China is contemplating injecting at least 1 trillion yuan ($137 billion) into its urban village renovation and affordable housing programs, in a bid to revive its struggling property market, Bloomberg reported on Tuesday, citing sources familiar with the matter.&nbsp;

The People's Bank of China plans to channel these funds through policy banks, with the aim of supporting households in their pursuit of home purchases. The move, spearheaded by Vice Premier He Lifeng, signals a vigorous attempt to counter the profound slump in the property sector, a downturn that has significantly impacted economic growth and consumer confidence.&nbsp;

The proposed initiative involves leveraging financial tools such as the Pledged Supplemental Lending (PSL) and special loans. If implemented, this program could mark a pivotal step in the government's comprehensive strategy to stabilise the housing market, considered the most severe downturn in decades. &nbsp;

Market concerns have surged regarding the financial health of China's prominent developers, particularly after a series of record defaults within the industry. The injection of funds aims not only to rejuvenate the property market but also to foster a more balanced and sustainable development trajectory for the long term. &nbsp;

The PSL program, sometimes dubbed as "helicopter money," allows the central bank to provide low-cost funds to developers engaged in tenement renovation projects. This involves developers using the funds to acquire land from local governments, which then offer cash subsidies to households affected by demolitions, spurring demand for newly-built or existing apartments. &nbsp;

Analysts believe that the funding could generate over 10 trillion yuan in overall direct investment, driving private investment in the sectors. According to Bloomberg, Bruce Pang, Chief Economist for Greater China at Jones Lang LaSalle Inc., emphasised, "This is not to spur growth but rather deliver a more balanced development for the longer term."&nbsp;

However, it is worth noting that the PSL program has a controversial history. Initially deployed in 2014 to counter a property market downturn, it faced criticism for contributing to a real estate bubble in lower-tier cities. The central bank reduced its provision of new PSL funds in 2019 as projects concluded. However, the program experienced a brief re-launch last year to aid policy banks, which prioritise public service over profit, in financing infrastructure development. &nbsp;

This latest plan follows Beijing's unconventional fiscal stimulus announced last month, including a budget deficit increase through the issuance of an additional 1 trillion yuan in sovereign bonds.&nbsp;

While economic data for the third quarter suggested a gradual recovery, official data anticipated to be released on Wednesday is expected to reveal a faltering economic momentum in October. &nbsp;

(With inputs from Bloomberg)&nbsp;

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China is contemplating injecting at least 1 trillion yuan ($137 billion) into its urban village renovation and affordable housing programs, in a bid to revive its struggling property market, Bloomberg reported on Tuesday, citing sources familiar with the matter.

China is contemplating injecting at least 1 trillion yuan ($137 billion) into its urban village renovation and affordable housing programs, in a bid to revive its struggling property market, Bloomberg reported on Tuesday, citing sources familiar with the matter. The People's Bank of China plans to channel these funds through policy banks, with the aim of supporting households in their pursuit of home purchases. The move, spearheaded by Vice Premier He Lifeng, signals a vigorous attempt to counter the profound slump in the property sector, a downturn that has significantly impacted economic growth and consumer confidence. The proposed initiative involves leveraging financial tools such as the Pledged Supplemental Lending (PSL) and special loans. If implemented, this program could mark a pivotal step in the government's comprehensive strategy to stabilise the housing market, considered the most severe downturn in decades. Market concerns have surged regarding the financial health of China's prominent developers, particularly after a series of record defaults within the industry. The injection of funds aims not only to rejuvenate the property market but also to foster a more balanced and sustainable development trajectory for the long term. The PSL program, sometimes dubbed as "helicopter money," allows the central bank to provide low-cost funds to developers engaged in tenement renovation projects. This involves developers using the funds to acquire land from local governments, which then offer cash subsidies to households affected by demolitions, spurring demand for newly-built or existing apartments. Analysts believe that the funding could generate over 10 trillion yuan in overall direct investment, driving private investment in the sectors. According to Bloomberg, Bruce Pang, Chief Economist for Greater China at Jones Lang LaSalle Inc., emphasised, "This is not to spur growth but rather deliver a more balanced development for the longer term." However, it is worth noting that the PSL program has a controversial history. Initially deployed in 2014 to counter a property market downturn, it faced criticism for contributing to a real estate bubble in lower-tier cities. The central bank reduced its provision of new PSL funds in 2019 as projects concluded. However, the program experienced a brief re-launch last year to aid policy banks, which prioritise public service over profit, in financing infrastructure development. This latest plan follows Beijing's unconventional fiscal stimulus announced last month, including a budget deficit increase through the issuance of an additional 1 trillion yuan in sovereign bonds. While economic data for the third quarter suggested a gradual recovery, official data anticipated to be released on Wednesday is expected to reveal a faltering economic momentum in October. (With inputs from Bloomberg) WATCH WION LIVE HERE

China unveils $137bn plan to revitalise property market amid economic challenges 

Russia's financial landscape is experiencing an upturn as the country's current account surplus expands, bolstering the rouble despite challenging global conditions and unprecedented sanctions related to the conflict in Ukraine, Bloomberg reported on Tuesday.&nbsp;

The central bank's data, released on Tuesday, revealed a current account surplus of $53.8 billion for the first ten months of this year, a figure significantly lower than the 2022 record but indicative of a noteworthy recovery in the face of adversity. &nbsp;

The surplus in October, exceeding $11 billion for the second consecutive month, underscores the resilience of Russia's economic rebound.&nbsp;

The Bank of Russia, acknowledging a slight dip in exports during October, revised its estimate of the current account surplus for previous months based on additional data. This adjustment led to an upgrade in the full-year 2023 forecast from $45 billion to $60 billion. &nbsp;

Despite challenges, Russia's crude exports through its ports in October neared their highest level in over four months, contributing to a surge in overall oil and gas revenue, reaching levels unseen since April 2022.&nbsp;

The efficacy of Russia's financial strategy is particularly notable in the face of sweeping sanctions imposed by the US and its allies in response to the Ukrainian conflict. The renewed influx of cash into the country has enabled the rouble to mitigate some of its losses since the beginning of the year.&nbsp;

In a contentious move, the Russian government recently reintroduced certain capital controls, compelling 43 groups of exporter companies, including major oil producers, to sell their foreign earnings domestically in roubles. This decision was met with opposition from the central bank. &nbsp;

Inspite of the controversy, increased foreign currency sales by exporters contributed to October being the rouble's strongest month since June of the previous year, with a 5 per cent gain against the US dollar.&nbsp;

As a tribute to the positive financial momentum, the rouble continued its ascent on Tuesday, trading below 91 against the dollar in Moscow, the first time since late July. &nbsp;

(With inputs from Bloomberg)&nbsp;

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Russia's financial landscape is experiencing an upturn as the country's current account surplus expands, bolstering the rouble despite challenging global conditions and unprecedented sanctions related to the conflict in Ukraine, Bloomberg reported on Tuesday.

