Last week Indian bourses and businesses got a reality check. The IMF predicted that Indian as well as the global economy will grow at a slower pace than the earlier expectation.
The stock markets, that were still absorbing the impact of IL&FS crisis, falling rupee and high oil prices, got another jolt from a selloff in US stocks following President Donald Trump’s scathing remarks against the Federal Reserve.
The rupee, which has fallen over 14% this year, making it the worst performer among major Asian currencies, ended the week at 73.56 against the dollar.
Industrial production growth slipped to a three-month low of 4.3% in August mainly due to a sharp decline in the mining sector output and poor offtake of capital goods, according to the Central Statistics Office data. Retail inflation rose marginally in September, nudged up by food and fuel prices, but short of RBI’s 4% medium-term target, strengthening views it could tighten monetary policy in December.
Here are the key global and national events that are likely to impact economy and businesses this week.
- Quarterly results: Companies will report their second quarterly earnings this week. These include – Indiabulls Housing Finance, Hero MotoCorp, Infosys, ACC, Reliance Industries and UltraTech Cement. The earnings are likely to reflect the rising input costs and a sharp depreciation in the rupee.
- Domestic wholesale inflation for September to be released on Monday (October 15)
- The RBI will not relax the October 15 deadline for global financial technology (fintech) companies to comply with its data localisation norms in the public interest.
- APEC finance ministers meet in Port Moresby, Papua New Guinea
- China will release third-quarter GDP data on Friday (October 19), with headline growth forecast to slow to 6.6 percent year on year from 6.7 percent.
- US retail sales data for September will be announced on Monday.
- US Fed to release the minutes from its September 25-26 policy meeting on Wednesday (October 17).
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