JPMorgan Chase CEO warns of a high chance of a recession in the United States and says the next 100 bps round of hikes will be more painful. Budgets to be strained further as car prices are set to go higher from next year as new emission norms kick in. After the licence cancellation of Brickwork Ratings, the market watchdog cracks down on 'rating shopping' across the industry. Also, Putin threatens more 'responses' after deadly strikes hitting critical Ukraine infrastructure.
This is the daily news podcast from the economic times. It's October 11. And here are the top stories we are tracking. Kick starting with global news, JPMorgan Chase CEO Jamie Dimon is forecasting that the United States will likely tip into recession in the next six to nine months, the chief of the largest bank of the US warned that rates going up another 100 basis points will be a lot more painful because people aren't used to it. Speaking in an interview to a Global TV broadcaster diamond predicts that the s&p 500, which already is down 25 percentage this year may have ways to go in its decline, and it could be another easy 20 percentage. Credit assessments of corporates are set to get tighter with Rating Companies increasing their scrutiny of numbers and raising their internal standards. After the capital markets watchdog band brickwork ratings for its failure to pass quality filters. The ban ordered last week by the Securities and Exchange Board of India Sebby could also deal a blow to the practice of rating shopping, which refers to companies reaching out to agencies for a higher rating. Market sources have told at that the rampant practice of rating shopping took the industry to a new low as borrowers allegedly could obtain the desired rating to the layer of Luca. Last week, SEBI cancelled the license of brickwork ratings citing violations of regulations. Those who are waiting to book cars in the new year will have to chalk out higher budget Economic Times reports that the prices of passenger and commercial vehicles are likely to see a rise as automobile companies are investing in upgrading vehicles to meet stricter emission norms that kick in from April next year. The Indian automobile industry is currently working to meet the second phase of Bharat state six equivalent to Euro six emission norms. As per the new norms vehicles will need to have an onboard self diagnostic device to monitor the real time driving emission levels. However, leading automakers have said that the hike in prices will not be as dramatic as the one failed when the upgrade from BS four to BS six happened. In the latest from the war between Russia and Ukraine, Russian President Vladimir Putin threatened more strikes against Ukrainian infrastructure after its country's missiles hit cities across Ukraine. Ukraine's army said Russia launched 84 cruise missiles at them two days after a large explosion damaged a bridge connecting Russia to criminal infrastructure facilities in eight regions were hit in the Russian missile strikes the most intense since the first days of the invasion. Ukraine alleged Moscow used Iranian made drones sent from neighboring Bella rose as a part of the multiple deadly strikes. You have been listening to Roopsha Dasguupta tune into et play Economic Times latest platform for all audio content