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In a dramatic and unanticipated turn of events, India faced a crushing collapse on home soil, bowled out for a mere 46 runs by New Zealand at Bengaluru's M. Chinnaswamy Stadium on Thursday. This stunning score marks India's lowest total in a Test match played at home and their third-lowest overall, joining a list of rare and painful lows in the nation's cricketing history. The opening Test match of the series was delayed by rain, with only the second day offering play. Winning the toss, Indian skipper <keyword id="19899523" type="General" weightage="20" keywordseo="rohit-sharma" source="keywords">Rohit Sharma</keyword> chose to bat, looking to put runs on the board early, despite the overcast conditions. However, the gamble backfired spectacularly, as the New Zealand pacers took full advantage of the moist, lively pitch. Within mere overs, India found themselves teetering at 10/3, a position that stunned fans and set the tone for what would become an unforgettable day of cricket. <keyword id="19987862" type="General" weightage="20" keywordseo="Tim-Southee" source="keywords">Tim Southee</keyword> and <keyword id="20165631" type="General" weightage="20" keywordseo="Matt-Henry" source="keywords">Matt Henry</keyword> quickly unleashed a series of pace deliveries that exposed the Indian batting lineup's vulnerability. Henry’s clinical precision saw him claim 5-15, while young <keyword id="23582868" type="General" weightage="20" keywordseo="William-ORourke" source="keywords">William O’Rourke</keyword> picked up 4-22, creating havoc in just his second Test match. With a combination of bounce and movement, O'Rourke forced Indian batsmen into errors they wouldn’t normally make. Virat Kohli, who has been a mainstay in India’s lineup for over a decade, fell victim to O'Rourke with a zero, adding to the five ducks in India’s scorecard. Kohli’s dismissal — his first duck in 32 innings — was a major blow, as he edged one to leg gully, silencing a shocked crowd. New Zealand’s performance was an astonishing team effort. Henry not only claimed his 100th Test wicket but also made history by achieving the feat in just 26 innings — just one shy of Kiwi legend Richard Hadlee. O’Rourke’s contributions were similarly significant. His delivery that dismissed Rohit Sharma, which nipped back sharply, epitomised the skillful use of favorable conditions and set the tone for New Zealand’s onslaught. By lunch, India had already lost six wickets, with just 34 runs on the board. The pressure didn’t let up after the break. Ravichandran Ashwin, dismissed on the first ball after lunch, couldn’t hold off Henry’s relentless pace attack. Shortly after, <keyword id="19907058" type="General" weightage="20" keywordseo="Rishabh-Pant" source="keywords">Rishabh Pant</keyword> — India’s top scorer with a modest 20 runs — attempted a counterattack, only to be caught by Tom Blundell. With India at 40-9, their fate was effectively sealed, and the final wicket fell shortly thereafter, leaving India with a dismal total of 46. The shock waves from this collapse were profound. This was India’s lowest score ever on Asian soil, surpassing the previous record of 53 set by West Indies against Pakistan in 1986 and Pakistan against Australia in 2002. The last time India faced a similar low was their 36 all-out against Australia in Adelaide in 2020 — a game that led to major introspection in Indian cricket circles. (With inputs from agencies)

India bowls out at 46, making the lowest Test total at home; Pant top scorer with 20 runs as NZ claim five ducks

