Latest news with #EFGAssetManagement
Daily Tribune
3 days ago
- Business
- Daily Tribune
India's annual growth hits 6.5%
India's economy grew by 6.5% in the fiscal year that ended in March, official data showed yesterday, among the world's top performers but still sluggish compared with its recent track record. Gross domestic product rose at its slowest pace in four years, with growth coming in well below the 9.2% recorded in the previous financial year. While the economy has rebounded over the past two quarters, helped in part by strong agricultural output, US President Donald Trump's tariff blitz poses risks to a sustained recovery. New Delhi, which wa s slapped with 26% reciprocal tariffs, is currently negotiating a trade deal with Washington that it hopes will spare it the worst of Trump's trade push. "Although India is expected to see its GDP grow 6.5% again in fiscal year 2025-26, there remains a great deal of uncertainty due to Trump's tariff policies," said Sam Jochim, an economist at EFG Asset Management. "The ability of the Modi government to strike a deal with Trump could prove paramount for India's economic outlook." Analysts believe the annual growth figures, along with cooling inflation data, will convince India's central bank to continue its interest rate easing cycle at its review meeting next week. The GDP figures released yesterday were slightly above analyst expectations of 6.3% but matched the government's own projections of 6.5% yearon-year growth. The data for the January-March quarter was brighter, with GDP growing 7.4% year-onyear -- the fastest this fiscal year and beating analyst estimates of 6.8% growth. The National Statistics Office said in a media release that growth in the March quarter was helped by a surging construction sector. Nearing Japan While India is still the fastest-growing major economy, the 2024-25 fiscal year growth figures remain below the 8% pace that experts say New Delhi needs to create enough wellpaying jobs and generate economic prosperity. The slowdown in economic activity over the past year pushed Prime Minister Narendra Modi's government into delivering $12 billion in income tax cuts this year, a move aimed at putting more money in the hands of millions of consumers. The Reserve Bank of India also cut interest rates in February for the first time in nearly five years and delivered another reduction in April. More recently, public debate over the country's economic ascent was triggered after a government official claimed India had surpassed Japan to become the world's fourth-largest economy. Projections by the International Monetary Fund, however, indicate that the switch will not happen until the end of this year. The claim nevertheless prompted swift self-praise from bosses of Indian companies and ruling party lawmakers. Experts also warned that the timeline for India beating out Japan could be delayed by fluctuations in exchange rates. "Our forecasts suggest that India will overtake Japan by the middle of 2026," Shilan Shah of Capital Economics said in a note this week. "But the big picture is that India was always going to overtake Japan -- and also Germany -- given its positive demographics and scope for continued productivity gains."
Yahoo
24-03-2025
- Business
- Yahoo
FTSE 100 LIVE: Stocks rise as traders hopeful Trump's tariffs will be more flexible
The FTSE 100 (^FTSE) and European stocks climbed on Monday morning as traders became hopeful that Donald Trump's forthcoming tariffs will be more measured than previously suggested. It comes after the president dubbed 2 April 'Liberation Day' for the US, when he will unveil his so-called reciprocal tariffs on countries he perceives to be giving America a bad deal on trade. However, late last week, Trump hinted that he could take a flexible approach. Speaking in the Oval Office, he said: 'I don't change. But the word flexibility is an important word. Sometimes it's flexibility. So there'll be flexibility, but basically it's reciprocal.' Daniel Murray, chief executive officer of EFG Asset Management in Zurich, said: 'Markets have taken some comfort from news that the next stage of the Trump administration's tariff regime will involve targeted tariffs. "This raises the possibility that some sectors and countries may fare better than others, helping explain market optimism.' London's benchmark index (^FTSE) was 0.5% higher in early trade Germany's DAX (^GDAXI) climbed 0.6% and the CAC (^FCHI) in Paris headed 0.5% into the green The pan-European STOXX 600 (^STOXX) was up 0.4% Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green. The pound was 0.2% up against the US dollar (GBPUSD=X) at 1.2943 Key companies reporting this week: GameStop, Lululemon, Kingfisher, Bellway and Fevertree Follow along for live updates throughout the day: Stocks were mixed in the Asia-Pacific markets with the Nikkei (^N225) falling 0.2% on the day in Japan, while the Hang Seng (^HSI) rose 0.9% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. It comes as US equity futures are moving higher on tariffs hopes. Good morning, and welcome back to our markets live blog. We are back with a busy week ahead and ready to bring you all the latest markets news and everything that's happening across the global economy. Here's a quick look at what's on the agenda for today: 7am: Trading updates: S4 Capital, Braemar Shipping 9am: Flash Eurozone PMI report for March 9.30am: UK PMI report for March 12.30pm: United States Chicago Fed National Activity Index 1.45pm: US PMI report for MarchStocks were mixed in the Asia-Pacific markets with the Nikkei (^N225) falling 0.2% on the day in Japan, while the Hang Seng (^HSI) rose 0.9% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. It comes as US equity futures are moving higher on tariffs hopes. Good morning, and welcome back to our markets live blog. We are back with a busy week ahead and ready to bring you all the latest markets news and everything that's happening across the global economy. Here's a quick look at what's on the agenda for today: 7am: Trading updates: S4 Capital, Braemar Shipping 9am: Flash Eurozone PMI report for March 9.30am: UK PMI report for March 12.30pm: United States Chicago Fed National Activity Index 1.45pm: US PMI report for March Sign in to access your portfolio
