‘We continue to believe that the global economy will narrowly avoid a recession, despite expecting the US, Canada, and most of Europe to fall into recession at some point over the next year or so.’

Automobile retail sales in India rose 11 per cent in September as better supplies from manufacturers enabled dealers to ramp up customer deliveries amid the ongoing festive period, Federation Of Automobile Dealers Associations said on Tuesday. Last month, total retail sales stood at 14,64,001 units as compared to 13,19,647 units in September 2021. FADA noted that October is expected to witness even better overall sales due to the festive season further gathering steam.

Key stock indices Sensex and Nifty declined over 1 per cent at close on Monday due to heavy selling in banking, auto and FMCG shares amid weak global market trends and continued foreign fund outflows. Reversing its previous session’s gains, benchmark BSE Sensex tumbled 638.11 points or 1.11 per cent to settle at 56,788.81. During the day, it tanked 743.52 points or 1.29 per cent to 56,683.40. The broader NSE Nifty fell by 207 points or 1.21 per cent to end at 16,887.35 as 42 of its constituents declined.

The rupee fell by 49 paise to close at 81.89 (provisional) against the US dollar on Monday as heavy selling pressure in the domestic equities and a spike in crude oil prices weighed on the local unit.

The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices – a result of the Ukraine conflict and the pandemic. Many – Europe, South Korea, Japan, and China – will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.