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Despite being the world's second most visited country, anti-tourism movements are multiplying, prompting authorities to try and reconcile the interests of locals and the lucrative sector.Rallying under the slogan "The Canaries have a limit", a collective of groups on the archipelago off northwest Africa are planning a slew of protests on Saturday. The Canaries are known for volcanic landscapes and year-round sunshine and attracts millions of visitors from all over the world. Groups there want authorities to halt work on two new hotels on Tenerife, the largest and most developed of the archipelago's seven islands.They are also demanding that locals be given a greater say in the face of what they consider uncontrolled development which is harming the environment.Several members of the collective "Canaries Sold Out" also began an "indefinite" hunger strike last week to put pressure of the authorities."Our islands are a treasure that must be defended," the collective said.The Canaries received 16 million visitors last year, more than seven times its population of around 2.2 million people. This is an unsustainable level given the archipelago's limited resources, Victor Martin, a spokesman for the collective told a recent press briefing, calling it a "suicidal growth model".Other anti-tourism movementsSimilar anti-tourism movements have sprung up elsewhere in Spain and are active on social media.In the southern port of Malaga on the Costa del Sol, a centre of Spain's decades-old "soy y playa" or "sun and beach" tourism model, stickers with unfriendly slogans such as "This used to be my home" and "Go home" have appeared on the walls fn doors of tourist accommodations.In Barcelona and the Balearic Islands, activists have put up fake signs at the entrances to some popular beaches warning in English of the risk of "falling rocks" or "dangerous jellyfish".Locals complain a rise in listings of accommodation on short-term rental platforms such as Airbnb have worsened a housing shortage and caused rents to soar, especially in town centres.The influx of tourists also adds to noise and environmental pollution and taxes resources such as water, they add.In the northeastern region of Catalonia, which declared a drought emergency in February, anger is growing over the pressure exerted on depleted water reserves by hotels on the Costa Brava."There are tourist destinations that are at the limits of their capacity," said Jose Luis Zoreda, the vice president of tourism association Exceltur ."It's a problem that appears occasionally in the high season and in certain parts of the country, but it's getting worse".Loudspeaker banThe movement against tourism started before the Covid-19 pandemic brought the global travel industry to its knees in 2020, protest movements against overtourism had already emerged in Spain, especially in Barcelona.Now that pandemic travel restrictions have been lifted, tourism is back with a vengeance -- Spain welcomed a record 85.1 million foreign visitors last year.In response, several cities have taken measures to try to limit overcrowding. The northern seaside city of San Sebastian last month limited the size of tourist groups in the centre to 25 people and banned the use of loudspeakers during guided tours.The southern city of Seville is mulling charging non-residents a fee to enter its landmark Plaza de Espana while Barcelona had removed a bus route popular with tourists from Google Maps to try to make more room for locals.Housing Minister Isabel Rodriguez said over the weekend that "action needs to be taken to limit the number of tourist flats" but stressed the government is "aware of the importance of the tourist sector", which accounts for 12.8 percent of Spain's Gross Domestic Product.(with AFP inputs)

Notwithstanding all the noise around froth and stress tests, mutual fund managers could not resist the charm of Dalal Street's 'Chote Miyan' as the cash levels of smallcap schemes dropped 49 basis points in March.So what did our money managers do with the cash? While a part of it could have been spent in handling redemptions as smallcap schemes recorded an outflow of Rs 94 crore, fresh buying was also recorded in a number of counters.An analysis of mutual fund data shows that there were 32 smallcaps which saw fresh buying by at least 10 schemes last month. Some of such small wonders have given fabulous returns. Schneider Electric Infrastructure, for example, saw the number of mutual fund schemes investing in it rising from 11 to 19 month-on-month. The stock has nearly doubled so far in the calendar year.In February, Nuvama Wealth Management had only 1 mutual fund scheme as an investor but at the end of March it rose to 15. The stock is up 44% year-to-date.Other such winning picks of mutual funds are Action Construction Equipment, Anand Rathi Wealth, Signature Global (India), Chennai Petroleum Corporation and DOMS Industries. <iframe title="32 smallcaps with highest increase in mutual fund investors" aria-label="Table" id="datawrapper-chart-mHSrO" src="https://et-infographics.indiatimes.com/graphs/mHSrO/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="738" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Among other smallcap stocks, significant buying was seen in NLC India, Aavas Finance & Aster DM Health while highest selling was seen in Amara Raja Energy, Bata India and IDFC. New smallcap picks of mutual funds included Gopal Snacks (IPO), Shakti Pumps & Wockhardt while Force Motors, Network 18 and Associated Alcohols were complete exits.In the last 3 months, mutual funds have been consistently buying Sapphire Foods, Caplin Point Lab, MMTC, IFCI and Praj Industries.Also read | 3 PMS funds doubled HNI investor wealth in FY24, stars missing in top 10 listWhat should investors do?While Nifty rose 2% in March, returns were muted for NSE Midcap 100 and NSE Smallcap 100, and they were down 1% and 4%, respectively.The Nifty is trading at a 12-month forward P/E ratio of 19.4x, which is largely in line with its long-period average (LPA) of 20.3x even as broader markets trade at expensive valuations (the NSE Midcap 100 index trading at ~46% premium to Nifty).Mutual fund action in the month of March, where investors were most worried about whether the bull market has peaked in smallcaps, shows that it is better to look at individual companies instead of generalizing from aggregate index valuations as the smallcap and midcap space in India is quite wide with large dispersion in earnings growth and fundamentals."Many small, mid cap companies have strong businesses with long growth runways, so there is no reason to expect valuation derating as long as they are delivering on expected earnings growth," said Krishnan VR, Chief of Quantitative Research team at Marcellus.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

