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Oil prices head for 10% weekly jump

Oil prices eased on Friday, slipping at the end of a week of big gains made on the risk that supplies from Norway could be slashed by up to 25% due to a strike by oilworkers.

Brent was down by 14 cents at $43.20 a barrel, having gained more than 3% on Thursday. US West Texas Intermediate (WTI) crude dropped 13 cents to $41.06 after also gaining more than 3% on Thursday.

Trent likely to regain its trendy status

Indian apparel retailers have suffered greatly due to the covid-19 outbreak, as the need to dress up has reduced drastically. Plus operations were shut for a good part of the June quarter on account of the lockdown. As such, fiscal year 2021 (FY21) would be miserable. However, when the bounce back happens post the pandemic, Trent Ltd should find itself relatively better placed.

Recall that the company saw a standalone revenue growth of around 30% year-on-year in the first three quarters of financial year 2020. Since then, of course, financial results have been marred by the pandemic. Revenue growth dropped to 8% in the March quarter. The June quarter saw revenues decrease by a whopping 87%. “FY21 would be a washout year and we forecast a more than 40% year-on-year decline in standalone revenue," said analysts from Jefferies India Pvt. Ltd in a report on 8 October.

With slew of measures, RBI’s Das becomes the bond whisperer

India's sovereign bond market saw all its payers answered on Friday, even the silent ones. Reserve Bank of India (RBI) governor Shaktikanta Das donned the hat of a bond whisperer by giving investors an unbridled commitment to support them.

The RBI is now open to not only pump in more targeted liquidity but also take a large helping of sovereign bonds onto its plate. More importantly, it is willing to turn an investor in state development bonds for the first time. But Das wants the market to also behave. “Yields in the government securities (g-sec) market, both primary and secondary segments, also need to evolve in alignment with the comfortable liquidity conditions," he said in his statement

Will RBI's move spur consumer demand?

Consumer demand that has remained slack in discretionary categories, specifically in urban regions, may get some fillip after inflation tapers off, which is expected in the next three months, according to the RBI. India’s inflation target is 4%. However, since the lockdown, inflation has remained above the target rate, at 6%.

"The mood is shifting from fear and despair to hope. Inflation will ease closer to target by Q4FY21. GDP growth may turn positive by Q4. India is likely to see speedy recovery with variations across sectors. Agriculture, consumer goods, power, and pharma sectors to see quicker recovery," said RBI Governor.

InterGlobe gains

The government will soon permit scheduled airlines to deploy up to three-fourths of their aircraft fleet capacity before the covid outbreak on domestic routes, up from the current 60%, civil aviation minister Hardeep Singh Puri said on Thursday.