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<ul class="summary-list"><li>Stock markets worldwide are on the slide, with Japan's Nikkei falling more than 12% on Monday.</li><li>Worse than-expected jobs data in the US last week fuelled recession fears and drove the sell-off.</li></ul>Investors started the week with a shock on Monday <a target="_blank" href="https://www.businessinsider.com/markets-japan-rate-hike-yen-fx-carry-trade-stock-futures-2024-8">as Asian markets tumbled, European stocks followed,</a> and US futures pointed to America continuing the trend.In Japan, often considered Asia's most important market, the benchmark Nikkei index dropped by more than 12% on the day, continuing a sell-off that started late last week. It was sparked in part by Japan's central bank decision to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/japanese-stock-market-selloff-boj-rate-hike-us-economy-s2024-8">raise interest rates</a>, strengthening the yen against the dollar, and rising investor fears of a US recession has also played a role.To put it into context, a move of 2% in either direction for a major index like the Nikkei on any given day is substantial — meaning a 12% drop is huge."The overriding message from today is ... hold on to your hats," Jim Reid, a research strategist at Deutsche Bank, as Tokyo battled losses of a scale not seen in almost 40 years since the Black Friday crash of 1987.Fears of a recession in the US jumped after <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">significantly weaker-than-expected July jobs numbers on Friday</a>, which also saw jobs numbers for June revised lower.Those lower-than-expected numbers pushed up expectations of a deeper and faster cycle of interest rate cuts from the Federal Reserve, with markets now pricing in a 78% chance of a 0.5 percentage point cut from the Fed in September, Reuters reported.<h2 id="d1a7e0ef-696e-4949-8e55-aea71cd49885">'Rapid, violent' reaction</h2>"Something of a perfect storm appeared on the horizon last week, with first a more hawkish than expected Bank of Japan, then a softer than expected US labour market report, barrelling into financial markets," Michael Brown, an analyst at online brokerage Pepperstone said in an email Monday."The reaction has been rapid, violent, and extreme," he said.While Monday's moves are substantial, several analysts have already suggested that markets are overreacting to last week's news. This could be exacerbated by August often suffering some market volatility."August is often a dangerous month," Reid said in a note to investors, "but with this one only being 2 and a bit business days old, we are seeing some astonishing moves already.""Markets were on edge before Friday but a weak payrolls has really escalated a profound move across the globe. However the reality is that although payrolls was disappointing it's hard to know how disappointing given the distortions from Hurricane Beryl," Reid wrote."It's like the market has added up 2+2 and made 9. It's easily possible we'll get the additional 3 and 2 to make up the total but we're certainly not there yet. It's hard to believe such market moves would have occurred in any other month."

Global stock markets are sliding and investors are holding on to their hats. Here's why.

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> rallied by Rs 550 to Rs 75,700 per 10 grams in the local market on Tuesday on the back of fresh buying by <keyword id="20280747" type="General" weightage="20" keywordseo="jewellers" source="keywords">jewellers</keyword> as well as strong trends in the international markets. According to All India Sarafa Association, the precious metal rates had closed at Rs 75,150 per 10 grams on Monday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity quoted higher at Rs 75,700 per 10 grams and Rs 75,350 per 10 grams, respectively. Traders attributed the rise in gold prices to a pick-up in demand by local jewellers and retailers in the domestic market. In addition, <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">silver prices</keyword> also jumped by Rs 400 to Rs 94,400 per kg. It had ended at Rs 94,000 per kg in the previous session. "Gold and silver prices witnessed a sharp recovery on the back of rate cut expectations. "No major data points were scheduled on Monday, however, comments from <keyword id="19901377" type="General" weightage="20" keywordseo="US-Federal-Reserve" source="keywords">US Federal Reserve</keyword> Chair Jerome Powell were in limelight," Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd (MOFSL), said. Fed Chair Powell said that second quarter data has given policymakers greater confidence that <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> is heading down to the central bank's 2 per cent goal. Powell reiterated that the US central bank is in no rush to cut rates but he also raised concerns regarding ease off in labour market and increase in deficits. This week, traders will keep an eye on important data points like US retail sales, industrial production and a few housing numbers, which could provide clarity on overall economic health, Modi added. On the overseas front, spot gold at Comex was traded at USD 2,436 per ounce, registering a gain of USD 28 per ounce from previous day. According to Dilip Parmar, Research Analyst at HDFC Securities, gold prices traded higher amid ETF demand and speculative buying as the global gold prices hovering near the record high. "...decline in the treasury yields and US dollar index also supported the spot gold prices," Parmar added. Additionally, silver was also quoted higher at USD 30.77 per ounce. In the previous session, it had finished at USD 30.68 per ounce. "Gold continues to trade positive, supported by a steady US dollar and easing bond yields as focus remains on an early rate cut by the Federal Reserve. "The bullion was also supported by a rise in <keyword id="20501401" type="General" weightage="20" keywordseo="safe-haven-demand" source="keywords">safe-haven demand</keyword> amid signs of political uncertainty in the US and France, and with a close eye on the geo-political developments in the middle-east as well," Pranav Mer, VP - Research (Commodity &amp; Currency) at BlinkX and JM Financial, said.

