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Ajay Srivastava of Dimensions Consulting believes the “fear factor” being introduced in the economy may not be good for consumption stories. “If consumption is a casualty, then obviously the growth numbers will go down or maybe even go negative,” he told BloombergQuint’s Agam Vakil
He said international investors certainly do not find comfort in what is happening domestically in the economy. The only reason why there isn’t a large scale selloff is because domestic investor is still hanging in the mutual fund and SIPs not knowing where else to go. They are taking the losses on the chin and waiting for things to turn around, he said.
European stocks opened higher after Deutsche Bank AG and Credit Suisse Group AG agreed to settle U.S. mortgage probes and Italy decided to go ahead with a bailout for its lenders. Asian shares fell as Chinese equities extended losses amid rising borrowing costs.
Tata Motors shareholders vote to oust Nusli Wadia as independent director.https://t.co/dolL0VPBjs pic.twitter.com/8vyuK3jKwf
— BloombergQuint (@BloombergQuint) December 23, 2016
Top Gainers
#BQSpotted by @soumeet_sarkar | Reliance Defence snaps three-day losing streak. https://t.co/MgkF0Gf96u pic.twitter.com/QvSPd3kHqa
— BloombergQuint (@BloombergQuint) December 23, 2016
Movers & Shakers: Suzlon, Wipro, Welspun Enterprises And More
In the currency markets, the rupee is headed for its second week of decline. On the last trading day before the Christmas holidays, stocks in the region are trading lower weighing on the currencies. Traders expect thin volumes and a lackluster rangebound trade.
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Cyrus Mistry’s 5-year strategy that Ratan Tata rejected, reports @sajeetkm. https://t.co/NcV8DKJxdO pic.twitter.com/pMtdyVqyhA
— BloombergQuint (@BloombergQuint) December 23, 2016
Orders for U.S. business equipment advanced more than forecast last month, while final reading of third-quarter gross domestic product topped estimates. Mortgage rates rose, with the 30-year reaching the highest level since April 2014, after the Federal Reserve increase its benchmark lending rate.
The number of Americans filing applications for unemployment benefits rose more than expected to a six-month high last week, potentially reflecting seasonal swings in a still-healthy labour market.
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