Indian economy slumps as speculative flows retrench

The Indian stock market is now down 25% year to date and 44% since global growth peaked in 2011.

India’s currency has continued to weaken despite efforts by the central bank to stem its decline. On Monday, the rupee hit a new all-time low of 63.49 against the US dollar. The decline comes as foreign investors have been pulling money out of the country amid worries of a slowdown in economic growth. Here is a direct video link.

Also see: Capital Flows back to US as markets slump across Asia.

And: Mexico economy grows less than expected as industry contracts

And: Canada wholesale sales fall in widespread drop: “Wholesale sales dropped 2.8 percent to C$48.8 billion ($47.1 billion), the fastest since January 2009, Statistics Canada said today in Ottawa. The decline exceeded the most pessimistic of 13 estimates in a Bloomberg survey that had a median estimate for a 0.5 percent fall.”

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