{LONGTERMINVESTORS} Fwd: Morning Market starter- June 28, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Tue, Jun 28, 2016 at 11:37 AM
Subject: Morning Market starter- June 28, 2016
To: stockdesai@gmail.com

Key developments today S&P downgrades UK to AA from AAA earlier and Fitch has lowered its rating to AA as well from AA+ earlier, citing growth concerns post Brexit. Moody's cut UK's credit rating outlook to negative after the vote. The two-day EU Leaders summit in Brussels commences today. o Ahead of the event, German Chancellor Angela Merkel, French President Francois Hollande and Italian Premier Matteo Renzi said in a joint statement that Europe was "united" and that there would be no informal negotiations with Britain on its future relationship with the EU until it triggers Article 50 of the Lisbon Treaty to begin the formal exit procedure. On the radar: Markets await Q1 2016 US GDP print (third reading), due later today. Central Bank watch: European Central Bank (ECB) President Mario Draghi spoke at the ECB Central Banking Forum, stating that the best word to describe UK's decision to exit the European Union is "sadness". Bank of Japan Governor Haruhiko Kuroda spoke after the Japanese Government's economic and fiscal council meeting with Prime Minister Shinzo Abe and Finance Minister Taro Aso, stating that the Central Bank will continue monetary policy management as planned earlier. Chart: The Pound Sterling has been broadly under pressure post Brexit Global market developments: Dallas Fed manufacturing activity from the US remained in the negative territory, coming in at (-) 18.3, slightly higher than the previous print of (-) 20.8. Meanwhile, services PMI came in unchanged at 51.3 in June (preliminary print). US equities ended in the red, extending recent losses amid continued sell-off post Brexit. Dow Jones and S&P slipped 1.5% and 1.8% respectively. Asian equities are trading largely in the red, tracking weak cues from their US peers. Hang Seng (-0.9%), Shanghai Composite (-0.4%) and Australia's ASX (-1.2%) are posting losses. Meanwhile, Nikkei (0.5%) and Kospi (0.4%) are trading higher. US Treasuries are trading ranged this morning, though holding on to its gains following Brexit. The 10Y benchmark yield is presently at 1.45% as against yesterday's close of 1.44%. Global market snapshot Domestic market developments: Indian Rupee is trading stronger vis-à-vis the greenback at 67.79 levels, as against yesterday's close of 67.95. Indian equities are trading in the green today, shrugging off downbeat cues from their global counterparts. Sensex and Nifty are trading higher by 0.3% and 0.2% respectively. Indian government bonds are trading higher this morning. The 10Y benchmark yield is at 7.44% vs. yesterday's close of 7.46%. Regards, ICICI Bank Contact: Sonal Surana (+91-22) 2653-1414 (extn: 7243) sonal.surana@icicibank.com Radhika Wadhwa (+91-22) 2653-1414 (extn: 7206) radhika.wadhwa@icicibank.com ​

--

CA. Rajesh Desai

--
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.