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PremiumShare Market Updates: Sensex and Nifty remained under pressure for most of the session but rallied in the final hour and ended with gains.
The investors remained pessimistic at the start amidst concerns about inflation and China's faltering economy. Bank and Finance indices continue to shed, while IT and PSU Bank stocks remain in the green.
India's CPI inflation surged sharply to a 15-month high peak of 7.44 per cent in July 2023, driven by high food and vegetable prices. July CPI print had breached the Reserve Bank of India's upper tolerance limit of 6% for the first time in five months. The CFPI in July also surged to 11.51 per cent - the highest level since October 2020,
Global shares were trading mixed Wednesday amid worries over discouraging data on China, as well as over the future of the U.S. economy.
China’s recovery from Covid-19 restrictions has faltered so much that it unexpectedly cut a key interest rate on Tuesday and skipped a report on how many of its younger workers are unemployed.
Indian markets rallied in the final hour after remaining in the red for most of the session on Wednesday after a surge in domestic retail inflation triggered caution, adding to market jitters brought by worries about China's economic recovery.
The Nifty 50 index gained 30 pts to close at 65,539, S&P BSE Sensex added 137 points to end at 65,539.
The morning slide came after data showed that domestic annual retail inflation rose to a 15-month high of 7.44% in July, predominantly due to rising vegetable and cereals prices.
Ultratech Cement, Apollo Hospitals, Infosys and NTPC led the stock charts, while Tata Steel, HDFC Life, Bharti Airtel and Hindalco were among the biggest laggards.
Among sectoral indices, Metal, Consumer Durable Finance, and Pvt Bank indices dropped the most. IT, Media and PSU Bank gained in today's session.
Global shares were trading mixed Wednesday amid worries over discouraging data on China, as well as over the future of the U.S. economy.
Japan's Nikkei share average ended at a more than two-month low as China's economic outlook weighed on risk appetite, while banking shares slid after a report on a possible downgrade of U.S. major banks. The Nikkei index fell 1.46% to its lowest close since June 8 and its biggest daily decline since Aug. 3. The broader Topix slipped 1.29%.
European stocks fluctuated as fears deepened over China’s economy and traders awaited further clues on the path of interest rates from the US Federal Reserve. The pound strengthened after UK inflation data remained faster than expected.
The FTSE 100 index continued its sell-off on Wednesday after data showed that underlying inflation remained high, building a case for more interest rate hikes by the Bank of England (BoE), while Marshalls fell on lower half-year profit.
As economic risks related to the COVID-19 outbreak have decreased and lenders have put in place adequate stress-testing measures, the operational environment for Indian banks strengthened, said Fitch Ratings on Wednesday, according to a Reuters report
"A number of prudential indicators for the sector have also improved compared with pre-pandemic levels, though growing risk appetite in a relatively benign OE (operating environment) highlights the importance of appropriate buffers against potential stress," the rating agency said in a note, reported Reuters. (Read More)
Amid visa woes, Germany has earmarked an investment of 5 million euros, or about ₹4.5 crore, on marketing activities in India, to showcase itself as the preferred destination for Indian tourists. Last year, too, it had earmarked a similar amount but spent less than anticipated.
Germany is also working to speed up the visa process, which is still taking up to eight weeks, said Georg Enzweiler, deputy head of mission, German Embassy.
“Visa is an important issue and getting better with application times is important, but sometimes bureaucracy takes time. To cope with an increased number of applications, we have increased our staff in Mumbai. It still roughly takes eight weeks right now to get a visa and we are hoping this will get better, But bureaucracy takes time," he said. (Read More)
Sylph Technologies Ltd, classified as a small-cap stock with a value below ₹5, has recently received approval from its board of directors for a preferential issue. The total value of this issue is set at a maximum of ₹83.20 crore. In this offering, the company has made available 26 crore company shares. This issuance is open to both non-promoters and public category investors.
The price set for each equity share in this preferential issue is ₹3.20.
hina's Tencent Holdings posted a smaller-than-expected 11% rise in second-quarter revenue on Wednesday, as the country's sputtering economic recovery weighed on the social media and gaming giant's recovery from last year's record downturn. The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.20 billion yuan ($20.45 billion) for the three months ended June 30. That compared with the 151.73 billion yuan average of 21 analyst estimates compiled by Refinitiv.
