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Days after Trump won his way to the White House, becoming the 47th President of the United States, the US Federal Reserve slashed the interest rates by 25 basis points, bringing them within the range of 4.5-4.75%. This is the second time this year that the Fed has lowered the interest rates, after cutting them down by 50 basis points in September 2024. u Fed chair Jerome Powell noted that monetary policy remains tight as inflation remains elevated at 2.4% as of September 2024, slightly above the 2% mark set by the commission. However, the Fed remained optimistic about the current state of the economy. "The Committee seeks to achieve maximum employment and inflation at 2% over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the FOMC (Federal Open Market Committee) noted in its press release. The rate cut was along widely anticipated lines, although experts were wary of the Fed's way ahead, given that Donald Trump has been elected as the US President. In the past, he has, on multiple occasions, expressed his desire to yield greater influence on the Fed, apart from publicly criticizing Powell. However, Powell continued to stand his ground, noting that Trump cannot legally sack him. He believed in keeping the Fed independent, at least until his tenure as governor ends in 2028. He highlighted that even if he is explicitly asked by Trump to quit, he won't do so. <h2>Trump's regime to inch up inflation?</h2> Trump's electoral promises, if translated into policies, could spell disaster for the Fed's effort to curtail inflation. Reportedly, Trump has promised to levy aggressive tariffs against US trading partners, particularly China, and even extend his 2017 tax cuts. This could mean higher levels of the federal deficit, which would push up prices, wages, and hence, inflation, even as the Fed tries to consistently bring it under control. Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, notes that it wasn't a surprise when the US Fed cut interest rates by 25 basis points (bps) to 4.75%. The Fed had given enough clues, and the market too had anticipated these rate cuts. "However, what was surprising was how the <keyword id="23863852" type="General" weightage="20" keywordseo="US-10-year-bond-yields" source="keywords">US 10-year bond yields</keyword> moved over the last one and a half months, which have been rising relentlessly from 3.6% to almost 4.5% despite the 50 bps cut in the last Fed meeting. It seems that the market is anticipating slower rate cuts going ahead, and maybe there are even chances of inflation rising. The bond yields have cooled off and slipped below the 4.335% mark. This should be bullish for emerging markets like India," he added.

US Fed cuts interest rates by 25 bps, Powell notes Trump's victory to have no impact on policy decisions

Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

A day ahead of the final Budget presentation, India released the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024, outlining a plethora of optimistic — and some bittersweet — indicators of the health of the nation’s economy. When you consider the climate-related aspects of the report, there’s a ton of good news: we have achieved massive strides in clean power generation, while cutting out a ton of dirty emissions from our products. However, scroll down to the bottom of the report, and you find a scathing criticism of the “western” approach to climate change. Here's a closer look at why, and what clues do such narratives hold about India's <keyword id="22513472" type="General" weightage="20" keywordseo="environmental-strategy" source="keywords">environmental strategy</keyword> in coming years. <h2>Problems with the “Western way”</h2>The major criticism, as per the survey, is that the Western approach to climate change is far too alarmist. They argue that this “one-size-fits-all” attitude often fails to account for the diverse needs of countries like India. To that end, it also points out that the Intergovernmental Panel on Climate Change (IPCC) promotes "accelerated and equitable mitigation pathways" that don't always align with the developmental priorities of <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword>. Additionally, the report notes that Western solutions often prioritise market-based strategies to sustain high consumption levels rather than addressing the root issue of overconsumption. The survey emphasises that <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword> is deeply ingrained in <keyword id="19983840" type="General" weightage="20" keywordseo="Indian-culture" source="keywords">Indian culture</keyword>, which contrasts sharply with the consumption-driven lifestyle prevalent in the West. This focus on high consumption misses the mark, as it doesn't consider the environmental impact of such lifestyles. And for the most part, this bit is true; Indian history is enriched with traditions that emphasise the conservation of nature. As <a href="https://onlinelibrary.wiley.com/doi/10.1155/2017/3828609">per estimates</a>, religious practices have preserved an estimated 1.5 lakh sacred groves across India, and natural conservation efforts can be traced back to the time of Ashoka. <div type="Article" hostid="261" msid="111925936" title="Economic Survey 2023-24: Where does India stand on the employment, and what&amp;#39;s next?" mstype="2" mssubtype="0"></div>Therefore, it may not be entirely inaccurate to say that in India, sustainability isn't a new concept; it's a way of life. Traditional Indian practices like using reusable materials, upcycling, and embracing minimalism have always promoted sustainability. The survey highlights that these practices are now threatened by Western capitalist ideals that equate consumption with progress. By returning to these roots, India can offer a model of sustainability that's both practical and culturally relevant. <h2>Fixation on technical solutions</h2>The Economic Survey also critiques the Western obsession with high-tech solutions, such as solar-powered buildings and electric vehicles. These solutions require substantial financial and infrastructural resources that many developing countries simply don't have. Moreover, they often overlook the broader environmental impact and lifecycle costs associated with urban sprawl and high-density living. Instead, the survey suggests that simpler, more holistic solutions might be more effective and sustainable. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>However, this does not mean that India refuses to embrace greener tech. Not only has the country launched various initiatives to promote energy efficiency and reduce carbon emissions, it also aims to to generate 40% of its energy from non-fossil fuel sources by 2030. As per the report, India is the only G20 country on track to meet the 2°C warming commitment under the Paris Agreement, with significant investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, particularly solar power. <h2><keyword id="20269618" type="General" weightage="20" keywordseo="Mission-LiFE" source="keywords" meta.keywordsubtype="org" meta.entityname="Mission LiFE" meta.hostid="261" meta.entityid="Mission LiFE">Mission LiFE</keyword>: A sustainable initiative</h2>In order to help reinforce and rejuvenate the Indian way, the survey highlights Prime Minister Modi's Lifestyle for Environment initiative, or Mission LiFE. This initiative underscores individual responsibility in combating climate change, drawing from ancient Indian philosophy that advocates for a naturally sustainable lifestyle. By focusing on small, individual actions that collectively lead to significant environmental benefits, Mission LiFE contrasts sharply with the Western top-down policy approach. This grassroots strategy could be key to achieving real, lasting change, the report asserts. <div type="Article" hostid="261" msid="111927198" title="On the right track — Economic Survey 2023-24 outlines India’s commendable climate action" mstype="2" mssubtype="0"></div>All in all, the report challenges the dominance of Western policies and offers a pathway that could be more adaptable and relevant for other developing nations facing similar challenges. With its ongoing progress towards climate goals, India is well-placed to lead by example, showcasing a sustainable and culturally attuned approach to environmental stewardship.

Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?

<ul class="summary-list"><li>China's stock markets slumped after a 10-day rally that was driven by Beijing's stimulus announcement in September.</li><li>Investors were disappointed when a hyped-up Chinese government press briefing failed to deliver more stimulus.</li></ul>China's top leadership has a problem with its economic stimulus: its own investors at home saw right through the hype this week.China's domestic stock markets slumped on Wednesday after a 10-day blitz culminated in a two-year high.The mainland's benchmark CSI 300 Index closed 7.1% lower, while leading indices in Shanghai and Shenzhen ended the day 6.6% and 8.7% lower.China's domestic stock markets are dominated by over 200 million mom-and-pop retail investors, who account for about <a target="_blank" href="https://www.troweprice.com/financial-intermediary/sg/en/thinking/articles/2024/q2/chinas-economy-enters-a-new-cycle-unveiling-fresh-opportunities-apac.html">70% of the trading volume.</a> so market movements reflect ground sentiment.The markets were boosted in late September after a stimulus announcement by the People's Bank of China. The CSI 300 index closed nearly 20% higher year-to-date before weeklong National Day public holidays. The markets reopened on Tuesday and ended higher, though that morning's immediate bump cooled off during the trading day.The rally fizzled because China's National Development and Reform Commission, the country's top economic planner, lined up a highly anticipated press conference on the first working day after weeklong public holidays. But the commission did not introduce more stimulus measures, which dragged market sentiment.<h2 id="24dd9538-5d55-451b-902a-d6d1deb152fc">China watchers are more optimistic</h2>It looks like China's investors are less optimistic than market watchers elsewhere. Those abroad are expressing more confidence in the world's second-largest economy and seeing the bright side in this week's losses.Since the commission is actually responsible for implementation rather than funding initiatives, most analysts weren't expecting much stimulus in the first place.Some professionals even view this week's stock losses positively. Hong Kong's Hang Seng Index — dominated by institutional investors — ended the day down 1.4%, extending Tuesday's 9.5% slump. The index is 9.3% lower so far this week."We believe a pullback following a 36% rally in less than a month may be healthy in allowing market participants to reassess recent policy developments, while providing entry points for new investors and creating more balanced market participation," wrote Yeap Jun Rong, a market strategist at trading platform IG, in a Wednesday note about the Hong Kong market.Instead of harping on market jitters, economists are now pointing to Beijing's political commitment to improving the economy."To be sure, there may still be an expectations gap as announcements fall short of loftier expectations. But that's not as damaging as market misgivings about Beijing getting stimulus cold feet," Vishnu Varathan, Mizuho's macro research head for Asia excluding Japan, wrote in a note on Wednesday.After the initial stimulus announcement on September 24, China's top leaders swiftly pledged support for the economy, including in the beleaguered property market.According to Xinhua state news agency, <a target="_blank" href="https://www.chinadaily.com.cn/a/202410/08/WS6705253aa310f1265a1c6860.html">Chinese Premier Li Qiang</a> called on the country to implement economic stabilization measures on Tuesday."There is a case to be made that Beijing's initial pronouncements of boosting the equity market, supporting housing unequivocally are sound commitments," wrote Varathan. He said that China is already in the midst of a hard landing — and Beijing knows it."And so, Beijing is now fully invested in efforts to extricate the economy holistically," he wrote.Economists are waiting for more meaningful support measures."We expect a fiscal package to be announced in coming weeks, including demand-boosting stimulus on consumption and investment, as well as further enhancement of social security, healthcare, and birth encouragement," wrote Hele Qiao, the Greater China chief economist and head of Asia economics research at BofA Global Research, on Tuesday.Qiao expects an announcement after the next meeting of China's top legislature, which typically takes place any time from mid-October to early November. The exact date will only be announced a week or two before the meeting.

