By Malvika Gurung
Investing.com -- The July 29-terminated week witnessed the US Fed raising interest rates by 75 basis points, in line with the Street’s estimates, consecutively for the second month to a range of 2.25-2.5%, to tame the hottest inflation in 40 years.
Here are some highlights of key financial events and developments that occurred during the week across three major emerging nations - India, China and Brazil.
India
- Indian equity benchmark indices Nifty50 and Sensex gave a blockbuster performance and ended the week on a higher note, logging their best month in 2022, aided by metal and financial stocks amid a global risk-on-rally.
- The 30-scrip index Sensex recorded its best week in 11 months, while the broader headline index Nifty50 jumped the most in nearly 20 months in the week ending Jul 29.
- Investors on Dalal Street have added Rs 9.1 lakh crore to their wealth during the three-day market rally streak.
- The Indian rupee appreciated against the US dollar and closed 51 paise higher at 79.25/$1 on Friday, as domestic equities rallied following strong global cues and a weakening greenback, led by a drop in the US Treasury yields.
- The International Monetary Fund slashed its projection for India by 0.8 percentage points to 7.4%, and 7.5% from 8% for FY23, due to a surge in Covid-19 cases, related mobility restrictions and the Ukraine war.
China
- The country’s top leaders indicated that there is no big stimulus on the way to support economic growth and downplayed the commitment to achieve a near-5.5% GDP target.
- The economic recovery in the world’s second-largest economy picked momentum in July as general confidence went up and business activities resumed despite disruptions from recurring Covid-19 outbreaks.
- Chinese banks have sold 29% additional bonds in H12022 on a YoY basis to replenish capital and cover credit losses amid a potential spike in bad loans due to the economic slowdown and housing crisis.
- China has signalled that it might not be able to meet its annual economic growth target due to Covid restrictions.
- As per the Commerce Ministry statement, China’s non-financial ODI in H1 2022 has risen 0.8% from a year earlier to 351.67 billion yuan.
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Brazil
- The country’s unemployment rate has hit a 7-year low at 9.3% in the Apr-Jun 2022 period, tumbling for the fourth consecutive month, as per the official data released on Friday.
- The largest fintech bank in Latin America, Nubank Brazil has acquired 1 million users on its crypto trading platform, which lets users buy and sell BTC and ETH, along with the trading and custody services provided by the Paxos blockchain technology.
- IMF forecasts the country’s economy to expand 1.7% in 2022 and 1.1% in 2023, compared to its earlier projections of 0.8% and 1.4%, respectively.
- The Spanish financial services giant looks to begin offering cryptocurrency trading to clients in Brazil over the upcoming months.