Revenue growth was little changed from a 10.7% rise in the first quarter. Tencent posted a 1% revenue drop in the same period last year, when it reported its first ever sales decline, hit by Beijing's bruising regulatory crackdown on its sprawling tech sector.
Regulatory concern has eased this year for China's tech giants, including Tencent, with Chinese authorities keen to boost private sector confidence. But the world's second-largest economy failed to surge after it lifted COVID-19 restrictions late last year. (Reuters)
Religare Enterprises saw a significant surge in its share price, rising over 10% to reach a 52-week high of ₹242.55 per share on the BSE on Wednesday. This boost comes in response to various media reports suggesting that the Burman family has potentially acquired a stake in the company through a block deal, estimated to be within the range of 5% to 7%.
The Burman family already possesses a stake of more than 14% in the diverse financial services firm through various entities. According to a report by ET NOW, the family is believed to have acquired an additional 7.6% stake in Religare Enterprises. It's important to note that the Burman family holds a controlling stake in Dabur Ltd.
Religare Enterprises operates as a financial services company, offering a range of services encompassing SME loans, insurance, retail broking, and affordable housing finance. (Read More)
Mohit Ralhan, Chief Executive Officer TIW Capital: Inflation in July reached 7.4% YoY, the highest since April 2022. Food inflation led to a sharp jump. Vegetables, spices, pulses and milk registered double-digit inflation. However, on the positive side services inflation remained broadly unchanged. Fuel inflation and housing inflation came in at 3.7% YoY and 4.5% YoY respectively. Even though the headline number is higher, it is mainly because of temporary factors like a 37% jump in vegetable prices. The RBI will see through this print and will likely keep rates on hold at its next meeting.
Pen maker Cello World Ltd has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through its initial public offering (IPO), according to a regulatory filing. The IPO with a face value of ₹5 is a complete offer for sale (OFS) of up to ₹1,750 crore.
The offer includes a reservation of up to ₹10 crore for subscription by eligible employees.
It comprises up to ₹300 crore by promoter Pradeep Ghisulal Rathod, and up to ₹670 crore by promoters Pankaj Ghisulal Rathod. (Read More)
Mukesh Ambani's Reliance Industries Ltd. (RIL) has issued a letter of guarantee of ₹7,706 crore in favour of Samsung India Electronics for extending credit to its subsidiary Reliance Jio for supply of telecom equipment, the company said on Wednesday.
“The guarantee issued by the company is a continuing guarantee until all obligations are fulfilled by RJIL (Reliance Jio Infocomm Ltd.). RJIL is in complete compliance with all its obligations towards SIEPL (Samsung India Electronics Private Limited), and accordingly, the guarantee does not have any adverse impact on the company," RIL said in a statement. (Read More)
GoFirst airline, which has been inoperational since the beginning of May, has revealed an additional extension of flight cancellations, this time until August 18. The announcement was made through a tweet on Wednesday.
The airline's tweet stated, due to operational reasons, Go First flights until 18 August 2023 are cancelled.
Go First has further released a statement accompanying the tweet, disclosing that the company has submitted an application for swift resolution and the reestablishment of operations. The statement expressed optimism about the prospect of resuming bookings in the near future. (Read More)
Hyundai Motor Co said on Wednesday its unit, Hyundai Motor India, signed an asset purchase agreement to acquire General Motors' Indian plant.
Hyundai said manufacturing operations at the plant are planned to commence in 2025.
Analysts believe this reinforces that the current surge in inflation is transitory and will correct in 2-3 months.
Amid a wide perception that the high inflation would not last long and is just transitory, economists and analysts believe the RBI’s Monetary Policy Committee (MPC) will not hike interest rates in its next meeting, but the hopes of a rate cut has further pushed to early FY25.
Prasenjit Basu, Chief Economist, ICICI Securities thinks the MPC will be reassured by the moderation in core inflation, and thus will see no further need for monetary tightening to deal with this unexpectedly-large spurt in headline inflation. (Read More)
Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and West Bengal are the top 5 states, constituting 48 percent of the total income tax returns filed in AY23. A research report by the State Bank of India has assessed the emerging trends from the recently-closed ITR filing process. The report revealed that a significant number of taxpayers have left the lower-income strata and migrated upwards.