<ul><li><keyword id="20210026" type="General" weightage="100" keywordseo="iPhone-15-Pro" source="keywords">iPhone 15 Pro</keyword> is available at a discount on <keyword id="19896939" type="General" weightage="20" keywordseo="Flipkart" source="keywords" meta.keywordsubtype="org" meta.entityname="Flipkart" meta.hostid="261" meta.entityid="Flipkart">Flipkart</keyword></li><li>The phone's price has dropped to an all-time low</li><li>The 256GB variant is priced at ₹1,04,999</li></ul> Flipkart's <keyword id="20665582" type="General" weightage="20" keywordseo="Big-Billion-Days" source="keywords">Big Billion Days</keyword> sale began on September 27 and a lot of gadgets and appliances saw their prices drop. For Plus members, the sale began a day early, on September 26. <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> products, including laptops, smartwatches and iPhones also saw a cut in prices. If you have been looking forward to get your hands on a Pro variant of the iPhone but don't have the budget to buy the latest <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 pro</keyword>, there is some good news for you. You can buy the one generation old iPhone 15 Pro at its <keyword id="23370858" type="General" weightage="20" keywordseo="lowest-price" source="keywords">lowest price</keyword> ever. <h2>iPhone 15 Pro deal on Flipkart </h2> Launched in 2023, the iPhone 15 Pro is packed with the <keyword id="22075705" type="General" weightage="20" keywordseo="A17-Pro-chip" source="keywords">A17 Pro chip</keyword>, a 6.1-inch Super Retina XDR display, and a 3x telephoto lens, all encased in a sleek titanium frame. Although Apple’s latest iPhone 16 Pro series has already made its debut, the iPhone 15 Pro remains a fantastic choice for anyone seeking a high-performance iPhone at a more accessible price point. Thanks to <a href="https://www.businessinsider.in/tech/news/flipkart-big-billion-days-sale-begins-5-smartphone-deals-under-rs-30000/articleshow/113737074.cms" data-type="tilCustomLink" target="_blank">Flipkart’s Big Billion Days</a>, the 256GB variant of the iPhone 15 Pro is now available at just ₹1,04,999, down from its original price of ₹1,23,310. Flipkart is offering an initial reduction to ₹1,09,999, but you can save an extra ₹5,000 if you hold a specific bank card. To make the deal even sweeter, trade-in options for older phones can give you up to ₹40,000 off, depending on the make and condition of your current device, making this a golden opportunity for an upgrade. <h2>iPhone 15 Pro specs and features </h2> The iPhone 15 Pro comes with a 6.1-inch Super Retina XDR display that is protected by a lightweight yet durable titanium body, offering a perfect balance of strength and elegance. The new Action Button on the side replaces the traditional mute switch and can be customised to suit your preferences—whether it’s launching the camera, toggling the flashlight, or opening an app of your choice. The phone also comes with USB Type C charging. Under the hood, the iPhone 15 Pro is powered by the A17 Pro chip. This 3nm processor is not only a workhorse for everyday tasks but also excels in graphics-heavy applications, making it ideal for gamers and power users alike. Paired with a 6-core GPU, the phone ensures smooth performance across a variety of tasks, from streaming videos to running demanding apps. And with iOS 18 on the horizon, the phone will soon support Apple’s latest AI-driven features, keeping it future-proof for years to come. On the photography front, the iPhone 15 Pro offers a 48-megapixel main camera with multiple focal length options (24 mm, 28 mm, and 35 mm), allowing users to get creative with their shots. While it may not boast the 5x zoom of the newer iPhone 16 Pro, its 3x telephoto lens is more than capable for most photography needs. Plus, the front Ceramic Shield offers added protection against drops and scratches. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/microsoft-employee-gets-300000-for-working-15-20-hours-a-week-x-users-post-goes-viral/articleshow/113800304.cms" data-type="tilCustomLink" target="_blank">'Microsoft employee gets $300,000 for working 15-20 hours a week’: X user’s post goes viral</a> <a href="https://www.businessinsider.in/tech/news/flipkart-big-billion-days-sale-5-tws-earbuds-under-3500/articleshow/113742732.cms" data-type="tilCustomLink" target="_blank">Flipkart Big Billion Days sale: 5 TWS earbuds under ₹3,500</a>

iPhone 15 Pro available at lowest ever price on Flipkart, here is all about the deal