Russia's financial landscape is experiencing an upturn as the country's current account surplus expands, bolstering the rouble despite challenging global conditions and unprecedented sanctions related to the conflict in Ukraine, Bloomberg reported on Tuesday. The central bank's data, released on Tuesday, revealed a current account surplus of $53.8 billion for the first ten months of this year, a figure significantly lower than the 2022 record but indicative of a noteworthy recovery in the face of adversity. The surplus in October, exceeding $11 billion for the second consecutive month, underscores the resilience of Russia's economic rebound. The Bank of Russia, acknowledging a slight dip in exports during October, revised its estimate of the current account surplus for previous months based on additional data. This adjustment led to an upgrade in the full-year 2023 forecast from $45 billion to $60 billion. Despite challenges, Russia's crude exports through its ports in October neared their highest level in over four months, contributing to a surge in overall oil and gas revenue, reaching levels unseen since April 2022. The efficacy of Russia's financial strategy is particularly notable in the face of sweeping sanctions imposed by the US and its allies in response to the Ukrainian conflict. The renewed influx of cash into the country has enabled the rouble to mitigate some of its losses since the beginning of the year. In a contentious move, the Russian government recently reintroduced certain capital controls, compelling 43 groups of exporter companies, including major oil producers, to sell their foreign earnings domestically in roubles. This decision was met with opposition from the central bank. Inspite of the controversy, increased foreign currency sales by exporters contributed to October being the rouble's strongest month since June of the previous year, with a 5 per cent gain against the US dollar. As a tribute to the positive financial momentum, the rouble continued its ascent on Tuesday, trading below 91 against the dollar in Moscow, the first time since late July. (With inputs from Bloomberg) WATCH WION LIVE HERE

Russia's rouble rises as cash inflow surges amidst oil export recovery 

Meta Platforms Inc., the parent company of Facebook, has experienced an unprecedented rally, with its shares nearly quadrupling since the lows of November last year. According to a Bloomberg report, this surge comes on the heels of a historic $251 billion crash in February, making it the largest one-day stock wipe-out in history. &nbsp;

Despite the setback, Meta has emerged stronger, with 62 out of 70 analysts tracked by Bloomberg now giving the social media giant buy-equivalent ratings, marking the highest confidence level since its IPO in 2012.&nbsp;

Stifel Nicolaus analyst Mark Kelley, among the bullish voices, emphasised the investment appeal beyond the metaverse narrative. "We don’t think you have to be a believer in the metaverse story to like the stock," Bloomberg quoted him as saying. He attributes the stock's attractiveness to advertisers recognising Meta's unparalleled scale compared to competitors, such as TikTok Inc. The shift in sentiment highlights Meta's successful efforts in regaining investor support after last year's downturn.&nbsp;

Analyst projections for Meta's profitability are on an upward trajectory, reflecting the positive sentiment. Wall Street now expects the company to generate approximately $18 per share in earnings next year, a substantial increase from the $10 anticipated a year ago, according to Bloomberg's compiled data. &nbsp;

However, Needham &amp; Co.'s Laura Martin, one of the few dissenting voices, remains sceptical, citing rising competition and potential challenges from mobile operating system changes like Apple Inc.'s iOS. According to Bloomberg, he expressed concerns about Meta's competitive advantage, stating, "TikTok is eating them alive."&nbsp;

Despite the surge in Meta's valuation this year, currently standing at about 18 times earnings projected over the next 12 months, the social media giant remains the most affordable among the seven major technology and internet stocks. It also holds a discount compared to both the Nasdaq 100 and S&amp;P 500 indexes. &nbsp;

Sylvia Jablonski, co-founder and chief investment officer at Defiance ETFs, sees Meta's priorities in the right place, anticipating benefits from artificial intelligence and growth in digital ad spending in the years to come. Jablonski expressed her interest in a long-term investment strategy, "I’m interested in picking up shares for a long time horizon as the decade of machine learning, AI, and all things digital growth continues to take shape,” Bloomberg quoted her as saying.&nbsp;

Drawing a historical parallel, the article notes the diverging fortunes of dot-com era darlings, Microsoft Corp., and Cisco Systems Inc. While Microsoft has grown over six-fold from its dot-com highs, Meta's contemporary, Cisco Systems, has yet to recover from its historic crash in the turn of the century, with its stock still trading about 36 per cent below its all-time high set in March 2000.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Meta Platforms Inc., the parent company of Facebook, has experienced an unprecedented rally, with its shares nearly quadrupling since the lows of November last year.