Overall, there have been 64 lakh more ITRs filed in AY23 over AY22, with the maximum increase registered in Maharashtra followed by Uttar Pradesh, Punjab, Gujarat, and Rajasthan, the report said. (Read More)
Praful BOHRA and Kashish THAKUR on InCred Equities views on of Divi's Laboratories: Margin recovery likely to continue
HOLD - Maintained | INR3,731 tp:INR3,754
■ 1QFY24 EBITDA missed estimate on lower revenue although margins were in line. Margins to improve further with higher CCS business & lower input costs.
■ Revenue growth to pick up pace from FY25F. Structurally, Divi’s Laboratories expects margins to come back to the 35-40% range, and we largely concur.
■ Valuation largely factors in the recovery. Await a better entry point. Retain HOLD on the stock with a higher target price of Rs3,754.
UK inflation remained higher than expected last month, adding to the case for the Bank of England to raise interest rates again.
The Consumer Prices Index rose 6.8% in July, slower than the 7.9% increase the month before, the Office for National Statistics said Wednesday. It exceeded the 6.7% rate economists had expected, the fifth time in six months the figures surprised on the upside.
The core rate of inflation, excluding food and energy prices, held at 6.9% in July instead of ticking down as economists had expected. Energy and food helped bring the headline inflation rate lower, but transportation costs were rising.
Coupled with a record surge in wages reported on Tuesday, the figures strengthen the sense that Britain is suffering the worst inflationary spiral in the Group of Seven nations. Investors have revived speculation the BOE will deliver a quarter point rate hike or more next month. (Bloomberg)
Earlier this month, Honor provided a hint about its comeback to the Indian smartphone market. Former CEO of Realme, Madhav Sheth, also confirmed his involvement in this venture. Now, Honor Tech India has officially declared its intention to re-enter the Indian smartphone market. The company is preparing to unveil their initial device in the country after a hiatus of over three years.
“Exciting News Alert! Honor Smartphones will be launched soon in India. Join us on this incredible journey as we empower the future with Honor Tech," reads a tweet by Madhav Sheth. (Read More)
Apollo Hospitals Enterprises Ltd reported a nearly 47% year-on-year decline in consolidated net profit during the June quarter due to one-off factors. Nonetheless, strong performance in the healthcare services (hospitals) division helped maintain a positive outlook, analysts said.
The hospital segment remains robust with average revenues per operating bed (ARPOB) at ₹57,760, up 11% year-on-year, and segment's profits at ₹264 crore, up 19% year-on-year. Overall occupancy was 62% and the company plans to achieve more than 70% over the next two years, Group CFO Akhileswaran Krishnan said. (Read More)
Krishan Parwani of JM Financial Institutional Securities views on Archean Chemical Industries: Earnings miss; outlook encouraging for bromine demand
BUY INR 735
Archean’s 1QFY24 earnings print was weaker than expected with EBITDA/EPS miss of ~16%/17% mainly on account of subdued bromine sales. Recently, bromine prices have started firming in China. Moreover, the management has also started seeing early signs of recovery in bromine demand. Hence, in our view, 2HFY24 should be better than 1HFY24 from both bromine volume and realisation fronts. Moreover, the company’s bromine derivatives (CBR and PTA catalysts) are scheduled to be commercialised in mid-3QFY24. Taking into account 1QFY24 results, gradual bromine volume recovery, and delay in commercialisation (vs. our expectation) of flame retardants by two quarters, we cut FY24/25/26 EPS estimates by 25%/15%/13%. We continue to like the bromine derivatives story offering 29% EPS CAGR over FY23-26E. We maintain BUY with a Sep’24 TP of INR 735/share (based on 12X Sep’25E EPS).
The upcoming board of directors meeting for Hindcon Chemicals Ltd will address several significant matters. These include the consideration and approval of an interim dividend for the financial year 2023-24. Additionally, the board will deliberate upon and decide on the proposal for a stock split as well as a share buyback.