London-based asset manager Ashmore Group PLC is reducing its exposure to Indian equities and has made China the #1 pick in its emerging-markets fund, arguing that India’s stock market is overhyped and overcrowded while China’s is set for a rebound.With $6.5 billion invested in emerging equities, the fund has allocated 26% of its EM equity fund to China, while reducing India to less than half that, according to Edward Evans, a London-based EM equities portfolio manager. He cites a divergence in valuations as the main reason for the decision.“The risk-reward balance is arguably stronger for China and less so for India,” Evans said. “India demonstrates fantastic economic growth with great policy stability and it’s often quite a fertile ground for stock selection. But that said, one cannot be agnostic to price, not least in fast-growing emerging markets, since you do not want to pay up front for those future returns.”Ashmore’s bet goes against market consensus. Almost half of 390 Bloomberg MLIV Pulse survey respondents between April 8-12 selected India as the best investment compared to Japan and China, which was least favored among the three. Indian equities currently trade at a whopping 23 times next year’s expected earnings, exceeding even US multiples, and compared with nine for China, according to data compiled by Bloomberg based on MSCI Inc.’s indexes. 109390188Ashmore has also previously been overweight India, but has booked profits as many companies reached valuations at “extremes” that “ultimately don’t look sustainable,” Evans said. “We are a quality-growth investor, but we are not agnostic to valuation, or to price, and that led us to take profits.”He also cited a risk in India that authorities could look to dampen more speculative investing behavior, especially in the domestic market, making the policy narrative less supportive.In China, the risks are well known, ranging from geopolitical tensions and a trade showdown with the US, to a property sector crisis and growth that’s cooling from the world-beating levels the economy enjoyed over past decades. The main gauge of Chinese equities has tumbled about 40% from its peak three years ago, and is down 19% in the past year, compared with a 33% gain for the benchmark MSCI India index.China’s economic growth is expected to trail India’s for at least the next two years, according to economists’ forecasts on Bloomberg.Still, Evans sees tentative signs of recovery in China, including pickups in factory activity and exports. He points to Caixin manufacturing PMI data, which indicated a fifth straight month of expansion in March, with official government data also showing a rebound. Exports have also increased amid rising global demand for technology goods.Evans said Chinese companies’ shares will also benefit from tight cost management, share buybacks and increasing dividends. Those measures are putting a floor under valuations and offer “a rich potential and a shining opportunity,” he said.Companies in industries such as the supply chain behind AI and electric-vehicle renewables are likely to be drivers of future performance, he said. The balance sheet for the Chinese consumer is still strong and there’s also opportunity in consumer-focused shares, especially in services, he said.Ashmore’s pure EM equity fund has gained 5% on average annually over the past five years, a paltry return compared with that enjoyed by investors in US stocks, but still double the average return of peers in emerging markets. The fund has performed in parallel with the average so far in 2024, according to data compiled by Bloomberg.

Dubai, known for its towering skyscrapers and bustling highways, found itself in a state of chaos as unprecedented rainfall inundated the city, leaving its major thoroughfares flooded and its airport in disarray. The rainfall, described as the heaviest in 75 years, brought the desert city to a standstill, with highways resembling waterlogged canals and the bustling airport struggling to manage operations.Here all you need to know about Dubai's situation: Wettest day in 75 years: The state experienced rainfall totaling up to 259.5 millimeters (10.2 inches). The state-run WAM news agency called the rain Tuesday “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” That's before the discovery of crude oil in this energy-rich nation then part of a British protectorate known as the Trucial States.Massive traffic jams: The heavy downpour led to massive traffic jams along the six-lane expressways, as stranded motorists found themselves trapped in their vehicles amid the floodwaters.Life lost: Tragically, one person lost their life in Ras Al-Khaimah as the person was swept away by the powerful currents while driving, reported AFP.Power outage: Reports of power outages and flooded areas dotted Dubai, with some residential areas submerged and abandoned cars serving as eerie reminders of the havoc wreaked by the storm.Chaos at Dubai Airport: Even the airport, a crucial hub for international travel, was not spared, with flooded tunnels and suspended public transport exacerbating the chaos.Residents suffering: Residents shared harrowing tales of being stranded for hours, with one individual recounting a normally short commute turning into a 12-hour ordeal on submerged roads. The situation prompted President Sheikh Mohamed bin Nayan to intervene directly, urging swift action to assess and mitigate the damage to infrastructure and ensure the safety of affected families.Schools closed: As the skies cleared on Wednesday, revealing the extent of the devastation, authorities announced the closure of schools in Dubai until the following week to facilitate cleanup efforts. However, the impact on the airport lingered, with operations grinding to a halt and passengers facing extensive delays and cancellations.Impact of cloud seeding? : Amidst the turmoil, questions arose about the role of cloud seeding, a controversial practice of artificially inducing rainfall. However, meteorologists denied its use, emphasizing the intensity of the storm and its connection to broader climate patterns. Climatologists cautioned against focusing solely on cloud seeding, highlighting the broader implications of climate change on extreme weather events.Evacuation in-process: Authorities sent tanker trucks out into the streets and highways to pump away the water. Water poured into some homes, forcing people to bail out their houses.(With inputs from agencies)