Meta Platforms Inc., the parent company of Facebook, has experienced an unprecedented rally, with its shares nearly quadrupling since the lows of November last year. According to a Bloomberg report, this surge comes on the heels of a historic $251 billion crash in February, making it the largest one-day stock wipe-out in history. Despite the setback, Meta has emerged stronger, with 62 out of 70 analysts tracked by Bloomberg now giving the social media giant buy-equivalent ratings, marking the highest confidence level since its IPO in 2012. Stifel Nicolaus analyst Mark Kelley, among the bullish voices, emphasised the investment appeal beyond the metaverse narrative. "We don’t think you have to be a believer in the metaverse story to like the stock," Bloomberg quoted him as saying. He attributes the stock's attractiveness to advertisers recognising Meta's unparalleled scale compared to competitors, such as TikTok Inc. The shift in sentiment highlights Meta's successful efforts in regaining investor support after last year's downturn. Analyst projections for Meta's profitability are on an upward trajectory, reflecting the positive sentiment. Wall Street now expects the company to generate approximately $18 per share in earnings next year, a substantial increase from the $10 anticipated a year ago, according to Bloomberg's compiled data. However, Needham & Co.'s Laura Martin, one of the few dissenting voices, remains sceptical, citing rising competition and potential challenges from mobile operating system changes like Apple Inc.'s iOS. According to Bloomberg, he expressed concerns about Meta's competitive advantage, stating, "TikTok is eating them alive." Despite the surge in Meta's valuation this year, currently standing at about 18 times earnings projected over the next 12 months, the social media giant remains the most affordable among the seven major technology and internet stocks. It also holds a discount compared to both the Nasdaq 100 and S&P 500 indexes. Sylvia Jablonski, co-founder and chief investment officer at Defiance ETFs, sees Meta's priorities in the right place, anticipating benefits from artificial intelligence and growth in digital ad spending in the years to come. Jablonski expressed her interest in a long-term investment strategy, "I’m interested in picking up shares for a long time horizon as the decade of machine learning, AI, and all things digital growth continues to take shape,” Bloomberg quoted her as saying. Drawing a historical parallel, the article notes the diverging fortunes of dot-com era darlings, Microsoft Corp., and Cisco Systems Inc. While Microsoft has grown over six-fold from its dot-com highs, Meta's contemporary, Cisco Systems, has yet to recover from its historic crash in the turn of the century, with its stock still trading about 36 per cent below its all-time high set in March 2000. (With inputs from Bloomberg) WATCH WION LIVE HERE

Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge 

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge&nbsp;

Facebook's parent firm, Meta Platforms Inc., has seen an extraordinary upswing, with its shares roughly quadrupling since November of last year.&nbsp;

<a href="https://www.wionews.com/business-economy/metas-meteoric-rise-wall-street-enthusiasts-rally-behind-facebooks-metaverse-push-as-shares-surge-658645">Read more here</a>&nbsp;

Russia's rouble rises as cash inflow surges amidst oil export recovery&nbsp;

Despite difficult global conditions and historic sanctions linked to the conflict in Ukraine, Russia's financial situation is improving as the nation's current account surplus increases and supports the rouble.

<a href="https://www.wionews.com/business-economy/russias-rouble-rises-as-cash-inflow-surges-amidst-oil-export-recovery-658655">Read more here&nbsp;</a>

Nvidia's Spectacular Surge: $200 bln added in 10-day winning streak matching 2016 record

Nearing the end of a 10-day winning streak, Nvidia Corp., the most valuable chipmaker in the world, is poised to post its longest winning streak since breaking the record in December 2016.&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-spectacular-surge-200-bln-added-in-10-day-winning-streak-matching-2016-record-658668">Read more here</a>&nbsp;

China unveils $137 bln plan to revitalise property market amid economic challenges&nbsp;

In an attempt to boost its weakening real estate market, China is considering investing at least 1 trillion yuan ($137 billion) in cheap housing and urban village restoration projects.

<a href="https://www.wionews.com/business-economy/china-unveils-137-bln-plan-to-revitalise-property-market-amid-economic-challenges-658687">Read more here&nbsp;</a>

Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report

The Federal Reserve may decide to stop raising interest rates in the future if U.S. consumer prices stay stable in October, which might ease concerns about inflation.

<a href="https://www.wionews.com/business-economy/slowing-us-inflation-fuels-optimism-as-fed-rate-hike-concerns-subside-report-658723">Read more here</a>

Huawei surge propels China's smartphone market to 11pc growth in October

According to data from research firm Counterpoint, the Chinese smartphone market had a noteworthy comeback in October, with an 11 per cent increase in total shipments, mostly due to an&nbsp;83 per cent spike in sales for Huawei.

<a href="https://www.wionews.com/business-economy/huawei-surge-propels-chinas-smartphone-market-to-11pc-growth-in-october-658736">Read more here</a>

US House passes crucial spending bill to avert government shutdown

A temporary spending bill agreed by the US House of Representatives has prevented a possible government shutdown. Cross-party support for the proposal, which extends government funding into mid-January, was strong among legislators.

<a href="https://www.wionews.com/business-economy/us-house-passes-crucial-spending-bill-to-avert-government-shutdown-658742">Read more here&nbsp;</a>

PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report

According to an investigative report, PwC, one of the largest accounting firms globally, assisted Russia's "richest" oligarch in transferring millions of dollars' worth of assets as European Union (EU) sanctions threatened to materialise following the Russian invasion of Ukraine.

<a href="https://www.wionews.com/business-economy/pwc-cyprus-helped-russian-oligarch-move-12-billion-after-ukraine-invasion-despite-sanctions-report-658707">Read more here</a>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge Facebook's parent firm, Meta Platforms Inc.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge Facebook's parent firm, Meta Platforms Inc., has seen an extraordinary upswing, with its shares roughly quadrupling since November of last year. Read more here Russia's rouble rises as cash inflow surges amidst oil export recovery Despite difficult global conditions and historic sanctions linked to the conflict in Ukraine, Russia's financial situation is improving as the nation's current account surplus increases and supports the rouble. Read more here Nvidia's Spectacular Surge: $200 bln added in 10-day winning streak matching 2016 record Nearing the end of a 10-day winning streak, Nvidia Corp., the most valuable chipmaker in the world, is poised to post its longest winning streak since breaking the record in December 2016. Read more here China unveils $137 bln plan to revitalise property market amid economic challenges In an attempt to boost its weakening real estate market, China is considering investing at least 1 trillion yuan ($137 billion) in cheap housing and urban village restoration projects. Read more here Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report The Federal Reserve may decide to stop raising interest rates in the future if U.S. consumer prices stay stable in October, which might ease concerns about inflation. Read more here Huawei surge propels China's smartphone market to 11pc growth in October According to data from research firm Counterpoint, the Chinese smartphone market had a noteworthy comeback in October, with an 11 per cent increase in total shipments, mostly due to an 83 per cent spike in sales for Huawei. Read more here US House passes crucial spending bill to avert government shutdown A temporary spending bill agreed by the US House of Representatives has prevented a possible government shutdown. Cross-party support for the proposal, which extends government funding into mid-January, was strong among legislators. Read more here PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report According to an investigative report, PwC, one of the largest accounting firms globally, assisted Russia's "richest" oligarch in transferring millions of dollars' worth of assets as European Union (EU) sanctions threatened to materialise following the Russian invasion of Ukraine. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Meta's meteoric rise, China's property market challenges & more 

The U.S. House of Representatives has approved a temporary spending bill, steering the country away from a potential government shutdown. The legislation, which extends government funding through mid-January, garnered widespread support from lawmakers across party lines.

