{LONGTERMINVESTORS} Fwd: Morning Market starter- June 29, 2016

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From: <research@icicibank.com>
Date: Wed, Jun 29, 2016 at 10:29 AM
Subject: Morning Market starter- June 29, 2016
To: stockdesai@gmail.com

On the radar: Markets await US PCE inflation data for May, due later today. Key developments today: The Indian Government is likely to consider the recommendations of the Empowered Committee on the 7th Pay Commission at the Cabinet Meeting today. Central Bank watch: Federal Reserve Governor Jerome Powell stated that uncertainties owing to Britain's exit from the EU have tempered global risk outlook, requiring a reassessment of monetary policy. European Central Bank (ECB) President Mario Draghi commented at the EU summit in Brussels that growth in the Euro-area could decline by as much as 0.5% in the coming three years owing to Brexit uncertainty. o ECB Governing Council member Ewald Nowotny said that the Central Bank is monitoring the impact of Britain's exit, though any reaction would an early one. o ECB Governing Council member Vitor Constancio said that markets "overshot" post the result of the UK referendum but are expected to stabilize. Bank of Japan Governor Haruhiko Kuroda said that the Central Bank can add funds to the markets as needed, if considered necessary. Chart: US Q1 GDP (third print) was revised upwards to 1.1% QoQ (ann.) from 0.8% QoQ (ann.) earlier Global market developments: US Q1 2016 GDP (third print) was revised upwards to 1.1% QoQ (ann.) vs. prior print: 0.8% QoQ (ann.). Further, consumer confidence index rose to 98.0 as against the previous (revised) reading of 92.4. US equities ended in the green yesterday, supported by upbeat data prints for GDP and consumer confidence index and overnight gains in oil prices. Dow Jones and S&P gained 1.6% and 1.8% respectively. Asian equities are trading in the green, in line with their US peers. Nikkei (1.8%), Hang Seng (0.7%), Shanghai Composite (0.4%), Kospi (1.4%) and Australia's ASX (0.8%) are trading higher. US Treasuries are trading little changed this morning. The 10Y benchmark yield is presently at 1.47%, same as yesterday's close. Global market snapshot Domestic market developments: RBI released its June 2016 Financial Stability Report yesterday. The report highlighted unintended side effects of current ultra-easy monetary policies pursued in many advanced economies. The report also talked about firm growth and investment potential in India as compared to other emerging market economies, though there is a need for a fillip in gross fixed capital formation to sustain higher levels of growth. Indian Rupee is trading stronger against the greenback at 67.83 levels vs. yesterday's close of 67.95. Indian equities opened in the green today. Sensex and Nifty are trading higher by 0.5% and 0.4% respectively. Regards, ICICI Bank Contact: Niharika Tripathi (+91-22) 2653-1414 (extn: 6943) niharika.tripathi@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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