A total of 17 candidates secured the All India Rank (AIR) 1 as per the final results while earlier the number was 67
Industrial output unexpectedly rose 0.5 percent in June, confounding expectations of no rise at all and following a fall in May, which might allay some concerns about a weak economy. For details, see [ID:nN16330114]
However, the Consumer Price Index, the government's key measure of inflation, advanced 1.1 percent during the month, the biggest monthly rise since June 1982. [ID:nN16310246]
Compared with a year ago prices were up 5 percent, the biggest year-on-year rise since 1991. Coupled with data in the same report showing real weekly earnings fell 0.9 percent in June, it heightens fears the U.S. economy could be entering a stagflationary period of low growth and high inflation.
"The report underscores the stagflationary environment we are in right now, which is not good for the dollar," said Stephen Malyon, senior currency strategist at Scotia Capital in Toronto. "There is so much uncertainty in the market right now that news of higher inflation doesn't mean a rise in interest rates."
The data came ahead of Fed Chairman Ben Bernanke's second day of congressional testimony, in which he will appear before a House of Representatives panel at 10 a.m. (1400 GMT).
On Tuesday, he warned of downside risks to growth and the possibility of rising inflation. His focus on troubles in the financial sector and poor growth outlook led investors to pare bets on the possibility of Fed interest rate hikes this year.
Officials at the U.S. central bank have said they are keeping a close eye on inflation expectations.
The 5 percent annual inflation rate in Wednesday's data is very close to the 5.3 percent one-year inflation expectation in this month's Reuters/University of Michigan consumer sentiment report. However, Fed officials stress long-term expectations, which are currently running at 3.4 percent.
On Wall Street, stock futures opened flat after the CPI report. The dollar initially rallied then snapped back, while government bonds, which suffer during periods of inflation, fell.
U.S. mortgage applications rose for a third consecutive week, reflecting an increase in demand for home loan refinancing as interest rates plunged, an industry group said.
The report by the the Mortgage Bankers Association provided a rare glimmer of hope for the housing sector, which is the origin of the economy's current malaise and source of turmoil in financial markets. [ID:nN15813002]
In more soothing news from the beleaguered financial sector, Wells Fargo & Co WFC.N, the fifth-largest U.S. bank, reported better-than-expected quarterly results on Wednesday and raised its dividend despite a 23 percent decline in profit caused by a surge in bad loans. [ID:nN16284000]
The Treasury Department said net overall U.S. capital flows reversed sharply to show outflows of $2.5 billion in May after a revised inflow of $61.6 billion in April, which is a potentially troubling sign for the dollar if it were to continue.
A total of 17 candidates secured the All India Rank (AIR) 1 as per the final results while earlier the number was 67
Authority said the exercise will involve movement of military vehicles and urged residents to stay away from designated areas
'I am proud of you. This is going to be historic,' the former first lady told Harris in a live video call
The application will be operational from Thursday, August 1
Prices for affordable apartments in popular areas have witnessed a rise of up to eight per cent compared to the second half of 2023
Residents have been warned not to approach the area
The number of arrests in days of violence in the country passed the 2,500 mark in an AFP tally
This new store in Fujairah is the second of its kind in the UAE, following the successful launch of the small store concept in Al Wahda Mall in 2020