22ND January 2017
The Weekly Business Digest
Markets Weekly
EQUITIES NIFTY 8,349-0.6 % SENSEX 27,035-0.8 % S & P 500 2,271-0.2 % NASDAQ 5,063 + 0.1 % FTSE 7,198-1.9 % DAX 11,630 + 0.0 % NIKKEI 225 19,138-0.8 % HANG SENG 22,886-0.2 % KOSPI 200 266.5-0.5 %
FX USD 68.18 + 0.0 % EUR 72.50-0.15 % GBP 83.64 + 0.5 % JPY 0.59-0.62 % COMMODITIES
BRENT CRUDE($)
55.49 + 0.1 %
GOLD MCX 29,024 + 0.8 % SILVER MCX 40,983 + 0.7 %
INTEREST RATES
INDIA 10-YR BOND
US 10-YR BOND
6.19 % + 1 bps
2.36 % + 4 bps
STORY OF THE WEEK
Theresa May opts for a hard( clean) Brexit Theresa May, the PM of UK, acknowledged that leaving EU would involve trade-offs and that she will pursue“ hard Brexit”. This would mean Britain would be taken out of EU’ s single market to allow it to supposedly take control of immigration and escape the shackles imposed by EU. Her promise was directed towards making of a“ Truly Global Britain”. To read more, click here: Economist
GST rollout deferred to July 1, 2017 India are likely to roll out Goods and Services Tax( GST) from July 1 as the centre and the states reached a consensus over dual control. The consensus was reached after the centre agreed to the demand of states to go in for horizontal split with regard to tax payers based on annual turnover. Tax experts said that the latest developments will help industry prepare for the new regime. To read more, click here: Economic Times
EC yet to decide on Feb 1 as the budget date It is still not confirmed that the Union Budget 2017 will be presented on February 1, 2017. Due to the concerns raised by the opposition parties about the conflict of interest with the assembly elections scheduled till March 11. EC has asked the government to give details of the procedure followed by UPA government to delay the presentation of Union Budget in 2012. To read more, click here: Livemint
Donald Trump sworn-in as the 45th President of the United States On January 20th, Donald Trump was sworn-in as the 45th President of United States taking over the reins from Barack Obama. In his 16-minute inaugural speech, Trump talked about stopping“ American Carnage” and obliterating“ radical Islamic terrorism”. He also mentioned depletion of American military during his predecessor’ s regime. The US Markets gave a muted response to the speech inaugural address by Trump. To read more, click here: Indian Express | Financial Times
FUN FACTS about Union Budget: Did you know?
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Independent India’ s first budget was presented by India’ s first Finance Minister R. K. Shanmukham, 5pm on Nov 26th, 1947. The peculiar timing of 5pm was decided as it corresponds to 11:30am as per London, UK time.