According to Reuters, this crucial development now shifts the focus to the Senate, where leaders from both Democratic and Republican factions have expressed their backing for the bill. The passing of the 336-95 vote marks a significant victory for House Speaker Mike Johnson, who faced challenges from some Republicans in the first consequential vote since assuming the position less than three weeks ago.

The Senate, alongside the Republican-controlled House, must swiftly enact legislation that President Joe Biden can sign into law before the current funding for federal agencies expires at midnight on Friday.

Senate Majority Leader Chuck Schumer, a Democrat, expressed satisfaction with the strong bipartisan vote in the House and committed to working with his Republican counterpart, Mitch McConnell, to pass the bill as expeditiously as possible. The bill's passage with 209 Democratic and 127 Republican votes reflects a collective effort to navigate fiscal challenges and ensure the continuity of government functions.

The temporary spending bill, designed to extend government funding at current levels into 2024, offers a reprieve for lawmakers to formulate detailed spending bills covering diverse sectors, from the military to scientific research. While the bill received support from both Democrats and a significant number of Republicans, some conservative Republicans voiced frustration over its omission of steep spending cuts and desired border-security measures.

Despite these concerns, the bill passed with a majority, signalling a willingness among lawmakers to prioritise averting a shutdown and ensuring the stability of critical government functions. Representative Mike Garcia, a Republican, acknowledged the imperfections of the bill. "This isn't ideal, but a shutdown is a far worse world to be in," Reuters quoted her as saying.

The bill, crafted by House Speaker Mike Johnson, extends funding for various essential sectors, including military construction, veterans benefits, transportation, housing, urban development, agriculture, the Food and Drug Administration, and energy and water programs through January 19.

However, funding for all other federal operations, including defence, would expire on February 2. The strategic timing of the extension provides lawmakers with a window to deliberate and formulate detailed spending plans, contributing to a more stable and predictable fiscal landscape.

The ongoing fiscal challenges and political gridlock have prompted heightened scrutiny, with Moody's lowering its credit rating outlook on the U.S. to "negative," citing concerns about high-interest rates impacting borrowing costs.

(With inputs from Reuters)

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The U.S. House of Representatives has approved a temporary spending bill, steering the country away from a potential government shutdown. The legislation, which extends government funding through mid-January, garnered widespread support from lawmakers across party lines.

The U.S. House of Representatives has approved a temporary spending bill, steering the country away from a potential government shutdown. The legislation, which extends government funding through mid-January, garnered widespread support from lawmakers across party lines. According to Reuters, this crucial development now shifts the focus to the Senate, where leaders from both Democratic and Republican factions have expressed their backing for the bill. The passing of the 336-95 vote marks a significant victory for House Speaker Mike Johnson, who faced challenges from some Republicans in the first consequential vote since assuming the position less than three weeks ago. The Senate, alongside the Republican-controlled House, must swiftly enact legislation that President Joe Biden can sign into law before the current funding for federal agencies expires at midnight on Friday. Senate Majority Leader Chuck Schumer, a Democrat, expressed satisfaction with the strong bipartisan vote in the House and committed to working with his Republican counterpart, Mitch McConnell, to pass the bill as expeditiously as possible. The bill's passage with 209 Democratic and 127 Republican votes reflects a collective effort to navigate fiscal challenges and ensure the continuity of government functions. The temporary spending bill, designed to extend government funding at current levels into 2024, offers a reprieve for lawmakers to formulate detailed spending bills covering diverse sectors, from the military to scientific research. While the bill received support from both Democrats and a significant number of Republicans, some conservative Republicans voiced frustration over its omission of steep spending cuts and desired border-security measures. Despite these concerns, the bill passed with a majority, signalling a willingness among lawmakers to prioritise averting a shutdown and ensuring the stability of critical government functions. Representative Mike Garcia, a Republican, acknowledged the imperfections of the bill. "This isn't ideal, but a shutdown is a far worse world to be in," Reuters quoted her as saying. The bill, crafted by House Speaker Mike Johnson, extends funding for various essential sectors, including military construction, veterans benefits, transportation, housing, urban development, agriculture, the Food and Drug Administration, and energy and water programs through January 19. However, funding for all other federal operations, including defence, would expire on February 2. The strategic timing of the extension provides lawmakers with a window to deliberate and formulate detailed spending plans, contributing to a more stable and predictable fiscal landscape. The ongoing fiscal challenges and political gridlock have prompted heightened scrutiny, with Moody's lowering its credit rating outlook on the U.S. to "negative," citing concerns about high-interest rates impacting borrowing costs. (With inputs from Reuters) WATCH WION LIVE HERE

US House passes crucial spending bill to avert government shutdown

China's smartphone market witnessed a notable resurgence in October, with an 11 per cent increase in total shipments, driven largely by a remarkable 83 per cent surge in sales for Huawei, according to data from research firm Counterpoint.

Reuters reported that the positive momentum suggests a potential recovery in China's mobile market, which has faced challenges in recent quarters. Huawei's strong performance, especially with its Mate 60 series devices, has been a key factor in this turnaround, with Counterpoint China analyst Archie Zhang noting, "Demand continues to be high double-digits, and we’re also seeing a halo effect, with other models from the vendor performing well."

Xiaomi also contributed to the overall growth, registering a 33 per cent increase in smartphone sales in October. While specific details about Apple's performance in the period were not provided, the data reflects a broader positive trend in China's smartphone landscape.

&nbsp;The surge in Huawei's sales is particularly striking; marking a shift from the challenges the company faced due to U.S. sanctions, with the launch of the Mate 60 series seen as a strategic move to counter chip-related restrictions.

Reuters quoted Ivan Lam, a senior Counterpoint analyst as saying, "Huawei’s ability to scale up to this new normal will be a major determinant not just for their own growth but for the broader market."

The stellar performance of Huawei and Xiaomi indicates a potential rebound in China's smartphone market, which has experienced a decline over multiple quarters.

In the quarter ending June, sales fell by 3 per cent, highlighting the challenges faced by the industry. The sustained growth observed in October aligns with expectations of a market recovery, with research firm IDC predicting unspecified year-on-year sales growth in the fourth quarter.

This positive outlook comes after ten consecutive quarters of falling shipments, signalling a potential turning point for the Chinese smartphone market. The data underscores the resilience and adaptability of key players like Huawei and Xiaomi in navigating market dynamics.

(With inputs from Reuters)

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China's smartphone market witnessed a notable resurgence in October, with an 11 per cent increase in total shipments, driven largely by a remarkable 83 per cent surge in sales for Huawei, according to data from research firm Counterpoint.

China's smartphone market witnessed a notable resurgence in October, with an 11 per cent increase in total shipments, driven largely by a remarkable 83 per cent surge in sales for Huawei, according to data from research firm Counterpoint. Reuters reported that the positive momentum suggests a potential recovery in China's mobile market, which has faced challenges in recent quarters. Huawei's strong performance, especially with its Mate 60 series devices, has been a key factor in this turnaround, with Counterpoint China analyst Archie Zhang noting, "Demand continues to be high double-digits, and we’re also seeing a halo effect, with other models from the vendor performing well." Xiaomi also contributed to the overall growth, registering a 33 per cent increase in smartphone sales in October. While specific details about Apple's performance in the period were not provided, the data reflects a broader positive trend in China's smartphone landscape. The surge in Huawei's sales is particularly striking; marking a shift from the challenges the company faced due to U.S. sanctions, with the launch of the Mate 60 series seen as a strategic move to counter chip-related restrictions. Reuters quoted Ivan Lam, a senior Counterpoint analyst as saying, "Huawei’s ability to scale up to this new normal will be a major determinant not just for their own growth but for the broader market." The stellar performance of Huawei and Xiaomi indicates a potential rebound in China's smartphone market, which has experienced a decline over multiple quarters. In the quarter ending June, sales fell by 3 per cent, highlighting the challenges faced by the industry. The sustained growth observed in October aligns with expectations of a market recovery, with research firm IDC predicting unspecified year-on-year sales growth in the fourth quarter. This positive outlook comes after ten consecutive quarters of falling shipments, signalling a potential turning point for the Chinese smartphone market. The data underscores the resilience and adaptability of key players like Huawei and Xiaomi in navigating market dynamics. (With inputs from Reuters) WATCH WION LIVE HERE

Huawei surge propels China's smartphone market to 11pc growth in October

U.S. consumer prices remained unchanged in October, signalling a potential easing of concerns over rising inflation and leading to renewed hopes that the Federal Reserve might halt further interest rate hikes. According to Reuters, the data, released by the Labour Department's Bureau of Labour Statistics, revealed that the annual increase in underlying inflation was the smallest in two years, marking a pivotal moment in the ongoing economic narrative.

The report showed a notable decline in gasoline prices, contributing to the stagnant Consumer Price Index (CPI), a shift from the 0.4 per cent rise observed in September. The unexpected softness in inflation figures prompted a positive reaction in financial markets, with U.S. Treasury yields dipping and a subsequent rally in the stock market.

The development, combined with recent data indicating a slowdown in job and wage growth, is seen as reinforcing the notion that the economy might evade a potential recession.

Christopher Rupkey, Chief Economist at FWDBONDS, told Reuters, "The Fed always wants to see more progress, but it is looking like the inflation battle has rounded the corner." Rupkey further expressed optimism that the economy could navigate away from a recession while experiencing lower inflation. The encouraging signs in the CPI, including a 5.0 per cent drop in gasoline prices, highlight the potential impact on broader economic dynamics.

Despite a year-on-year consumer price rise of 3.2 per cent in October, down from 3.7 per cent in September, concerns persist as inflation continues to surpass the Fed's 2 per cent target. Analysts suggest that the recent disinflationary trend might not be sustained indefinitely, given the strong economy and a relatively tight labour market.

While expectations of an imminent end to the Fed's monetary policy tightening campaign have gained traction, Fed Chair Jerome Powell remains according to Reuters. He said, "if it becomes appropriate to tighten policy further, we will not hesitate to do so."

Financial markets are seemingly anticipating a rate cut as early as May, according to CME Group's FedWatch tool. The Federal Reserve has implemented a robust monetary tightening campaign since March 2022, resulting in a 525 basis points increase to the current 5.25 per cent -5.50 per cent range. The prospect of a shift in monetary policy has driven Treasury prices higher, with the yield on the two-year note reaching a two-week low. The dollar has depreciated against a basket of currencies, and Wall Street stocks are trading notably higher.

The CPI report also shed light on specific sectors, including a 0.3 per cent increase in food prices, driven by higher costs for meat, fish, and eggs. However, the overall encouraging inflation data, coupled with slowing rent increases and subdued goods deflation, suggests a potential positive trajectory for the U.S. economy.

(With inputs from Reuters)

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U.S. consumer prices remained unchanged in October, signalling a potential easing of concerns over rising inflation and leading to renewed hopes that the Federal Reserve might halt further interest rate hikes.

