The past week saw benchmark stock market indices soaring and hitting fresh lifetime highs. The geo-political situation between United States and other countries worsened, with US President Donald Trump doubling tariffs on Turkish steel and aluminium imports, escalating a diplomatic row that tipped the Turkey’s economy deeper into crisis. Earlier, China levied retaliatory additional tariffs on US imports. The rouble hit a two-year low after the United States announced new sanctions on Russia over the UK nerve-agent attack.
Industrial production in India expanded to a five-month high in June with all three major sectors —manufacturing, mining and electricity — contributing to the recovery.
This week keep an eye on
- Consumer price index (CPI) inflation will be released on Monday
- Wholesale price index (WPI) Inflation and trade data for July will be announced on Tuesday
- Oil Concerns: Oil prices expected to inch up as US sanctions against Iran point towards a tighter market.
- Domestic Earnings are due this week from companies including Tata Steel, NBCC, Oil India and Indiabulls Real Estate
- US retail sales data for July will be unveiled on Wednesday
- Brexit talks between the EU and the UK resume in Brussels Thursday. The EU is signaling it wants to make September a decisive month while UK favors a late-fall deadline.
- Australian central bank Governor Philip Lowe testifies before Economics Committee on Friday.
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