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US markets
US markets closed the day with modest gain after upbeat retail sales and FOMC’s comment that economy is continuing to improve. Markets started the day on positive note as sentiments were uplifted after data showed US retail sales rose more than expected in November. Before the market hours, Commerce Department reported that retail sales rose by 0.8% in November following an upwardly revised 1.7% increase in October. Later, market held in positive terrain after Fed left interest rates unchanged at 0-0.25% and also kept its asset purchase program at USD 600 billion. Fed also said that economic recovery is continuing, although it acknowledged that the rate of growth has been insufficient to bring down unemployment.
European markets
European markets closed with modest gains as investors await Federal Open Market Committee’s announcement on the interest rate, state of US economy and extension of QE beyond USD 600 billion. Positive economic data including German economic confidence and Eurozone industrial production helped markets higher but gains were capped as investors approach cautiously ahead of FOMC. German economic sentiments improved for the second consecutive month in December. Germany's ZEW indicator of economic sentiment rose by 2.5 points in December to 4.3 points compared with 1.8 points in November. Further strength came after report showed that Eurozone industrial production grew 6.9% year-on-year in October, faster than a 5.4% rise in the previous month.
International News
British annual inflation rose further in November on higher food prices. Inflation stubbornly stayed above the central bank's 2% target for the twelfth consecutive month. The annual inflation rate for November was 3.3%, the highest since May, up from a 3.2% increase in October. (RTT News)
Brazil's retail sales increased a seasonally-adjusted 0.4% month-on-month in October compared to a downwardly revised 0.3% rise in September. Year-on-year, retail sales increased 8.8% in October compared to an upwardly revised 12% growth in September. (RTT News)
Global steel giant Arcelor Mittal has received regulatory approvals for acquiring Canada's Baffinland Iron Mines Corporation in a deal worth Canadian 433 million. (Economic Times)
Domestic News
The telecom ministry on Tuesday issued show-cause notices to some of the new operators, which are alleged to have suppressed information to get licences and have also failed to roll out services as mandated. (NDTV Profit)
The UK's leading telecom giant British Telecom (BT) has completed the sale of 5.5% stake in Indian IT firm Tech Mahindra to the latter's parent group Mahindra & Mahindra for Rs 451 crore. (Business Standard)
Consumer products maker Marico Ltd sees pressure from rising input costs impacting the firm's margins in the third quarter of the current fiscal, a top official said. (The Economic Times)
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