Gold prices climbed on Thursday as concerns about the Middle East war extending to other regions boosted demand for the safe-haven metal. FUNDAMENTALS * Spot gold was up 0.4% at $2,369.93 per ounce, as of 0107 GMT. U.S. gold futures dipped 0.1% to $2,385.10 per ounce. * Israel will make its own decisions about how to defend itself, Prime Minister Benjamin Netanyahu said, as Western countries pleaded for restraint in responding to a volley of attacks from Iran. * U.S. economic activity expanded slightly from late February through early April and there were fears among firms that progress in lowering inflation would stall, a Federal Reserve survey showed. * Cleveland Federal Reserve Bank President Loretta Mester said she expects price pressures to ease further this year, allowing the Fed to reduce borrowing costs, but only when it is "pretty confident" inflation is heading sustainably to its 2% goal. * Lower interest rates boost the appeal of holding non-yielding bullion. * The European Central Bank would be putting a dampener on the economy even after cutting interest rates twice, but there is no rush to slash borrowing costs, ECB policymaker Mario Centeno said. * The global silver deficit is expected to rise by 17% to 215.3 million troy ounces in 2024 due to a 2% growth in demand, led by a robust industrial consumption and a 1% fall in total supply, the Silver Institute Industry Association said. * Amid a flurry of commentary from global financial leaders at the International Monetary Fund and World Bank Spring meetings in Washington, and with many markets having undergone huge moves in recent weeks, investors are taking a bit of a time out. * Spot silver rose 0.2% to $28.28 per ounce, platinum edged 0.3% higher to $940.55 and palladium was listless at $1,026.25. DATA/EVENTS (GMT) 1230 US Initial Jobless Clm Weekly 1230 US Philly Fed Business Indx April 1400 US Existing Home Sales March

Equity indices continued to slump on Tuesday, dragged down by weak global trends and fears of escalating tensions in the middle east.Stocks that were in focus included names like SBI, which fell 0.62%, Lotus Chocolate, which rose 12%, and Exide Industries, whose shares rose 15% on Tuesday.Here's what Viral Chheda, Sr Technical Analyst, SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.SBIAfter making low around 600 in Jan 2024, price has given a sharp upside move to make an alltime high of 793. Volumes were on rise as buyers were having the upper hand over bears.The high price has witnessed some profit booking to make a low of 720 odd levels. In the last one month the price is moving in the range of 720-793, breakout on either side will give 10-15% move. For long stock looks good and can be bought at every dip.The Stochastics Oscillator is moving in the downward trend indicating some correction from current level. Hence one can buy at dips of 730 and more at 720 with stop loss of 680 on weekly closing basis and upside can be seen till 850-950 in the 10-12 months.Lotus ChocolateAfter moving in the range of 300-367 for 3 months, price has given breakout on higher side to make an all time high of 470 odd levels.Volumes were on rise as bulls were having full control on price. As the stock has given almost 55% return from its lower level we can see some profit booking at current level. One should avoid buying at current levels and can buy at dips of 370-400.The Stochastics Oscillator is also moving in an overbought zone. Hence one should avoid buying at current level and buy at dips of 400 and more at 370 with SL of 340 on weekly closing basis and upside can be seen till 550-650 in the next 10-12 months.Exide IndustriesAfter making the low around 290 in Mar 2024, price has witnessed sharp upside move to make an all time high of 470 odd levels. Stock has given almost 62% return as buyers were having upper hand over price. From the current level we can see some profit booking as stock is trading at over price and can see correction till 350-375. For long term stock looks good but at current level one can avoid buying. The Stochastics Oscillator is moving in an overbought zone along with increase in volume indicating some downside with limited upside risk.Hence one can avoid buying at current level and can buy at dips of 375 and more at 350 with SL of 320 on weekly closing basis and upside can be seen till 500-650 in the next 10-12 months.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)