BRICS Business

Asian and emerging markets hope the Fed will hold off from increasing interest rates [Xinhua]Global stocks were uneven Tuesday ahead of an announcement from the Federal Reserve’s Open Market Committee on interest rates.
The FOMC began to meet today for a two-day conference which culminates in an announcement of fiscal policy on Wednesday.
While US Stocks opened higher on Tuesday Asian stocks closed in the negative.
The Benchmark Shanghai composite closed lower 0.10 to 3,022.99 while Hong Kong’s Hang Seng dropped 0.08 to 23,530.86.

Temer wants to raise taxes and cut public spending [Xinhua]
An index which measures economic activity in Brazil’s farming, industry and services sectors has contracted, a new report has shown.
The central bank’s IBC-BR index for July fell 0.09 per cent, defying forecasts that it would rise.
In June, the index strengthened by nearly 0.40 per cent.

Emerging markets from Dubai to Mexico suffered drawbacks this week but in the long-term, the longer the Fed delays a rate hike the better the prospects for growth in these economies [Xinhua]
Speculation has run high among investors and analysts in the past few weeks as they look for every clue whether the US Federal Reserve will raise interest rates in October.
Asian, European and US stocks have fallen and risen as the prospects for a rate hike rose and then fell during the same period.

Both the manufacturing and non-manufacturing PMI data showed solid growth maintained in August [Xinhua]
Chinese stocks dipped on Monday on fears of an US Federal Reserve interest rate hike, and  despite positive economic data over the weekend.
The benchmark Shanghai Composite Index was down 1.85 per cent to close at 3,021.98 Monday, while Hong Kong’s Hang Seng plummeted 3.36 per cent to close at 23, 290.60.
The Shenzhen component index closed 2.8 per cent lower at 10,461.58.

Strong data from mining and manufacturing helped boost the South African economy in Q2 [Xinhua]
The South African economy has reaped the benefits of a weaker rand, with a 6.6 per cent increase on final sales in the second quarter, an 18.1 per cent surge in exports and 5.1 per cent decline in imports, a report from the national statistics agency showed on Tuesday.
Final sales are calculated by subtracting the change in inventories from the gross domestic product (GDP), on a quarter-by-quater (q/q) seasonally adjusted annualized (saa) basis.

China will use the G20 meet in Hangzhou to showcase sustainable development in this city [Xinhua]
The G20 summit opens today, attempting to bring back the spotlight on the global economy and strengthening trade ties in a climate that sees the international sphere huddle over security concerns.
This year’s summit is hosted by China in the southeastern city of Hangzhou, and many analysts have said that it is Beijing’s chance to host one of the most significant gatherings of world leaders in its history.

File photo of Mukesh Ambani, chairman of Reliance Industries Ltd [Xinhua]India’s Reliance Industries unveiled its new telecom network on Thursday with chairman Mukesh Ambani announcing that his Reliance Jio Infocomm Ltd. unit will offer free voice calls and cheaper data tariffs.
New entrant Jio’s service will debut Sept. 5 and will be free until December, Ambani said during the energy giant’s annual shareholder meet in India’s business capital Mumbai.

The uptick comes after disappointing data showed a drop in July [Xinhua]
China’s National Bureau of Statistics (NBS) said on Thursday that the manufacturing Purchasing Managers’ Index (PMI) came in at 50.4 in August, a slight jump up from 49.9 in July.
The Chinese government’s manufacturing Purchasing Managers’ Index (PMI) came in at 50.0 in June, versus 50.1 logged in May, although output hit a 12-month high.
The government survey tracks the health of large and state-owned companies.

The Centre for Development and Enterprise (CDE) has called the probe an attack on Gordhan and warned of dire consequences for the economy [Xinhua]
Controversy and high drama in South African politics took a sharp turn earlier this week when the Directorate for Priority Crime Investigation (also known as ‘the Hawks’) summoned Finance Minister Pravin Gordhan to answer questions in relation to a probe of a purported surveillance unit established while he was head of the country’s tax authority.

Photo taken on June 2, 2016 shows workers working on the production line of CRRC Tangshan Railway Vehicle Co., Ltd. in Tangshan, north China’s Hebei Province [Xinhua]Chinese rail giant CRRC Corp. announced the launch of operations of its first joint venture plant in India on Saturday.
CRRC is also the first foreign company to set up an assembly line of rail transportation equipment in India after Prime Minister Narendra Modi unveiled his ambitious “Make in India” campaign in 2014, the company said in a press release.