Gold rallies Rs 550; silver jumps Rs 400 amid strong global cues

<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

Mumbai, Benchmark equity indices Sensex and Nifty jumped in early trade on Thursday in-tandem with a rally in global markets after the <keyword id="19951097" type="General" weightage="20" keywordseo="us-fed" source="keywords">US Fed</keyword> projected three rate cuts this year. The 30-share BSE Sensex jumped 595.02 points to 72,696.71 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> climbed 181.85 points to 22,020.95. From the Sensex basket, <keyword id="19950204" type="General" weightage="20" keywordseo="tata-steel" source="keywords">Tata Steel</keyword>, <keyword id="19971670" type="General" weightage="20" keywordseo="jsw-steel" source="keywords">JSW Steel</keyword>, IndusInd Bank, Power Grid, Wipro, and <keyword id="19903558" type="General" weightage="20" keywordseo="ntpc" source="keywords">NTPC</keyword> were the biggest gainers. Maruti and <keyword id="20050687" type="General" weightage="20" keywordseo="nestle" source="keywords">Nestle</keyword> were the laggards. In Asian markets, Seoul, Tokyo, and Hong Kong were trading significantly higher while Shanghai quoted lower. Wall Street ended with remarkable gains on Wednesday. "The uncertainty regarding the Fed decision is over with the Fed keeping the rates unchanged and refraining from a hawkish message. The Fed chief's statement that "inflation has eased substantially while the labour market has remained strong" conveys conviction about the soft landing of the US economy and the possibility of probably three rate cuts this year. "The response from the market was the US indices racing to record highs. This favourable global construct will have its positive impact on Indian markets too," said V K Vijayakumar, Chief Investment Strategist, <keyword id="19933343" type="General" weightage="20" keywordseo="geojit-financial-services" source="keywords">Geojit Financial Services</keyword>. Global oil benchmark Brent crude climbed 0.61 per cent to USD 86.47 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,599.19 crore on Wednesday, according to exchange data. "In a market buoyed by record closing on Wall Street and a confident stance from the Fed, Nifty is poised for significant gains, supported by optimistic economic projections," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. The 30-share BSE benchmark rebounded 89.64 points or 0.12 per cent to settle at 72,101.69 on Wednesday. The NSE Nifty climbed 21.65 points or 0.10 per cent to 21,839.10.

Sensex, Nifty surge in early trade amid global markets rally on US Fed rate cut plans