U.S. consumer prices remained unchanged in October, signalling a potential easing of concerns over rising inflation and leading to renewed hopes that the Federal Reserve might halt further interest rate hikes. According to Reuters, the data, released by the Labour Department's Bureau of Labour Statistics, revealed that the annual increase in underlying inflation was the smallest in two years, marking a pivotal moment in the ongoing economic narrative. The report showed a notable decline in gasoline prices, contributing to the stagnant Consumer Price Index (CPI), a shift from the 0.4 per cent rise observed in September. The unexpected softness in inflation figures prompted a positive reaction in financial markets, with U.S. Treasury yields dipping and a subsequent rally in the stock market. The development, combined with recent data indicating a slowdown in job and wage growth, is seen as reinforcing the notion that the economy might evade a potential recession. Christopher Rupkey, Chief Economist at FWDBONDS, told Reuters, "The Fed always wants to see more progress, but it is looking like the inflation battle has rounded the corner." Rupkey further expressed optimism that the economy could navigate away from a recession while experiencing lower inflation. The encouraging signs in the CPI, including a 5.0 per cent drop in gasoline prices, highlight the potential impact on broader economic dynamics. Despite a year-on-year consumer price rise of 3.2 per cent in October, down from 3.7 per cent in September, concerns persist as inflation continues to surpass the Fed's 2 per cent target. Analysts suggest that the recent disinflationary trend might not be sustained indefinitely, given the strong economy and a relatively tight labour market. While expectations of an imminent end to the Fed's monetary policy tightening campaign have gained traction, Fed Chair Jerome Powell remains according to Reuters. He said, "if it becomes appropriate to tighten policy further, we will not hesitate to do so." Financial markets are seemingly anticipating a rate cut as early as May, according to CME Group's FedWatch tool. The Federal Reserve has implemented a robust monetary tightening campaign since March 2022, resulting in a 525 basis points increase to the current 5.25 per cent -5.50 per cent range. The prospect of a shift in monetary policy has driven Treasury prices higher, with the yield on the two-year note reaching a two-week low. The dollar has depreciated against a basket of currencies, and Wall Street stocks are trading notably higher. The CPI report also shed light on specific sectors, including a 0.3 per cent increase in food prices, driven by higher costs for meat, fish, and eggs. However, the overall encouraging inflation data, coupled with slowing rent increases and subdued goods deflation, suggests a potential positive trajectory for the U.S. economy. (With inputs from Reuters) WATCH WION LIVE HERE

Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report

Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University. &nbsp;

The report reveals that China's development banks, including the China Development Bank (CDB) and the Export-Import Bank of China (CHEXIM), did not provide any new energy sector loans for the second consecutive year in 2022. President Xi Jinping's 2021 pledge aimed to shift financial support away from overseas coal projects towards green and low-carbon energy projects in developing nations.&nbsp;

Cecilia Springer, Non-Resident Fellow at Boston University's Global Development Policy Centre (GDP Centre), emphasised that while support for overseas coal projects was already declining before President Xi's pledge, the commitment to ramp up support for green and low-carbon energy has not materialised as expected. &nbsp;

The GDP Centre’s report indicates that from 2000 to 2022, the CDB and CHEXIM provided a total of 331 loans worth $225 billion for energy projects, with a significant portion allocated to exploration and extraction activities. Almost three-quarters of the total lending supported coal, oil, and gas projects.&nbsp;

Despite a decline in financing from the two banks since 2016, the report highlights that China's support for energy projects still surpasses that offered by any other global lender, including the World Bank. The data stresses on the challenge of fully transitioning away from fossil fuel funding. &nbsp;

At the Belt and Road Summit last month, China introduced the Green Investment and Finance Partnership (GIFP) to promote green energy. President Xi Jinping announced a commitment of approximately $100 billion in annual financing to support the energy transition in Belt and Road countries. While acknowledging the significance of this commitment, Cecilia Springer noted that it remains a "drop in the bucket" compared to the goals of the Paris Agreement.&nbsp;

The GDP Centre’s database reveals that China's fossil fuel lending commitments since 2013, coinciding with the Belt and Road project's announcement, amounted to $55.4 billion. Of this, $20 billion was allocated to coal-fired power generation. &nbsp;

(With inputs from Reuters)&nbsp;

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Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University.

Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University. The report reveals that China's development banks, including the China Development Bank (CDB) and the Export-Import Bank of China (CHEXIM), did not provide any new energy sector loans for the second consecutive year in 2022. President Xi Jinping's 2021 pledge aimed to shift financial support away from overseas coal projects towards green and low-carbon energy projects in developing nations. Cecilia Springer, Non-Resident Fellow at Boston University's Global Development Policy Centre (GDP Centre), emphasised that while support for overseas coal projects was already declining before President Xi's pledge, the commitment to ramp up support for green and low-carbon energy has not materialised as expected. The GDP Centre’s report indicates that from 2000 to 2022, the CDB and CHEXIM provided a total of 331 loans worth $225 billion for energy projects, with a significant portion allocated to exploration and extraction activities. Almost three-quarters of the total lending supported coal, oil, and gas projects. Despite a decline in financing from the two banks since 2016, the report highlights that China's support for energy projects still surpasses that offered by any other global lender, including the World Bank. The data stresses on the challenge of fully transitioning away from fossil fuel funding. At the Belt and Road Summit last month, China introduced the Green Investment and Finance Partnership (GIFP) to promote green energy. President Xi Jinping announced a commitment of approximately $100 billion in annual financing to support the energy transition in Belt and Road countries. While acknowledging the significance of this commitment, Cecilia Springer noted that it remains a "drop in the bucket" compared to the goals of the Paris Agreement. The GDP Centre’s database reveals that China's fossil fuel lending commitments since 2013, coinciding with the Belt and Road project's announcement, amounted to $55.4 billion. Of this, $20 billion was allocated to coal-fired power generation. (With inputs from Reuters) WATCH WION LIVE HERE

China's development banks fall short on green energy finance despite coal financing pledge 

Japan's wholesale inflation experienced a notable deceleration, falling below 1 per cent for the first time in over two and a half years, signalling a shift away from the cost-push pressures that had been driving up prices across various sectors, Reuters reported on Monday.

Reuters quoted Takeshi Minami, the Chief Economist at Norinchukin Research Institute, as saying, "Wholesale inflation seems to have cooled as past declines in raw material and energy costs filter through domestic business-to-business prices."

This slowdown aligned&nbsp;with the Bank of Japan's expectations, raising questions about whether increased wages and household spending will generate a demand-driven rise in consumer prices.

The Corporate Goods Price Index (CGPI), reflecting the prices companies charge each other for goods and services, rose 0.8 per cent in October from a year earlier, slightly below the median market forecast of a 0.9 per cent gain. This marked the 10th consecutive month of slowing wholesale inflation, with the year-on-year growth rate falling below 1 per cent for the first time since February 2021.

The cooling trend was attributed to declining prices of wood, chemical, and steel products, emphasising the impact of diminishing global commodity costs.

Takeshi Minami argued that government subsidies aimed at curbing gasoline and utility bills might lead to a slowdown in consumer inflation by the close of the fiscal year ending March 2024.

