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Fed rate cut hopes by March optimistic, says Rajan

Updated at : 2023-12-14 10:05:05

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"The Fed would like to see either a substantial fall in inflation, but also, the problem is the labor market is hot," Rajan, who is a well known commentator on the global economy, said Wednesday. "The Fed may think if rates are not doing damage, why worry."

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​​Noteworthy wealth creators in this period include Reliance Industries, TCS, ICICI Bank, Infosys and Bharti Airtel. Lloyds Metals emerged as the fastest wealth creator with the stock returning 79% on a compounded basis in this period.

All three major U.S. stock indexes jumped to fresh closing highs for the year after the Federal Open Markets Committee (FOMC) left its fed funds target rate unchanged at 5.25%-5.50%.

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Both the euro and Japanese yen jumped in response, with the European Central Bank (ECB) preparing to announce its policy decision later on Thursday and the Bank of Japan coming up next week.

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Spot gold was up 0.2% at $2,031.28 per ounce, as of 0130 GMT, after rising 2.4% on Wednesday. U.S. gold futures jumped 2.4% to $2,045.50.

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As part of the plan, Vedanta Resources is to pledge 13% of its stake in Vedanta Ltd (VDL) to secure a $1.25 billion financing package from a group of lenders led by Standard Chartered Bank and New York-based Cerberus Capital Management to help avert a default on $1 billion of bonds that are due in January, according to people familiar with the matter.

Stocks that were in focus include names like Axis Bank, which fell 1.25%, Sonata Software, which was down 4%, and PI Industries, whose shares declined 1.7% on Wednesday.

Nasdaq hit by system error affecting stock orders

Updated at : 2023-12-14 10:05:05

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"Some customers have seen inaccuracies and delays in the delivery of execution reports. We are working to reach a prompt resolution to deliver the correct execution reports. FIX/RASH was closed down for the rest of the day. The closing cross was completed and all other markets are operating normally," the exchange operator said in a statement.

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