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<ul class="summary-list"><li><keyword id="23254035" type="General" weightage="20" keywordseo="home-improvement-retailers" source="keywords">Home improvement retailers</keyword> are among the first to see a lift from the Fed's rate cut.</li><li>Share prices for <keyword id="20320193" type="General" weightage="20" keywordseo="Home-Depot" source="keywords" meta.keywordsubtype="org" meta.entityname="Home Depot" meta.hostid="261" meta.entityid="Home Depot">Home Depot</keyword> and <keyword id="23254034" type="General" weightage="20" keywordseo="Lowes" source="keywords" meta.keywordsubtype="org" meta.entityname="Lowe's" meta.hostid="261" meta.entityid="Lowe's">Lowe's</keyword> are up, and <a target="_blank" href="https://www.businessinsider.com/fed-interest-rates-cut-jerome-powell-labor-market-mortgage-pantheon-2024-9">spending on projects is expected to follow</a>.</li></ul>The US Federal Reserve's decision Wednesday to <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">cut rates by half a percentage point</a> has created a flurry of immediate reactions, but the real effects of the policy are likely to take several months to bear out. Still, some areas of the economy are already seeing a lift in response to the news — and the fact that the Fed went with the larger of the two most likely options under consideration. <a target="_blank" href="https://www.businessinsider.com/comparing-lowes-vs-home-depot-2023-12">Home improvement retailers,</a> in particular, are among the companies who were primed to come out of the gate strong with a rate cut, and, true to form, shares for Home Depot and Lowe's were up as of Thursday's market close. "Home-related companies should soon see the beginnings of fundamental recovery exiting this year," Mizuho analyst David Bellinger told Business Insider. "Aside from any initial noise in the market, Home Depot and Lowe's should keep grinding higher as all this comes together." And while a rising <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> carries its own benefits for a company, the uptick is a signal of a much more important change still to come: sales. Executives for both Home Depot and Lowe's have characterized their businesses as being constrained by low housing turnover and high borrowing costs, both of which are results of the Fed's tight interest rate policy. Home Depot CFO Richard McPhail described his company's core customer as having "<a target="_blank" href="https://www.businessinsider.com/home-depot-earnings-americans-in-deferral-mindset-consumer-spending-2024-8">a deferral mindset</a>" in spite of being in a generally healthy financial position. In short, most <a target="_blank" href="https://www.businessinsider.com/americans-doing-less-diy-worrying-sign-economy-lowes-earnings-2024-8">big-ticket spending on home improvement</a> comes from one of two places: people buying and selling homes and homeowners renovating existing homes with borrowed money. Unless they have to fix something urgently, a lot of folks have decided they're better off waiting to upgrade. Fed Chairman Jerome Powell talked about the impact on the <keyword id="20759748" type="General" weightage="20" keywordseo="housing-market" source="keywords">housing market</keyword> in his remarks following Wednesday's announcement. "The housing market is in part frozen because of lock-in with low rates. People don't want to sell their home," he said. "As rates come down, people will start to move more, and that's probably beginning to happen already." What's more, Powell signaled in his speech that further cuts are likely if the data support them, which can encourage some of those sitting on the sidelines to go ahead with a new mortgage or credit line with the expectation that they can simply <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-refinance-personal-loan">refinance</a> in a few months when rates come down further. Additionally, Home Depot and Lowe's have taken great care to manage investor expectations through the <a target="_blank" href="https://www.businessinsider.com/lowes-dicks-macys-sound-alarm-us-shoppers-spending-2023-8">slumping sales and slimmer profits</a> over the past year. In particular, both companies <a target="_blank" class="c-link" href="https://www.businessinsider.com/home-depot-1-billion-wage-boost-improved-worker-safety-satisfaction-2023-5">continued to invest in their stores</a> with the expectation that pent-up demand would eventually be unlocked. (Truist Securities analyst Scot Ciccarelli has referred several times to a "coiled spring" for the retailers.) Max Rakhlenko, a TD Securities analyst, said in a note on Wednesday that Lowe's management was expecting a "phased recovery" in which homeowners start with smaller projects before getting more comfortable with larger ones that require tapping into their house's equity. "We're aggressively working in this downturn," Lowe's CEO Marvin Ellison said during his earnings call last month, adding, "Whenever the macro inflection occurs, we just want to be ready to take advantage of it." It appears Ellison may not have to wait much longer. Correction: September 20, 2024 — An earlier version of this story misstated the day a TD Securities analyst sent out his note on Lowe's. It was Wednesday, not Thursday.

Home Depot and Lowe's are already seeing the first of many likely benefits from the Fed's rate cut

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" 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;">Year </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;">Total Turnover (Both Futures and Options) (In Rs Crore) </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;">2020-21 </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;">64,36,03,951.51 </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;">2021-22 </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;">1,69,52,33,134.47 </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;">2022-23 </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;">3,82,23,26,468.06 </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;">2023-24 </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;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

