounding 1.5%.
On the other hand, It turned out to be a disappointing week for the domestic equity market as the benchmark equity indices tanked over 3 per cent amid an escalation of crisis between Russia and Ukraine.
The 30-share BSE Sensex plunged 1,974.45 points to 55,858.52 on February 25 against 57,832.97 on February 18. Likewise, the 50-share NSE Nifty index declined 617.90 points to 16,658.40 during the same period.Meanwhile, sentiment also dented further after the price of Brent crude oil crossed $105 per barrel on Thursday, stoking inflation fears in oil-importing countries like India. However, heavy buying on the last day of the week capped the downside.
As many as 46 companies in the Nifty index ended the week in the red. With a fall of 9.92 per cent, Bharat Petroleum Corporation declined the most. UPL, HDFC Life Insurance, Grasim Industries, SBI Life Insurance, Hero MotoCorp, Tata Consultancy Services, Indian Oil Corporation, Tata Motors and State Bank of India also retreated over 6 per cent during the week gone by. On the other hand, Kotak Mahindra Bank, Cipla, Power Grid and Hindalco advanced between 0.70 per cent and 1.80 per cent.
Source: businesstoday.in/markets
Elsewhere, Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK), reported on Thursday its slowest quarterly revenue growth since going public in 2014, hit by a drop in sales at its core business segment and intensifying competition.
The slowing Chinese economy has also taken a toll on the company as consumers cut back discretionary spending.
Alibaba said group revenue rose about 10% in October-December 2021 to 242.6 billion yuan ($38.37 billion), marking the first time quarterly sales growth has fallen below 20%.
On the other hand, Inflation as gauged by the Fed's preferred core PCE measure rose 5.2% in January from a year ago. That was the biggest rise since April 1983.
A key inflation measure showed that prices rose at their fastest level in nearly 39 years, but it didn't deter consumers from spending aggressively, the Commerce Department reported Friday.
The core personal consumption expenditures price index, the Federal Reserve's primary inflation gauge, rose 5.2% from a year ago, slightly more than the 5.1% Dow Jones estimate. It was the highest level since April 1983.
Including food and energy prices, headline PCE was up 6.1%, the strongest gain since February 1982.
On a monthly basis, core PCE rose 0.5%, in line with estimates, while the headline gain was up 0.6%.
For getting latest World financial news and latest currency trading updates join this forex forum.
You can learn more about forex trading at forum.forex
This is the forex forum for beginners and professional currency market traders. Discuss and share forex trading tactics, currency pairs, tips and forex market data. Analyze forex brokers, leverage and signals providers.
Thank You