<ul class="summary-list"><li>Just 2.5% of homes have swapped hands over the first eight months of 2024, a new Redfin analysis found.</li><li>That's the lowest turnover rate the market has seen in at least three decades, the firm estimated.</li></ul>The housing market is seeing its lowest turnover rate in decades — a sign that mortgage rates and home prices may still be too high to convince buyers to get off the sidelines, according to a new <a target="_blank" class="" href="https://www.redfin.com/news/home-sales-turnover-2024/">report from Redfin</a>.The real-estate-listings site found that just 2.5% of all US homes swapped hands in 2024, through August. That's the lowest turnover rate for any first-eight-month period in at least 30 years, the firm said, comparing the current housing environment to the early- to mid-90s.In that era, home sales were at similar levels, though the total supply of homes was larger, which suggests a higher turnover rate, the report added.Homes have changed hands at the slowest past so far this year in Los Angeles, with just 15.2 sales recorded for every 1,000 homes in the city. Boston and San Francisco followed, with 15.6 and 16.6 sales recorded for every 1,000 homes, respectively.The share of homes being listed for sale has also slumped to its lowest level in over a decade. 32 out of every 1,000 homes in the US were listed in the first eight months of the year, the lowest tally for the period since at least 2012, the analysis added.Buyers are still hesitant to dip into the market, likely due to still-high mortgage rates and home prices, as well as uncertainty in the economic and political environment, the firm said."Mortgage rates have already fallen more than one percentage point from their 2024 peak, but we have not seen a significant increase in the number of homes changing hands. Of the homes listed this year, many of gone stale because of the last of demand," Elijah de la Campa, a Redfin senior economist, said in a note. "With the majority of homeowners locked into low mortgages, rates will need to keep falling consistently for many to feel comfortable moving on from the deals they secured years ago."Mortgage rates have slid lower in recent months, but remain above well-above their pandemic-era norms. The 30-year fixed rate <a target="_blank" href="https://freddiemac.gcs-web.com/news-releases/news-release-details/30-year-fixed-rate-mortgage-reaches-lowest-level-two-years?_gl=1*1nisouc*_gcl_aw*R0NMLjE3Mjc2OTY5NDkuQ2p3S0NBaUF1NWFnQmhCekVpd0FkaVI1dEVwWWJpcmsxWENKb1gySEZuYlZuSDh1Q01VdXhrWmozc1dUdHhYejRTdmpPeWh1b1hDNFB4b0NSVklRQXZEX0J3RQ..*_gcl_au*NDIyNzc0OTQwLjE3MjQyNDc2NDU.&amp;_ga=2.107316811.878946009.1727696943-937341129.1716468777&amp;_gac=1.217239012.1727696943.CjwKCAiAu5agBhBzEiwAdiR5tEpYbirk1XCJoX2HFnbVnH8uCMUuxkZj3sWTtxXz4SvjOyhuoXC4PxoCRVIQAvD_BwE">hovered around 6.08%</a> the last week, according to Freddie Mac data.With the majority of homeowners with a mortgage <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/will-mortgage-rates-go-down-this-year">having a rate below 6%,</a> that means there's still an imbalance of supply and demand on the market — a factor that pushed home prices in the US to <a target="_blank" href="https://www.businessinsider.com/us-housing-market-home-prices-record-case-shiller-affordability-mortgage-2024-9">another fresh record</a> in July.Most housing economists expect mortgage rates to tread slightly, but not dramatically, lower in the coming months. Previously, Redfin <a target="_blank" class="" href="https://investors.redfin.com/news-events/press-releases/detail/1014/redfin-predicts-2024-will-be-the-year-homebuyers-catch-a#:~:text=Overall%2C%20Redfin%20expects%204.3%20million,as%20the%20year%20goes%20on.">estimated</a> that the 30-year fixed rate would end 2024 above 6%. Homes sales, meanwhile, could notch 4.3 million by the end of the year, a 5% boost from last year's levels, it added.