New York [US], May 21 (ANI): International tourist arrivals and the <keyword id="2173225" type="General" weightage="100" keywordseo="travel-and-tourism" source="Orion">travel and tourism</keyword> sector's contribution to <keyword id="572312" type="General" weightage="20" keywordseo="global-GDP" source="Orion">global GDP</keyword> are expected to return to pre-pandemic levels this year, driven by the complete lifting of COVID-19-related <keyword id="19916662" type="General" weightage="20" keywordseo="travel" source="keywords">travel</keyword> restrictions and strong pent-up demand, as per the new <keyword id="20020435" type="General" weightage="20" keywordseo="World-Economic-Forum" source="keywords" meta.keywordsubtype="org" meta.entityname="World Economic Forum" meta.hostid="261" meta.entityid="World Economic Forum">World Economic Forum</keyword> travel and <keyword id="19997361" type="General" weightage="20" keywordseo="tourism" source="keywords">tourism</keyword> study, released on Tuesday. Topping the 2024 list of economies are the US, Spain, Japan, France and Australia. The Middle East had the highest recovery rates in international tourist arrivals - 20 per cent above the 2019 level, while Europe, Africa and the US all showed a strong recovery of around 90 per cent in 2023. <keyword id="21745194" type="General" weightage="20" keywordseo="Travel-and-Tourism-Development-Index-2024" source="Orion">Travel and Tourism Development Index 2024</keyword> (TTDI), a biennial report published in collaboration with the University of Surrey, analysed the travel and tourism sectors of 119 countries around a range of factors and policies. "This year marks a turning point for the travel and tourism sector, which we know has the capacity to unlock growth and serve communities through economic and social transformation," said Francisco Betti, Head of the Global Industries team at the World Economic Forum. "The report offers a forward-looking window into the current and future state of travel and tourism for leaders to navigate the latest trends in this complex sector and sustainably unlock its potential for communities and countries across the world." The <keyword id="840423" type="General" weightage="20" keywordseo="global-tourism" source="Orion">global tourism</keyword> industry is expected to recover from the lows of the COVID-19 pandemic and surpass the levels seen before the crisis. As per the report, this is largely being driven by a significant increase in demand worldwide, which has coincided with more available flights, better international openness, and increased interest and investment in natural and cultural attractions. However, the report painted that the global recovery has been mixed. While 71 of the 119 ranked economies increased their index scores since 2019. Although the sector has moved past the shock of the global health crisis, it continues to deal with other external challenges, from growing macroeconomic, geopolitical and environmental risks, to increased scrutiny of its sustainability practices. In addition, labour shortages are ongoing, and air route capacity, capital investment, productivity and other sector supply factors have not kept up with the increase in demand. This imbalance, worsened by global inflation, has increased prices and service issues. Out of the top 30 index scorers in 2024, 26 are high-income economies, 19 are based in Europe, seven are in Asia-Pacific, three are in the Americas and one (the United Arab Emirates) is in the Middle East and North Africa region (MENA). The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland. The results highlight that high-income economies generally continue to have more favourable conditions for travel and tourism development. This is helped by conducive business environments, dynamic labour markets, open travel policies, strong transport and tourism infrastructure, and well-developed natural, cultural and non-leisure attractions. "It's essential to bridge the divide between differing economies' ability to build a strong environment for their travel and tourism sector to thrive," said Iis Tussyadiah, Professor and Head of the School of Hospitality and Tourism Management at the University of Surrey. "The sector has big potential to foster prosperity and mitigate global risks, but that potential can only be fully realized through a strategic and inclusive approach." If managed strategically, the travel and tourism sector - which has historically represented 10 per cent of global GDP and employment - has the potential to emerge as a key contributor to growth, it said. (ANI)

Worldwide tourism and its contribution to global GDP to return to pre-COVID levels this year: WEF study

