Tue Sep 17 14:00:32 UTC 2024: ## Global Markets Upbeat Amidst Fed Rate Cut Anticipation and Strong Retail Sales

**New Delhi, India:** Global markets opened higher on Tuesday, boosted by positive retail sales figures and anticipation of the Federal Reserve’s interest rate cut later this week. The Dow Jones Industrial Average rose 0.24%, the S&P 500 gained 0.40%, and the Nasdaq Composite surged 0.65%.

**Retail Sales Drive Optimism:** US retail sales unexpectedly rose in August, providing a small boost to the economy despite rising inflation. The Commerce Department reported a 0.1% increase in retail sales from July to August, with online retailers, sporting goods stores, and home and garden stores leading the gains.

**Intel Gains Ground with Amazon Deal:** Intel shares surged 7% in pre-market trading after announcing a multibillion-dollar deal to build custom AI chips for Amazon Web Services (AWS). The deal is expected to bolster Intel’s struggling contract manufacturing business and provide it with a foothold in the burgeoning AI chip market.

**Indian Markets Show Strength:** India’s wholesale inflation fell to a four-month low of 1.31% in August, providing a positive sign for the economy. The IPO of PN Gadgil Jewellers debuted on the NSE at a premium of 72.91% above its issue price.

**Navi Emerges as India’s Fifth-Largest UPI Player:** Sachin Bansal’s fintech company, Navi, has overtaken Amazon Pay to become the fifth-largest UPI player in India, highlighting its rapid growth in the digital payments space.

**SEBI Addresses Employee Concerns:** Employees of the Securities Exchange Board of India (SEBI) have been assured that a committee will be formed to address their demands for a better work environment and a more equitable performance-tracking system.

**Upcoming Events:** The next round of talks for a proposed free trade agreement between India and the UK is expected to take place in October, aiming to resolve outstanding issues and finalize the negotiations.

**In other news:** The Central government advised edible oil associations to maintain the MRP of oil until stocks imported at 0% and 12.5% basic customs duty are available. Arkade Developers’ IPO received 16.20 times subscription on the second day of bidding, while the initial public offer of non-bank financial institution Northern Arc Capital Ltd got subscribed 9.98 times.

**Prime Minister Narendra Modi Unveils Projects in Odisha:** Prime Minister Narendra Modi launched railway and national highway projects worth over Rs 3,800 crore in Odisha, marking 100 days of the NDA government 3.0. He also launched the state’s ‘Subhadra Yojana,’ a financial assistance scheme for women, emphasizing their empowerment as key to Odisha’s development.

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