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Indian Stocks Stumble on Losses in Multiple Sectors

Shares of Indian companies traded lower amid losses the in power, capital goods and oil & gas sectors of the nation. Falling stocks on the India National Stock Exchange outnumbered those which were rising, with the fear index pegged to the nation (India VIX) trading higher to 19.33.

MACROECONOMIC DATA ANALYSIS

Russian Economy Minister Maxim Reshetnikov stated on Wednesday that Russia’s economy is expected to grow by 2.6% in the 2024-2025 year, as domestic consumption and demand for investment are on the rise. While GDP is likely to fall by 2.9% this year and 0.8% the next, Reshetnikov believes that the economic conditions of the nation will significantly improve in 2024.

Brazil is expected to witness wage hikes sometime in the future, according to Economy Minister Paulo Guedes. After years of no significant hike in minimum wages as the nation has been dealing with domestic conundrums, Guedes said that Brazil will finally “be able to give moderate salary increases based on prospective inflation from now on.”

CURRENCIES

The U.S. dollar escalated on Wednesday, currently near two-decade highs amid growing tensions resulting from Russian President Vladimir Putin’s tension over Ukraine. As traders await the highly-anticipated interest rate hike by the Federal Reserve, the dollar index, which tracks the greenback against other currencies, rose 0.43% to 110.420.

GOLD

Gold prices slightly recovered on Wednesday from the lows of Tuesday, as investors and traders eagerly await the Federal Reserve’s next meeting with regards to hiking interest rates to tame inflation. Driven by a weaker greenback, the bullion traded 0.60% higher to $1,674 per ounce.

OIL

Oil prices rocket on Wednesday’s trading session after Russian President Vladimir Putin announced a partial military movement, and in-turn, escalating the war in Ukraine. As this daunts on the currently-constricted oil & natural gas supply amid high demand, Brent futures surged 2.35% to $92.75, while WTI crude futures soared 2.51% to $86.05 per barrel.

INDICES

USA: S&P500 -1.13%, Dow Jones Industrial Average -1.01%, Nasdaq Composite -0.85%

Europe: FTSE 100 +0.88%, DAX -0.10%, CAC 40 +0.08%

Asia: Nikkei 225 -1.36%, Hang Seng -1.79%, CSI 300 -0.74%, Nifty 50 -0.55%

Newest

Apple Shall Manufacture iPhone 14 in India

Apple announced on Monday that it will manufacture the iPhone 14 in India, as the tech giant shifts some of its manufacturing away from the dominant China.

At an event earlier this month, the tech tycoon unveiled the newest iPhone 14, emphasizing safety improvements over exciting new technical features—with the exception of a new watch designed with adventure in mind.

"The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," Apple (NASDAQ:AAPL) said in a statement.

Instacart Cuts Staff & Hiring Before IPO

Grocery delivery app Instacart has been letting go of staff, slowing hiring and slashing other expenses as it heads toward a public listing, as reported by The Information reported on Saturday.

Instacart disclosed in May that it had secretly filed with the U.S. Securities and Exchange Commission to go public, a short time after cutting its valuation by 40% to just under $24 billion due to market instability.

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