"The pace of slowdown in consumer inflation will be modest as labour shortages and higher wages will underpin service prices,” he said, anticipating a modest deceleration.

The spike in wholesale inflation had prompted Japanese firms to pass on higher costs to households, prompting the Bank of Japan (BOJ) to revise its inflation forecasts. The BOJ, anticipating a dissipation of cost-push inflation, emphasises the need for price rises driven by robust domestic demand to consider ending ultra-low interest rates.

BOJ Governor Kazuo Ueda indicated progress toward sustainably achieving the bank's two&nbsp;per cent target, signalling conditions for exiting ultra-easy policy were gradually falling into place.

(With inputs from Reuters)

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Japan's wholesale inflation experienced a notable deceleration, falling below 1 per cent for the first time in over two and a half years, signalling a shift away from the cost-push pressures that had been driving up prices across various sectors, Reuters reported on Monday.

Japan's wholesale inflation experienced a notable deceleration, falling below 1 per cent for the first time in over two and a half years, signalling a shift away from the cost-push pressures that had been driving up prices across various sectors, Reuters reported on Monday. Reuters quoted Takeshi Minami, the Chief Economist at Norinchukin Research Institute, as saying, "Wholesale inflation seems to have cooled as past declines in raw material and energy costs filter through domestic business-to-business prices." This slowdown aligned with the Bank of Japan's expectations, raising questions about whether increased wages and household spending will generate a demand-driven rise in consumer prices. The Corporate Goods Price Index (CGPI), reflecting the prices companies charge each other for goods and services, rose 0.8 per cent in October from a year earlier, slightly below the median market forecast of a 0.9 per cent gain. This marked the 10th consecutive month of slowing wholesale inflation, with the year-on-year growth rate falling below 1 per cent for the first time since February 2021. The cooling trend was attributed to declining prices of wood, chemical, and steel products, emphasising the impact of diminishing global commodity costs. Takeshi Minami argued that government subsidies aimed at curbing gasoline and utility bills might lead to a slowdown in consumer inflation by the close of the fiscal year ending March 2024. "The pace of slowdown in consumer inflation will be modest as labour shortages and higher wages will underpin service prices,” he said, anticipating a modest deceleration. The spike in wholesale inflation had prompted Japanese firms to pass on higher costs to households, prompting the Bank of Japan (BOJ) to revise its inflation forecasts. The BOJ, anticipating a dissipation of cost-push inflation, emphasises the need for price rises driven by robust domestic demand to consider ending ultra-low interest rates. BOJ Governor Kazuo Ueda indicated progress toward sustainably achieving the bank's two per cent target, signalling conditions for exiting ultra-easy policy were gradually falling into place. (With inputs from Reuters) WATCH WION LIVE HERE

Cost pressures ease as Japan's wholesale inflation takes a dive

The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser. &nbsp;

According to a Bloomberg report, the disclosure by Alphabet's main economics expert Kevin Murphy has brought attention to the closely guarded details of the longstanding partnership between Google and Apple. The disclosure prompted a visible reaction from Google's main litigator, John Schmidtlein, as both companies had initially objected to publicly revealing specifics about their agreement.

Google and Apple first partnered in 2002, when Google was set as the standard search engine in Apple's Safari browser. Over the years, this deal has become increasingly crucial for Google, especially as it designates the search engine for the iPhone, the most widely used smartphone in the United States. &nbsp;

The Justice Department is scrutinising this agreement as potential evidence that Google is unlawfully maintaining its dominance in both the search engine and search advertising markets.

While Google and Apple had sought to keep the details of their agreement confidential, the revelation of the 36 per cent revenue-sharing arrangement has raised questions about the dynamics of their partnership. &nbsp;

In a court filing last week, Google argued that disclosing additional information about the deal could "unreasonably undermine Google’s competitive standing in relation to both competitors and other counterparties." &nbsp;

This ongoing antitrust trial is shedding light on the intricacies of the tech industry's relationships and their potential impact on market competition.

(With inputs from Bloomberg)

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The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser.

The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser. According to a Bloomberg report, the disclosure by Alphabet's main economics expert Kevin Murphy has brought attention to the closely guarded details of the longstanding partnership between Google and Apple. The disclosure prompted a visible reaction from Google's main litigator, John Schmidtlein, as both companies had initially objected to publicly revealing specifics about their agreement. Google and Apple first partnered in 2002, when Google was set as the standard search engine in Apple's Safari browser. Over the years, this deal has become increasingly crucial for Google, especially as it designates the search engine for the iPhone, the most widely used smartphone in the United States. The Justice Department is scrutinising this agreement as potential evidence that Google is unlawfully maintaining its dominance in both the search engine and search advertising markets. While Google and Apple had sought to keep the details of their agreement confidential, the revelation of the 36 per cent revenue-sharing arrangement has raised questions about the dynamics of their partnership. In a court filing last week, Google argued that disclosing additional information about the deal could "unreasonably undermine Google’s competitive standing in relation to both competitors and other counterparties." This ongoing antitrust trial is shedding light on the intricacies of the tech industry's relationships and their potential impact on market competition. (With inputs from Bloomberg) WATCH WION LIVE HERE

Google pays Apple 36pc of search advertising revenue, discloses antitrust trial

Argentina is grappling with a severe economic crisis as inflation reaches a staggering 143 per cent, forcing citizens to adapt their spending habits. Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments.

According to Reuters, the South American nation, ranked as the region's second-largest economy and a significant grains exporter, is undergoing one of its most challenging periods in decades. With two-fifths of the population living in poverty, a looming recession is casting a shadow over Argentina's upcoming presidential election runoff next Sunday. &nbsp;

The economic downturn has fuelled voter frustration, propelling the radical outsider, Javier Milei, slightly ahead in polls for the presidential race, challenging Economy Minister Sergio Massa, the candidate of the ruling Peronist coalition.

The cost of new jeans, for example, has more than doubled in the past year, now representing over one-third of Argentina's monthly minimum wage.

The country's annualised inflation hit 142.7 per cent in October, according to the statistics office, with a monthly increase of 8.3 per cent. Although the monthly rise is down from peaks in August and September, it remains above analyst forecasts. Argentina's long-standing battle with high inflation, attributed to money printing and a lack of confidence in the local peso, has intensified over the past year.

