{LONGTERMINVESTORS} Fwd: Morning Market Starter- March 04, 2016

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From: <research@icicibank.com>
Date: Fri, Mar 4, 2016 at 11:37 AM
Subject: Morning Market Starter- March 04, 2016
To: stockdesai@gmail.com

On The Radar: Markets will closely track US nonfarm payrolls (NFP) for February due later today. Central Bank watch: Federal Reserve Bank of Dallas President Robert Kaplan said the Fed must exhibit patience in hiking interest rates further in light of weak global growth and tighter financial conditions. Bank of Japan Governor Haruhiko Kuroda stated in Parliament that lowering negative interest rates is not on the table presently, but that he will not hesitate to use qualitative and quantitative easing and negative interest rates to achieve the price goal. Chart: Market await key US labour market data for February due later today Global market developments: China's annual National People's Congress (NPC) meet will commence tomorrow. Brazil's economy contracted sharply in 2015, with the GDP growth rate coming in at (-) 3.8% YoY vs. 0.1% YoY last year. This has been the steepest fall since 1991. Macroeconomic Data: EZ: Services PMI in February edged up to 53.3 (final reading) vs. prior print of 53.0. January retail sales came in at 0.4% MoM vs. prior reading of 0.6% MoM (revised). UK: February's services PMI fell to its lowest levels in almost 3 years at 52.7 vs. prior print of 55.6. US: US initial jobless claims rose to 278K last week vs. prior claims of 272K. Durable goods orders slipped to 4.7% in January from 4.9% previously. February services PMI remained in the contractionary territory at 49.7 vs. 49.8 in January. ISM non-manufacturing composite also edged down slightly to 53.4 in February vs. prior reading of 53.5. US equities ended in the green yesterday, extending rally on the back of upbeat sentiment fuelled by firm crude prices in recent sessions. However, gains were capped as a slew of US data released yesterday came in largely downbeat. Market await crucial data releases (US trade balance and nonfarm payrolls) due later today. Dow Jones and S&P closed higher by 0.3% and 0.4% respectively. Asian equities are trading mixed this morning, shrugging off positive cues from their US counterparts. Markets in China await the legislature meet which will decide the fiscal targets for the country. Meanwhile, markets in Japan eye the upcoming monetary policy meeting for the course of interest rate path taken by the Bank of Japan. Shanghai Composite (0.2%) and Hang Seng (0.6%) are posting gains. However, Kospi (-0.2%), Australia's ASX (-0.2%) and Nikkei (-0.2%) are trading lower. US Treasuries are trading ranged today. The 10Y benchmark yield is at 1.83%, same as yesterday's close. Global market snapshot Domestic market developments: Reserve Bank of India (RBI) conducted a debt switch worth INR 373 bn (post market hours) yesterday. India's services PMI in February declined to 51.4 vs. prior of 54.3, while still remaining in the expansionary territory. Indian Rupee is trading stronger vis-à-vis the Dollar at 67.29 levels vs. yesterday's close of 67.34. Indian equities are trading in the red this morning amid mixed cues from global markets. Regards, ICICI Bank Contact: Niharika Tripathi (+91-22) 2653-1414 (extn: 6943) niharika.tripathi@icicibank.com Radhika Wadhwa (+91-22) 2653-1414 (extn: 2085) radhika.wadhwa@icicibank.com Sonal Surana (+91-22) 2653-1414 (extn: 2087) sonal.surana@icicibank.com ​

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CA. Rajesh Desai

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