The markets saw right through China's latest economic support hype

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! If you were among the "<a target="_blank" href="https://www.businessinsider.com/instagram-goodbye-meta-ai-train-generative-post-copypasta-profile-2024-9">Goodbye Meta AI</a>" posters on Instagram this week, I regret to inform you that it won't actually protect your data from being used to train AI. But I respect the effort.By the way, BI's subscription promotion ends tomorrow — <a target="_blank" rel="noopener" href="https://www.businessinsider.com/subscription/limited-offer">don't miss out</a>.In today's big story, Wall Street's big bet on China <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">might be fool's gold</a>.What's on deck:<ul><li>Markets: Trump and Harris both want the <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">crypto community in their corner</a>.</li><li>Tech: This chart shows how Netflix is <a target="_blank" href="https://www.businessinsider.com/netflix-stock-historic-high-chart-streaming-2024-9">absolutely crushing the streaming wars</a>.</li><li>Business: Everything thing you need to know about the potential strike <a target="_blank" rel="noopener" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">that would upend supply chains</a>.</li></ul>But first, I just can't quit you.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Here we go again</h2><div type="image" title="Xi Jinping holding a sparkler, preparing to launch a large cannon-fired Chinese Yuan Currency cash ball" height="1500" width="2000" msid="113821338" hostid="261" sizebytes="65812"></div>Just when Wall Street thought it was out, China is pulling it back in.US financial firms' interest in China was on its last legs, <a target="_blank" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">but a new stimulus package</a> has some investors excited again.The immediate impact of China's $114 billion package, which includes cutting interest rates and reducing the amount of money banks need to keep in reserve, has been big. But Business Insider's Linette Lopez isn't sold on <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">this being the start of a turnaround</a>.The fix is more of a bandage than anything else, as it doesn't address key economic issues plaguing the country.Reducing bank reserve requirements means more loans can be issued, but accessing capital isn't the problem, Linette writes. China's dumpster fire of a property market is what has consumers stuck in place.The majority of Chinese household wealth is invested in property (70%), which is a problem considering housing prices have fallen as much as 30% in Tier 1 cities.In short, Chinese consumers' money is tied to assets dropping like lead balloons, which doesn't make them keen to spend money.If you're still buying into the China hype, consider this: The stimulus package isn't that big.The government spent more than $1 trillion in the wake of the finance crisis and $157 billion in 2012 on infrastructure projects.As Linette puts it, "The problem does not match the price tag here."<div type="image" title="Inside a shopping mall in China." height="2845" width="4265" msid="113821331" hostid="261" sizebytes="892590"></div>Still, that's not stopping some Wall Streeters from diving back into China.Hedge fund billionaire David Tepper is <a target="_blank" href="https://markets.businessinsider.com/news/stocks/david-tepper-buys-chinese-stocks-country-launches-fiscal-stimulus-bazooka-2024-9">extremely bullish on the investing situation in China</a> after the most recent stimulus package, describing it as a buy "everything" moment.He's not alone. Traders, investors, and speculators have sent China's stock market to its <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9">best month in nearly a decade</a>, signaling that the market players think that Beijing's moves are a "bazooka."Most analysts agree that more will need to be done to keep the good times rolling. (Tepper, for what it's worth, acknowledged as much, noting that People's Bank of China governor Pan Gongsheng "promised to do more and more and more."What that looks like remains to be seen. The key gap in the current policy remains <a target="_blank" href="https://www.businessinsider.com/china-economy-stimulus-stock-market-consumer-deflation-outlook-real-estate-2024-9">fiscal support for China's discouraged consumers</a>, writes BI's Filip De MottIn the meantime, Wall Street's on-again-off-again relationship with China will prevail. As frustrating as the country can be to investors, too much opportunity exists for financiers to turn their back on it forever.So even if this latest crop of China believers gets burned, there will likely be another group willing to follow in their footsteps. After all, maybe this time will be different.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Hamas says its leader in Lebanon was <a target="_blank" href="https://www.businessinsider.com/hamas-says-leader-in-lebanon-killed-in-israel-air-strike-2024-9">killed in an Israeli strike</a></li><li>Globe Life hit with EEOC finding it "created, condoned" a work environment that is <a target="_blank" href="https://www.businessinsider.com/eeoc-finds-globe-life-created-hostile-work-environment-for-women-2024-9">abusive to women</a>.</li><li>The unsung warriors of <a target="_blank" href="https://www.businessinsider.com/price-is-right-bob-barker-models-sexual-harrassment-me-too-2024-9">'The Price Is Right.'</a></li><li>Apple no longer in talks to invest in OpenAI: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-falls-out-talks-invest-openai-wsj-report-2024-9">report</a>.</li><li>Who was Hassan Nasrallah, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/who-was-hassan-nasrallah-the-hezbollah-leader-killed-by-israel-2024-9">the Hezbollah leader killed by Israel</a>?