US homes are turning over at the lowest rate in 30 years

<ul class="summary-list"><li>Russia's ruble continued to sag against the dollar and the yuan, hitting its lowest level in a year.</li><li>That drop comes ahead of a key US Treasury license expiring this month. </li></ul>Russia's ruble sank to its lowest level in a year against the US dollar and China's yuan this week. The <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-rub">ruble</a> fell to around 97 against the dollar on Thursday, its lowest level against the greenback since October of 2023. The ruble traded around 13.72 against the yuan, also the lowest level against China's currency in a year.Pressure on the ruble has mounted as Moscow faces the expiry of <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-china-yuan-us-sanctions-currency-shortage-bank-trade-2024-9">a key US Treasury license</a>, which permits transactions from some Russian financial institutions. The license, which expires on October 12, has allowed some transactions between the Moscow Exchange and the National Clearing Center to gradually wind down rather than be halted all at once. Dollar and euro trading have already been shut down on the Moscow Exchange, but <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-china-yuan-us-sanctions-currency-shortage-bank-trade-2024-9">transactions with Chinese banks could also dry up</a> once the US Treasury license expires on October 12, potentially limiting Russia's supply of China's yuan, <a target="_blank" class="" href="https://www.reuters.com/markets/currencies/impending-expiry-us-sanctions-licence-threatens-russias-yuan-liquidity-2024-09-26/">Reuters</a> reported last month.Russian banks have <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-china-yuan-sanctions-bank-payments-trade-transfers-2024-9">nearly depleted their stash of yuan</a>, thanks to more Chinese banks growing hesitant to do business with Russia due to tightening US sanctions. Most Chinese banks have <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">stopped processing transactions from Russia</a>, and Russian businesses this year have been <a target="_blank" class="" href="https://www.businessinsider.com/russian-economy-china-banks-payment-transfers-western-sanctions-ukraine-war-2024-8">locked out of billions</a> as payment issues pile up abroad, central bank data shows.The new limitations would create another challenge for Russia's economy, which has grown increasingly isolated from the rest of the global market since it began its invasion of Ukraine in 2022. <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10">Russia's economy can probably continue to plow ahead for a few more years</a> before it needs to confront major budget problems, a think tank researcher wrote this week.

