1) Stay Away From Indian Indexes, Biggest Wealth Fund Manager Says
(Bloomberg) -- Quantum Advisors, which picks Indian stocks for Norway's $860 billion wealth fund, says investors should stay away from index investing in Asia's fourth-biggest market. Investing in indexes is a poor place to put money because you don't necessarily go into the companies with the most potential, said Ajit Dayal, the director of the Mumbai-based fund, which manages $2 billion in Indian equities. "It's a big mistake because you're buying ...
2) Pimco Says India Growth to Lure Investors as Rajan Fate in Limbo
(Bloomberg) -- Pacific Investment Management Co. says the growth trajectory and financial health of India's economy will support rupee bonds regardless of who helms the central bank. While Reserve Bank of India Governor Raghuram Rajan has had a "notable" influence in stabilizing the rupee, there's also been a broader improvement in the nation's finances, according to Luke Spajic, head of portfolio management for emerging Asia at Pimco, which oversees about $1.5 ...
3) Asia Military Spending Rises in China's Shadow, Spurring Deals
(Bloomberg) -- Global defense contractors are circling for business in Asia, with countries from Australia to Vietnam upgrading and adding everything from submarines to fighter jets as China expands its military reach. Defense budgets will keep rising, according to IHS Jane's, which forecasts spending in the Asia-Pacific region will climb 23 percent to $533 billion annually by 2020. That will put it on par with North America, which is expected to account for a third of global ...
4) Asian Stocks Halt Rally Amid Factory Data as Crude, Copper Drop
(Bloomberg) -- Asian stocks fell, snapping their longest rally since mid-April, as crude oil extended declines and copper slumped with a slew of factory indexes Wednesday putting the focus on manufacturing from China to Europe. Japanese and Australian shares drove the regional index down for the first time in six days, after U.S. equities declined on their first day of trading this week. Copper dropped with zinc even after an official gauge of manufacturing in China, the ...
5) India Growth Surges More Than Estimated Before Rate Decision
(Bloomberg) -- India's world-beating economic growth accelerated more than estimated at the start of 2016, easing pressure on central bank Governor Raghuram Rajan to lower borrowing costs when he reviews policy next week. Gross domestic product grew 7.9 percent in January-March from a year earlier, the Statistics Ministry said in a statement in New Delhi on Tuesday. That was faster than the 7.5 percent median estimate in a Bloomberg survey of 28 economists and 7.2 percent ...
6) IN FOCUS: China PMI, Australia GDP, Japan Sales Tax; Bonds Gain
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * China factory PMI is forecast to slip to 50 in May; a miss could accelerate yuan outflows, say analysts; see their views; Caixin PMI also due * Japanese PM Abe to hold press conference at 5pm HKT; he's expected to announce a delay in sales-tax increase * British pound tumbled 1.1% as polls showed support for Brexit taking the lead and as bookmakers further shortened odds ...
7) INDIA DAYBOOK: Manufacturing PMI, T-Bills, Maruti Output Resumes
(Bloomberg) -- Today: Nikkei India Manufacturing PMI; RBI to hold t-bills auction. Maruti Suzuki to resume output at Gurgaon plant in second half. WHAT TO WATCH: * India economy grows faster than estimated before rate decision * India estimates GDP growth of 7.6% for year through March 2016 ** Economy expanded 7.9% y/y in Jan.-March quarter ** GVA Grew 7.4% in quarter ended March 31 * India's FY16 budget deficit at INR5.32t, 99.5% of target ** April 2016 budget deficit ...
8) Indian Stocks to Watch: Axis Bank, DLF, IOCL, Maruti, Reliance
(Bloomberg) -- India's SGX CNX Nifty Index futures for June delivery rise 0.2% to 8,206.50. MSCI A-P index little changed. Foreign investors bought net 3.9b rupees of stks on May 30, according to Central Depository Services website. Nifty fell 0.2% yday to 8,160.10. * India estimates GDP growth of 7.6% for year to March 2016 * Economy expanded 7.9% y/y in Jan.-March quarter * Andhra Bank (ANDB): Aims to raise capital via equity, tier 1, 2 bonds * Axis Bank ...
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