Latest news with #PMI
Qatar Tribune
an hour ago
- Business
- Qatar Tribune
ECB expected to hold rates as tariff uncertainty lingers
Agencies The European Central Bank is set to hold interest rates for the first time in almost a year when policymakers meet this week, despite concerns over the potential impact of higher US tariffs on the eurozone economy. The 26 members of the ECB's governing council will meet just over a week before an August 1 deadline set by US President Donald Trump for the imposition of his government's punitive tariffs. Trump has threatened to triple a basic tariff on imports from the EU to 30 percent if Brussels does not cut a deal by the end of the month, casting uncertainty over the future of transatlantic trade. But the ECB was expected to hold tight on rates instead of preempting the outcome of negotiations, pausing a series of cuts that goes back to September. The central bank has reduced its benchmark rate a total of eight times since June last year and at each of its last seven meetings, bringing it down to two percent. The rapid reduction in rates has come as eurozone inflation has fallen back towards the ECB's two-percent target from the double-digit highs seen in 2022. In June, eurozone inflation sat exactly on the ECB's target and was forecast by officials at the central bank to even out at two percent for the year. The ECB would 'almost certainly leave interest rates unchanged' at the conclusion of its monetary policy meeting on Thursday, analysts from Italian bank UniCredit said in a note. 'The central bank will now want to have more clarity on the trade outlook before it considers adjusting its policy further,' they said. Despite the murky outlook, the ECB was in a 'good place' to deal with what comes next, executive board member Isabel Schnabel told financial news service Econostream Media this month. And with the euro area economy showing some signs of life despite Trump's threats on tariffs, 'the bar for another rate cut is very high', she said. Euro area factory output has grown four months in a row and the bloc's manufacturing PMI—a survey-based measure of manufacturer's overall health—rose in June to its highest level since August 2022. The improving picture painted by recent indicators could, however, be shattered were Trump to follow through with additional tariffs on top of steep existing levies on auto manufacturers, steel and aluminum. The saber-rattling from the Oval Office over trade—and Trump's repeated attacks on the US Federal Reserve's independence—have otherwise had the impact of weakening the dollar against the euro. Were the euro to rise much further it would make matters 'much more complicated', ECB Vice President Luis de Guindos told Bloomberg TV this month. A stronger single currency brought with it the risk of undershooting the ECB's inflation target by making imports cheaper and cooling the economy, while making European exports more expensive. Already, the ECB's forecasts published last month predict inflation to fall to 1.6 percent in 2026, before recovering to two percent the following year. A strong euro meant rate cuts later in the year were a matter of 'when and by how much and not if', ING bank analyst Carsten Brzeski said. The question would get 'more attention' at forthcoming ECB gatherings, Brzeski said, but the uncertainty over US tariffs argued in favor a 'wait-and-see approach'. Trump had upped the threatened level of tariffs on EU exports to the United States since the ECB's last meeting but where they would land after August 1 was uncertain. With the EU locked in talks with Washington to avoid higher tariffs, the necessary 'clarity is unlikely to emerge by next Thursday', UniCredit analysts said. A pause was likely before another cut later in the year, perhaps already in September, the first meeting after the summer, they said.
See - Sada Elbalad
10 hours ago
- Business
- See - Sada Elbalad
Gold Benefits from Weak Dollar and Renewed Safe-Haven Demand Amid Tariff Fears and Monetary Easing Expectations
Waleed Farouk Gold prices recorded a significant increase in both local and global markets during Monday's trading session, supported by the weakening of the US dollar and renewed demand for safe-haven assets amid ongoing uncertainty over US trade and monetary policies. Domestically, gold prices rose by approximately EGP 5, with the 21-karat gram reaching EGP 4,655. Globally, the ounce climbed by $17 to settle around $3,567. The 24-karat gram recorded EGP 5,320, the 18-karat stood at EGP 3,990, and the 14-karat at EGP 3,104. Meanwhile, the gold pound was priced at EGP 37,240. Gold had ended last week's trading with a slight decline of EGP 10, with the 21-karat gram opening at EGP 4,660 and closing at EGP 4,650, while the global ounce dropped by 0.1%, from $3,355 to $3,350. Several factors boosted gold at the start of the week, most notably the US dollar index retreating from monthly highs following dovish comments by Federal Reserve Board member Christopher Waller last week, which strengthened expectations for a rate cut in September. Additional support came from renewed trade threats by former President Donald Trump, who proposed imposing tariffs of up to 20% on imports from the European Union starting August 1, prompting