Business
Wall Street reaps weekly gains amid Fed announcement, economic data

US equities advanced for the week as Wall Street parsed the Federal Reserve’s tapering announcement and a slew of economic data.
For the week ending Friday, the Dow rose 1.4 per cent, the S&P 500 increased 2 per cent, and the tech-heavy Nasdaq rallied nearly 3.1 per cent, Xinhua news agency reported.
The S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, logged a weekly decline of 0.7 per cent.
In a highly anticipated move, the Federal Reserve announced this week that it would begin unwinding, often referred to as “tapering,” its monthly bond and mortgage security purchases amid great concerns over elevated inflation levels.
“Inflation is elevated, largely reflecting factors that are expected to be transitory. Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors,” the Federal Open Market Committee (FOMC), the Fed’s policy-making committee, said in a statement after a two-day policy meeting.
In light of the “substantial further progress” the US economy has made toward the Fed’s goals since December 2020, the committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for US Treasury securities and $5 billion for agency mortgage-backed securities, according to the statement.
Meanwhile, the Fed included the usual caveat that the taper pace could change if the FOMC deems it advisable.
“The FOMC statement was almost unchanged in November with the exception of a taper to begin in November and to follow exactly the path laid out in the September minutes,” Chris Low, Chief Economist at FHN Financial, said on Wednesday.
“The tweak to the inflation language does not change the meaning but offers an explanation of the transitory factors the Fed believes underlie inflation pressures,” he added.
Analysts at Zacks Investment Management noted that “the Fed is intentionally winding down its programs slowly, while widely telegraphing its plans to the market,” adding “the taper and associated tightening are poised to happen very slowly, which should give the markets ample time to adjust.”
Investors also sifted through the latest payroll data to assess the shape of US labor market.
The US Labor Department reported on Friday that US employers added 531,000 jobs in October, higher than a gain of 450,000 jobs expected.
The latest data followed upwardly revised job gains of 312,000 in September, and upwardly revised job gains of 483,000 in August, when labor market recovery slowed amid a Delta variant-fueled Covid-19 surge.
The unemployment rate edged down by 0.2 percentage points to 4.6 per cent in October, after dropping by 0.4 percentage points in September. The figure was down considerably from its recent high in April 2020, yet remained well above the pre-pandemic level of 3.5 per cent.
The labor force participation rate was unchanged at 61.6 per cent in October and has remained within a narrow range of 61.4 per cent to 61.7 per cent since June 2020, according to the report. The participation rate is still 1.7 percentage points lower than that of February 2020.
A separate report by the Labor Department on Thursday showed that US initial jobless claims, a rough way to measure layoffs, registered 269,000 in the week ending October 30, a decrease of 14,000 from the prior week’s revised level. Economists polled by The Wall Street Journal had estimated new claims would total a seasonally adjusted 275,000.
Exclusive
Calcutta HC allows NGO to distribute relief material in communal violence-hit Murshidabad

Kolkata, April 17: A single-judge bench of the Calcutta High Court, on Thursday, permitted a non-government organisation (NGO) to visit the communal violence-hit Murshidabad and distribute relief material among the affected people.
While granting permission to the NGO christened ‘Khola Hawa (Open Air)’, which was earlier denied permission by the district administration, the single-judge bench of Justice Amrita Sinha observed that there was no rule that organisations other than government bodies would not have permission to distribute relief materials at any place.
She also observed that the existing law and order problem could not be an excuse for denying permission, since the Central Armed Police Forces (CAPF) were already posted in Murshidabad.
The NGO approached the bench of Justice Sinha after the Murshidabad district magistrate denied permission for its members to visit the troubled spots in the district to distribute relief there. Parts of Murshidabad district in West Bengal have been on the boil last week after protests over the Waqf (Amendment) Act turned violent.
In the petition, the NGO alleged that while the district administration was allowing different political parties to reach the troubled spots with relief materials, the permission to the organisation was deliberately denied.
The matter came up for hearing on Thursday afternoon. The counsel for the NGO argued that there was no reason for the district magistrate to deny the permission since the state Director General of Police had already claimed that the situation at Murshidabad was currently more or less normal. “The NGO members want to go there to distribute relief items like tarpaulin, food, and medicines to those affected,” the counsel of Khola Hawa argued.
Although the state government opposed the arguments, Justice Sinha finally accepted the argument of the counsel of Khola Hawa and permitted the NGO to visit the troubled spots and distribute relief items there.
However, she maintained that only three members of a relief team should visit any troubled spot at a time for the time being. At the same time, these three team members would have to inform the district magistrate at least 24 hours in advance about their visit. The visiting team members, as per the court order, should also not make any provocative statements during the process of relief distribution that might trigger tension in the area again.
International
Extreme marine heatwaves tripled over past 80 years: Study