In response to the economic challenges, many Argentinians are turning to alternative ways to make ends meet. Beatriz Lauricio, a 62-year-old semi-retired teacher, and her husband, a bus company employee, participate in clothing fairs on weekends to sell old garments. Lauricio emphasised the daily necessity of their actions, telling Reuters, "We're not doing this as a little extra so we can go on vacation to Brazil; we do it out of daily necessity."

María Silvina Perasso, the organiser of a clothing fair in Tigre, on the outskirts of Buenos Aires, highlighted that people shop there because prices have outpaced salaries. The local monthly minimum wage, officially 132,000 pesos, is effectively halved at real street rates due to capital controls. &nbsp;

(With inputs from Reuters)

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Argentina is grappling with a severe economic crisis as inflation reaches a staggering 143 per cent, forcing citizens to adapt their spending habits. Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments.

Argentina is grappling with a severe economic crisis as inflation reaches a staggering 143 per cent, forcing citizens to adapt their spending habits. Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments. According to Reuters, the South American nation, ranked as the region's second-largest economy and a significant grains exporter, is undergoing one of its most challenging periods in decades. With two-fifths of the population living in poverty, a looming recession is casting a shadow over Argentina's upcoming presidential election runoff next Sunday. The economic downturn has fuelled voter frustration, propelling the radical outsider, Javier Milei, slightly ahead in polls for the presidential race, challenging Economy Minister Sergio Massa, the candidate of the ruling Peronist coalition. The cost of new jeans, for example, has more than doubled in the past year, now representing over one-third of Argentina's monthly minimum wage. The country's annualised inflation hit 142.7 per cent in October, according to the statistics office, with a monthly increase of 8.3 per cent. Although the monthly rise is down from peaks in August and September, it remains above analyst forecasts. Argentina's long-standing battle with high inflation, attributed to money printing and a lack of confidence in the local peso, has intensified over the past year. In response to the economic challenges, many Argentinians are turning to alternative ways to make ends meet. Beatriz Lauricio, a 62-year-old semi-retired teacher, and her husband, a bus company employee, participate in clothing fairs on weekends to sell old garments. Lauricio emphasised the daily necessity of their actions, telling Reuters, "We're not doing this as a little extra so we can go on vacation to Brazil; we do it out of daily necessity." María Silvina Perasso, the organiser of a clothing fair in Tigre, on the outskirts of Buenos Aires, highlighted that people shop there because prices have outpaced salaries. The local monthly minimum wage, officially 132,000 pesos, is effectively halved at real street rates due to capital controls. (With inputs from Reuters) WATCH WION LIVE HERE

Argentinians are shifting to second-hand clothing. Here's why

Indian stocks experienced a festive boost in a special late-evening session celebrating Diwali, the Hindu festival of lights.

The S&amp;P BSE Sensex rose by 0.6 per cent to reach 65,259.45, led by prominent gains in heavyweights such as HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd, Bloomberg reported on Sunday.

The NSE Nifty 50 Index also saw a climb of 0.5 per cent, with all 19 sector gauges compiled by BSE Ltd. making advances. Coal India Ltd. notably surged the most in two weeks after reporting earnings that exceeded expectations.

The buoyant performance extended to small-cap stocks, which have outperformed global counterparts this year. A gauge measuring their performance recorded a 1.1 per cent increase, closing at a record high.

Optimism surrounding India's economic outlook and corporate earnings contributed to the positive sentiment. ANZ highlighted India's superior growth dynamics compared to other regional economies, noting the strong performance of its companies.

Reflecting the auspicious nature of Diwali, the Sensex has shown a historical trend of ending higher in eight out of the past 10 Diwali-day sessions, also known as Muhurat trading. Since&nbsp;Diwali 2022, the Sensex has risen approximately 9 per cent, outperforming the broader market.

The broader market rally has been fuelled by record inflows into companies closely tied to one of the world's fastest-growing economies. The Diwali session, determined by the new moon, is considered the most opportune time for new investments, symbolising the initiation of a prosperous financial year. On average, Indian stocks have delivered returns of 17 per cent in the past 10 Hindu calendar years.

While the festival session marked a positive start, attention now turns to the regular trading week ahead. Trading in India resumes on Monday following the Diwali celebration, with Tuesday being a holiday.

(With inputs from Bloomberg)

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Indian stocks experienced a festive boost in a special late-evening session celebrating Diwali, the Hindu festival of lights. The S&P BSE Sensex rose by 0.6 per cent to reach 65,259.

Indian stocks experienced a festive boost in a special late-evening session celebrating Diwali, the Hindu festival of lights. The S&P BSE Sensex rose by 0.6 per cent to reach 65,259.45, led by prominent gains in heavyweights such as HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd, Bloomberg reported on Sunday. The NSE Nifty 50 Index also saw a climb of 0.5 per cent, with all 19 sector gauges compiled by BSE Ltd. making advances. Coal India Ltd. notably surged the most in two weeks after reporting earnings that exceeded expectations. The buoyant performance extended to small-cap stocks, which have outperformed global counterparts this year. A gauge measuring their performance recorded a 1.1 per cent increase, closing at a record high. Optimism surrounding India's economic outlook and corporate earnings contributed to the positive sentiment. ANZ highlighted India's superior growth dynamics compared to other regional economies, noting the strong performance of its companies. Reflecting the auspicious nature of Diwali, the Sensex has shown a historical trend of ending higher in eight out of the past 10 Diwali-day sessions, also known as Muhurat trading. Since Diwali 2022, the Sensex has risen approximately 9 per cent, outperforming the broader market. The broader market rally has been fuelled by record inflows into companies closely tied to one of the world's fastest-growing economies. The Diwali session, determined by the new moon, is considered the most opportune time for new investments, symbolising the initiation of a prosperous financial year. On average, Indian stocks have delivered returns of 17 per cent in the past 10 Hindu calendar years. While the festival session marked a positive start, attention now turns to the regular trading week ahead. Trading in India resumes on Monday following the Diwali celebration, with Tuesday being a holiday. (With inputs from Bloomberg) WATCH WION LIVE HERE

Diwali Lights Up Indian Stocks: Small caps shine amid optimism

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