<ul class="summary-list"><li>Stocks rose Thursday as investors digested strong retail sales data and more earnings.</li><li>Retail sales data showed US consumer spending remains robust, with monthly spending up 0.4%.</li></ul>US stocks climbed on Thursday as traders saw better-than-expected retail sales data and continued to digest strong corporate earnings reports.The Dow Jones Industrial Average added to record levels achieved at Wednesday's close. Bond yields rose, with the 10-year Treasury up six basis points to 4.075%. September's retail sales report showed consumer spending remains strong, with monthly spending up 0.4% from August, just above a Dow Jones consensus estimate of 0.3%.Retail sales climbed 1.7% compared to a year ago, according to Commerce Department data released Thursday.The strong spending data comes on the heels of a <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">blockbuster September jobs report</a>, and further solidifies assessments that the US economy is strong and that the Federal Reserve may not need to cut rates as steeply or quickly as previously thought. Weekly jobless claims were lower than expected at 241,000, a 19,000 decline from the week before, according to Labor Department data released Thursday. Economists had forecast 260,000 weekly claims. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,873.45, up 0.53% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,279.21, up 0.47% (+201.51 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,523.24, up 0.85% </li></ul>Meanwhile, a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-stock-price-q3-earnings-chip-stocks-asml-nvidia-amd-2024-10">highly anticipated report</a> from chipmaker Taiwan Semiconductor Manufacturing Company came in strong, showing net income surpassed estimates while net revenue for the quarter rose 36% compared to the same last year."We have talked to our customers all the time, including our hyperscaler customers who are building their own chips. And almost every AI innovator is working with TSMC," TSMC chairman and CEO C.C. Wei said.Shares of TSMC rose 7% after the opening bell, pulling other chip stocks higher. Nvidia was up almost 2%, and AMD was up over 1%.TSMC's optimism about demand for AI tech follows a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*1isprkj*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY3OTk1LjM0LjAuMA..">chip sector sell-off</a> earlier this week when chip machine maker ASML slashed its sales guidance on weaker demand from chipmakers.TSMC joins a string of strong earnings reports this week. Morgan Stanley and United Airlines posted strong results on Wednesday. Netflix will report third-quarter results after the close on Thursday. Here's what else is going on Thursday:<ul><li>A number of bank research desks are <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10?_gl=1*njfdt3*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY2MzczLjYwLjAuMA..">boosting their S&amp;P 500 price targets</a> in recent weeks as the bull market charges on.</li><li>China could raise nearly <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-beijing-stimulus-1-trillion-debt-package-fiscal-deficit-2024-10">$1 trillion of fresh debt</a> in the next 3 years to revive its economy, according to a report from Caixin Global.</li><li>The US freight recession is showing <a target="_blank" class="" href="https://www.businessinsider.com/author/filip-de-mott">early signs of recovery</a> as trucking company JB Hunt posted a rare earnings beat on Tuesday.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures fell. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> dipped 0.2% to $70.22 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 0.3% to $74.01 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.33% to $2,700.4 an ounce.</li><li>The 10-year Treasury yield was up six basis points to 4.075%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 1.5% to $66,761.</li></ul>

Stock market today: Indexes gain after strong retail sales data

<ul class="summary-list"><li>Trump's win has upped the risk of a dire economic scenario, Nouriel Roubini says.</li><li>His policies could lead to stagflation, a fate experts have said is <a target="_blank" class="" href="https://www.businessinsider.com/stagflation-recession-us-economy-outlook-gdp-dimon-inflation-rate-cuts-2024-4">worse than recession</a>.</li></ul>Donald Trump's proposed economic agenda raises the risk of one of the worst-case scenarios for the US economy, according to Wall Street's "Dr. Doom" economist.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/who-is-nouriel-roubini-dr-doom-economy-recession-financial-crisis-2023-4">Nouriel Roubini</a>, the top economist known for his bombastic and frequently bearish prognostications, said he foresaw a challenging environment for the economy once Trump begins his second term as president. That's because Trump's proposed policies could spark a period of <a target="_blank" href="https://www.businessinsider.com/stagflation-recession-us-economy-outlook-gdp-dimon-inflation-rate-cuts-2024-4">stagflation</a> for the economy, Roubini said, a situation some economic experts have described as even worse than a recession. In such a scenario, the economy would see a period of sluggish growth, soaring prices, high interest rates, and <a target="_blank" href="https://www.businessinsider.com/us-economy-stagflation-disaster-high-prices-inflation-high-unemployment-2022-3#:~:text=Normally%2C%20during%20a%20recession%20or,the%20corresponding%20relief%20on%20costs.">rising unemployment</a>.Roubini pointed to Trump's plans to levy <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-recession-fears-jump-trump-trade-war-tariffs-2024-11">steep tariffs</a> on Chinese goods, <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">cut taxes</a>, implement "draconian" <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">restrictions on immigration</a>, and potentially <a target="_blank" class="" href="https://www.businessinsider.com/trump-control-federal-reserve-jerome-powell-tariffs-inflation-2024-9">erode some of the Fed's independence</a>."If they were to follow those latter types of stagflationary policies, inflation will be higher, growth will be lower, bond yields will be higher because there is more inflation and more real rates with unsustainable deficits," Roubini said in an interview with <a target="_blank" class="" href="https://www.bloomberg.com/news/videos/2024-11-12/economist-roubini-says-bond-vigilantes-may-curb-trump-policies?srnd=phx-technology">Bloomberg</a> on Monday. "That's going to crowd economic growth, and bond yields above 5% would imply a correction of stock prices and negative impacts on the economy."Other experts have warned some of Trump's policies could lead to <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">higher inflation and interest rates</a>, with his <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-uncertainty-trump-presidency-inflation-tariffs-2024-11">tariff plan</a> attracting significant <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-economy-outlook-inflation-job-market-election-paul-krugman-2024-10">criticism</a> from economists. Trump implemented tariffs during his first term without a significant increase in inflation, but forecasts are different this time around given that his proposals are much more sweeping, with tariffs targeting not just China but the rest of the world as well. Trump has pushed back on the idea that his policies will stoke higher prices. In August, the president-elect swore his policies would <a target="_blank" class="" href="http://lower.In">lower inflation</a>. In the week leading up to the election, Taylor Rogers, a Republican National Committee spokesperson, <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">told BI in a statement</a> that Trump would "once again cut taxes and unleash American energy to lower prices on groceries and other goods."But Roubini, who has warned of a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/dr-doom-nouriel-roubini-stagflation-debt-crisis-crash-federal-reserve-2022-12">stagflationary crisis</a> in recent years, has insisted <a target="_blank" class="" href="https://www.businessinsider.com/dr-doom-roubini-trump-stagflation-tariff-immigration-dollar-inflation-recession-2024-10#:~:text=Stagflation%20occurs%20when%20inflation%20keeps,that%20tumbles%20into%20this%20situation.&amp;text=Typically%2C%20central%20banks%20lower%20interest,away%20if%20prices%20keep%20rising.">stagflation risks</a> will rise during Trump's presidency. Prior to Trump's election win, Roubini said the cost of tariffs could be passed onto consumers, and that restricting immigration could chip away one of the economy's main catalysts for growth.Trump following through with all of his proposals would also likely increase the federal debt balance by nearly $10 trillion over the next decade, Roubini estimated. "The <a target="_blank" class="" href="https://www.businessinsider.com/trump-inflation-interest-rates-fed-rate-cuts-fomc-meeting-outlook-2024-11">Fed will have to cut less</a>, maybe eventually stop sooner," Roubini said of interest rates, adding that the Fed could potentially even raise interest rates if stagflation sets in. "And then the Fed and Trump will be on a collision course."Still, Roubini acknowledged uncertainties with the economic outlook. Some of Trump's policies — like his plans to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11">loosen regulation</a> — could prop up business activity and fuel growth, Roubini noted.Markets also may be optimistic that they'll be able to reign in the future president by staging a selloff in bonds and equities, Roubini said. Other commentators have noted Trump is likely to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-policies-tax-cuts-inflation-government-debt-deficit-jeremy-siegel-2024-11">appease stock and bond investors</a> to avoid upsetting a booming market. "I think markets are still in a wait-and-see to figure out whether the policies are going to be hurting the economy," Roubini said. "Maybe the markets believe that the market discipline is going to discipline hin in advance, knowing that policies are not sustainable, are going to lead to bond market vigilantes and the stock market punishing him."Stocks took off in a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-crosses-6000-level-investors-cheer-trump-2024-11">record-setting rally</a> last week after Trump secured his election victory. US stocks saw around $20 billion in inflows on Wednesday, according to Bank of America, the largest single-day stock purchasing boom in five months. The Dow Jones Industrial Average and the S&amp;P 500 <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-dow-crosses-44000-key-cpi-inflation-data-2024-11">closed at records on Monday. </a>

Trump's policies could usher in stagflation and send stock prices plummeting, 'Dr. Doom' economist says

<ul class="summary-list"><li>Earnings of consumer companies with high exposure to China could suffer under Trump's trade policies, UBS says.</li><li>The analysts said Best Buy, Five Below, and Wayfair are especially at risk. </li></ul>Donald Trump's proposal of stiff tariffs on goods from China could slam the earnings of some retailers, UBS analysts said. Several US-listed stocks—namely, Best Buy, Five Below, and Wayfair—are heavily exposed to Trump's trade proposed trade policy, the bank said in a note. "Tariffs are likely to pose a significant headwind for several of these retailers for at least the near-term. While the longer-term implications are unclear, we do believe that this situation is more likely to lead to at least temporary mis-pricings for some of these stocks," the analysts said in a Monday note."Right now, we think the overhang is significant on names like Five Below, Best Buy, and Wayfair," they added.The analysts say that if those retailers were to absorb 5% of the rise in the cost of goods associated with a potential tariff, they would each experience a double-digit plunge in earnings; Five Below would see a 15% reduction, Best Buy would experience a 26% loss, and Wayfair could see earnings plunge over 40%, the analysts said.The analysts' estimates come as Donald Trump and Kamala Harris are in a dead heat in the polls. The former president has proposed 20% duties on imports across the board, with far more drastic <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-impose-tariffs-china-if-elected-2024-2">60% tariffs</a> on products from China. Five Below, Best Buy, and Wayfair each have high exposure to goods from China. But it isn't all bad news for these stocks. The analysts said that historical trends show that retailers often find ways to adapt, and even these stocks have unique circumstances that could spare them from the potential hits to earnings.For instance, even if Five Below raises prices, it may still offer greater value than competitors, while Wayfair's vendors could simply pass along the tariffs to the consumer in the form of higher prices rather than assuming it themselves, the analysts say. At Best Buy, there's a chance the market prices for consumer electronics simply adjust, insulating the retailer from bearing the brunt of the tariffs independently, the analysts say.As the situation gets clearer, the stocks could see some upside."There could be select opportunities to use this uncertainty as a chance to accumulate the shares of some of these names when the peak fear exists," the analysts said, adding, "As there is more clarity on the situation, these stocks likely also have the most to gain from having greater resolution on the situation."In the past, high duties on China <a target="_blank" class="" href="https://www.businessinsider.com/trump-china-trade-war-list-of-goods-tariffs-2018-9">during Trump's first term</a> resulted in higher prices in categories subject to the tariffs, which likely contributed to slowing consumer spending, the report said.

3 retail stocks could see earnings plunge if Trump implements his proposed tariffs, UBS says

<ul class="summary-list"><li>The US economy is on solid footing with cooling inflation and continued growth.</li><li>Yet, the outlook for the stock market is less clear, with analysts divided over how long the bull rally can run. </li></ul>Things are looking great for the US economy.Inflation is falling, <a target="_blank" class="" href="https://www.businessinsider.com/employee-productivity-booming-workers-jobs-ai-stock-market-gdp-2024-3">productivity is rising,</a> and the Federal Reserve is easing monetary policy, which should act as a tailwind for economic growth.Economists have shifted from arguing about a potential recession to forecasting whether a "soft landing" or "no landing" is more likely. It seems the debate is simply <a target="_blank" href="https://www.businessinsider.com/america-new-economic-supercycle-growth-inflation-stock-market-global-chaos-2024-10">about how fast the economy can grow from here.</a>But the outlook for the stock market is less clear, with major Wall Street banks still divided on whether stock prices have further room to run.Stocks are trading near record highs, with the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> on track to deliver back-to-back annual gains of more than 20%.Among the top analysts at Wall Street banks, there's some disagreement about whether all of the good news is priced in already or if the market can continue to rise beyond already lofty valuations. On the one hand, most see the gains set to continue, pushing past election uncertainty and continuing to lift stocks into 2025. However, beyond that timeline, uncertainty builds and outlooks get murky. Here's what Wall Street is saying about the prospects for the stock market heading into 2025 and beyond.<h2 id="62a39dfb-29e2-437a-b286-98b65dca264e">The Bulls</h2>A slew of Wall Street banks are chasing the record rally in the stock market this year, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10">boosting their S&amp;P 500 year-end price targets</a> to play catch-up.Strategists at UBS <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-prediction-us-economy-no-landing-ubs-2024-10">increased their S&amp;P 500 price targets</a> in a note last week, expecting the S&amp;P 500 to hit 6,300 by June 2025 and 6,600 at the end of next year.That represents potential upside of 8% and 13%, respectively.UBS CIO head of US equities David Lefkowitz said "healthy" earnings growth will pave the way for further stock gains."Third-quarter earnings season has started on a positive note with bank management teams highlighting that consumer spending remains healthy and consistent with normal economic growth," Lefkowitz said.The bank said improving inflation, more Fed rate cuts, and accelerating investment in artificial intelligence should all help support the stock market next year.Strength begets more strength, and that's a big part of BMO strategist Brian Belski's bullish outlook for stocks into 2025.Belski <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bmo-raises-year-end-sp500-price-target-2024-9">increased his year-end S&amp;P 500 price target to 6,100</a> from 5,600 last month, making him one of the most bullish strategists on Wall Street."We continue to be surprised by the strength of market gains and decided yet again that something more than an incremental adjustment was warranted," Belski said in the note.He's also encouraged by the broadening out of the stock market rally, as it's no longer concentrated in a handful of tech giants. That's healthy behavior for sustainable stock market gains, according to the note."This is a trend we expect to continue and should help to support future market gains even if the price and fundamental performance of Mag-X stocks continues to decelerate in the months ahead," Belski said.<h2 id="fc7c3d7b-c8d5-4665-bd3c-1c08a92b6ce4">The Bears</h2>The bearish strategists on Wall Street are sticking to their views even after being wrong all year. Their top worry is the potential for fewer interest rate cuts than expected and growing hype in AI that might fail to deliver.JPMorgan strategists have held firm to their bearish S&amp;P 500 year-end price target of 4,200, which represents potential downside of 28% from current levels.In a note earlier this month, JPMorgan strategist Dubravko Lakos-Bujas admitted that a recession appears off the table but said that AI investments are unlikely to pay off with lingering questions around monetization issues.Additionally, investor expectations of a Federal Reserve that is about to embark on a string of interest rate cuts could be disappointed if the economy continues to stay resilient, as it would limit the Fed's ability to cut rates, likely putting downward pressure on stock prices.Finally, JPMorgan warned in a note on Monday that third-quarter earnings have seen a flurry of estimate downgrades as sell-side analysts lower their expectations."Earnings downgrades have been significant," JPMorgan said, adding that they "appear to be worsening."Stifel strategist Barry Bannister has warned investors about <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-sp500-prediction-bubble-overvalued-stifel-outlook-2024-10">a potential plunge in the stock market in 2025.</a>Elevated valuations, unfounded expectations for more Fed rate cuts, and hype for AI that ultimately falls short of expectations could create a perfect storm for lower stock prices next year."We took a clean sheet look at the equity market and came away with the same smh (shaking my head) emoji reaction. Despite all the soft-landing and Fed rate cut optimism, the S&amp;P 500 up almost 40% y/y has simply over-shot," Bannister said.While the strategist admitted that a "mania" could take hold in the market and push stock prices even higher from here, it will ultimately end with a crescendo and then a fresh swing to the downside."Sure, we can cherry-pick with the best of them and apply the most over-valued cyclically adjusted valuation level of the past 35 years to show about 10% further upside, but that same analysis of a century of manias also returns the S&amp;P 500 in 2025 to where 2024 began (down 26% from that prospective peak)," Bannister said.<h2 id="1f44d16a-28c8-40a7-bee1-9a426c3bf02e">Somewhere in between</h2>Goldman Sachs strategist David Kostin is bullish, at least in the short term.The bank's chief stock strategist recently increased his year-end S&amp;P 500 price target to 6,000 on the prospect of further growth in corporate earnings. "The primary driver of the upward revision to our 2025 EPS estimate is greater margin expansion," Kostin said. "The macro backdrop remains conducive to modest margin expansion, with prices charged outpacing input cost growth."And yet, Kostin also argues that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">a golden era of stock market returns is probably over</a>. In a note over the weekend, Kostin issued his 10-year forecast for the stock market. He said that a combination of extreme market concentration and high valuations suggests the S&amp;P 500 will deliver annualized returns of just 3% over the next 10 years. That's compared to the S&amp;P 500's annualized return of about 13% over the past 10 years."Investors should be prepared for equity returns during the next decade that are towards the lower end of their typical performance distribution relative to bonds and inflation," Kostin said.Goldman also sees stocks struggling relative to other assets over the next decade. The bank says the S&amp;P 500 has about a 72% chance of trailing bond-market returns and a 33% probability of lagging inflation through 2034.His long-term view aligns with other bears who fret that the coming decade will look much worse than the last. Stifel's Bannister has also argued for a "lost decade" for the stock market.

Wall Street is divided on the future of stocks. Here are bull and bear cases from the biggest banks.

It took something surprisingly small — something that's been described as "teeny tiny" and "ultra-cropped" — to propel <keyword id="19948011" type="General" weightage="100" keywordseo="Prada" source="keywords" meta.keywordsubtype="org" meta.entityname="Prada" meta.hostid="261" meta.entityid="Prada">Prada</keyword> to its place as one of the year's few luxury winners. In fact, it measures under 10 inches long. <keyword id="20885719" type="General" weightage="20" keywordseo="Miu-Miu" source="keywords" meta.keywordsubtype="org" meta.entityname="Miu Miu" meta.hostid="261" meta.entityid="Miu Miu">Miu Miu</keyword>'s micro miniskirt, which debuted in 2021 and subsequently went viral, taking over both TikTok and magazine front covers, is emblematic of the brand's show-stopping couple of years — and has no doubt helped its parent company, Prada, do what few luxury companies have been able to do this year: grow. "I think the 'miracle' at Prada is Miu Miu," Luca Solca, a senior analyst at Bernstein, told Business Insider. Thanks to <a target="_blank" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">Miu Miu's hot streak</a>, as well as a series of smart business moves at Prada itself — a focus on a controlled retail pipeline and store productivity, plus some experienced new hires — the company is <a target="_blank" href="https://www.businessinsider.com/zara-inditex-pandora-thrive-amid-luxury-downturn-aspirational-consumer-trends-2024-9">bucking negative luxury trends</a>. It's selling well in Asia, its stock is up, and investors are excited. Net revenue for the first half of the year was 14% higher than in the same period in 2023 and 34% more than 2022. At luxury bellwethers LVMH and Kering, first-half sales fell 1% and 11%, respectively, compared to last year.Its stock is up more than 30% year-to-date, even more than that of <a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès, luxury's perennial market leader</a>. Along with Moncler, it's one of only two buy-rated luxury stocks at HSBC. The 111-year-old, family-run, Milanese leather goods shop turned cutting-edge fashion superhouse is now enjoying one of its greatest runs in history. <h2>The trendy little sister</h2>As any elder sibling knows well, sometimes the flashy, fun younger sister can outshine even the most well-prepared eldest. Miu Miu is doing just that. The more experimental brand has become the "It" girl of the fashion industry. It's number two on The Lyst Fashion Index, a quarterly measure of the hottest fashion brands. Searches for Miu Miu are up 47% this year on luxury resale platform The RealReal. The micro minis that stormed the runway in 2021, a sneaker collab with New Balance, and the quilted Wander bags have become must-have looks. That's translated into impressive results: <keyword id="19957111" type="General" weightage="20" keywordseo="retail-sales" source="keywords">Retail sales</keyword> were up 50% in 2023 and 86% in the first half of this year. Last quarter, website traffic was up 110% year over year, Stifel's Rogerio Fujimori reported in his July note. The brand will likely hit $1 billion in revenue this year. <div type="image" title="Miu Miu micro miniskirt" height="3109" width="4663" msid="113815737" hostid="261"></div>Part of it is the brand's messaging. "Miu Miu is resonating with consumers because of a savvy mix of product and communication marketing," Solca said. In a recent note, he highlighted the brand's events — a tennis club, literary club, and film series — that go beyond just fashion to form a "cultural aesthetic." Miu Miu has embraced stars (Sydney Sweeney and Gigi Hadid were featured in recent campaigns), which has energized its following. The brand has also managed to tap into Asian markets — one of the <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">most challenging sectors for luxury brands</a>. Again, some smart marketing has helped. The brand enlisted K-pop icons as ambassadors and dressed Chinese stars Lexie Liu, Zhao Jinmai, and Wu Yanshu. It also increased spending on Little Red Book, a social media platform in China, and threw events in Tokyo, Taipei, and Nanjing. In short — pun intended — you can't get trendier than Miu Miu right now, and being trendy is good for business. <h2>The business behind the boom</h2>But Miu Miu's popularity, as attention-grabbing as it is, is only part of the story. The brand accounted for 15% of Prada's sales last year. HSBC analysts called its growth a "(big) cherry on the cake" — the cake being Prada (which didn't respond to a request for comment from Business Insider for this story). Behind Miu Miu's Mary Jane shoes and Arcade bags is a success story at its parent company. The group's namesake line is growing, albeit at a slower and steadier pace. Prada's retail sales were up 3% in the first half of the year compared to last year and 7% in 2023. It's been among Lyst's top five hottest brands since 2022. This didn't happen by accident: In 2017, Prada committed to a turnaround strategy following a few losing yearsand a drop in profitability. At more than 100 years old, Prada hadn't entered the new millennium: Its full product line wasn't available through e-commerce, and its advertising wasn't digitized. "In 2015, the tide really turned for them," Jelena Sokolova, a senior analyst for Morningstar, told Business Insider. "They fared worse than the industry: Sales were negative for a number of years; their earnings plummeted." In response, Prada focused on retail, a channel in which it can control prices and cut back on wholesale, which now represents only 11% of sales. It made an effort to cut down on discounts — a problem that has <a target="_blank" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">plagued labels like Burberry</a> and Gucci and can lead to diminishing brand perception. At its retail stores, new CEO Andrea Guerra, who arrived in 2023 from LVMH, has drilled down on productivity, or how much money each square foot of retail space generates, by launching in-store installations, forming one-to-one relationships between sales associates and customers, and infusing stores with wearable pieces and collaborations. The company closed stores that weren't performing and renovated the ones that were. It's worked: Retail productivity has increased 32.5% between 2019 and 2023. <div type="image" title="Prada store" height="3333" width="5000" msid="113815742" hostid="261"></div>There has also been a slew of management changes. In 2020, the company brought on Raf Simons, heralded as one of the biggest stars in the design world, as co-creative director, sharing the title with Muccia Prada — the company's billionaire heiress who The New York Times has <a target="_blank" href="https://www.nytimes.com/2023/10/04/style/miu-miu-chanel-louis-vuitton-paris-fashion-week.html">referred</a> to as "the most influential woman in fashion." Prada now has more time to use her keen sense of design at Miu Miu. In the years following, it recruited talent from LVMH and Goldman Sachs to join its top ranks. And then there is the sheer cyclicality of fashion and the fact that, after a few years of being less-than-hot, Prada is once again on the rise. It has embraced the 1990s and Y2K aesthetic — a heyday for Prada — popular with Gen Z and was the most searched brand among the demographic on The RealReal. Hit products pushed the profitable leather goods category to revenues of more than $2 billion last year. There was a reimagining of the early 2010s it-bag, the Galleria, complete with a Scarlett Johansson-led campaign. Other handbag rereleases, like that of the Nylon, have taken off, while new purse styles like the Buckle and Arqué got callouts in last year's earnings report. That momentum gave the brand an upper hand going into the luxury downturn. "People prioritize which brands they want to spend on. With a limited budget, first, you drop the ones that were not hot to begin with," Sokolova said. <h2>Can Prada's hot streak last?</h2>Just as fashion comes in, it can come out. And Prada's story — particularly Miu Miu's rapid-fire growth — in some ways mimics that of <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci's hype-driven rise and plummeting fall under Alessandro Michele</a>. "You kind of become a victim of your own success," Sokolova said. Both Prada and Miu Miu are susceptible to volatility, though for different reasons. Miu Miu is still relatively small, meaning its brand identity is not yet established enough to withstand the whims of consumers. CEO Guerra has acknowledged that such incredible growth can lead to a challenge. "There appears to be a glass ceiling," Solca wrote in a recent note. "Being prominent brings fatigue: after a while, consumers feel they have seen and done enough with these brands and move on." Prada, meanwhile, is more exposed in the cyclical ready-to-wear category — which makes up 32% of sales — than other brands like Gucci and YSL. But there are signs of continued growth: Miu Miu is adding 10 to 15 stores next year, while Prada is adding five to 10, the company has said. The brand's retail footprint is particularly underpenetrated in the US. The company's beauty business is still nascent. Last year, it launched skincare and makeup through a partnership with L'Oréal, and there is more money to be made in that sector. With so much control of its sales chain, the company can raise prices and limit overexposure through low-end collaborations or expansion into cheap categories. Plus, the slowdown hasn't happened yet: Miu Miu website traffic and sales continued to grow between the first and second quarters, and the company maintains it's not a flash in the pan. "This is a result of many years of work on the brand, on the products, on the people," Guerra said about Miu Miu's success on the company's most recent earnings call. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/prada-white-tank-top-status-symbol-2024-2">Prada has maintained its brand value</a>. But the woman Miuccia Prada herself knows the pressure is on. "I was very nervous for this show," she told reporters backstage at the line's fashion show earlier this month about the new collection, <a target="_blank" href="https://www.nytimes.com/2024/09/20/style/prada-fendi-milan-fashion-week.html">The New York Times reported</a>. "Much more than usual." September 30, 2024 — An earlier version of this story misspelled the name of Miuccia Prada.