London, April 17: The number of days each year that the world’s oceans experience extreme surface heat has tripled over the past 80 years due to global warming, a new study has found.
Researchers found that, on average, the global sea surface saw about 15 days of extreme heat annually in the 1940s, Xinhua news agency reported.
Today that figure has soared to nearly 50 days per year, revealed the study published in the journal Proceedings of the National Academy of Sciences.
Global warming is responsible for almost half of the occurrence of marine heatwaves — periods when sea surface temperatures rise well above normal for an extended time.
The study, produced by a team of scientists from the Mediterranean Institute for Advanced Studies, the University of Reading, the International Space Science Institute, and the University of the Balearic Islands, also found that rising global temperatures are making extreme ocean heat events last longer and become more intense.
“Marine heatwaves can devastate underwater ecosystems. Extended periods of unusually warm water can kill coral reefs, destroy kelp forests, and harm seagrass meadows,” said Xiangbo Feng, a co-author of the study at the National Centre for Atmospheric Science at the University of Reading.
The impacts of marine heat waves extend beyond the ocean. The researcher warns that increased marine heatwaves could, in return, cause our atmosphere less stable leading to more frequent and powerful tropical storms in some regions.
“As global temperatures continue to rise, marine heatwaves will become even more common and severe, putting increasing pressure on already stressed ocean ecosystems. These increased marine heatwaves could, in return, cause our atmosphere less stable leading to more frequent and powerful tropical storms in some regions,” Feng said
Noting that human activities are fundamentally changing oceans, the study called for urgent climate action to protect marine environments.
Business
US tariff hikes no longer make economic sense: China

Beijing, April 17: A Chinese foreign ministry spokesperson said on Thursday that the United States’ 245 per cent tariff on certain products from China no longer makes economic sense.
It the US continues to play the “tariff numbers game”, it will pay no attention to it, according to the spokesperson, Xinhua news agency reported.
The statement came in the wake of White House’s statement that China faces tariffs of up to 245 per cent due to its retaliatory action.
China now faces up to 245 per cent tariffs on imports to the US as a result of its retaliatory tariffs, according to the White House Fact sheet.
This came after Beijing ordered its airlines not to take any further deliveries of Boeing jets in response to the earlier US decision to impose 145 per cent tariffs on Chinese goods.
According to the White House, the US President is open to making a trade deal with China, but Beijing should make the first move.
“More than 75 countries have already reached out to discuss new trade deals. As a result, the individualised higher tariffs are currently paused amid these discussions, except for China, which retaliated,” it said.
The White House also accused Beijing of banning exports to the US of gallium, germanium, antimony, and other key high-tech materials with potential military applications.
There are no winners in a trade conflict and the tussle between China and the US raises the risk of economic and geopolitical fallout, a report by S&P Global Ratings said this week.
Home to sizable manufacturing activities, Asia-Pacific is highly dependent on exports to the U.S. and China for growth. At the same time, Asia-Pacific depends on the US mostly for security.
The region could find itself pushed to take sides or walk a delicate line between the two large economies, the report stated.
To counteract tariffs, Asia-Pacific governments are exploring the formation of regional trade blocs or bilateral trade agreements. These efforts could accelerate, expediting the need to relocate supply sources and production.
China’s economic growth is seeing rising downside risk amid rising trade tensions with the US as its export engine falters from weaker global demand. The country’s domestic growth engine remains subdued, given the lingering real estate crisis, which is dragging down confidence.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra7 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra6 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra7 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News6 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime6 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra5 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News7 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface