Powell's rate remarks a 'Christmas gift to global markets' - Jefferies' Chris Wood

** The expectation of a soft landing with no more rate hikes for the U.S. economy has now shifted to soft landing with pending rate cuts, says Jefferies' global head of equity research Christopher Wood

** Wood also likens U.S. Federal Reserve Chair Jerome Powell's decision not to resist expectations of easing rate cycle to a "Christmas present to markets"

** Adds, India's strong quarterly growth data has prompted Reserve Bank of India to raise its FY2024 growth guidance

** Notes that the growth in India's factory output in October was the second-largest monthly increase since June 2022

** Wood, in a note on Oct. 12, said the long-term case for investing favours India over China among Asian equities and remains intact

** Jefferies' India portfolio is up 41.2% YTD, contrasting with a 55% decline in China

** India's Nifty 50 NIFTY and Sensex SENSEX are on course to log the longest joint weekly winning streak in nearly six years