Hindcon Chemicals Ltd, a small-cap company listed on the NSE, has officially communicated these developments to the Indian stock exchange. The scheduled board meeting, set for August 26, 2023, will serve as the platform for board members to review, discuss, and ultimately approve these proposals. (Read More)
In early trading on Thursday, IndiGo's share price experienced a drop of over 4%, driven by a block deal involving the company's equity shares that occurred on the exchanges. The decline in IndiGo's share price reached a maximum of 4.84%, resulting in each share being valued at ₹2,425.00 on the BSE.
As per the terms of the deal detailed in a report by Mint, Rakesh Gangwal, a co-founder of IndiGo, along with his family, had initiated the sale of approximately 4% of their stake in InterGlobe Aviation Ltd. The transaction, with a potential value of up to $450 million (equivalent to ₹3,370 crore), was executed at a floor price of ₹2,400 per share. This floor price represented a discount of 5.8% compared to the closing price of ₹2,549 recorded on the previous Monday. (Read More)
On why Infosys share price is receiving buying interest today, Saurabh Jain, Vice President — Research at SMC Global Securities said, “Recently, HCL Tech announced collaboration with global tech giant Verizon Business. This has already bring momentum in Indian IT company stocks. After this, Infosys sealed a deal with Liberty Global, which has further boosted the morale of stock market bulls in regard to IT stocks." (Read More)
Apple Inc.’s next-generation iPhone 15 is beginning production in Tamil Nadu, in an effort to further narrow the gap between its India operations and main manufacturing base in China.
A Foxconn Technology Group plant in Sriperumbudur is preparing to deliver the newest devices only weeks after they start shipping from factories in China, as the company seeks to swiftly increase the volume of new iPhones coming from India, people familiar with the matter said.
The Cupertino, California-based firm is on a multiyear project to diversify its manufacturing away from China, de-risking the supply chain for its most important products as tensions between Washington and Beijing make trade less predictable. India, under Prime Minister Narendra Modi, has sought to build closer ties to the US and make itself a manufacturing hub. (Bloomberg)
SBFC Finance Limited marked a successful entry into the stock exchanges on Wednesday, demonstrating a promising start. The company's shares were introduced on the NSE at a price of ₹82 each, reflecting an impressive premium of 43.85% over the issue price of ₹57 per share.
Likewise, on the BSE platform, the listing of SBFC Finance shares occurred with a notable premium of 43.84%, valuing each share at ₹81.99.
During its subscription phase from August 3 to August 7, the initial public offering (IPO) of SBFC Finance Limited garnered significant investor interest, evident by a robust subscription rate. The IPO secured a total subscription of 74.06 times the available shares, affirming the strong demand from investors. (Read More)
The current stock price of Bajaj Auto is ₹4574.5, with a percent change of -0.87 and a net change of -40.25. This means that the stock price has decreased by 0.87% and the value has decreased by ₹40.25.
Click here for Bajaj Auto Profit Loss
Mukesh Ambani-led Reliance Industries Ltd (RIL) has issued guarantees for Reliance Jio Infocomm Limited (RJIL) and Reliance International Limited (RINL), ensuring compliance and no adverse impact.
In an exchange filing dated August 14. RIL informed. “Guarantee issued for RJIL, a subsidiary of the Company - Letter of Guarantee executed by the Company in favour of Samsung India Electronics Private Limited (SIEPL) in consideration of SIEPL extending credit for the supply of LTE equipment or part thereof to RJIL. The maximum liability of the Company under the guarantee is Rs. 7,706 crore. The guarantee issued by the Company is a continuing guarantee until all obligations are fulfilled by RJIL," (Read More)
ITC Ltd on Monday outperformed Street expectations with a 17.5% rise in standalone net profit for June quarter, helped by lower expenses. However, an ongoing ban on wheat export and a more recent ban on rice export hurt standalone revenue for the quarter that fell 7.2% to ₹16,995.49 crore from ₹18,320.16 crore a year ago. The company posted net profit of ₹4,902.74 crore for the quarter ended 30 June, up from ₹4,169.38 crore a year ago. The figures topped ₹4,817 crore estimate in a Bloomberg survey of 14 analysts.
State-run ONGC aims to scale up its renewable energy portfolio to 10 GW by 2030.
The oil explorer is planning to set up two green-field O2C (oil-to-chemical) plants in India, a company statement on Tuesday said. ONGC is charting a roadmap for opportunities in renewable energy and low-carbon sectors.