investors to seek refuge in gold as a safe haven amid fears of economic fallout. Despite these supportive conditions, investors remained cautious about making strong bullish bets, especially amid rising expectations that the Federal Reserve may delay any rate cut, given signals that tariffs could impact consumer prices. This would provide additional support for the dollar and limit gains in non-yielding assets like gold. Markets currently anticipate two rate cuts of 25 basis points each before the end of the year. However, comments by Fed Chair Jerome Powell regarding the potential inflationary impact of new tariffs have added more uncertainty to the monetary policy outlook, diminishing gold's appeal as an inflation hedge in a high-yield environment. The University of Michigan's Consumer Sentiment Index rose to 61.8 in July, reflecting growing optimism about current and future economic conditions, which in turn lent support to the dollar and limited gold's upside. Nevertheless, declining long-term inflation expectations—from 4% to 3.6%—and short-term forecasts—from 5% to 4.4%—grant the Fed more flexibility in managing policy without rushing to cut rates, providing a counterbalance in the broader outlook. Markets this week are closely watching several key economic indicators that may shape the direction of global markets. These include a speech by Fed Chair Jerome Powell in Washington on Tuesday, existing home sales data on Wednesday, the European Central Bank's interest rate decision, weekly US jobless claims, PMI data, and new home sales on Thursday, as well as durable goods orders—a leading indicator of corporate investment—on Friday. Despite supportive monetary and geopolitical conditions, gold remains range-bound and lacks strong momentum to break through key resistance levels. The market's direction in the short to medium term remains contingent on developments in US monetary policy, global trade tensions, and economic growth data. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs News Flights suspended at Port Sudan Airport after Drone Attacks
The Hindu
11 hours ago
- Business
- The Hindu
Gold rises ₹250 to ₹99,020/10 g amid a pick-up in demand
Gold prices rose by ₹250 to ₹99,020 per 10 grams in the national capital on Monday (July 21, 2025) amid a pick-up in demand by stockists, according to the All India Sarafa Association. On Friday, the precious metal of 99.9% purity had closed at ₹98,770 per 10 grams. In the national capital, gold of 99.5% purity advanced by ₹250 to ₹98,550 per 10 grams (inclusive of all taxes) on Monday (July 21, 2025). It had closed at ₹98,300 per 10 grams in the previous market close. Meanwhile, silver prices appreciated ₹500 to ₹1,11,000 per kilogram (inclusive of all taxes). On Friday, the white metal had ended at ₹1,10,500 per kg. Bullion traders said that pick-up in demand helped the rally in the precious metal. Globally, spot gold rose by $15.16 or 0.45% to $3,365.56 per ounce. "Gold edged higher on Monday amid uncertainties related to U.S. tariff policy and a pullback in the U.S. Dollar, which provided support for precious metals prices," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. Mr. Gandhi further stated traders will closely monitor the U.S. trade agenda alongside key U.S. macroeconomic data, including provisional PMI figures, weekly unemployment claims, and durable goods orders. Additionally, spot silver went up 0.73% to $38.47 per ounce in the overseas markets. "Investors will closely track the U.S. Federal Reserve Chair Jerome Powell's speech for further cues on interest rate direction and in turn trajectory for the bullion prices in the near term," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Mint
11 hours ago
- Business
- Mint
India's core sector output grows 1.7% in June
New Delhi: The output of eight core infrastructure sectors, which account for two-fifths of India's industrial output, expanded by 1.7% in June, according to provisional data released on Monday by the commerce ministry. The production of steel, cement and refinery products recorded positive growth in June, the ministry said. Growth in May was revised to 1.2% from a provisional 0.7%, while it was 5% in June last year. The Index of Eight Core Industries measures the combined and individual output of key industries – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. Core sector output contributes 40.27% to the Index of Industrial Production (IIP). To be sure, India's industrial production grew at 1.2% annually in May, its slowest pace in nine months, as manufacturing momentum weakened and mining and electricity output slipped into contraction, according to provisional data released last month by the statistics ministry. The modest expansion of factory output signals the challenges facing the economy. June's data will be released at the end of the month. India's manufacturing sector activity rose to a 14-month high in June on the back of expansion in output, new orders, and job creation, a private survey released earlier this month. The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 58.4 in June, up from 57.6 in May. It was 58.2 in April and 58.1 in March. India's manufacturing PMI was 56.3 in February and 57.7 in January. A reading above 50 indicates expansion.