Russia's ruble hits the lowest level in a year against the dollar and the yuan

<ul class="summary-list"><li>In August, US workers quit their jobs at the lowest rate since 2015, excluding a dip in April 2020.</li><li>A hiring slowdown across the US has left job switchers with fewer opportunities.</li></ul>In 2021 and 2022, Americans <a target="_blank" href="https://www.businessinsider.com/workers-quit-near-record-months-employers-wont-fire-labor-shortages-2022-2">quit their jobs</a> at the <a target="_blank" class="" href="https://fred.stlouisfed.org/series/JTSQUR">highest</a> rates since data collection began in 2000. Many were well rewarded with raises, promotions, and perks like <a target="_blank" class="" href="https://www.businessinsider.com/americans-quit-at-near-record-rate-great-resignation-forever-resignation-2022-6">college tuition assistance</a>.But times have changed — and workers who quit now must grapple with the impacts on their salaries and <a target="_blank" href="https://www.businessinsider.com/college-graduates-cant-find-jobs-earn-less-strong-labor-market-2024-6">career paths</a>. In August, US workers quit their jobs at the lowest rate since 2015, excluding a pandemic-related dip in April 2020.The plummeting <a target="_blank" href="https://www.businessinsider.com/quit-job-great-resignation-big-stay-changing-jobs-market-2023-5">quits rate</a> isn't because everyone's recently become satisfied with their jobs and pay."The quit rate continues to decline because hiring continues to decline," Kory Kantenga, head of economics, Americas at LinkedIn, told Business Insider.Americans looking for new roles are facing a much more <a target="_blank" href="https://www.businessinsider.com/cant-find-job-cant-quit-unemployed-hiring-layoffs-labor-market-2024-10">competitive job market</a> than they were two years ago. Excluding a two-month pandemic-related dip in 2020, US businesses are <a target="_blank" href="https://fred.stlouisfed.org/series/JTSHIR">hiring</a> at the lowest rate since 2013. The number of job applicants per open role on LinkedIn has increased to 2.5 from 1.5 in 2022, according to the job platform. The Federal Reserve's <a target="_blank" href="https://www.businessinsider.com/interest-rates-fed-cuts-us-inflation-outlook-economy-larry-summers-2024-9">interest-rate hikes</a> of recent years — which helped slow inflation — are among the <a target="_blank" href="https://www.minneapolisfed.org/article/2024/fewer-openings-harder-to-get-hired-us-labor-market-likely-softer-than-it-appears">reasons</a> hiring has slowed. The current hiring landscape isn't only making it harder for dissatisfied workers to change jobs: It's blocking one of Americans' best pathways to <a target="_blank" class="" href="https://www.businessinsider.com/why-change-jobs-2019-5">higher pay and career advancement</a>."While quitting often has a negative connotation, it is an important part of workers' career advancement and personal income growth," Cory Stahle, an economist at the job platform Indeed, told Business Insider.<h2 id="36534835-91e0-43bb-8127-8c23ba898aa7">It's getting harder for some workers to get a raise or promotion</h2>Stahle said that <a target="_blank" href="https://www.businessinsider.com/gig-economy-overemployment-quit-job-increase-income-earnings-side-hustle-2024-3">wage growth</a> tends to be higher for workers who switch jobs than for those who stay — and that a labor market with fewer quits is likely to lead to "smaller pay increases across the board."However, the hiring slowdown has made job switching less profitable. The wage growth gap between job switchers and stayers has <a target="_blank" href="https://workforcereport.adp.com/">narrowed</a> since the start of this year.The decline in quitting has also made it harder for some workers to advance in their careers. When an employee leaves a job, it can create an opening to be filled — sometimes through a promotion for another person. In a survey conducted earlier this year by Mercer, an HR consulting firm, companies reported that they <a target="_blank" class="" href="https://www.businessinsider.com/promotions-salaries-cut-career-advancement-stagnation-2024-7">expect to promote</a> about 8% of employees this year — down from 10% in 2023.Additionally, slumping quit rates have made it easier for some companies to reduce employee perks like <a target="_blank" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">remote work</a>. For example, workers might not like their employer's return-to-office mandate, but if they can't find another job, they might be more likely to tolerate the change."Fewer quits shifts leverage back to employers and reduces pressure to take steps to retain workers through means like pay increases and offering flexible work arrangements," Kantenga said, adding, "Many businesses no longer have to compete as hard for certain workers now that retention is higher."To be sure, by some measures, many Americans are <a target="_blank" href="https://www.businessinsider.com/job-hopping-employees-hybrid-remote-workers-happiest-study-2023-5">satisfied</a> with their jobs and have no desire to quit. Per a survey of nearly 1,700 working adults conducted last November by the Conference Board, 62.7% of respondents were satisfied with their jobs.Additionally, quitting doesn't always <a target="_blank" href="https://www.wsj.com/personal-finance/retirement/changing-jobs-can-put-a-300-000-dent-in-retirement-savings-e4b88f58?mod=hp_lead_pos3">work out</a> for job-switchers, and many workers are able to <a target="_blank" href="https://www.businessinsider.com/tips-score-raise-even-in-economic-downturn-recession-ceo-2024-8">find the pay</a> and promotions they're looking for without switching jobs. For businesses, higher employee retention rates can also <a target="_blank" href="https://www.businessinsider.com/big-stay-workplace-productivity-points-to-economic-growth-jobs-loyalty2024-3">boost productivity</a>.The good news for workers is that the hiring slowdown hasn't been accompanied by a significant <a target="_blank" class="" href="https://www.businessinsider.com/economy-layoffs-why-keep-hearing-about-tech-media-job-cuts-2024-1">uptick in layoffs</a>. While many eager job-switchers might feel stuck, they can count on a paycheck.Kantenga and Stahle were unsure of when the quits rate would pick up — and when workers would be better positioned to push for higher wages and promotions. The Fed has begun to <a target="_blank" href="https://www.businessinsider.com/high-savings-account-rates-weeks-after-fed-rate-cut-2024-10">cut interest rates</a>, and some experts are optimistic the US will <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-goldman-unemployment-jobs-report-nonfarm-payrolls-rates-2024-10">avoid a near-term recession</a>. Both of these factors could eventually encourage <a target="_blank" href="https://www.businessinsider.com/interest-rate-cut-big-tech-cautious-hiring-sprees-experts-2024-9">more businesses to hire</a>.But if hiring slows further, job-switching could become even more difficult."If we continue to see hiring slow in the face of economic headwinds like <a target="_blank" href="https://www.businessinsider.com/federal-reserve-interest-rates-cut-outlook-recession-risks-us-economy-2024-2">tight monetary policy</a>, then quits will follow and continue to slow as well," Kantenga said.

Americans are quitting their jobs at the lowest rate in years. It's making it harder to get raises and promotions.  

Global M&A market dropped by 15%, the lowest in a decade!

In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

<ul class="summary-list"><li>Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday.</li><li>Supply and demand issues, including a slowdown in China's economy, are pressuring prices.</li></ul>Oil prices plunged on Tuesday to hit their lowest level since December 2021.Prices for <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=brent">brent crude, </a>the international benchmark, fell 4% on Tuesday to $68.99 a barrel, representing a significant break below the key $70 support level. Tuesday's decline in Brent oil follows last week's 8% decline in the commodity.A one-two punch of supply and demand issues has pressured oil's 10% year-to-date price decline, with demand concerns taking center stage in recent weeks.A growth scare in early August and lingering concerns of a US recession, combined with the continued slowdown in China's economy, have hurt the demand outlook for oil.In its monthly oil market report, OPEC <a target="_blank" class="" href="https://www.opec.org/opec_web/en/publications/338.htm">cut its outlook</a> for oil demand because of the deceleration in China's economy. It now expects daily demand for oil to grow by roughly 2 million barrels per day in 2024, 80,000 barrels per day lower than its prior forecast.OPEC also cut its 2025 demand outlook for oil by 40,000 barrels per day to 1.7 million barrels.Because of the lower demand expectations and slumping oil prices, OPEC delayed its plans to boost oil production through at least November, but the move probably won't have as much of an impact on the price of oil as it has in the past. That's because the US is producing a record amount of oil, and <a target="_blank" class="" href="https://www.businessinsider.com/us-oil-production-boom-crude-supply-wti-price-goldman-sachs-2024-7">it's showing no signs of slowing down.</a>America's oil production continues to grow, hitting 13 million barrels per day in August, according to data from YCharts. That's nearly double its oil production levels in 2014.Senior market analyst David Morrison at Trade Nation said in an email that investors shouldn't expect a rebound in oil prices anytime soon."The fundamentals should continue to weigh on prices, as supply remains plentiful while the outlook for demand growth remains weak," Morrison said.He added: "Recent experience suggests that crude oil can stay oversold for long periods of time, so this shouldn't imply that a bounce is coming."

