Roundup: S&P -2.09%, Dow -1.96%, Nasdaq -2.15%, Gold $1264.30, London -1.62%, Germany -2.48%, France -2.79%. At pixel: Nikkei -2.73%, Hang Seng -2.26%
The immediate problems in Argentina on top of the underlying concerns about the slowdown in Chinese economic growth and the impact of US monetary tapering have left managers worried that the emerging markets sell-off could accelerate. (FT)
Looks like the Rupee is in for another bout of volatility. Are we going to head back to Rs. 65 to the dollar?
What wants inflation targeting? Not the government. The ‘Expert Committee to Revise and Strengthen the Monetary Policy Framework’ – appointed within a week of Mr Rajan taking charge of RBI – says the primary objective of monetary policy should be to keep inflation – as measured by the retail CPI – at 4%, with a band of 2% on either side. P. Chidambaram: controlling inflation “is only one of the objectives” of the RBI, which he said must also seek to support economic growth. (FT, #inflation)
Sugar prices have fallen by 30% in just a year and has touched the lowest in 5 years. (ET)
Some good news: India may save as much as Rs.1,863 crore in potash imports in the next fiscal year, as the price of the fertilizer has fallen drastically after a global cartel collapsed. (LiveMint, Fertilizer Sector)
Besides, every challenge brings with it opportunities.