How Prada is beating the odds and bucking the luxury slump 

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<ul class="summary-list"><li>Wall Street's bullishness for Nvidia stock endures even as shares trade at record highs. </li><li>Analysts are upbeat about the next-gen Blackwell chip and Nvidia's web of enterprise partnerships.</li></ul>Nvidia stock is trading at record highs, but that's not deterring top Wall Street analysts from being bullish. Bank analysts have been hiking their price targets for the chip titan in recent weeks, predicting more upside even as the stock has seen a <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">meteoric rise</a> over the past year.Shares traded above $142 each on Monday, hitting a fresh record as investors gear up for the company's next earnings report on November 20. The stock is up 193% year-to-date. But Nvidia still has plenty of room to climb, according to forecasters. They point to signs of frenzied demand for the company's AI-enabling GPU chips and a long list of partnerships with enterprise "hyperscalers." Here's what some of Wall Street's top forecasters are saying about their bullish outlook for the stock. <h3 id="724900f4-99db-4302-98bd-dea4cac3d847">Bank of America, $190 price target</h3>BofA strategists <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-upside-growth-ai-chips-demand-bofa-2024-10#:~:text=Bank%20of%20America%20analysts%20raised,helped%20by%20its%20enterprise%20partnerships.">raised their price target</a> for the chipmaker to $190 from $165 per share last week, implying another 35% upside from the stock's current levels.The upside will be driven by Nvidia's competitive advantage over other chipmakers, as well as the "generational opportunity" in the AI market, which is expected to grow to $400 billion, analysts said in a note."Driven by our increased NVDA Data Center Compute outlook, we now see the AI accelerator market growing to $280bn by CY27E (and over time toward $400bn+) from just ~$45bn in CY23. AI models (demand) continue to evolve," the bank added.Strategists pointed to positive signs for Nvidia's future chip demand, including commentary from <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-impact-q1-earnings-season-ai-nvda-stock-price-capex-2024-5">other tech firms</a> and comments from CEO Jensen Huang, who described the demand for Nvidia's upcoming Blackwell chip as "<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">insane</a>."Nvidia, meanwhile, also has a number of "underappreciated" business partnerships with firms like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/acn-stock">Accenture</a> and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-reaction-microsoft-partnership-for-minecraft-graphics-overhaul-2019-8">Microsoft</a>, which should contribute to the upside potential. "We also highlight a growing presence of AI in enterprise, where NVDA is the partner of choice," the bank said. "NVDA's engagements span multiple verticals (e.g., Accenture, ServiceNow, Microsoft), and offerings such as AI Foundry, AI Hubs, NIMs are key levers to its AI leadership, not only on the hardware side but also on systems/ecosystems side."<h3 id="6a528da2-bcac-4a58-87fb-9d0b14415a80">Goldman Sachs, $150 price target</h3>Goldman analysts raised their price target to $150 from $135 a share, implying 6% upside from the stock's current levels.Strategists said they changed their price target after a meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's "competitive moat" is built on the firm's installed base, its innovation, and its "robust and growing" software offerings. "Although we acknowledge that the company's revenue trajectory beyond CY2025 remains uncertain, we expect the stock to perform at least consistent with estimate revisions given relative valuation multiples that remain depressed relative to history ... and the potential for a re-acceleration in fundamentals driven by the upcoming Blackwell product cycle," strategists wrote.Blackwell could also help produce several billion dollars in revenue for Nvidia, the strategists estimated."By integrating seven chips, and each playing a role in delivering higher performance at the data center level, we view the introduction and ramp of Blackwell not only as a near- and medium-term revenue growth driver, but also a dynamic that extends Nvidia's competitive advantage. The ramp of Blackwell-based products remains on track with several billion dollars in revenue expected in the January quarter followed by further growth in April and beyond."<h3 id="7231a134-d8fb-40e0-8065-37b2205636b4">CFRA Research, $160 price target</h3>The research firm CFRA raised its price target to $160 from $139 per share, implying a 13% upside from current levels. According to Angelo Zino, a senior equity analyst at CFRA, that's due to increased confidence that Nvidia will post better-than-expected growth, particularly as customers scramble to get their hands on the new Blackwell chip."The higher multiple and target reflect our higher conviction that NVDA will post results that exceed our/consensus views in CY 25, as Blackwell ramps. As we previously cited, Blackwell will take greater wallet share from hyperscalers (e.g., greater GPU, CPU, networking, and software revenue) amid an AI war in the cloud," Zino wrote.<h3 id="1efd5f91-dce2-45d4-bfa2-1ada5f7366f2">Bernstein, $155 price target</h3>Bernstein raised its price target to $155 a share shortly after the chipmaker reported its second-quarter earnings in August. Similar to other firms' forecasts, Bernstein's upside prediction is based on the success of the Blackwell GPU. "People are getting excited about the story again, especially as we approach earnings, and then year-end into next year is their new platform, Blackwell, really starts to ramp. Look, by all indications, their own commentary, all the supply checks and everything else, demand for this product just looks off the charts," Rasgon said in an interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=SM8AcE18AN0">CNBC</a> in early October. "This cycle, if the checks are any indication, must potentially be massive," he added.