<ul class="summary-list"><li>The unwind of the global yen "carry trade" is a force battering stocks. </li><li>Investors in recent years borrowed at low rates in Japan to invest in higher-yielding assets.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-plunge-warren-buffett-cuts-stake-berkshire-hathaway-2024-8">Stocks plunged on Monday,</a> and market pros say a lot of it has to do with the global unwind of the yen "carry trade."The carry trade refers to investors borrowing money at near-zero interest rates in Japan, and then redeploying that cash into higher-yielding assets around the world, such as stocks and bonds. "The selloff here is to a large extent attributable to the unwind of the so-called carry trade," Ed Yardeni <a target="_blank" class="" href="https://www.youtube.com/watch?v=l5o3EIb1i_w">told Yahoo Finance on Monday.</a>Typically, the cheap cash raised in Japan is redirected into higher-yielding US Treasurys, with investors collecting the difference between the interest rates set by the Bank of Japan and the Federal Reserve.But in times of strong risk-on sentiment, like the long period of bullishness that's fueled the stock market since the rally began in November 2022, the yen carry trade has spilled over into other assets like stocks."They took that money in and invested it in assets around the world including the Magnificent 7, Mexican assets, Brazillian assets, and some of that didn't go that far, they went into the Japanese stock market," Yardeni said.But after the Bank of Japan <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/japanese-stock-market-selloff-boj-rate-hike-us-economy-s2024-8">unexpectedly raised interest rates 15 basis points last week</a> amid the prospect of rate cuts by the Federal Reserve, the yen has strengthened. That's sparked a wave of margin calls, leading to speculators unwinding their positions and selling stocks."I think the proof of that is that it's a global sell-off, which suggests a lot of money was raised in Japan at 0% interest rates and used to speculate in other parts of the world, so I think that's all coming unglued and I think it's a lot of margin calls and I think it's going to happen pretty quick and the unwind should be over by the end of the week," Yardeni explained.The unwind in the yen carry trade will go down as the biggest ever, according to a Monday note from Societe Generale.SocGen's chief global currency strategist Kit Juckes said that while he is treating Monday's plunge in stock prices with suspicion, as big moves on Monday tend to "happen in a vacuum," there is still room for downside in the stock market and economy.The risk going forward for markets isn't what the Japanese yen does, but rather what US tech stocks do, according to Juckes."The rally was huge, the valuations were stretched and Warren Buffett's liking for cash is making headlines again. If that market keeps falling, it will affect the economy and the Fed," Juckes said.Juckes added: "The labour market remains tight, the economy is still growing. That would change if equities fell too far/fast, and it would change if the August jobs report at the start of September was very weak."Yardeni maintained his positive outlook on stocks despite the sharp rise in market volatility."It's too late to panic is sort of my attitude towards this sell-off," Yardeni said. "I think the economy is doing better, and I'm blaming the weather for a lot of the weakness in July's employment report… and I still don't think we're going to get a recession out of all of this."

The global 'carry trade' is unwinding. Here's why it's a brutal force crushing stocks worldwide.

<ul class="summary-list"><li>Markets are rebounding after Monday's meltdown triggered by Japan's interest-rate hike.</li><li>The market volatility will challenge the Fed and BOJ's rate-hike decisions going forward.</li></ul>Markets are rebounding after <a target="_blank" class="" href="https://www.businessinsider.com/markets-japan-rate-hike-yen-fx-carry-trade-stock-futures-2024-8">Monday's meltdown,</a> injecting challenges into central banks' interest-rate decisions.In Japan, the benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> index bounced back spectacularly on Tuesday, gaining as much as 11% in early trade — and regaining nearly all its losses after closing 12.4% lower on Monday.Meanwhile, South Korea's <a target="_blank" class="" href="https://markets.businessinsider.com/index/kospi">Kospi</a> gained as much as 5.6%, and Taiwan's Taiex jumped nearly 5% <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-asia-nikkei-kospi-taiex-asx-recent-lows-2024-8">after marking new lows on Monday.</a><a target="_blank" class="" href="https://markets.businessinsider.com/index/kospi">US stock futures</a> are also higher on Tuesday after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-picks-up-recession-fears-carry-trade-unwind-2024-8">plunging</a> on Monday.As Kyle Rodda, a senior market analyst at trading platform Capital.com, told Business Insider: "It's wild out there at the moment."The market volatility is due to a mix of factors including poor earnings results from several tech giants and <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">a weak July payroll report</a>. It's also in part due to the Bank of Japan hiking interest rates to their highest levels in 15 years, sending the Japanese yen up and unraveling a series of global carry trades across regions and time zones.<h2 id="f3577960-8c74-4ddd-afa6-8a4f86b2677c">Central banks are in a bind</h2>The market turmoil has put the BOJ and the US Federal Reserve in tight spots, with analysts and investors questioning the two central banks' timing on interest rate decisions.As it is, the BOJ's rate hike — which sparked the market rout — has put the central bank's move under <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-05/boj-under-fire-for-rate-hike-timing-after-japan-market-meltdown">intense scrutiny and criticism.</a>Some analysts are speculating that the BOJ rate cut was because it was under political pressure to shore up the floundering yen, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-05/boj-under-fire-for-rate-hike-timing-after-japan-market-meltdown">Bloomberg</a> reported on Monday.As Vishnu Varathan, Mizuho Bank's chief economist of Asia excluding Japan, wrote in a note on Monday, the BOJ is "complicit" in triggering the risk-off trades.Going forward, the BOJ could have a harder time with the timing of its rate hike decisions. It may also struggle to "credibly backtrack on hawkish guidance that has flown out of control," wrote Varathan, referring to the market rout.Japan's finance ministry, the BOJ, and the country's financial regulator are meeting on Tuesday to discuss market volatility and the yen's movement, per <a target="_blank" class="" href="https://www.nikkei.com/article/DGXZQOUA063S00W4A800C2000000/">Nikkei.</a>Japan's Ministry of Finance, Financial Services Agency, and Bank of Japan will host a senior officials' meeting from 3:00 p.m. to discuss international financial markets, the finance ministry said on Tuesday.<h2 id="457d8920-3a77-4681-a191-45c2368a6506">Talks of an emergency rate cut</h2>The market selloff has also made the Fed's rate hike timing harder.Investors were already jittery due to a weak <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">US July jobs report </a>that came after the <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-likely-september-federal-reserve-holds-steady-july-2024-7">Fed's decision last week</a> to stand pat on rates for the eighth straight time.Now, the market meltdown is throwing a spanner into whether the Fed would be to able to engineer a soft landing for the US economy.Markets now fear that the Fed's "higher for longer" stance on interest rates is on shaky ground and that the central bank is "inadvertently heading for 'too high for too long' policy mistake," wrote Varathan.There are even talks of a Fed <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-recession-outlook-economy-job-market-interest-rates-2024-8">emergency rate cut</a> now that's being priced into the market.However, the Fed must strike a "delicate balance to make that distinction between timely and panicked cuts," wrote Varathan.Capital.com's Rodda said talks of a rate cut seem premature as it appears to be stress and volatility in the stock and currency markets."I think the only justification for an emergency meeting is if we see major market dysfunction in funding or treasury markets, which we haven't seen at all, or a total collapse in the labour market, which would probably have to occur because of a major external shock," he said. "Neither has occurred, at least yet."

