Business in the Week Ahead in India: The budget frenzy is gaining momentum, with intense activity expected in the coming week, along with a crucial national election, Powell’s speech, and IPOs.
The upcoming Union Budget is expected to be a significant step forward, with the government aiming for inclusivity. High-frequency economic indicators are also contributing to the confidence in the process.
The market is also looking good, with domestic investors making up for foreign counterparts. The success of the budget depends on how it sets the game for investors.
Emcure Pharmaceuticals and Moody’s are set to launch their IPOs next week, raising questions about the future of the India market.
Monday – July 01
Caixin Manufacturing PMI increased to 51.7 in May, marking the seventh consecutive month of factory activity expansion and the fastest since June 2022, driven by rising new orders, despite a softer expansion in new export orders.
HSBC Manufacturing PMI: Caixin Manufacturing PMI surged to 51.7 in May, marking the seventh consecutive month of factory activity expansion, fueled by rising new orders despite a softer expansion in new export orders.
Tuesday – July 02
Fed Chair Powell’s upcoming speech at a European Central Bank forum will determine future interest rates. The US central bank left the benchmark policy rate steady at 5.25%-5.50% for seven consecutive meetings, with forecasts for one rate cut this year.
Wednesday – July 03
FOMC Minutes: The Fed’s recent meeting provides key insights into US policymakers’ outlook, with no revisions to GDP growth projections and a projected US economy expansion of 2.1% in 2024, 2% in 2025, and 2026.
HSBC Services PMI:Â HSBC India Services PMI increased to 60.4 in June, marking the 35th consecutive month of growth in services activity, with new orders contributing to the increase.
US Initial Jobless Claims: The US unemployment rate decreased by 6,000 to 239,000 from the previous week, below market expectations. This marks the second consecutive week of this drop, indicating a tight labor market despite post-pandemic resilience.
Thursday– July 04
UK General Election:- The UK General Election on July 4 will feature a thrilling battle between Labour and Conservatives, with Labour expected to secure enough parliamentary seats to form the next government.
Friday – July 05
Foreign Exchange Reserves: India’s foreign exchange reserves increased to $652.9 billion from $655.82 billion in the previous week, with the inclusion of Indian bonds in the global index boosting the situation.
Must read book about investing – check here Business in the Week Ahead in India: India’s inflation/manufacturing data, US inflation and initial jobless claims etc. in Focus.Business Business Business in the Week Ahead in India: India’s inflation and manufacturing data, along with US and Euro area data, will be released, with US inflation and initial jobless claims crucial for Federal Reserve rate cut speculation.