2022-12-08

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Global Economy LIVE | Tokyo CPI rises at fastest pace in 40 years – WION

Gautam Adani

Gautam Adani

Follow for updates from the world of economy and global markets


Follow for updates from the world of economy and global markets
Tokyo stocks drifted lower on Friday as investors awaited fresh market-moving news with Wall Street closed for the Thanksgiving break. The benchmark Nikkei 225 index dropped 0.35 per cent, or 100.06 points, to 28,283.03, while the broader Topix index barely moved, losing 0.04 per cent, or 0.80 points, to 2,018.00.
Indian billionaire Gautam Adani is planning to invest more than $4 billion in a petrochemical complex in the state of Gujarat, he told the Financial Times on Friday. Adani, Asia’s richest person, plans to launch a “super app” in the next three to six months to connect Adani airport passengers with other Adani Group services, according to the report.
The US dollar is close to a three-month low and was headed for a weekly loss on Friday. The prospect of the Federal Reserve slowing monetary policy tightening as early as December preoccupied investors and kept the mood buoyant. Trading was thin overnight due to the Thanksgiving holiday in the United States, though a softer dollar remained in focus.
The Indian rupee was in a firm position on Friday, as most Asian currencies gained against a weaker dollar. However, it stopped short of breaching a key resistance level. The rupee was at 81.52 per dollar by 0455 GMT, having risen to 81.49 momentarily. It closed at 81.63 in the previous session.
Mexican cryptocurrency exchange unicorn Bitso laid out a transparency roadmap amid the high-profile collapse of crypto exchange FTX, Reuters reported. Bitso, which operates in Mexico, Brazil, Colombia and Argentina, will publish a solvency report in less than a month. It is also working on selecting an external partner to carry out an audit, Bitso’s Chief Regulatory Officer Felipe Vallejo told Reuters.
Core consumer prices in Japan’s capital, a leading indicator of nationwide trends, rose at their fastest annual pace in 40 years in November. They exceeded the central bank’s two per cent target for a sixth straight month, signalling broadening inflationary pressure. The Tokyo core consumer price index (CPI), which excludes fresh food but includes fuel, was 3.6 per cent higher in November than a year earlier, government data showed on Friday. 
Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady. It is near two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. Brent crude futures were down 29 cents, or 0.3 per cent, to $85.12 a barrel by 15.15 p.m. ET (2015 GMT), while U.S. WTI crude futures rose two cents, to $77.96.
Indian stocks opened marginally lower on Friday, after the benchmarks closed at record highs in the previous session, with investors digesting conflicting signals from global central banks on the interest rate environment. The benchmark S&P BSE Sensex opened down 0.18 per cent to 62,164.65, while the NSE Nifty 50 index fell 0.14 per cent to 18,459.00.
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