</li><li>Threads joins X in blocking posts to apparently <a target="_blank" rel="noopener" href="https://www.businessinsider.com/threads-blocks-jd-vance-leaked-links-2024-9">leaked documents about JD Vance</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Four of the rising stars in a photocollage" height="1500" width="2000" msid="113821334" hostid="261" sizebytes="562898"></div><ol><li>Ones to watch on Wall Street. Our annual list of Wall Street rising stars is here. We identified 25 of the top traders, investors, and dealmakers aged 35 and under. <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024">Check out the full list</a>.</li><li>The fight for crypto bros' votes. Crypto might not matter to most voters, but for those who do care, it matters a lot. That's why former President Donald Trump and Vice President Kamala Harris are both dedicating resources <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">to court the crypto-community vote amid a tight race</a>.</li><li>The math ain't mathing on Trump Media's valuation. The company's nearly $3 billion market cap "seems unjustifiable," a chief global strategist said, considering its reported sales of $837,000 last quarter and a net loss of $16.4 million. What's worse, the political nature of the company <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-valuation-unjustifiable-even-after-70-drop-strategist-2024-9">means it has limited upside</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A photo collage of Elon musk, the Twitter logo, and the SpaceX spaceship" height="1500" width="2000" msid="113821333" hostid="261" sizebytes="171566"></div><ol><li>Elon Musk's "autocratic" style is an asset. His fixations are a threat. A new book by a veteran space journalist outlines SpaceX's success under Musk, who's described as a "mercurial leader." While his "autocratic control" of the company helped it gain dominance, his veer to the political right and fixation on X <a target="_blank" href="https://www.businessinsider.com/elon-musk-spacex-autocratic-style-success-politics-harm-2024-9">could undermine that dominance</a>.</li><li>OpenAI execs were reportedly worried the company could collapse when Ilya Sutskever left. Sutskever, the company's cofounder, left in May. According to a new report from The Wall Street Journal, <a target="_blank" href="https://www.businessinsider.com/openai-execs-worried-company-collapse-ilya-sutskever-left-report-2024-9">executives attempted to woo the AI researcher back</a> before rescinding the offer.</li><li>The streaming wars have a clear winner. Netflix is crushing the competition, but its victory was far from assured. The streamer's fortunes have changed astronomically in just a little more than two years — and <a target="_blank" href="https://www.businessinsider.com/netflix-stock-historic-high-chart-streaming-2024-9">it's left the competition in the dust</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A man walks out of a store with a cart full of items, greeted by police officers outside." height="1000" width="1333" msid="113821336" hostid="261" sizebytes="39328"></div><ol><li>The war on "organized retail crime." Since the COVID-19 pandemic, retailers and law enforcement have been cracking down on retail theft, calling perpetrators "criminal masterminds." <a target="_blank" href="https://www.businessinsider.com/americas-war-organized-retail-crime-target-cvs-victorias-secret-2024-9">But those who commit these crimes are often homeless or mentally ill</a> — and some say this crackdown has effectively criminalized poverty.</li><li>Ready. Set. Strike. The International Longshoremen's Association, the largest union of maritime workers in the US, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">is set to start striking Tuesday</a> if its wage demands aren't met. Even a two-week strike would disrupt supply chains into 2025, according to one expert.</li><li>Medical bills are more negotiable than you think. You can negotiate your salary, and some people even haggle on things like cell phone bills and rent. When it comes to medical bills, though, many people accept the cost at face value. But healthcare experts told BI that <a target="_blank" href="https://www.businessinsider.com/how-get-medical-bills-reduced-negotiate-challenge-payment-plan-2024-9">pushing back on pricey bills is actually worth a shot</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Elon Musk wants to put people on Mars by 2030. <a target="_blank" href="https://www.businessinsider.com/elon-musk-spacex-plan-colonize-mars-dont-count-on-it-2024-9">Don't count on it</a>.</li><li>Brat summer is over. <a target="_blank" href="https://www.businessinsider.com/brat-summer-over-gen-z-fall-office-fashion-wish-list-2024-9">Here's what Gen Z's wearing to the office this fall</a>.</li><li>Is Mark Zuckerberg still obsessed with efficiency? <a target="_blank" href="https://www.businessinsider.com/meta-mark-zuckerberg-efficiency-obsession-wifi-password-2024-9">Check Meta's WiFi password</a>.</li><li>A record number of apartments will hit the market this year. <a target="_blank" href="https://www.businessinsider.com/apartments-record-us-housing-affordability-crisis-home-prices-real-estate-2024-9">That's great news for real estate affordability</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Fed chair Jerome Powell will speak at the National Association for Business Economics annual meeting.</li><li>The US fiscal year ends.</li><li>Ryan Routh, the man accused of attempting to assassinate Donald Trump on his golf course earlier this month, is arraigned on gun charges.</li><li>A court hearing for son of Mexican drug lord El Chapo on charges of drug trafficking and money laundering.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

