Business
The year 2024 will begin with the update of key business indicators that will help investors gauge the state of the economy. Automobile companies will release the wholesale dispatch numbers for December 2023. Sales are feared to have slowed in December. The S&P Global will update the purchasing managers’ indices (PMIs) of the manufacturing and services sectors.
Importantly, the US Federal Reserve will release the minutes of the Federal Open Market Committee meeting held in December 2023. Investors will scan the minutes of the meeting as many in the market are expecting the US central bank to cut interest rates in 2024. US payrolls, China PMI and inflation in Euro Area are the other key data points to track.
Indian Weekly Economic Calander
Monday, Jan 01st
Automobile Sales: Automobile sales are projected to have slowed in December 2023 reflecting the year-end inertia of consumers to buy new vehicles. Manufacturers will release the wholesale dispatch numbers for December.
Tuesday, Jan 2nd
The Caixin general manufacturing PMI climbed in November 2023, beating market expectations. Data for December 2023 will be made available.
Wednesday, Jan 3rd
India Manufacturing PMI: S&P Global will release the manufacturing PMI data for December 2023. The manufacturing PMI rose to 56 in November from 55.5 in October.
Board Meeting: The board of Adani Ports and Special Economic Zone will meet to consider fund raising options.
US Manufacturing PMI, Job Openings: The ISM manufacturing PMI may remain below 50 in December 2023 indicating contraction in the manufacturing sector. Job openings data for November will also be released.
Thursday, Jan 4th
US FOMC Meeting Minutes: The Federal Reserve will release the minutes of the Federal Open Market Committee meeting held in December 2023. The central banks left the funds rate unchanged in December meeting.
France, Germany Inflation: France and Germany will separately release the inflation data for December 2023. Inflation slowed in both the countries in November from October levels.
Friday, Jan 5th
India Services PMI: Activity in the services sector may moderate further in December 2023. The services PMI declined to 56.9 in November from 58.4 in October. The composite PMI data will also be updated.
Euro Area Inflation: Inflation may perk-up in Euro Area in December 2023 after declining to the lowest level in more than two years in November.
US Non-Farm Payrolls: Job additions may moderate in December 2023 after rising in November.
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Friday, December 29th
Fiscal Deficit: India’s fiscal deficit – the gap between a government’s total revenue and total spending in a fiscal year – increased to Rs 8.04 trillion in April-October 2023-24, up from Rs 7.58 trillion in the previous fiscal year’s same period. This current deficit figure is 45 percent of the government’s prediction for 2023-24, up from 45.6 percent a year ago. The November number will be released on Friday.
Current Account Deficit Q3: India’s current account deficit narrowed to $9.2 billion in the second quarter of 2023, which is equivalent to 1.1 percent of GDP. It was down from $17.9 billion a year ago, but it above market estimates of a $8.9 billion deficit.
Bank Loan Growth: The value of outstanding loans in India increased by 20.80 percent year on year in the two weeks ending December 1. During the same time span, the value of deposits increased 13.4 percent year on year. Deposit growth in India averaged 14.98 percent from 1998 to 2023, with a peak of 29.30 percent in January 2008 and a low of 2.70 percent in December 2017.
Infrastructure Output: Infrastructure output in India increased by 12.1 percent year on year in October, following an upwardly revised 9.2 percent increase in the previous month. The November figures are awaited.