Latest news with #PurchasingManagers'Index
Business Standard
5 hours ago
- Business
- Business Standard
INR extends gains on falling international oil prices; dollar weakness
The Indian rupee extended gains in opening trades on Monday tracking persistent weakness in greenback and falling international oil prices. INR commenced at Rs 85.48 per dollar and hit a high of 85.45 so far during the day. On Friday, rupee gained for the second consecutive day supported by steady risk appetite and a weaker dollar index. The domestic currency closed 22 paise higher at 85.50 against the dollar as a recovery under 86 mark extended. However, muted start in equities could limit gains in the counter. Investors await a slew of economic reports, with India's May Industrial Production data due out later in the day, followed by the manufacturing Purchasing Managers' Index (PMI) for June on July 1 and the services PMI on July 3. On the NSE, USDINR futures are marginally lower at 85.57.
The Sun
6 hours ago
- Business
- The Sun
China manufacturing shrinks in June despite trade war respite
BEIJING: China's manufacturing activity ticked up in June but remained in contraction territory, official data showed on Monday, as the truce in its trade war with the United States held. The Purchasing Managers' Index -- a key measure of industrial output -- came in at 49.7, according to the National Bureau of Statistics (NBS). The figure was higher than May's 49.5 and slightly above the 49.6 estimated by a Bloomberg pool of analysts. However, it fell below the 50-point mark that separates growth and contraction for the third straight month. China's 'economic prosperity level remained expansionary overall' in June, NBS statistician Zhao Qinghe said in a statement. 'Manufacturing production activity accelerated, and market demand improved,' Zhao said. China's economy has struggled to sustain its post-pandemic recovery as it battles a prolonged debt crisis in the crucial property sector, chronically low consumption and elevated youth unemployment. It has also been hit by a fusillade of import tariffs unleashed by US President Donald Trump since the start of the year. However, Beijing and Washington called a truce on the staggeringly high duties in May, and Trump said on Sunday that the United States was 'getting along well with China'.
Business Times
9 hours ago
- Business
- Business Times
China manufacturing shrinks in June despite trade war respite
[BEIJING] China's manufacturing activity ticked up in June but remained in contraction territory, official data showed on Monday, as the truce in its trade war with the United States held. The Purchasing Managers' Index - a key measure of industrial output - came in at 49.7, according to the National Bureau of Statistics (NBS). The figure was higher than May's 49.5 and slightly above the 49.6 estimated by a Bloomberg pool of analysts. However, it fell below the 50-point mark that separates growth and contraction for the third straight month. China's 'economic prosperity level remained expansionary overall' in June, NBS statistician Zhao Qinghe said in a statement. 'Manufacturing production activity accelerated, and market demand improved,' Zhao said. China's economy has struggled to sustain its post-pandemic recovery as it battles a prolonged debt crisis in the crucial property sector, chronically low consumption and elevated youth unemployment. It has also been hit by a fusillade of import tariffs unleashed by US President Donald Trump since the start of the year. However, Beijing and Washington called a truce on the staggeringly high duties in May, and Trump said on Sunday that the United States was 'getting along well with China'. AFP
Time of India
12 hours ago
- Business
- Time of India
Reforms Express to Run Non-stop: Nirmala Sitharaman
India Inc is beginning to invest and urban consumption is not a worry, finance minister Nirmala Sitharaman told ET, maintaining that there would be no holding back on economic reforms. In a wide-ranging interview just after the finance ministry said India was in a 'Goldilocks situation'—not too hot, not too cold, but just right—Sitharaman said this was the outcome of 11 years of work by the Narendra Modi government. The Centre is looking to simplify the goods and services tax (GST) and income tax further, ensure the availability of critical supplies, speed up land monetisation, and strengthen regional rural banks. Amendments to the Insolvency and Bankruptcy Code are also expected to be placed before Parliament soon. Banking is going through one of its best cyclical phases but more lenders are welcome, while IDBI Bank privatisation is expected this year, she said. 'You have good momentum on the ground. And I hope going forward, I would think this momentum will be accentuated because the monsoon seems to come up with good news,' Sitharaman said on the health of the economy as summer rain covered the country nine days ahead of schedule. 'Robust business activity is evident from strong e-way bill generation and PMI (Purchasing Managers' Index) data.' Private investment , a key pillar of growth, is returning. 