The U.S. economy created 22,000 jobs last month instead of an estimated 75,000, confirming softening labor market conditions, according to the Labor Department report. The three major U.S. stock indexes initially rose and broke records following the data, as traders of futures tied to the Fed's policy rate boosted bets that the U.S. central bank will trim rates in quick succession, starting this month, with a 50-basis-point easing now on the table.
Indian banks are accelerating efforts to fully implement SWIFT's ISO 20022 messaging standard by the November 2025 deadline, driven by directives from the Ministry of Finance and the RBI. Several major banks, including SBI and ICICI Bank, have already migrated to the new system. Failure to comply with the deadline could result in payment disruptions and penalties.
Indian equity indices ended flat amid choppy trading, with IT stocks declining due to US tariff concerns, offsetting auto sector gains fueled by GST cut hopes. For the week, however, markets gained 1%. Positive global cues and expectations of US rate cuts are expected to support a recovery next week, though Nifty faces resistance at 25,000.
Kalyan Kumar is expected to lead Union Bank of India. Lalit Tyagi is likely to transfer to Central Bank of India. Asheesh Pandey is dropped from consideration for a top post. The Financial Services Institutions Bureau had recommended Pandey. Reserve Bank of India had previously raised concerns about Pandey. Union Bank has been without a head since June.
Bank of Baroda has declared Reliance Communications' loan accounts, along with Anil Ambani, as fraudulent due to alleged fund misutilisation and improper transactions. This action follows similar declarations by SBI and Bank of India. Anil Ambani Group denies the allegations, asserting they will contest the claims in court, citing a consortium of 14 lenders and delayed proceedings.
Finance Minister Nirmala Sitharaman announced a new dual-slab GST structure expected to significantly boost India's economy. The government is also preparing a package for US tariff-affected export sectors and relentlessly working on next-generation policy changes. While not directly addressing tariff issues, the GST reform is anticipated to spur demand and provide some relief to affected sectors.
U.S. stocks are slipping Friday as Wall Street questions whether the U.S. job market has slowed by just enough to get the Federal Reserve to cut interest rates to help the economy, or by so much that a downturn may be on the way.