Markets are rebounding after Monday's massive meltdown, making rate decisions harder for the Fed

<ul><li>Growth in new orders keeps production lines busy in July too. India’s manufacturing sector clocks number one position globally.</li><li>Business conditions have continued to show improvement over the last 25 months, show PMI’s survey.</li><li>Firms have been taking on extra staff to complete new orders. Job creation in July broadly in line with previous months.</li></ul> India’s manufacturing sector bucked the global trend by reporting strong growth in July, as demand remained buoyant. The seasonally adjusted S&amp;P Global India Manufacturing Purchasing Managers’ Index or PMI was at 57.7 in July, which is broadly in line with June’s reading of 57.8. Rates of expansion in output and new orders were only marginally softer than in June, with firms expanding their employment and purchasing activity accordingly. Cost inflationary pressures remained relatively muted. The index is signalling a further improvement in the health of the sector. Business conditions have now strengthened in each of the past 25 months. Reports of demand improvements were widespread across the latest survey, and resulted in another marked expansion of new orders in the sector. The rapid increase was broadly in line with that seen in the previous survey period. Andrew Harker, Economics Director at <keyword id="3435727" type="General" weightage="20" keywordseo="sp-global-market-intelligence" source="Orion">S&amp;P Global Market Intelligence</keyword>, said: "The Indian manufacturing sector showed little sign of losing growth momentum in July as production lines continued to motor on the back of strong new order growth. Pressure continued to come on capacity, prompting firms to expand employment solidly again, a trend that is likely to continue in the months ahead should demand remain strong. All in all, the Indian manufacturing sector has maintained its position as one of the star performers globally, bucking the trend of demand weakness seen in other parts of the world." Growth in new export business picked up to the fastest since last November. Respondents noted increases in new orders from customers in the US and neighbouring countries such as Bangladesh and Nepal. With new orders up sharply again, manufacturers expanded production accordingly. Output has increased continuously on a monthly basis since July 2021. The latest rise was substantial, albeit the softest in three months. Firms responded to greater workloads by taking on extra staff. The solid pace of job creation was broadly in line with those seen in May and June. This expansion in capacity was not sufficient to prevent a further build-up in backlogs of work, however, given the strength of the rise in new orders. Outstanding business increased for the nineteenth successive month, albeit only slightly. Efforts to satisfy new orders led firms to dip into inventory holdings again in July. Stocks of finished goods have now decreased on a monthly basis throughout the past six years, although the latest fall was only slight. Purchasing activity continued to be ramped up at the start of the third quarter, with growth only slightly softer than the 12-year peak seen in May. Stocks of purchases also rose 70 rapidly as companies expressed a desire to build inventories given the buoyant demand environment. Manufacturers were helped in their efforts to build stocks 50 by a speeding up of deliveries from suppliers. Lead times shortened for the fifth month running, albeit marginally. The rate of input cost inflation accelerated to a nine-month high in July, but remained softer than the series average. Where input prices increased, respondents reported higher costs for raw materials, in particular cotton. These higher prices for raw materials, plus rising labour costs, led firms to increase their selling prices. The rate of inflation was solid, but eased to a three-month low. Firms generally expect demand to remain elevated over the coming year, supporting projections for growth of production. There were some reports that customers had responded well to recent new order deliveries and were expected to commit to more over the coming months. Confidence was slightly lower than that seen in June, but remained above the series average. Around 32% of respondents predicted a rise in output, with just 2% pessimistic. ALSO READ: <a href="https://www.businessinsider.in/finance/news/june-iip-core-sector-growth-at-five-month-high-of-8-2/articleshow/102282860.cms">June IIP: Core sector growth at five-month high of 8.2%</a>