The Wire
12 hours ago
- Business
- The Wire
Philip Morris International's India Affiliate Recognized by The EQUAL-SALARY Foundation
IPM India receives global certification acknowledging fair pay and commitment to equal growth opportunities for its global workforce NEW DELHI, July 21, 2025 /PRNewswire/ -- Philip Morris International Inc.'s (PMI) India affiliate IPM India has received a global certification for its achievements in fostering a culture of fairness in the workplace - placing the company among the top organizations globally providing equal pay and growth opportunities for employees. The EQUAL-SALARY Foundation recognized PMI for paying all employees equally for equal work everywhere it operates. This marks the third time that IPM India has been awarded for its equal pay policies since 2019. The certification demonstrates that IPM India champions equal pay and has established robust and transparent policies that empower every employee to excel and seize equal opportunities for growth and success. This year, in addition to recognizing fair pay, the certification acknowledges IPM India's enduring commitment to equal opportunities that enable employees to thrive, grow, and drive change, creating a culture that attracts the best talent. Commenting on the recognition, Navaneel Kar, Managing Director, IPM India, said, "We are honoured to receive the recognition from EQUAL-SALARY Foundation. The certification is a testament to our dedication to equality and fairness- fostering a collaborative and employee-centric workplace. We believe organizations with diverse teams and equitable cultures enable innovation & meaningful transformation. We are committed to providing an environment, where our people are rewarded fairly and empowered to reach their full potential, connecting to their purpose and driving positive change." "Providing fair and equal remuneration to men and women is our top priority," added Kingshuk Das, Director, People & Culture, IPM India. "Building talent is fundamental to business success and we are committed to providing the right tools and equal opportunities that support employees to cocreate their own path. At IPM India, we are constantly adopting best practices where personal situations are understood, differences have value and all people are treated with equity and respect." Lisa Rubli, co-CEO of the EQUAL-SALARY Foundation, commented, "PMI's third global EQUAL-SALARY certification is a landmark achievement. It represents more than a commitment to equal pay for equal work between women and men. It reflects a deep, ongoing effort to build fairness and equal opportunity into every stage of the employee experience. Through rigorous salary analysis and qualitative audits, PMI has demonstrated a culture of openness, accountability, and continuous improvement. This recertification is not only a recognition of what has been achieved for over 83,000 PMI employees around the world, it is a call to the business world to do more." Valid for three years, the Equal Pay and Opportunities certification provides independent, third-party verification that IPM India pays all employees fairly and objectively for the same job or a job of equal value. The EQUAL-SALARY Foundation has certified companies in 90 countries, involving almost half a million employees. PMI has been featured among the top 10 companies in the WSJ Management Top 250 Annual Company Ranking. In addition to being recognized by the EQUAL-SALARY Foundation, IPM India has received Great Place to Work certification for four consecutive years and Top Employer recognition for five consecutive years. About IPM India Wholesale Trading Private Limited: IPM India Wholesale Trading Private Limited is a joint venture between Philip Morris Brands SARL of Switzerland and two Indian entities, Godfrey Phillips India Limited and K.K. Modi Investment & Financial Services Private Limited. About the EQUAL-SALARY Foundation EQUAL-SALARY is a non-profit foundation established in 2010. It offers certification procedures based on a transparent and robust methodology comparable to an ISO standard for salaries and processes. The development of EQUAL-SALARY certification has been financially supported by the Federal Office for Equality (FOGE) and its methodology, developed in collaboration with the University of Geneva, has been recognized by the Swiss Federal Court. It is the only certification for equal pay recognized by the European Commission in a report on the pay gap. EQUAL-SALARY is also a member of EPIC - the International Coalition for Equal Pay, the United Nations Global Compact and the Alliance for Pay Transparency. To date, the EQUAL-SALARY Foundation has certified companies in 90 countries, involving almost half a million employees. A number of certified companies have renewed their commitment up to 6 times, demonstrating a strong desire to promote fairness and strengthen the trust and respect of their employees, customers and partners. As an EQUAL-SALARY employer, an organization is in an excellent position to attract and retain talent and to prove that it respects the rules of good governance. About the Equal Pay and Opportunities, by EQUAL-SALARY certification process, a symbol of excellence Similar to an ISO standard for wages, the Equal Pay and Opportunities, by EQUAL-SALARY process includes two phases: First, experts contracted by EQUAL-SALARY run statistical analyses of salary data. Upon having concluded phase 1 successfully, demonstrating an overall pay gap equal to or lower than 5 per cent, phase 2 is initiated. Phase 2 consists of an audit conducted by major audit firms such as PwC, Forvis Mazars or SGS, who assess both the company's overall commitment to equal pay, equal opportunities, and its implementation in Human Resources processes. To allow a comprehensive approach, top management, HR and employees are involved by means of surveys and interviews during the on-site audit. Only the companies that meet all requirements of all phases successfully are awarded the Equal Pay and Opportunities, by EQUAL-SALARY certification, proving their excellence in equal pay and equal opportunities. The Equal Pay and Opportunities, by EQUAL-SALARY Certification allows organizations to verify and communicate that they pay their employees and offer equal opportunities fairly across gender, ethnicity, or both. It is a practical and scientific solution to achieve transparency while preserving confidentiality. Photo: (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.).
