India’s gold market is threatened as the government revealed a new jewelry tax regulation, requiring a 1 percent sales tax on gold jewelry. Import taxes has not been changed, even though jewellers have expected the government to eliminate the 10 percent import duty.
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Energy sector was the prime culprit among other stocks including materials and biotech, that pulled S&P 500 and Dow Jones lower recently. S&P 500 fell 2.2% and Dow eased 2.9% during the week ended 24 July. S&P 500 suffered biggest weekly decline since March.
European shares hit a near four-month low and yields on lower-rated euro zone sovereign debt climbed to their highest point since November, as financial markets braced for the possibility of Greece defaulting on its debt.
The U.S. Federal Reserve is on track to raise interest rates for the first time in nearly a decade in September, according to a Reuters poll that suggests economists now are mostly confident about that timing.
The euro fell on Monday, hurt by uncertainty over whether Greece and its international creditors will be able to strike a deal that will help Athens secure funding before it runs out of money by April 20.
The forward guidance issued by the Federal Reserve should gradually evolve back to its "normal" role of communicating the thinking behind policy moves, Cleveland Fed President Loretta Mester told a bankers' conference in Paris on Monday.
Markets still digesting an unexpectedly cautious message from the Federal Reserve will get more food for thought this week with U.S. inflation data and potentially rising risks of a Greek exit from the euro zone.
The Federal Reserve should stop talking about the need for a "patient" interest rate policy just before it thinks it will begin hiking rates, a top Fed policymaker said on Monday.
The guessing game over the timing of euro zone money printing will intensify as the European Central Bank unveils a closely watched gauge of policy in the coming week, the highlight of a calendar dominated by Europe's malaise.
Today, the minutes of the MPC meeting held on 5th and 6th November was released. The Committee set monetary policy to meet the 2% inflation target in the medium term, and in a way that helped to sustain growth and employment.
Charles I. Plosser , President and Chief Executive Officer of Federal Reserve Bank of Philadelphia spoke on The US Economic Outlook and Monetary Policy at UBS European Conference, London, England today.
U.S. fund managers increased their holdings of stocks in November, riding a global stock market rally that began when the Federal Reserve put off reducing its monetary stimulus.
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