More jobs added in manufacturing sector as July PMI shows healthy growth

<ul class="summary-list"><li>US stocks rose Friday as traders took in new inflation data from the Fed's preferred price gauge.</li><li>PCE inflation cooled to 2.6% last month, the lowest pace of price growth in three years.</li></ul>US stocks jumped on Friday as traders took in fresh inflation data, which showed price pressures continuing to cool off in May. Major indexes ticked higher, while bond yields slipped. The 10-year Treasury yield dipped two basis points to 4.265%.The personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation, eased to 2.6% in May, its lowest reading in three years. The figure was in line with what economists expected and slightly lower than the 2.7% growth recorded last month, fueling investor optimism for rate cuts."The lack of surprise in today's PCE number is a relief and will be welcomed by the Fed," Seema Shah, the chief global strategist at Principal Asset Management, said in a statement. "However, the policy path is not yet certain. A further deceleration in inflation, ideally coupled with additional evidence of labour market softening, will be necessary to pave the way for a first rate cut in September."Investors expect the Fed to hold interest rates steady at the July policy meeting but are bullish on rate cuts by the end of 2024. Markets see a 66% chance the Fed will cut rates twice by December, according to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.The stock market is on track to close out a strong first half of the year, with the S&amp;P 500 up 15% year-to-date and the Nasdaq up nearly 20%. Still, some concerns about the breadth of the rally have formed, especially in recent days as tech stalwarts like Nvidia have wavered. The chip firm's volatile few weeks, which saw <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-sell-off-erases-431-billion-market-value-2024-6">$430 billion in market cap erased</a> in a few days before the stock recovered, have sowed some doubt about the prospects of the AI-fueled rally continuing in the second half of 2024. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,487.30, up 0.08%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,225.28, up 0.16% (+61.22 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,869.15, up 0.06%Here's what else is going on today:</li><li><a target="_blank" href="https://www.businessinsider.com/lvmh-bernard-arnault-warren-buffett-berkshire-letter-retirement-luxury-goods-2024-6">LVMH boss Bernard Arnault raised his job's retirement age</a> to 80. But that limit is too low, according to Warren Buffett.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-correction-sp500-inflation-stagflation-fed-rate-cuts-outlook-2024-6">Stocks could soon see a 10% correction</a> amid stagflation and the risks of no Fed rate cuts in the second half, according to one Stifel strategist.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil ticked higher 0.2% to $81.85 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, rose 0.2% to $85.57 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> jumped 0.5% to $2,348 per ounce.</li><li>The 10-year Treasury yield slipped two basis points to 4.265%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 0.5% to $61,388.72.</li></ul>

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