Rising oil prices and muted second quarter financial performance of key IT sector companies are other sources of potential volatility for Indian markets.
Brent crude futures & US West Texas Intermediate crude futures both rose 0.6% a barrel. Both benchmarks fell more than 2% Monday as diplomatic efforts in Middle East intensified.
Development leads to hopes that the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies.
Organization of Petroleum Exporting Countries and their allies, including Russia, shook markets by announcing output cuts of about 1.16 million barrels/day on Sunday.
IMF Managing Director Kristalina Georgieva said Sunday that US, Europe and China are all slowing down simultaneously, making 2023 tougher than 2022 for the global economy.
Like many, India will be anxiously watching the US-Saudi Arabia summit in Jeddah—knowing its fate is tied to the decisions King Salman and Joe Biden make.
In India, only 17% of public sector banks and 25% of private sector banks claimed to have an internal strategy for integrating climate risks into their risk management framework.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
Both the governments expressed their commitment to strengthening their maritime cooperation to strengthen the maritime safety and security framework in the region.
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