Indian markets tumbled on Friday, mirroring global anxieties over the US Federal Reserve's projected slower rate cuts. Heavy selling in financial and IT stocks pushed the Sensex down 1.5% and Nifty 1.52%, as foreign funds flowed out. European markets also declined, while US stocks rebounded slightly after a positive inflation report.
Foreign Portfolio Investors (FPIs) focused on selling financials and oil & gas stocks in 2024, resulting in significant sectoral outflows. Outlook for 2025 suggests moderate returns, with a focus on banking, pharmaceuticals, and FMCG amid India's slowing economic growth.
A 4.5 magnitude earthquake struck Afghanistan's Badakhshan region at 6:30 am IST on Sunday, according to the National Centre of Seismology (NCS). The quake, occurring at a depth of 10 kilometers, is one of several to hit the disaster-prone region in recent weeks. The NCS confirmed the earthquake's location and highlighted Afghanistan's vulnerability to such natural events.
Gary Mayor Eddie Melton issued a joint statement with two Pennsylvania mayors regarding the United Steelworkers position on the proposed acquisition of U.S. Steel.
The US Dollar Index surged to 108.541, its highest since November 10, 2022, driven by the Fed's hawkish stance and strong US GDP data. It eased to 107.82 on Friday, down 0.55%, but gained 0.82% for the week. Ten-year US yields hit a high of 4.59%, closing at 4.53%, up 3% weekly, while two-year yields peaked at 4.37% before settling at 4.31%, a 2% weekly gain.
