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By Ritu, Capital Sands Michael Debabrata Patra, 59, has been appointed the Reserve Bank of India (RBI) deputy governor for three years. The post fell vacant after Viral Acharya resigned on July 23 last year. Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012. He was also an internal member of the monetary policy committee (MPC). He was in deputation at the International Monetary Fund (IMF) as senior adviser ...

By Ritu, Capital Sands The pound extended its decline to the longest run in eight months as speculation of an imminent Bank of England interest-rate cut increased. Sterling fell as much as 0.3% against the dollar to $1.2955. Credit Agricole SA pointed out that more than half of the members of the bank’s Monetary Policy Committee are ready to support a reduction if U.K. data doesn’t improve. The next rate announcement is on Jan. 30. Bets the BOE will lower borrowing costs ...

By Ritu, Capital Sands The Chinese Yuan hit almost five-month highs and the USD continued to retreat on the last day of the year in Asia. The U.S. dollar index was down 0.06% to 96.69 , continuing a multi-day slide. The People’s Bank of China set the reference rate for the yuan at 6.9762, stronger than the 6.9805 fix set on Monday and its strongest point since early August. China’s economy continues to show signs of stabilization. The official manufacturing purchasing managers’ index for ...

By Ritu, Capital Sands Oil prices rose more than 20% this year but there were no sharp spikes and crude futures barely sniffed $70 a barrel despite attacks on the world's biggest oil producer, sanctions that crippled crude exports of two OPEC members and gigantic supply cuts from big oil producing countries. The price gains in crude oil benchmarks were all in the first quarter of 2019, even as the next several months featured supply shocks that in the past ...

By Ritu, Capital Sands Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world's no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. Brent crude futures were up 6 cents, or 0.1%, at $67.98 a barrel , after rising to as high as $68.10, the highest since September. The West Texas Intermediate contract was up 11 cents, or 0.2%, at $61.79 a ...

By Ritu, Capital Sands Oil prices trickled a fraction lower on Tuesday but remained near a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline and set to stoke oil demand in the world's biggest economies. Brent crude oil futures  had slipped by three cents to $65.31 a barrel , while West Texas Intermediate crude was down 4 cents to $60.17 a barrel. Under a partial trade agreement announced ...

By Ritu, Capital Sands Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. The pound rallied for a second day amid optimism a speedy resolution to the Brexit deadlock is in store after the Conservative Party’s election victory. Sterling advanced against all its major peers after Chief Secretary to the Treasury Rishi Sunak said the government plans to put its Brexit legislation before Parliament ahead of Christmas to ensure the country will leave the ...

By Ritu, Capital Sands Asian markets were mixed on Monday morning in Asia as U.S. Trade Representative Robert Lighthizersaid the phase one Sino-U.S. trade deal is “totally done,” but no date is set for the next phase two talks. China’s Shanghai Composite slipped 0.1% by 11:35 PM ET, while the Shenzhen Component gained 0.6%. Hong Kong’s Hang Seng Index dropped 0.3%. The phase one deal was agreed on Friday and the two nations are expected to official sign the partial accord in ...