🌏️ World economic outlook

Good morning and Happy Wednesday.

There is a day for truly everything including Emojis.

World Emoji Day - observed 17th July every year - to celebrate the inception of a truly life-changing e-messaging experience (including this NL) 💌 😄 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 🧑‍🤝‍🧑 Who is Usha Vance?

• 🌏️ World economic outlook

• 🗞️ Bite-sized summaries

  • 🍺 Alcohol delivery

  • 👗 Broadway

  • 🚲️ Latest IPO

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Today's Indian stock market had mixed results. Key stocks like Kotak Bank, Reliance Industries, and HDFC Bank saw late-session selling. BSE MidCap fell 0.29%, while BSE SmallCap rose 0.32%. Media, Pharma, and PSU Bank indices fell, while Realty and FMCG sectors gained, marking sector-specific volatility.

🌍️ International

• The stock market rallied: Dow Jones up 725 points to a record high, and Russell 2000 up 3.2%. Investors shifted from tech to small-cap and cyclical stocks due to positive retail sales and strong bank earnings. Traders expect a Fed rate cut in September. Nvidia and Microsoft saw slight declines, while industrial and financial sectors gained.

US POLITICS

🧑‍🤝‍🧑 Who is Usha Vance?

In a surprising twist to the 2024 race, Donald Trump has chosen JD Vance as his running mate.

But the real buzz is centered around Vance's wife, Usha Chilukuri Vance.

Who is Usha? Here's the scoop:

• Daughter of Indian immigrants.

• Yale and Cambridge graduate.

• Former Supreme Court clerk and accomplished litigator.

• A key collaborator on JD Vance's bestselling memoir "Hillbilly Elegy."

The Vances' love story began at Yale and culminated in a 2014 wedding that blended traditions with a Hindu priest and traditional elements.

Here's why this matters:

1. Usha's Indian heritage could boost US-India relations and showcase diversity in the presidential office, mirroring the Democrats' emphasis on Kamala Harris' Indian origin.

2. Her legal expertise might prove valuable for both JD Vance and Trump, given their business backgrounds.

3. The choice reflects Trump's campaign strategy to inject youth and diversity into the ticket, throwing jabs at Biden's age and Democratic policies.

Overall: As the election approaches, this power couple will be under intense scrutiny. Trump's team appears to be pivoting towards a message of unity in challenging times.

Noteworthy: If elected, Usha would make history as the first Second Lady to have edited a law journal.

Read more: NDTV

ECONOMY

🌏️ World economic outlook

The IMF's latest World Economic Outlook is as sweet as your grandma's secret kheer recipe. 

Let's break it down:

Global Growth: Holding steady at 3.2% for 2024.

🇮🇳 India:

• GDP 2024-25 forecast: Up to 7% (from 6.8%)

• Rural areas set to thrive with improved private consumption

• GDP 2025-26 forecast: Stable at 6.5%

🇨🇳 China:

• GDP 2024 forecast: Bumped up to 5%

• Winning combo: Rebounding private consumption + export strength

• Challenges: Weak confidence and ongoing property sector issues

Global risk factors:

1. Sticky inflation (India hasn't seen below 4.5% since 2019)

2. Trade tensions, especially US chip embargo on China

3. Policy uncertainty due to 2024 being an election year

Overall: The IMF stresses the need for careful monetary policy adjustments to tackle inflation risks, which could worsen due to trade or geopolitical tensions. They warn that a tariff resurgence could spark retaliation and a "costly race to the bottom." 

Additionally, significant economic policy changes from this year's elections could impact the global economy negatively.

Read more: Times of India

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🍺 Alcohol delivery - Food delivery companies Swiggy, Zomato, and BigBasket may soon begin delivering low-alcohol drinks like beer, wine, and liqueurs in several Indian states. This initiative, reminiscent of their alcohol delivery services during the COVID-19 lockdown in 2020, is being considered by states including New Delhi, Karnataka, Haryana, Punjab, Tamil Nadu, Goa, and Kerala. Currently, home delivery of alcohol is only permitted in Odisha and West Bengal. The move aims to cater to changing consumer preferences, especially among expats, moderate drinkers, women, and senior citizens.

👗 Broadway - Vivek Biyani, nephew of retail pioneer Kishore Biyani, is launching 'Broadway,' a new theatre-style store format to provide an experiential shopping environment for new-age brands. The stores, designed by Malherbe Paris, will be large-format (10,000-50,000 square feet) and are set to open in Delhi, Mumbai, and Hyderabad. This venture comes as part of a new wave of retail initiatives from the Biyani family, following the collapse of Kishore Biyani's retail empire.

🚲️ Latest IPO - Ola Electric is preparing to launch its IPO at around $4B, about 25% lower than its last private valuation of $5.4B. The company aims to raise ₹5,500 crore through a fresh issue and offer 95.2 million shares for sale. This IPO, expected to be one of the largest new-economy offerings this year, signals a revival in tech company public market debuts. The valuation adjustment is intended to make the offering more attractive to investors. Despite recent market share challenges from competitors like Bajaj Auto and TVS Motors, Ola Electric is proceeding with its IPO plans while cutting costs, laying off 600-800 employees, and investing in a Gigafactory for battery cell production.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• LinkedIn extends short-form video experience to India.

• Paytm gets Sebi notice on unauthorised related party transactions, stock falls 2%.

• How Byju's went from startup star to facing insolvency.

• Brain implant patient says OpenAI’s tech helps him communicate with family.

• Powell indicates the US Fed won’t wait until inflation is down to 2% before cutting rates.

• Burberry shares drop 16% after the luxury giant issues profit warning and replaces CEO.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• ‘Citadel: Diana’ Trailer: Matilda De Angelis takes up the baton from Priyanka Chopra and Richard Madden in Italian spy-series.

• Mark Wood replaces James Anderson in England team for second Test against West Indies.

• J.D. Vance’s ‘Hillbilly Elegy’ Soars on Netflix and Amazon Charts After VP Nod.

• Gareth Southgate leaves England men’s national team after defeat in Euro 2024 final.

• Kylian Mbappé is unveiled as a Real Madrid player.