Why oil prices have cratered to their lowest level in nearly 3 years

10 US cities with the lowest cost of living, where things from buying a home to a grocery run are relatively affordable

<ul class="summary-list"><li>Existing home sales in August reached their lowest level since May 2020, according to Redfin.</li><li>Redfin says buyers are waiting to see if mortgage rates fall further as the Fed cuts interest rates.</li></ul>Buyers are back on the sidelines as they wait to see if mortgage rates fall further after , a Redfin report shows.Existing home sales fell 1% in August from July, reaching a seasonally adjusted annual rate of about four million, <a target="_blank" href="https://www.redfin.com/news/home-sales-lowest-since-pandemic-2024/">the report</a> finds. That's the lowest level since the pandemic stalled home sales in May 2020, and discounting that month, it's the lowest level on record since 2012.Pending home sales also fell in August, reaching their lowest level since 2020, with a 1.9% decline from the month prior.The report, released Wednesday, says buyers <a target="_blank" href="https://www.businessinsider.com/mortgage-rates-nar-real-estate-agent-buyers-home-prices-redfin-2024-8">continue to wait</a> for mortgage rates to come down further following their steady decline since the spring. The 30-year mortgage rate hit its <a target="_blank" href="https://www.businessinsider.com/mortgage-rates-30-year-refinance-applications-real-estate-housing-market-2024-8">lowest level in over a year</a> last month. The drop sparked a rush of refinance applications, soaring 34.5% to the highest level in over two years, but it hasn't yet lured buyers back to market. The report says buyers are likely waiting to see how the Federal Reserve's expected interest rate cut impacts borrowing costs.While interest rate cuts could help mortgage rates fall further, it's unclear how much, since the housing market has already priced in an aggressive cutting cycle from the Fed, the report says.Redfin agent Michael Cendejas said buyers also might just not know that mortgage rates have dropped so rapidly, and even if they have, they can be selective."There's no sense of urgency. Buyers are selective right now, especially if they have a house already. They're looking for the perfect home at the right price," he said in a <a target="_blank" href="https://investors.redfin.com/news-events/press-releases/detail/1175/existing-home-sales-pending-sales-fall-to-lowest-level">press release</a>.That means many homes have ended up sitting on the market, and a growing number of impatient sellers have <a target="_blank" href="https://www.businessinsider.com/housing-market-home-prices-falling-buying-a-home-outlook-supply-2024-9">cut prices</a>.

Home buyers are holding their breath for rate cuts as existing home sales plunge to lowest since the pandemic

<ul class="summary-list"><li>Mortgage borrowers are rushing to refinance their loans as borrowing costs tumble. </li><li>Last week, mortgage rates fell to their lowest since May of last year, according to Freddie Mac data.</li></ul>Homeowners are rushing to refinance their mortgages as borrowing costs tumble for a second week. The 30-year mortgage rate fell for the second week in a row last week to 6.47%, the lowest level since May 2023, according to data from Freddie Mac.The dip spurred an influx of refinancing applications as borrowers sought to take advantage of the lower rates.The Mortgage Bankers Association's refinancing index rose to its highest in over two years, notching a 34.5% jump from the week prior, and a 118% jump from the same period last year."Rates on both 30- and 15-year fixed rate mortgages decreased for the second consecutive week, and combined with the previous week's rate moves, spurred another strong week for application activity as borrowers with higher rates took the opportunity to refinance," MBA chief economist Joel Kan said in a Wednesday statement.The decline in mortgage rates could be fueling greater optimism in real estate markets in general, too. Overall applications soared around 17% while purchase applications rose 3% from the week before, "with small gains seen across the various loan types, indicating that prospective homebuyers are slowly reentering the market," Kan said.Experts expect these trends to continue. Redfin's head of economic research Chen Zhao said mortgage rates will likely drop more by the end of the year, though they still won't get close to the historic lows seen during the pandemic. "It's very possible that mortgage rates will be in the lower sixes by the end of this year," Zhao said in an <a target="_blank" href="https://www.businessinsider.com/housing-market-home-supply-real-estate-mortgage-lock-in-redfin-2024-8">interview with Business Insider</a>. "They could be hitting the high five or mid-fives towards the end of next year."Others say the mortgage dip may be an outsized reaction to a weak jobs report and the historic market sell-off from earlier this month."Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing," Freddie Mac's Chief Economist Sam Khater in a statement.