Wall Street keeps raising price targets for sky-high Nvidia stock. Here's why analysts are still so bullish. 

<ul><li>The <keyword id="22511807" type="General" weightage="20" keywordseo="Google-Pixel-9-Pro-XL" source="Orion">Google Pixel 9 Pro XL</keyword> is the latest flagship offering from Google.</li><li>The device is priced starting at ₹1,24,999 and is available in two variants.</li><li>Here’s my review of the Pixel 9 Pro XL that will help you decide if you should buy the device.</li></ul>Google launched the Pixel 9 series, consisting of the Pixel 9, Pixel 9 Pro and the Pixel 9 Pro XL, the company’s flagship smartphones a few months ago. This time around, Google launched three devices unlike last year Pixel 8 and Pixel 8 Pro smartphones. The Pixel 9 Pro XL is the successor of the Pixel 8 Pro, offering a similar size and features. This year’s Pixel 9 Pro offers flagship hardware while offering a smaller display and battery. With the three devices, Google is offering a similar line-up to Samsung and Apple. I have been using the Pixel 9 Pro XL for a few weeks now, and here’s my detailed review of the latest smartphone from Google. <h2><keyword id="22405856" type="General" weightage="20" keywordseo="Google-Pixel-9-Pro-XL-price" source="Orion">Google Pixel 9 Pro XL price</keyword> and availability</h2>The Pixel 8 Pro has been priced at ₹1,06,999 for the 128GB variant and ₹1,13,999 for the 256GB variant. It comes in Blue, Beige and Obsidian colour options and is available from Flipkart. <h2>In the box</h2><ul><li>Pixel 9 Pro XL smartphone</li><li>USB Type-C cable</li><li>SIM ejector tool</li><li>Documentation</li></ul><h2>Pixel 9 Pro XL specifications</h2> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specifications </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Display </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8-inch Quad HD+ LTPO OLED </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Refresh rate </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">120Hz </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Protection </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Corning Gorilla Glass Victus 2 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chipset </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Google Tensor G4 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Variants </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16GB + 256GB and 16GB + 512GB </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rear camera </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">50MP + 48MP + 48MP </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Selfie camera </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">42MP </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Battery </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,060mAh </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charging </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">37W </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wireless charging </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23W </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fingerprint sensor </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">In-display fingerprint sensor </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Weight </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">221 grams </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Water resistance </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">IP68 </td></tr></tbody></table> <h2>Pixel 9 Pro XL pros and cons</h2><h3>Pros</h3><ul><li>Software and performance </li><li>Camera </li></ul><h3>Cons</h3><ul><li>Price </li></ul><h2>Design and display</h2>Google has overhauled the design of the Pixel 9 Pro XL, making major changes to the design when compared to the Pixel 8 Pro. The search giant has opted for a flat display, flat sides and a revamped camera module. <div type="image" title="Back 2" msid="115487059" hostid="261" sizebytes="64462" caption="&amp;lt;p&amp;gt;Pixel 9 Pro XL rear design&amp;lt;/p&amp;gt;"></div> The device comes in Hazel, Porcelain, Rose Quartz, and Obsidian colour options. I tested the Rose Quartz colour variant of the device. <div type="image" title="right side" msid="115487089" hostid="261" sizebytes="52702" caption="&amp;lt;p&amp;gt;Rounded corners on the Pixel 9 Pro XL&amp;lt;/p&amp;gt;"></div> The device comes with flat sides, with rounded corners for its aluminium frame, that give it a premium feel while holding. At first look, you may get an iPhone-like look, with people even mistaking it for an iPhone during my usage, but this clears up immediately after looking at the pill-shaped camera module. The aluminium frame comes with a glossy finish and is slightly slippery. The aluminium frame also attracts dust fingerprint smudges easily. For these reasons, it might be a good idea to use the device with a case. <div type="image" title="Camera" msid="115487108" hostid="261" sizebytes="28950" caption="&amp;lt;p&amp;gt;The pill-shaped camera module&amp;lt;/p&amp;gt;"></div> It comes with a large pill-shaped camera module that houses the triple camera setup, a temperature sensor and the LED flash. Apart from the camera module, the device comes with Google’s logo at the back. <div type="image" title="Right" msid="115487125" hostid="261" sizebytes="62716" caption="&amp;lt;p&amp;gt;Power button and volume rockers on the right&amp;lt;/p&amp;gt;"></div> The power button and the volume rockers are placed on the right side. Unlike a lot of other devices, the Pixel 9 Pro XL continues to place the power button on top and the volume rockers below it. <div type="image" title="Bottom" msid="115487162" hostid="261" sizebytes="47264" caption="&amp;lt;p&amp;gt;Ports at the bottom&amp;lt;/p&amp;gt;"></div> At the bottom, you get the speaker grille, a USB Type-C port, a microphone and the SIM tray. <div type="image" title="IMG20240818172922" msid="115487276" hostid="261" sizebytes="46502" caption="&amp;lt;p&amp;gt;Pixel 9 Pro XL top&amp;lt;/p&amp;gt;"></div> At the top, you get the mmWave antenna cover and a microphone. <div type="image" title="Ch" msid="115487285" hostid="261" sizebytes="30756" caption="&amp;lt;p&amp;gt;Made in China text on the Pixel 9 Pro XL&amp;lt;/p&amp;gt;"></div> On the left, apart from antenna lines, the device comes with “Made in China” written for some reason. Coming