"ONGC is investing around ₹1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030," it said. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: "There are strong headwinds, both globally and domestically, that can impact the market in the near-term. Global headwinds are from the rising dollar index ( 103.23) and spiking U.S. bond yields ( 10-year yield 4.21%). Consequently FIIs are selling, taking their cash market sell figure in August, till 15th, to ₹9867 crores. Domestically, the major headwind is the rising inflation. July CPI inflation has come at 7.44%, which is 1% above consensus estimates. The CPI inflation for FY 24 will have to be revised upwards to 5.6%. The takeaway from this is that a rate cut can be expected only in H2 of CY24. This is negative for rate sensitives. So, banking sector, which has been a pressure point for the Nifty is likely to experience more near-term pain. But for long-term investors, the correction can be an opportunity since the sector is doing well and valuations are fair.
Defensives like pharmaceuticals and IT will be relatively safe in the near-term. Rupee will turn weak."
In a twist to the much-anticipated rivalry between Elon Musk and Mark Zuckerberg, the two tech giants engaged in another round of subtle verbal sparring.
Zuckerberg posted on Instagram story, “Send me the location" along with the screenshot of Musk’s tweet where he had first challenged the Meta owner.
Responding to this, the X-owner accused Zuckerberg of apparently not accepting the challenge. (Read More)
Top stocks in focus: IndiGo to sell shares worth ₹3,730 crore; ITC's Q1 net profit rises 17.5%; Infosys signs 1.5 billion euro deal with Liberty Global; Mahindra Rise unveils new tractor platform; Ministry of Finance increases windfall tax on crude oil; SEBI upholds order barring Punit Goenka and Subhash Chandra from key positions at Zee Entertainment; Hero MotoCorp discloses Sunil Kant Munjal's exit; Balaji Amines delays financial results; Vodafone Idea gets 30-day grace period for spectrum payment; GMR Airport reports 40% increase in Q1 gross revenue. (Read More)
The National Company Law Tribunal (NCLT) is slated to address ICICI Bank's insolvency petition against Supertech Township Project Limited on August 16. This decision follows the postponement of the originally scheduled hearing on August 9.
Supertech, which had previously garnered attention due to a Supreme Court directive mandating the demolition of twin towers in Noida, continues to grapple with ongoing legal complexities.
The apex court's verdict in August 2022 highlighted apparent collusion between Noida officials and the company, leading to the demolition of the structures. This verdict triggered a series of legal consequences, including the censure of officials for violations of pertinent development and apartment-related laws. (Read More)
Balaji Amines, a company specializing in the production of specialty chemicals, has communicated through an official exchange filing that, in adherence to the SEBI Master Circular, they wish to inform about a delay in the preparation of their Consolidated Financial Results. This delay is attributed to the unavailability of the management during the stipulated time frame.
“Therefore, the Company’s Un-audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2023 will be approved subsequent to August 14, 2023 and that the Company will endeavour to get the same approved at the earliest," the statement added. (Read More)
Mahindra & Mahindra Ltd, the world’s largest tractor company by sales, is eyeing a bigger chunk of a growing global market for light-weight, four-wheel drive tractors with its new platform, Oja, unveiled on Tuesday.
According to a top company executive, Oja, built at an investment of ₹1,200 crore, is an entirely novel venture for the company, whose expertise has been rooted in “heavy, rugged" tractors.
Mahindra will build multiple models on the platform across four categories—sub-compact, compact, small utility and large utility segments—with seven products set to hit the Indian and foreign markets later this year. The company expects the platform to help double export volumes from FY23’s 18,000 units to around 36,000 by FY27, said Hemant Sikka, president, farm equipment sector, Mahindra & Mahindra in an interview with Mint on the sidelines of an event in Cape Town to showcase the new platform.
The Ministry of Finance has made the decision to raise the windfall tax imposed on the sale of domestically produced crude oil to ₹7,100 per tonne. This increase marks a significant step up from the previous windfall tax rate of ₹4,250 per tonne, which had been in place for the past two weeks. The revised tax rate is set to become effective starting from August 15.
