Rise With Profit: Global Monetary Policy Moves, IPOs This Week, Ustad Zakir Hussain Dies | Podcast

Good morning and happy Monday to you!

This is the daily morning update from NDTV Profit. Here's everything you need to know at the start of the new week.

As we count down to the end of 2024, this week will be hugely important from a monetary policy standpoint. As many as 22 central banks, including the Federal Reserve and Bank of Japan, will decide on monetary policy this week. The US Fed's decision will take place on Wednesday, followed by the Bank of Japan and Bank of England on Thursday.

There's wide anticipation that the Fed will cut rates one last time this year— by 25 basis points. This is despite stalled progress on inflation, because the labour market has shown signs of cooling.

On Friday, US stocks ended mixed, with the Dow losing 0.2% and the S&P 500 closing flat. The Nasdaq gained about 0.1%. In the Asia Pacific region this morning, though, two of the three early risers were positive, last I checked.

One of them was South Korea's Kospi. That's as the country's finance ministry promised over the weekend to continue to swiftly deploy market stabilising measures, as needed to support the economy after President Yoon Suk Yeol was impeached following his brief imposition of martial law.

Brent Crude At Three-Week High

In the commodity space—Brent crude was trading at around $74.5 dollars to the barrel. That's a three-week high. Prices have spiked in the recent past on expectations that additional sanctions on Russia and Iran could tighten supplies. The European Union already imposed sanctions on Russia last week and the US was thought to be contemplating similar moves, according to a Reuters report.

Bitcoin has continued its dazzling run—rising above $105,000 in early trade today. This after US President-elect Donald Trump reportedly suggested that he plans to create a strategic bitcoin reserve, similar to the strategic oil reserve. For context, the price of bitcoin has risen over 50% since the result of the Presidential election on Nov. 5, which saw Donald Trump win a second term. Trump is viewed as pro-crypto.

IPO Galore, Maharashtra Cabinet Oath

Back home, it's going to be a busy week in the primary market. A slew of companies are looking to raise funds via mainboard IPOs and list before the end of the year. A dozen listings are expected. Among the IPOs, Inventurus Knowledge Solutions and International Gemmological Institute are already open and Transrail Lighting and Mamata Machinery are set to open.

In politics, new ministers of the Maharashtra cabinet took oath of office during a ceremony at Raj Bhavan in Nagpur on Sunday. Governor CP Radhakrishnan administered the oath with Chief Minister Devendra Fadnavis and Deputy Chief Ministers Eknath Shinde and Ajit Pawar in attendance.

In the swearing in ceremony, 33 ministers and six ministers of state took oath. The Mahayuti alliance has agreed on giving 20 seats to BJP, 12 seats to Shiv Sena (Ekanth Shinde faction), and 10 to NCP (Ajit Pawar faction). The Maharashtra cabinet can have 43 ministers.

Zakir Hussain, the legendary Tabla player, passed away at 73 in a San Francisco hospital, his family confirmed on Dec. 16.

Hussain had been admitted at the hospital for the past two weeks and was later taken to the ICU, after his condition worsened.

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