to the display, the Pixel 9 Pro XL comes equipped with a large 6.8-inch Quad HD+ LTPO OLED display with a 1-120Hz refresh rate, up to 3,000 nits brightness and Corning Gorilla Glass Victus 2 protection. <div type="image" title="Display" msid="115487313" hostid="261" sizebytes="72596" caption="&amp;lt;p&amp;gt;Pixel 9 Pro XL display&amp;lt;/p&amp;gt;"></div> The device sports a good display, which offers accurate colours and offers good visibility, even in direct sunlight. The display is excellent, with the high refresh rate offering a good experience while gaming and watching content. <h2>Software and performance</h2>The Pixel 9 Pro XL runs on Android 14 out of the box and is promised to get seven years of Android updates and security patches. The software is the highlight of the Pixel lineup and the Pixel 9 Pro XL is no different. The device offers an Android experience as imagined by Google, the operating system maker. As expected, the device comes loaded with AI features in the form of Gemini. To enable users to make the most out of the AI features, Google is offering a one-year premium subscription to Pixel 9 Pro XL users, giving them access to Gemini Advanced, 2TB of Google Drive storage and more. The device comes pre-installed with Pixel Studio, a new GenAI image generation app from Google, allowing users to generate images easily on the go. You also get access to Gemini Live, a live-chat version of Gemini, which allows for voice-enabled interactions. In what might excite most photography enthusiasts like myself, the device also comes with a more powerful Magic Editor, giving access to a ton of new tools. Talking about AI and photography, the new Add Me feature is excellent, especially for those who often end up being the ones to take group pictures and regret not being in them. The new Add Me feature allows you to take a group picture and then hand your phone to your friend and then join the group for another picture, then using AI to blend them into one image to make the perfect group picture. I used this feature during one of my trips and found it to be quite useful. Once you get the hang of it and remember to stand in the correct place, it works quite well. The Pixel 9 Pro XL is powered by the Google Tensor G4 chipset built on Samsung’s 4nm process. It comes with 16GB of RAM and offers up to 512GB of internal storage. If you are hoping for a drastic performance improvement compared to the predecessor, you might be disappointed. It offers an incremental improvement in performance but can easily handle everything that you throw at it. One area the chipset and the device has improved a lot over the Pixel 8 Pro is thermal management and proper connectivity. These were some of my biggest issues with the last-gen devices and Google has made a significant improvement in this aspect. The Pixel 9 Pro XL is powered by a 5,060mAh battery with 37W wired and 23W wireless charging support. The device offers a day’s battery life with normal usage. <h2>Camera</h2>The camera is the strongest selling point of Pixel smartphones, and unsurprisingly, the Pixel 9 Pro XL excels in this regard. <div type="image" title="Rear cam" msid="115487382" hostid="261" sizebytes="53002" caption="&amp;lt;p&amp;gt;Pixel 9 Pro XL rear camera&amp;lt;/p&amp;gt;"></div> Coming to the camera department, the Pixel 9 Pro XL features a triple camera setup at the back, consisting of a 50MP primary camera with Samsung GN2 sensor with OIS, a 48MP ultra-wide-angle camera with Sony IMX858 sensor and a 48MP 5X telephoto camera with Sony IMX858 sensor with up to 30x digital zoom. <div type="image" title="PXL_20240818_123753737" msid="115487547" hostid="261" sizebytes="186394" caption="&amp;lt;p&amp;gt;Image captured while moving&amp;lt;/p&amp;gt;"></div> The smartphone supports zero shutter lag, which means it captures photos at the same moment you tap on the shutter button. This is very handy when trying to capture moving subjects, especially kids and pets. <div type="image" title="PXL_20240818_124521580" msid="115487564" hostid="261" sizebytes="84032" caption="&amp;lt;p&amp;gt;Image captured in natural lighting&amp;lt;/p&amp;gt;"></div> The smartphone’s daylight camera performance was excellent, with accurate colour reproduction, dynamic range, and well-defined details. The portrait mode is excellent in both daylight and indoor conditions. <div type="image" title="n" msid="115487621" hostid="261" sizebytes="147076" caption="&amp;lt;p&amp;gt;Image captured using night mode&amp;lt;/p&amp;gt;"></div> The Pixel 9 Pro XL also performs excellently in low-light and night conditions, capturing well-detailed, colour-accurate photos despite the challenging lighting conditions. The images turned out to be sharp and clear, with adequate details and minimal noise. On the front, the Pixel 9 Pro XL features a 42MP selfie camera. The front camera can easily capture good selfies in normal lighting and low light conditions. <h2>Verdict</h2>The Pixel 9 Pro XL is the best device in the current Pixel lineup and one of the best Android smartphones out there. The device offers an excellent user experience, a premium design and good cameras. It offers good performance and ample storage, ticking off a lot of the boxes. At the same time, the Pixel 9 Pro XL commands a premium price and while enthusiasts may like the stock Android experience, the lack of customisation may not be everyone’s cup of tea. If you are looking for a stock Android experience with powerful hardware and are willing to pay a premium, the Pixel 9 Pro XL is an excellent option. Disclaimer: The content on this website is for informational purposes only and should not be construed as a purchasing guide or recommendation. We advise readers to do additional research, including hands-on usage of the device at a retail outlet, before making a decision. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-review/articleshow/112497472.cms">Samsung Galaxy Z Fold 6 review – the complete package</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms">OnePlus 12 review: A feature-packed device with promising battery back-up</a> <a href="https://www.businessinsider.in/tech/news/asus-rog-zephyrus-g16-review/articleshow/115054981.cms">Asus ROG Zephyrus G16 gaming laptop review – With a big AI boost</a>

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Sourabh Jain

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