In addition to this adjustment, there have been alterations in other duties as well. The Special Additional Excise Duty (SAED) for diesel exports has been notably elevated from Re 1 per litre to ₹5.50 per litre. Furthermore, a duty of ₹2 per litre has been reinstated on aviation turbine fuel, as indicated in a recent government notification. (Read More)
In July 2023, India's consumer price index (CPI) inflation experienced a substantial surge, reaching a peak of 7.44%, marking a 15-month high. This sharp increase was primarily driven by elevated prices in the food and vegetable sectors. Notably, the July CPI reading surpassed the upper tolerance threshold of 6% set by the Reserve Bank of India, a breach that occurred for the first time in five months.
The consumer food price index (CFPI) for July also witnessed a significant rise, reaching 11.51%, a level not seen since October 2020. These figures were derived from data released by the Ministry of Statistics and Programme Implementation on August 14.
Within the food category, vegetable prices demonstrated an impressive 37.34% surge, contrasting with a year-on-year contraction of 0.93%. Vegetables hold a substantial 6.04% weightage in the overall retail inflation calculation. Additionally, the current escalation in tomato prices played a role in driving up the inflation figures. In various major cities, the cost of tomatoes rose dramatically, reaching as high as ₹150-200 per kilogram. (Read More)
ITC Ltd exceeded market expectations on Monday by reporting a robust 17.5% surge in its standalone net profit for the June quarter, benefiting from reduced expenses. Nonetheless, the company faced challenges as an ongoing prohibition on wheat exports and a more recent ban on rice exports led to a 7.2% decline in standalone revenue for the quarter, which amounted to ₹16,995.49 crore as compared to ₹18,320.16 crore in the corresponding period last year.
Renowned for its Gold Flake cigarettes and Bingo chips, ITC Ltd achieved a net profit of ₹4,902.74 crore for the quarter ending on June 30, surpassing the ₹4,169.38 crore recorded a year prior. These figures outperformed the estimates from a Bloomberg survey of 14 analysts, which had projected earnings of ₹4,817 crore. (Read More)
Rakesh Gangwal, one of the co-founders of IndiGo, along with his family, is poised to divest approximately 4% of their ownership in InterGlobe Aviation Ltd. This transaction, valued at up to $450 million (equivalent to ₹3,370 crore), is outlined in the terms of the deal as revealed by Mint.
This move is in line with Gangwal's strategy to reduce his stake in InterGlobe Aviation, the parent company of IndiGo, which stands as India's largest airline. Notably, this forthcoming block sale will mark Gangwal's most substantial such deal to date, reflecting his ongoing series of share divestments that have unfolded over the past year.
In September 2022, the Gangwal family previously sold off 2.8% of their shares in the airline, generating ₹2,000 crore. Subsequently, in February of the current year, they further sold a 4% stake, yielding ₹2,900 crore. (Read More)
SBFC Finance Limited's initial public offering (IPO) is set to mark its debut on the stock market today, August 16, 2023. According to details presented on the BSE website, starting from this Wednesday, the 16th of August, 2023, the company's equity shares will be officially listed and available for trading on the exchange, falling under the 'B' group of securities. The share price of SBFC Finance will be unveiled on both the BSE and NSE platforms during a special pre-open session scheduled for 10:00 AM on this Wednesday, as indicated by a notice from the BSE. (Read More)
A sharp drop for Wall Street capped a day of declines around the world Tuesday after discouraging data on China raised worries about the global economy.
The S&P 500 slumped 1.2% for one of its worst drops since the spring after data showed a deepening slump for the world's second-largest economy. The Dow Jones Industrial Average tumbled 361 points, or 1%, and the Nasdaq composite sank 1.1%.
Coming into this year, the expectation was that China's economy would grow enough after the government removed anti-COVID restrictions to prop up a global economy weakened by high inflation. But China’s recovery has faltered so much that it unexpectedly cut a key interest rate on Tuesday and skipped a report on how many of its younger workers are unemployed.
Worries about the knock-on effects for the rest of the global economy are weighing on Wall Street, where stocks have already been retrenching in August. The pullback follows a gangbusters first seven months of the year that critics called overdone.
In the U.S., the economy has remained more resilient than expected despite higher interest rates. A report on Tuesday showed growth for sales at U.S. retailers accelerated by more in July than economists expected. (AP)
