<ul><li>While Nifty 50 has gained over 9% in the last 30 days, Nifty <keyword id="44530" type="General" weightage="20" keywordseo="psu" source="Orion">PSU</keyword> Bank has surged twice as much — over 17% during the period showing strong investor interest into the sector.</li><li>Not only investors, analysts are also bullish on the sector that is quickly recovering from its bad non-performing asset (NPA) phase.</li><li><keyword id="6358007" type="General" weightage="20" keywordseo="bank-of-baroda" source="Orion">Bank of Baroda</keyword>, <keyword id="6357132" type="General" weightage="20" keywordseo="canara-bank" source="Orion">Canara Bank</keyword> and Indian Bank are the top gainers in the public sector banking space in the last one month.</li></ul>Public sector banks are among the top performers on the stock exchanges with valuations reaching all time high as asset quality improves and credit offtake of corporates is also improving. While Nifty50 has gained over 9% in the last 30 days, Nifty PSU Bank has surged twice as much — over 17% during the period, showing strong investor interest into the sector. Analysts too are also bullish on the sector that is quickly recovering from the bad non-performing asset (NPA) phase. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> “We are right now bullish on the overall sector because most of these companies are still trading at decent valuations. And now the corporates are either expanding or investing in capex, all these funds that they are going to borrow will be from PSU banks. All the credit offtake thing is going to improve. Also, recovery is better than expected as NPAs are coming down with provisions also decreasing,” Shrikant Chouhan, head of equity research (retail) at Kotak Securities told Business Insider India. He highlighted the fact that a similar capex cycle happened during 2004-05, which led to banking valuations going up sharply ending up giving multi year returns. Bank of Baroda, Canara Bank and Indian Bank are the top gainers in the public sector banking space in the last one month. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PSU Banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in last 30 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current market price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">52 week high </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹121.85 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹123.55 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹233 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹272.80 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹177.40 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹194.95 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹39.95 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹54.80 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PNB </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹34.40 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹48.20 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹542.40 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹549 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Maharashtra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22.85 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹51.65 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹76.65 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11.95 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15.30 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab &amp; Sind Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15.35 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20.20 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>(Data source: NSE) “There are multiple reasons for the rally in PSU banks stocks -- the government's increased focus on privatization, cheaper valuations and ratings, positive quarterly results,” Manoj Dalmia, founder and director at Proficient Equities. Some of the public sector banks that have already released their earnings – which reflect the healthy growth momentum in the industry. Last week, Bank of Baroda reported a 79% jump in net profit on the back of strong loan growth, fall in provisions and improvement in asset quality. Analysts say that PSU banks are all outperformers and all their earnings have beaten estimates. As the economy opens, PSUs will enjoy a monopoly on the advantages that come with a growing economy, according to Sanjiv Bhasin, director at IIFL Securities. “The list of PSU companies doing well is endless -- Bank of Baroda, Canara Bank and so on. Valuations of public sector companies have always been cheap but it’s just the realization that they can make money and they have transformed themselves,” Bhasin told Business Insider India. SEE ALSO <a href="https://www.businessinsider.in/finance/news/the-worst-of-the-rupees-decline-might-be-over-as-market-expects-us-fed-to-dial-down-pace-of-hikes/articleshow/93290895.cms">The worst of the rupee's decline might be over as market expects US Fed to dial down pace of hikes</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/markets-on-a-wait-and-watch-mode-as-they-await-cues-from-rbi/articleshow/93290015.cms">Markets on a wait and watch mode as they await cues from RBI</a> <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive</a>

PSU banks near all time high as analysts expect a rerun of 2004-05 corporate capex cycle

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Ajay VermaA man exercises amidst haze and dust near Sukhna lake in Chandigarh, India.</div></div></div>Here is what you need to know.<a href="https://www.bloomberg.com/news/articles/2018-06-18/opec-is-said-to-discuss-output-hike-of-300-000-to-600-000-b-d">Oil hits its lowest level in over 2 months</a>. West Texas Intermediate crude oil touched $63.59 a barrel, its lowest since April 10, as OPEC mulls a production hike of up to 600,000 barrels a day, Bloomberg says. <a href="http://www.businessinsider.com/next-stock-market-crash-wall-street-experts-crying-foul-on-overlooked-signal-2018-6">Wall Street experts are crying foul on an overlooked yet dangerous signal that a market meltdown is near</a>. Wall Street pros have begun sounding the alarm on the exorbitant amount of leverage being used in the US market right now. <a href="http://www.businessinsider.com/stock-market-best-ideas-from-top-investors-at-ubs-cio-conference-2018-6">Wall Streeters share the best parts of the market to own over the next year</a>. Speaking at the UBS CIO Global Forum in New York on Thursday, a handful of Wall Streeters shared their top conviction ideas for the next 6-12 months. <a href="http://www.businessinsider.com/bitcoin-price-could-be-hit-by-bitcoin-futures-contracts-says-tom-lee-2018-6">Bitcoin futures could be hurting bitcoin's price</a>. Tom Lee, the cofounder of research firm Fundstrat, says bitcoin could be vulnerable to manipulation due to the way its futures contracts are settled. <a href="http://www.businessinsider.com/facebook-beefs-up-audit-committee-after-investor-campaign-2018-6">Facebook quietly made a huge concession to shareholders as it aims to avoid another data disaster</a>. The social-media giant has beefed up its audit committee in an effort to monitor its social impact, privacy safeguards, and cybersecurity risk.<a href="http://www.businessinsider.com/google-invests-china-jdcom-2018-6">Google takes a small stake in Chinese retail giant JD.com</a>. Google has made a $550 million investment as part of a strategic partnership in Chinese e-commerce behemoth JD.com, giving it a stake of less than 1%, Reuters says.<a href="http://www.businessinsider.com/r-audi-ceo-arrested-volkswagen-2018-6">Audi's CEO has been arrested</a>. The Munich prosecutor's office said in a statement that Audi Chief Executive Rupert Stadler was arrested as part of "an investigation into diesel affairs and Audi engines," Reuters reports.<a href="http://www.businessinsider.com/incredibles-2-biggest-opening-weekend-animated-movie-ever-2018-6">'Incredibles 2' has the biggest opening weekend ever for an animated movie</a>. Disney/Pixar's "Incredibles 2" raked in an estimated $180 million over the weekend, according to boxofficepro.com, as it easily surpassed "Finding Dory" ($135 million) for the biggest opening weekend ever for an animated movie. <a href="http://markets.businessinsider.com/indices">Stock markets around the world are lower</a>. Japan's Nikkei (-0.75%) led the losses in Asia and Germany's DAX (-1.02%) trails in Europe. The S&amp;P 500 is set to open down 0.45% near 2,767.<a href="http://markets.businessinsider.com/economic-calendar#date=06/18/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic data trickles out</a>. The NAHB Housing Market Index will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.91%. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/millennials-are-driving-a-huge-shift-in-the-way-we-shop-and-invest-2018-5">Millennials are leading an investment revolution - here's what makes their generation different</a></h3> <div> </div> </div>

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Goldman Sachs' TSLA report" title_caption="Goldman Sachs tracks electric car makers by battery range, and Tesla models outpace nearly all others. " class="zoomin" href="https://static-ssl.businessinsider.com/image/551ab9ba6bb3f7d93a53d8cc-960/screen shot 2015-03-31 at 11.12.06 am.png"></a>Goldman Sachs' TSLA reportGoldman Sachs tracks electric car makers by battery range, and Tesla models outpace nearly all others. </div></div></div>Challengers to Elon Musk and electric car maker Tesla have, for the most part, fallen woefully short in terms of making a battery-powered car that can match the range of the Model S. Just have a look at this Goldman Sachs chart that identifies the range of a slew of competing electric and hybrid autos, for both cost and the range they can drive.With the exception of a couple of high-end products from Audi, Tesla's Model S (as well as its eagerly-anticipated Model X and Model 3) outpaces nearly every model from competitors in terms of how far it will drive on its battery pack (vehicle range). That includes Mercedes, BMW, Kia, Volkswagen, Fiat, Nissan and Chevrolet, among others. According to a Goldman report issued Tuesday, range is just one of the advantages Tesla has as the earliest successful arrival in the rapidly-evolving electric car manufacturing game. <h3>Only Audi is expected to surpass Tesla's battery range-but it won't come cheap</h3>Audi is nipping at Elon Musk's heels - and Goldman's chart shows it. The only car that's projected to have a greater range than a Tesla is Audi's Q8 e-tron, a yet-to-be-produced crossover SUV from the German automaker. But the Q8 e-tron is one of the select few cars that costs more than even the costliest Tesla. The Goldman analysts expect the sporty Audi will be priced at about $180,000, a big price hike from the Model S (with a ceiling of about $105,000) or the Model X (expected to be priced around $60-$70,000). And the Q8 won't be on the road until 2017. Although Goldman is currently rating Tesla stock "neutral," the bank has a $214 price target on the stock. Analyst Patrick Archambault and his team says one of the electric car maker's advantages is its industry-leading battery packs, which the company has regularly improved upon, distancing themselves from competitors. The only car that even holds a candle to Tesla cars, and at a reasonable price tag, is the Chevy Bolt, at around $37,500, according to the Goldman report. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-economics-2015-3">'Game of Thrones': The Iron Throne is a terrible investment</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvNncydDrkw0Adz4yS0Vsg8DPK1cte-i" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This chart shows how short Tesla's challengers have fallen - so far

<keyword id="59118" type="UNKNOWN" weightage="60" keywordseo="Car-Companies">Car companies</keyword> are raising their prices. <a href="http://www.businessinsider.in/searchresult.cms?query=Maruti+">Maruti Suzuki</a> announced a hike of Rs 20,000 across models and <a href="http://www.businessinsider.in/searchresult.cms?query=Hyundai+Motors">Hyundai Motors</a> did the same by Rs 4,000 to Rs 30,000. <a href="http://www.businessinsider.in/searchresult.cms?query=Honda+Motor">Honda Motor</a>, Renault, Nissan Motor, Toyota Motor, Audi, Mercedes-Benz and BMW have also said they’ll raise prices from January 1st. 
 
So what went wrong? The one to blame is unfavorable currency exchange rates and there couldn’t be a worse time. The automobile market is improving, and the last price hike came half-a-year back. 
 
So why couldn’t the car companies increase prices and then let us know? Simple, that’ll get their ‘New Year discounts’ more attention. Most car manufactures are also trying to get rid of old stocks. As 2016 rolls in, who’ll want to buy old stock, come on! But think of it this way, you’re getting 10-15% higher discounts than last year. 
 
But wait, what happened to #<a href="http://www.businessinsider.in/searchresult.cms?query=Make+In+India">MakeInIndia</a>? Why are car prices rising when commodity prices are at record lows (Bloomberg Commodity Index is trading at a 16 year lows)? Companies are making good money as well, after all their gross margins are at decade highs. Even the international prices of steel, aluminium and copper have fallen 50-80% from back in 2007! To phir problem kya hai? (So what’s the problem?) 
 
RS Kalsi, Executive Director of Sales and Marketing at <a href="http://www.businessinsider.in/searchresult.cms?query=Maruti+">Maruti </a>told ET, "Dollar has started depreciating again, making our imports costlier. We signed a new wage agreement this year, so the administrative cost has gone up and there has been some tweaking to local taxes, which has led to a spike in cost," he said. 
 
That could only mean companies across the board are doing the same. The money is going into higher wages and #ImportIntoIndia. 
 
To sum it up, as you thought rate cuts and slipping fuel prices would make it easier to get that car you’ve been salivating over, you better hurry mate! It’s just a few more days to New Year. 
 
Image credit: Indiatimes

Want
to know why your car would cost more from 1st Jan? Here’s why!

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.Some of the <a href="http://www.businessinsider.com/dan-loeb-philippe-laffont-back-ben-melkmans-light-sky-macro-2017-2">biggest names in the investing world are backing a hot new hedge fund</a>. Philippe Laffont, the founder of Coatue Management, Louis Bacon of Moore Capital, and Dan Loeb, founder of Third Point, are planning to invest in Ben Melkman's Light Sky Macro, <a href="http://www.businessinsider.com/dan-loeb-philippe-laffont-back-ben-melkmans-light-sky-macro-2017-2">a New York hedge fund which is set to launch March 1</a>.Elsewhere in hedge fund news, Carl Icahn just jumped into a $90 billion drug maker, <a href="http://www.businessinsider.com/carl-icahn-invests-in-bristol-myers-squibb-heres-why-2017-2">and people are betting it'll be a takeover target</a>. And here's the brutal presentation that <a href="http://www.businessinsider.com/marcato-presentation-on-buffalo-wild-wings-2017-2">an activist investor just published about Buffalo Wild Wings</a>.<a href="http://www.businessinsider.com/two-sigma-david-siegel-on-fake-news-and-infinite-personalization-2017-2">Infinite personalization is making us dumber</a>, according to David Siegel, cofounder of $40 billion hedge fund Two Sigma.On Wall Street, Deutsche Bank is set to announce another shakeup in its senior ranks. Dixit Joshi, <a href="http://www.businessinsider.com/deutsche-bank-names-dixit-joshi-treasurer-2017-2">who previously led the bank's fixed-income sales force as head of the</a><a href="http://www.businessinsider.com/deutsche-bank-names-dixit-joshi-treasurer-2017-2"> institutional client group for debt, is expected to move to the role of group treasurer</a>, according to people familiar with the matter.And in deal news, Snapchat executives in New York <a href="http://www.businessinsider.com/snapchat-roadshow-in-new-york-with-investors-2017-2">were peppered with questions on Tuesday about competition from Facebook, user growth for the disappearing-message app</a>, and accessibility in less developed markets as they pitched prospective investors on the company's shares. In related news, Snapchat has a problem with Android, <a href="http://www.businessinsider.com/snapchat-huge-problem-with-android-causing-investors-to-worry-2017-2">and it's causing investors to worry</a>.Unilever says it's reviewing its options <a href="http://www.businessinsider.com/unilever-reviewing-options-after-rejecting-kraft-heinz-takeover-bid-2017-2">just days after rejecting Kraft Heinz's surprise $143 billion takeover bid</a>. And three banks <a href="http://www.businessinsider.com/saudi-aramco-ipo-banks-2017-2">just landed key roles on what could be the biggest IPO of all time</a>.In markets news, here's the unstoppable <a href="http://www.businessinsider.com/this-credit-suisse-chart-shows-how-unstoppable-the-35-year-bond-golden-age-has-been-2017-2">35-year "golden age" for bonds in one clear Credit Suisse chart</a>. And one key measure <a href="http://www.businessinsider.com/sp-500-forward-12-month-price-to-earnings-most-expensive-since-2004-2017-2">shows the stock market hasn't been this expensive in 13 years</a>.President Donald Trump is <a href="http://www.businessinsider.com/trump-mnuchin-onewest-lawyer-ceo-comptroller-cfpb-2017-2">considering adding two former employees of controversial mortgage lender OneWest to his administration</a>, according to reports. Here's who would <a href="http://www.businessinsider.com/who-will-save-most-money-trump-tax-overhaul-2017-2">save the most money under Trump's proposed tax overhaul</a>.And here's how CEOs across America feel about Trump - <a href="http://www.businessinsider.com/corporate-ceos-on-trump-2017-2">and what they think he'll do to their businesses</a>.The Fed won't hike rates in March, <a href="http://www.businessinsider.com/fed-wont-hike-rates-in-march-but-wants-to-keep-wall-street-guessing-2017-2">but it still wants to keep Wall Street guessing</a>, according to Business Insider's Pedro da Costa. Lastly, here's a rare look inside the <a href="http://www.businessinsider.com/princess-yacht-debut-yachts-miami-beach-photos-features-2017-2">$21 million "Princess" megayacht that has five cabins and a Jacuzzi</a>.Here are the top Wall Street headlines from the past 24 hour:<a href="http://www.businessinsider.com/the-biggest-ever-corruption-scandal-youve-never-heard-of-2017-2">The biggest ever corruption scandal you've never heard of</a> - A giant corruption scandal that started with Brazilian construction giant Odebrecht has now engulfed several Latin American governments. The total tally of known bribes totals in the hundreds of millions of dollars.<a href="http://www.businessinsider.com/us-existing-home-sales-january-2017-2017-2">Existing-home sales jump to a 10-year high</a> - US existing-home sales in January rose more than expected to their highest level in nearly a decade, according to the National Association of Realtors.<a href="http://www.businessinsider.com/citi-relocating-london-jobs-on-brexit-2017-2">CITI EMEA CHIEF: Germany is a 'favourite' for a post-Brexit HQ and 200 jobs could move</a> - Citigroup is considering Frankfurt as a new European base for its markets and trading arm as part of its Brexit plan.<a href="http://markets.businessinsider.com/news/stocks/oil-price-february-22-2017-2017-2-1001773484">Oil slides on word non-OPEC members aren't cutting production as much as promised</a> - Crude oil prices are lower on Wednesday as traders price in a projected expansion in US crude stockpiles and following comments made by Qatar's oil minister. <a href="http://www.businessinsider.com/bitcoin-price-nearing-all-time-high-february-22-2017-2017-2">Bitcoin is closing in on its all-time high</a> - Buying early on in US trade has run <a href="http://markets.businessinsider.com/currencies/BTC-USD">bitcoin</a> up 0.7%, or $7.50, to $1,115 a coin. Wednesday's bid has the cryptocurrency higher for a ninth straight session and threatening its all-time high of about $1,140. <a href="http://www.businessinsider.com/switzerlands-abb-hit-by-100-million-south-korean-fraud-2017-2">Switzerland's ABB says it uncovered $100 million South Korean fraud</a> - Swiss engineering group ABB said it discovered what it called a "sophisticated criminal scheme" in its South Korean subsidiary on Wednesday, which it expects will result in a $100 million pretax charge.<a href="http://www.businessinsider.com/jpmorgan-chase-on-small-business-confidence-2017-2">A JPMorgan economist explains why small and midsized businesses are feeling optimistic</a> - Following the recession, small and midsized businesses in America faced a slow and uncertain recovery.<a href="http://www.businessinsider.com/mark-cuban-criticizes-basic-income-as-response-to-robot-automation-2017-2">Mark Cuban calls universal basic income 'one of the worst possible responses' to robot automation</a> - Economists <a href="http://www.businessinsider.com/obama-warns-congress-about-robot-job-takeover-2016-3">predict</a> that robotic automation and advances in artificial intelligence could lead to widespread job loss in the next few decades, but billionaire investor Mark Cuban doesn't think universal basic income is the solution.<a href="http://www.businessinsider.com/range-rover-velar-audi-porsche-2017-2">The new Range Rover Velar is gunning for Audi and Porsche</a> - Audi and Porsche, beware - <a href="http://www.businessinsider.com/land-rover-range-rover-sv-autobiography-dynamic-2017-1" target="_blank">Range Rover</a> is coming for you.

What you need to know on Wall Street right now

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Good morning! Here are the major stories making waves in global financial markets early Wednesday.
 The Fed Decision Is Coming. The Federal Reserve announces its latest monetary policy decision at 2 p.m. ET, with the final tapering installment and the end of QE3 expected. 
The Ruble Is Pushing To Fresh Lows. <a href="%20http://www.businessinsider.com/russian-ruble-falls-to-new-record-lows-2014-10#ixzz3HWrKxVae">The ruble fell to a record low against the dollar and euro in early trading Wednesday</a> despite a $2.5 billion intervention from the Russian central bank to prop up the currency.
Algeria Has Started Selling Light Crude Oil To Venezuela. That's helping to prop up demand for oil as the price falls from Algeria's perspective, but it's a <a href="http://www.businessinsider.com/what-to-expect-from-the-october-fomc-meeting-2014-10">clear symbol of Venezuela's decline</a>. 
Facebook Is Taking A Beating. Facebook execs warned that 2015 will be a <a href="http://www.businessinsider.com/facebook-q3-earnings-2014-10">big year of investment for the company</a>, and the share price dropped 10% in after-hours trading. 
Deutsche Bank Just Posted A $117 Million Loss And Fired Its CFO. Deutsche Bank <a href="http://www.businessinsider.com/r-deutsche-bank-posts-quarterly-net-loss-as-legal-costs-weigh-2014-10#ixzz3HWscUHdU">reported a quarterly net loss of 92 million euros on Wednesday</a> as heavy legal costs outweighed a rise in investment banking earnings.
There's A 50% Chance Of Russia-Ukraine Gas Deal. Guenther Oettinger told Germany's ZDF TV that <a href="http://www.businessinsider.com/r-eus-oettinger-50-percent-chance-of-russia-ukraine-gas-breakthrough-2014-10#ixzz3HWtDexCR">a lot had been achieved so far in the three-way negotiations</a>, but when asked what the chances were of a breakthrough, he answered: "Fifty percent."
Nintendo Beat Analyst Forecasts. Long-struggling Japanese video game maker Nintendo <a href="http://www.businessinsider.com/r-nintendo-second-quarter-beats-forecasts-says-on-track-for-full-year-profit-2014-10#ixzz3HWtgUyGz">eked out an unexpected operating profit</a> in its fiscal second quarter, bolstering hopes it may be on track for its first annual profit in four years.
Hitachi Profits Surged. Hitachi said Wednesday its net profit for the six months to September <a href="http://www.businessinsider.com/afp-hitachi-profit-nearly-triples-raises-full-year-forecast-2014-10#ixzz3HWwl42bP">nearly tripled to $850 million</a> as the Japanese giant hiked its full-year earnings forecast.
Volkswagen Recalls Over 270,000 Audi Cars. Volkswagen's Chinese joint venture will r<a href="http://www.businessinsider.com/r-volkswagen-recalls-over-270000-audi-cars-due-to-air-bag-issue-quality-watchdog-2014-10#ixzz3HWu8n8rq">ecall 270,635 Audi cars in China due to an air bag software issue</a>, China's quality watchdog said on Wednesday. 
Markets Are Rallying. In Europe, Germany's DAX is up 0.77%, France's CAC 40 is up 0.33% and the UK's FTSE 100 is up 0.75%. Asian markets saw significant gains, with the Nikkei up 1.46% and the Hang Seng up 1.27%.

10 Things You Need To Know Before The Opening Bell

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.Technology is changing the world. Yes, we know you know that. But knowing that the world is changing, and figuring out how to prepare for that change, are two different things. Nearly <a href="http://www.businessinsider.com/citigroup-report-on-disruptive-innovation-2017-1">half of all global public companies could be disrupted in the next decade</a>, according to Citigroup. In Wall Street news, Goldman Sachs <a href="http://www.businessinsider.com/goldman-names-elisha-wiesel-chief-information-officer-2017-1">named a new head of its giant tech division</a>. HSBC will move jobs to "<a href="http://www.businessinsider.com/hsbc-jobs-banking-brexit-finanicial-passport-2017-1">France, Ireland or Holland" because of Brexit, according to chairman Douglas Flint</a>. Warren Buffett's <a href="http://www.businessinsider.com/warren-buffetts-favorite-banker-just-landed-a-9-billion-dollar-deal-2017-1">favorite banker landed a $9 billion deal</a>.And the rise of America's <a href="http://www.businessinsider.com/etf-trading-now-makes-up-a-huge-chunk-of-wall-street-trading-2017-1">hottest investment product is shaking up Wall Street trading</a>.There is a fair bit of markets news out there today. Here are the highlights:<ul><li><a href="http://www.businessinsider.com/charlene-chu-on-china-outflows-outlook-2017-2017-1">One of the most brilliant China minds in the world has a warning for the second half of 2017</a></li><li><a href="http://www.businessinsider.com/bill-gross-january-outlook-letter-2017-africa-trump-bonds-2017-1">Bill Gross' latest outlook is a wild letter that includes a poem about Africa, the economic prospects under Trump, and his forecast for US Treasurys</a></li><li><a href="http://markets.businessinsider.com/news/stocks/A-huge-reversal-might-be-about-to-take-place-%E2%80%94-and-it-could-see-$2-3-trillion-move-in-to-the-stock-market-1001652996">A huge reversal might be about to take place - and it could see $2.3 trillion move in to the stock market</a></li><li><a href="http://markets.businessinsider.com/news/stocks/Wall-Streets-smart-money-is-dumping-the-biggest-trade-in-stocks-since-Trumps-election-1001656057">Wall Street's smart money is dumping the biggest trade in stocks since Trump's election</a></li><li><a href="http://www.businessinsider.com/nfib-small-business-optimism-december-2017-1">Small-business optimism surged after the election</a></li><li><a href="http://www.businessinsider.com/trump-infrastructure-plan-larry-summers2017-1">Larry Summers "sees no merit" in Trump's $1 trillion infrastructure plan</a></li><li><a href="http://www.businessinsider.com/richmond-fed-president-jeffrey-lacker-retiring-2017-1">Richmond Fed President Jeffrey Lacker is retiring</a></li><li><a href="http://www.businessinsider.com/potential-impact-of-trumps-attacks-on-mexico-2017-1">Trump's attacks on Mexico could come back to bite the US in a number of ways</a></li><li><a href="http://www.businessinsider.com/problem-with-opec-production-cut-2017-1">There's a catch with OPEC's plan to cut production</a></li><li><a href="http://markets.businessinsider.com/news/stocks/The-head-of-fixed-income-at-a-$221-billion-fund-manager-tells-us-what-he-thinks-about-the-bond-market-in-2017-1001656130">The head of fixed income at a $221 billion fund manager told us what he thinks about the bond market in 2017</a></li></ul>There's something <a href="http://www.businessinsider.com/gender-diversity-in-biotech-and-pharma-companies-2017-1">missing from one of the largest healthcare investor meetings of the year</a>. Valeant hiked <a href="http://www.businessinsider.com/valeant-hikes-prices-in-january-2017-1">prices for a dizzying number of drugs last week</a>. And L'Oreal is buying <a href="http://www.businessinsider.com/r-loreal-to-buy-three-skincare-brands-from-valeant-for-13-billion-2017-1">three skincare products from the pharmaceutical company for $1.3 billion</a>. In the tech sector, Marissa Mayer <a href="http://www.businessinsider.com/marissa-mayer-is-resigning-from-yahoos-board-2017-1">resigned from Yahoo's board</a>. After the $4.8 billion Verizon deal, <a href="http://www.businessinsider.com/yahoo-rename-altaba-2017-1">the husk of Yahoo will rename itself Altaba</a>.In an unusual move for a US tech company, <a href="http://www.businessinsider.com/snap-makes-the-uk-its-international-headquarters-2017-1">Snapchat is making the UK its international headquarters</a>. This tech company pays for weddings and tuition, <a href="http://www.businessinsider.com/pay-or-perks-which-is-better-2017-1">but sometimes it's better to just get a bigger check</a>.And here's what it's like to use Ellevest, <a href="http://www.businessinsider.com/how-to-use-sallie-krawchecks-ellevest-investing-platform-for-women-2017-1">the hot new investing platform helmed by Sallie Krawcheck and backed by tennis superstar Venus Williams</a>.Lastly, Wall Street's <a href="http://www.businessinsider.com/wall-street-best-athletes-training-tips-2017-1">best athletes shared their training tips with Business Insider</a>. Here are the top Wall Street headlines from the past 24 hours<a href="http://www.businessinsider.com/chipotle-q4-preliminary-guidance-misses-share-price-2017-1">Chipotle is blaming TV ads and guacamole for its rough fourth quarter</a> - Chipotle on Tuesday released preliminary results for fourth-quarter earnings and sales that were weaker than analysts expected after expenses ran higher than the company had anticipated.<a href="http://www.businessinsider.com/bill-gross-says-10-year-at-260-more-important-than-dow-20000-2017-1">BILL GROSS: There's a level way more important than Dow 20,000</a> - The Dow Jones Industrial Average has flirted with the 20,000 level for much of the past month.<a href="http://www.businessinsider.com/reasons-why-treasury-bond-bull-market-isnt-over-2017-1">Here's why Wall Street's big call on the bond market is all wrong</a> - <a href="http://ritholtz.com/2016/12/bond-bull-market-2/">Over and over</a> we have heard Wall Street call for the end of the 30-year bond bull market.<a href="http://www.businessinsider.com/wall-street-firm-using-blockchain-to-handle-11-trillion-transactions-2017-1">A huge Wall Street firm is using blockchain to handle $11 trillion worth of transactions</a> - The Depository Trust &amp; Clearing Corporation (DTCC) has selected a series of firms to help integrate distributed ledger technology into its first large-scale, real-world application.<a href="http://www.businessinsider.com/r-deutsche-banks-top-economist-favors-trump-over-status-quo-2017-1">Deutsche Bank's top economist favors Trump over the "mediocre" status quo</a> - Deutsche Bank's top economist said US President-elect Donald Trump will be an improvement on "a mediocre status quo" and drive economic growth in the country higher.<a href="http://www.businessinsider.com/recent-graduate-shows-us-how-he-started-a-bio-tech-company-at-age-24-2017-1">A 27-year-old CEO named to the Forbes '30 Under 30' list gives his 2 best pieces of entrepreneurship advice</a> - There's an old adage that if at first you don't succeed, try, try again. That perfectly describes Michael Johnson's entrepreneurial journey.<a href="http://www.businessinsider.com/13-us-stocks-that-have-the-most-upside-according-to-goldman-sachs-2017-1">GOLDMAN SACHS: 13 stocks that could explode</a> - The US stock market may be at an all-time high, but there are still stocks that could offer significant upside potential, according to Goldman Sachs.<a href="http://www.businessinsider.com/audi-q8-hybrid-suv-concept-at-detroit-auto-show-photos-features-2017-1">Audi just unveiled a stunning hybrid SUV concept that hints at what will come in 2018</a> - Audi just gave us a glimpse of its electric car plans.<a href="http://www.businessinsider.com/beard-parade-at-the-golden-globes-2017-1">The "beard parade" at the Golden Globes shows why facial hair isn't disappearing any time soon</a> - When we're wrong, we can admit it. And in our prediction last year, when we <a href="http://www.businessinsider.com/why-the-beard-will-die-in-2016-2016-1">predicted beards would die in 2016,</a> we were very, very far off the mark. We apologize.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Good morning! Here are the major worldwide stories investors need to know as the week gets started.
Tesco Is In Chaos After Overestimating Profits By £250 Million ($408 Million). The supermarket giant announced this morning that it had <a href="http://www.businessinsider.com/tesco-profit-restatement-2014-9">overstated its profits in the first half of the year by 23%</a>. The store has suspended four senior executives, and it <a href="http://www.businessinsider.com/tesco-accounts-investigation-2014-9">looks like the UK managing director is among them</a>.
Merck KGaA is buying Sigma-Aldrich. The German firm is <a href="http://www.businessinsider.com/merck-to-acquire-sigma-aldrich-2014-9">snapping up the US life sciences company</a> for $17 billion at a 37% premium on the firm's last closing price.
Siemens Has Also Made A Major Acquisition. The German firm is<a href="http://www.businessinsider.com/r-exclusive-siemens-near-deal-to-buy-dresser-rand---sources-2014-9"> set to buy US oilfield equipment manufacturer Dresser-Rand</a> for $7.6 billion.
Alibaba's IPO Is Officially The Biggest Ever. The $25 billion flotation is <a href="http://www.businessinsider.com/alibaba-ipo-world-record-at-25-billion-2014-9%20">completely unmatched</a> after the e-commerce giant's share price rose 38% on Friday.
Mario Draghi Is About To Speak At The European Parliament. The ECB boss will speak at 2 p.m. London time (9 a.m. ET) to European legislators. It's Draghi's first major address since Jackson Hole, and the disappointing news about the ECB's bank credit scheme.
Volkswagen Is Launching A New Luxury Car Designed For China. The German auto manufacturer is <a href="http://www.businessinsider.com/volkswagen-has-a-bold-and-risky-new-plan-for-higher-margins-2014-9">looking to compete with Audi </a>in the same market, following the success of the Audi A6.
Sarkozy Is Back. The former French President has <a href="http://online.wsj.com/articles/former-french-president-sarkozy-plots-return-with-a-revamped-party-1411332740">re-launched himself into the political arena</a>, and wants his job back from Francois Hollande. Sarkozy lost to Hollande in 2012, but with his approval ratings now atrocious, the former conservative leader wants another go at beating him 
Asian Economies Are Going To Have To Slow To Cope With The Fed. <a href="http://www.bloomberg.com/news/2014-09-21/asia-may-need-to-sacrifice-growth-to-cope-with-fed-basri-says.html">According to Indonesian finance minister Chatib Basri</a>. The Fed's tapering has already hit emerging markets, and Basri says it may get worse as the central bank hikes rates in the US.
European Markets Are Down A Touch. Germany's DAX stock index is down 0.23% and France's CAC 40 is down 0.11%. The FTSE 100 is the biggest loser right now, down 0.48%, not helped by Tesco's crash. The Hang Seng and Nikkei also closed down 1.44% and 0.71% respectively.
China's Anti-Graft Campaign Is Killing Outbound Investment. Investment coming from China has fallen rapidly, <a href="http://www.ft.com/cms/s/0/58d0cb22-421b-11e4-a9f4-00144feabdc0.html#axzz3E2WKpGIy">according to the Heritage Foundation</a>. The Chinese energy sector has been targeted in anti-corruption measures, slowing spending.