'Of course, they are coming in. With all that (global situation), I think the Indian industry was also being cautious, but now I can see them moving and coming out,' she said, adding that bankers have told her that the private sector is approaching them for credit. States were also doing a good job of at tracting investment. Demand in the country's towns and cities isn't troubling. 'I'm not very concerned about urban consumption, but since I am watching it, I will keep a close eye,' she said. Bankers are optimistic about rate transmission following the central bank's recent 50-basis-point reduction. 'Of course, there will be some time lag as banks need to handle both the lending side and the deposit side,' she said. 'They have a tightrope walk to follow. It's not as if they wouldn't want to transmit the reduction.' Sitharaman said work would continue on improving the ease of doing business and that a lot of work has already been done on GST reforms . 'I hope to finish it soon,' she said. 'That would bring in a lot of difference, not just in terms of lesser rates, but also in terms of compliance,' the finance minister said. Sitharaman said industry has been widely consulted before and after the signing of trade agreements and is well-positioned to benefit from them or compete with imports. On new bank licences, the FM said she understood the RBI's approach. 'The only thing on which, if at all, I would want to say is whatever be the decision of the regulator, give licence, approve or deny licence and say no, it cannot happen. It should happen in a reasonable time,' she said. The ongoing Operation Sindoor doesn't pose a fiscal challenge, she said. Of course, they are (private investment) coming in. With all that (global situation), I think the Indian industry was also being cautious, but now I can see them moving and coming out.
Time of India
12 hours ago
- Business
- Time of India
Reforms express to run nonstop as FM Sitharaman backs GST, tax and banking overhauls
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India Inc is beginning to invest and urban consumption is not a worry, finance minister Nirmala Sitharaman told ET, maintaining that there would be no holding back on economic a wide-ranging interview just after the finance ministry said India was in a 'Goldilocks situation'—not too hot, not too cold, but just right—Sitharaman said this was the outcome of 11 years of work by the Narendra Modi government. The Centre is looking to simplify the goods and services tax (GST) and income tax further, ensure the availability of critical supplies, speed up land monetisation, and strengthen regional rural to the Insolvency and Bankruptcy Code are also expected to be placed before Parliament soon. Banking is going through one of its best cyclical phases but more lenders are welcome, while IDBI Bank privatisation is expected this year, she said.'You have good momentum on the ground. And I hope going forward, I would think this momentum will be accentuated because the monsoon seems to come up with good news,' Sitharaman said on the health of the economy as summer rain covered the country nine days ahead of schedule. 'Robust business activity is evident from strong e-way bill generation and PMI (Purchasing Managers' Index) data.' Private investment , a key pillar of growth, is returning. 'Of course, they are coming in. With all that (global situation), I think the Indian industry was also being cautious, but now I can see them moving and coming out,' she said, adding that bankers have told her that the private sector is approaching them for credit. States were also doing a good job of at tracting investment. Demand in the country's towns and cities isn't troubling.'I'm not very concerned about urban consumption, but since I am watching it, I will keep a close eye,' she said. Bankers are optimistic about rate transmission following the central bank's recent 50-basis-point reduction. 'Of course, there will be some time lag as banks need to handle both the lending side and the deposit side,' she said. 'They have a tightrope walk to follow. It's not as if they wouldn't want to transmit the reduction.'Sitharaman said work would continue on improving the ease of doing business and that a lot of work has already been done on GST reforms . 'I hope to finish it soon,' she said. 'That would bring in a lot of difference, not just in terms of lesser rates, but also in terms of compliance,' the finance minister said. Sitharaman said industry has been widely consulted before and after the signing of trade agreements and is well-positioned to benefit from them or compete with new bank licences, the FM said she understood the RBI's approach. 'The only thing on which, if at all, I would want to say is whatever be the decision of the regulator, give licence, approve or deny licence and say no, it cannot happen. It should happen in a reasonable time,' she said. The ongoing Operation Sindoor doesn't pose a fiscal challenge, she said.
