{LONGTERMINVESTORS} Fwd: Morning Market Starter- March 31, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Thu, Mar 31, 2016 at 10:54 AM
Subject: Morning Market Starter- March 31, 2016
To: stockdesai@gmail.com

On the radar: Markets await UK's Q4 GDP print (final reading) and Eurozone's CPI data for March due later today. Central bank watch: Chicago Fed President Charles Evans has commented that in light of falling inflation expectations in recent months and global headwinds that pose threats to the US economy, a "very shallow funds rate path" is warranted. Bundesbank President Jens Weidmann has stated that the implications of Brexit depend on the agreements reached post the exit. He also highlighted that both EU and Britain have reaped benefits from the cooperation and that the uncertainty regarding the impending referendum is impacting EU adversely. Chart: ADP employment change in March came in at 200K levels vs. expected print of 195K Global market developments: Macroeconomic data: US: ADP employment change in March came at 200K levels vs. prior (revised) print of 205K. SZ: UBS consumption indicator in February edged up slightly, with the reading at 1.53 levels vs. prior (revised) print of 1.45. Meanwhile, KOF leading indicator declined marginally in March, with the reading at 102.5 vs. previous (revised) print of 102.6. GE: Headline inflation for March (preliminary reading) showed an uptick, coming in at 0.3% YoY vs. previous reading of 0.0% YoY. US equities ended in the green yesterday as markets continued to respond positively to dovish commentary by Fed Chair Janet Yellen. A higher than expected ADP employment change data at 200K also aided stocks. Dow Jones and S&P closed higher by 0.5% and 0.4% respectively. Asian equities are trading mixed this morning. Hang Seng (-0.2%) and Kospi (-0.5%) are posting losses. Meanwhile, Australia's ASX (1.3%), Nikkei (0.5%) and Shanghai Composite (0.2%) are trading higher. US Treasuries are trading slightly higher today amid dovish signals by Yellen. The 10Y benchmark yield is at 1.81%, vs. previous close of 1.82%. Global market developments Domestic Market Developments: Reserve Bank of India (RBI) issued revised guidelines for External Commercial Borrowings (ECB) yesterday (post market hours). Rupee is trading stronger vis-à-vis the US Dollar, at 66.29 levels as against yesterday's close of 66.37. Indian equities are trading in the green this morning. Sensex and Nifty are trading 0.1% higher each. Domestic bonds are trading higher today. The 10Y benchmark yield is at 7.48% vs. yesterday's close of 7.50%. Regards, ICICI Bank Contact: Sagrika Gogia (+91-22) 2653-1414 (extn: 8981) sagrika.gogia@icicibank.com Sonal Surana (+91-22) 2653-1414 (extn: 7243) sonal.surana@icicibank.com Radhika Wadhwa (+91-22) 2653-1414 (extn: 7206) radhika.wadhwa@icicibank.com ​

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CA. Rajesh Desai

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