The <a href="http://uk.businessinsider.com/the-russian-central-bank-spent-over-10-billion-in-december-failing-to-halt-the-ruble-collapse-2014-12">collapse of the ruble</a> has forced companies operating in Russia to undertake extreme measures in an effort to remain profitable as the cost of imports skyrockets. And Russians have responded by panic-buying.
Fear over price hikes has sent demand for foreign goods surging as customers try to buy goods before the stores have a chance to raise the cost further. This has lead to scenes not seen in the country since the late 1990s as people queued for hours just to get into some shops.
Even large multinational companies have had to take drastic action. Well-known brands such as <a href="http://uk.businessinsider.com/apple-stops-online-sales-raises-app-prices-by-100-in-russia-2014-12">Apple and IKEA have had to suspend sales</a> and increased prices over recent weeks as they struggle to keep up with the falling value of the currency, while car companies including General Motors, Jaguar, Land Rover, and Audi have all <a href="http://www.ft.com/cms/s/0/ee74d3ba-86ab-11e4-8a51-00144feabdc0.html#axzz3MKglNjNO">suspended shipments to the country</a>.
Russian shoppers trying to get onto the homepage of the Apple Store over recent days have been met with a "currently unavailable" sign:

The suspension came after the company raised the price of an iPhone 6 by around 25% to 39,990 rubles in an effort to offset the currency falls.
Meanwhile, those looking to do some Christmas shopping at IKEA this week were also disappointed. An attempt to increase prices forced sales of kitchen furniture and appliances on the Swedish retailer's website to be suspended until Dec. 20 "due to a large number of customers orders".

Shoppers posted pictures of panic-buying by consumers in Moscow on social media as IKEA was <a href="http://www.dailymail.co.uk/news/article-2877712/Panic-streets-Russia-Worried-shoppers-queue-panic-buy-big-ticket-items-amid-fears-rising-prices-ruble-collapses.html">forced to close a number of physical stores</a>.
<blockquote class="twitter-tweet" lang="en">
IKEA-???? ?????? ???? ?????? . <a href="http://t.co/cI3iKgh6LO">pic.twitter.com/cI3iKgh6LO</a>
- ????? (@Onet_21) <a href="https://twitter.com/Onet_21/status/545180955430764544">December 17, 2014</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/hashtag/Moscow?src=hash">#Moscow</a>. <a href="https://twitter.com/hashtag/IKEA?src=hash">#IKEA</a>. Midnight: according to <a href="https://twitter.com/ZhidoBandera">@ZhidoBandera</a>: ??????. ?????. ??????? <a href="http://t.co/5ArsZ80l3P">http://t.co/5ArsZ80l3P</a> <a href="http://t.co/ziVlqF4OU7">pic.twitter.com/ziVlqF4OU7</a> <a href="https://twitter.com/hashtag/Russia?src=hash">#Russia</a> <a href="https://twitter.com/hashtag/TheFall?src=hash">#TheFall</a>
- Olga Klymenko (@OlgaK2013) <a href="https://twitter.com/OlgaK2013/status/545009686932885504">December 17, 2014</a>
</blockquote>
And here are more photos from the Associated Press showing the chaos at an IKEA store on the outskirts of Moscow:
<a title_source="AP Photo/Pavel Golovkin" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/549412b3dd0895ff538b4572-960/russia-panic-4.jpg"></a>AP Photo/Pavel Golovkin
<a title_source="AP Photo/Pavel Golovkin" title_caption="Women push carts with their purchases at the IKEA store on the outskirts of Moscow, Russia, Wednesday, Dec. 17, 2014. " class="zoomin" href="https://static-ssl.businessinsider.com/image/549412b3dd0895ff538b4573-960/russia-panic-5.jpg"></a>AP Photo/Pavel GolovkinWomen push carts with their purchases at the IKEA store on the outskirts of Moscow, Russia, Wednesday, Dec. 17, 2014. 
<a title_source="AP Photo/Pavel Golovkin" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5494131edd089548368b4570-960/russia-panic-6.jpg"></a>AP Photo/Pavel Golovkin
McDonald's has also moved to raise its prices with the cost of a Big Mac up by 2.2% to about 94 rubles, <a href="http://www.bloomberg.com/news/2014-12-17/apple-curbs-russian-sales-as-mcdonald-s-to-renault-raise-prices.html">Bloomberg reports</a>.
Across the country consumer prices having risen around 25% in 2014, due to a combination of the ruble crash and sanctions placed by the Russian government on imports from the European Union. Staples such as pork and sugar have risen by 25%, and the price of fish and seafood has also leapt up by more than 15%.
The pace of the increases has caused a stampede of nervous shoppers trying to buy up as much as they can before retailers hike up prices even further. Russia's 24-hour news channel RBC TV has been showing the scale of the queues:

Having touched record-highs of 80 rubles to the dollar and 100 rubles to the euro on Wednesday, the currency has strengthened significantly as the government and central bank appear to finally be coordinating their actions. It remains to be seen whether it will be enough to regain people's confidence in the stability of the currency and reverse the panic of the past few weeks.

CHAOS IN RUSSIA: People Are Panic-Buying Furniture And Cars After Ruble Crashes

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Stocks failed to hold on to a rally on Tuesday but ended the trading session above the lows reached in the first half hour of trading.First, the scoreboard:<ul><li>Dow: 18,017.89, -22.48, (-0.12%)</li><li>S&amp;P 500: 2,110.46, -1.27, (-0.06%)</li><li>Nasdaq: 5,077.45, -5.48, (-0.11%)</li></ul>And now, the top stories on Tuesday:<ol><li><a href="http://www.businessinsider.com/us-auto-sales-may-2015-2015-6">US auto sales crushed expectations</a> in May, rising to a seasonally adjusted annualized rate of 17.9 million, according to Autodata. The consensus was for auto sales to rise 17.3 million. Honda posted the most impressive beat, with a 1.3% increase in sales versus expectations for a 4.4% decline. Audi sales surged 11%, while Mercedes-Benz reported a 12.2% jump. The data was so strong, it <a href="http://www.businessinsider.com/may-auto-sales-push-gdp-higher-2015-6">shifted GDP</a> for Barclays economists. In a client note, they wrote, "The May growth in light weight vehicle sales moved our tracking estimate of Q2 real consumption growth up one-tenth to 2.6%."</li><li><a href="http://www.businessinsider.com/factory-orders-april-2015-6">Factory orders fell 0.4% in April</a>, missing expectations for a drop by 0.1%. Orders for durable goods fell 1%, while orders for non-durable goods rose 0.2%. The data is a step down from March, when new orders for manufactured goods rose by 2.1%, the highest level in eight months.</li><li><a href="%20http://www.businessinsider.com/euro-dollar-june-2-2015-6">The euro surged against the dollar</a>, crossing 1.11. The US dollar index was down by more than 1%, dropping to as low as 95.72. Greece met with all the leaders of its major creditors on Monday night, and has submitted a list of reforms. But Jeroen Dijsselbloem, the Eurogroup president, said a deal with creditors was still far. The rally also followed news that Eurozone inflation came in at +0.3%, the first positive reading this year.</li><li>US Treasuries sold off, and yields spiked. Near the close, the benchmark 10-year note's yield was more than up more than seven basis points at 2.26%, very near its highs of the year.</li><li><a href="http://www.businessinsider.com/bojangles-share-price-june-2-2015-6">Wall Street initiated coverage on Bojangles today, and its shares fell 8%</a>. The analysts' comments were mixed. Jeffries said the brand's strong presence in the Southern US is key to its growth, but Barclays says it will be challenging to expand outside of the core Carolina market. Bank of America Merrill Lynch thinks the stock's outlook is dampened by its "high valuation." The fried-chicken-and-biscuit-chain <a href="http://www.businessinsider.com/bojangles-ipo-share-price-may-8-2015-5">went public</a> less than a month ago and priced its IPO at $19 a share at the higher range of its expectations. </li><li><a href="http://www.businessinsider.com/goldman-fed-rate-hike-in-september-2015-6">Goldman Sachs expects the Federal Reserve to raise rates by September</a>, but there's a "strong risk management case for delaying liftoff." In a note Tuesday, Goldman chief economist Jan Hatzius wrote, "for the first time in many years, the case for higher short-term interest rates looks reasonable to us, at least in the economic base case." The Fed's reading of the economy's health indicates a slightly faster pace of rate hiking than the Taylor Rule, which stipulates how it should act on the data. However, there's no guarantee that the economy will impressively rebound from the contraction we saw in the first quarter.</li></ol>DON'T MISS: <a href="http://www.businessinsider.com/labor-market-optimistic-outlook-2015-6">5 charts that show American workers are psyched about the job market »</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-floyd-mayweather-spends-his-money-boxing-2015-4">Here's how Floyd Mayweather spends his millions</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NiaGVpdDqdBR4NCmtjL5odLe14N1R4Hp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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