Borrowers are rushing to refinance their mortgages as rates tumble to the lowest level in over a year

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New Delhi: India's Consumer Price Index (<keyword id="20468215" type="General" weightage="20" keywordseo="CPI" source="keywords">CPI</keyword>) <keyword id="19895000" type="General" weightage="100" keywordseo="inflation" source="keywords">inflation</keyword> dropped to 3.54 per cent in July 2024, its lowest in nearly five years, largely driven by a decline in <keyword id="20028256" type="General" weightage="20" keywordseo="vegetable" source="keywords">vegetable</keyword> <keyword id="19900607" type="General" weightage="20" keywordseo="prices" source="keywords">prices</keyword>. However, despite this positive development, the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword>) has cautioned that the path forward may be challenging, according to the SBI research report. The dramatic reduction in vegetable inflation, which plummeted from 29.3 per cent in June to a mere 6.8 per cent in July, played a crucial role in achieving this multi-year low. The weighted contribution of vegetables to the overall CPI also shrank from 1.77 per cent in June to 0.55 per cent in July, underscoring their impact on the headline inflation figure. Additionally, the prices of fruits and fuel showed signs of moderation, contributing further to easing inflationary pressures. However, this broad-based relief was tempered by a slight uptick in core CPI inflation, which excludes food and fuel prices. The SBI's latest report highlights that the once-dominant "Follow the Fed" mantra appears to be waning, with an increasing number of central banks prioritizing domestic economic conditions over synchronizing with U.S. rate decisions, signaling a shift in global <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword> dynamics. This decline in CPI marks the first time in half a decade that CPI inflation has dipped below the Reserve Bank of India's (RBI) target of 4 per cent, a feat largely attributed to a steep fall in vegetable prices. Core CPI rose from 3.12 per cent in June to 3.30 per cent in July, driven primarily by an increase in mobile tariffs. Notably, the transport and communication segment saw inflation rise sharply from 0.97 per cent in June to 2.48 per cent in July, indicating sector-specific pressures. The moderation in food inflation, which stood at 5.06 per cent year-on-year in July, was significantly influenced by a higher base effect. Despite this, concerns persist over the uneven distribution of monsoon rainfall, particularly in key foodgrain-producing states experiencing deficient precipitation. With La Nina conditions gaining strength, the possibility of excessive rainfall in August and September looms large, raising fears of crop damage that could reignite food price inflation. Looking ahead, inflationary pressures may persist, potentially exceeding the RBI's forecast of 4.5 per cent for FY25. The domestic growth momentum remains robust, with GDP expected to surpass 7 per cent in Q1 FY25. However, geopolitical uncertainties continue to pose risks to the growth outlook. The RBI, maintaining a tight liquidity stance to control inflation, has deferred potential rate cuts to December 2024 or February 2025. State-wise analysis reveals that the majority of states recorded CPI inflation rates below the national average, with only six out of 22 states experiencing higher-than-average inflation. Despite this, significant rural-urban inflation differentials were observed, with most states seeing higher inflation in rural areas compared to urban counterparts. Only four states reported higher urban inflation. Historically, when the U.S. Federal Reserve adjusts its interest rates, global capital flows are impacted, prompting central banks in emerging markets to follow suit. However, while the Fed's recent rate hike cycle (2022-2023) saw a synchronized global response, the current rate-cutting phase is proving to be less coordinated. Central banks in countries like China, Chile, Brazil, Mexico, the UK, Canada, and the European Central Bank have already begun reducing rates, while the Fed is expected to initiate cuts in September 2024. India's Index of Industrial Production (IIP) grew by 4.2 per cent in June 2024, down from a revised 6.2 per cent in May. The mining sector led the growth with a 10.3 per cent increase, followed by electricity at 8.6 per cent and manufacturing at 2.6 per cent. For the April-June 2024 period, industrial growth stood at 5.2 per cent, compared to 4.7 per cent in the same period the previous year. As India navigates the delicate balance between growth and inflation, the coming months will be critical in shaping the country's economic trajectory, especially with potential global shifts in monetary policy and the evolving monsoon season.

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