China's $114 billion stimulus package immediately boosted its stock market. But can it last? 

Shares of <keyword id="20415123" type="General" weightage="20" keywordseo="India-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="India Cements" meta.hostid="261" meta.entityid="India Cements">India Cements</keyword> Ltd jumped nearly 14 per cent on Thursday morning after leading <keyword id="6378916" type="General" weightage="20" keywordseo="cement" source="Orion">cement</keyword> maker <keyword id="19963567" type="General" weightage="100" keywordseo="UltraTech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="UltraTech Cement" meta.hostid="261" meta.entityid="UltraTech Cement">UltraTech Cement</keyword> said it will acquire around 23 per cent stake in the Chennai-based firm for up to Rs 1,885 crore. The stock soared 13.70 per cent to hit 52-week high of Rs 299 on the BSE. On the NSE, the stock climbed 13.77 per cent to Rs 298.80 -- its 52-week high. Shares of UltraTech Cement also jumped 6.51 per cent to hit the one-year peak of Rs 11,875.95 on the BSE. The board of directors of the company at its meeting held on Thursday approved "making a financial investment to purchase up to 7.06 crore equity shares of the India Cements Ltd," a regulatory filing by UltraTech Cement said. The deal would be at "at a price of up to Rs 267 per share," and this non-controlling financial investment constitutes around 23 per cent of the equity share capital of India Cements, the filing said. India Cements' turnover for financial year 2023-24 stood at Rs 5,112 crore. UltraTech Cement has a consolidated capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit and 8 bulk packaging terminals.

India Cements' shares jump nearly 14%, UltraTech Cement soars 6.50% following acquisition news

Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. <h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div> <h2>Challenges on the horizon </h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div> <h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: <ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>

You Searched For "india economic package news" and got 9 results

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India Cements' shares jump nearly 14%, UltraTech Cement soars 6.50% following acquisition news

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Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

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Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

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Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

Ashmita Gupta

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