{LONGTERMINVESTORS} Fwd: Daily Market Report- July 8, 2016

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From: <research@icicibank.com>
Date: Fri, Jul 8, 2016 at 5:24 PM
Subject: Daily Market Report- July 8, 2016
To: stockdesai@gmail.com

Key developments today US President Barack Obama and European leaders met for a two-day North Atlantic Treaty Organization (NATO) summit in Poland to discuss the future of the cooperation in the absence of UK. President Barack Obama said that he expects UK to continue contributing to European security and that it will remain one of NATO's more "capable members". Domestic market developments Indian equities ended lower, in line with their Asian peers. An IMD report indicating above normal monsoons in the week ended July 6th likely limited losses. Sensex and Nifty closed 0.3% and 0.2% lower respectively. Indian Rupee slightly strengthened against the US Dollar, ending the week at 67.36 levels vs. yesterday's close of 67.39. The domestic currency recouped intraday losses on the back of reported Dollar sales by a US-based bank. US nonfarm payrolls (NFP), due post market hours today, will be tracked for further cues. Indian Government bonds ended slightly lower today amid some recovery in oil prices. Focus now shifts to India's CPI data for June, due next week. The 10Y benchmark yield ended at 7.38% vs. the previous close of 7.37%. RBI withdrew liquidity to the of INR 243.10 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of July 7th. It injected INR 19.04 bn and 8.00 bn under Special Refinance Facility and Marginal Standing Facility respectively. Global Market Snapshot *Weighted Average (WAR) over the day Global market developments Asian equities ended largely in the red today amid caution ahead of the June NFP print. An appreciating Yen and a decline in Japan's May trade surplus hurt Japanese stocks. However, some recovery in oil prices during trading hours capped the downside. Hang Seng (-0.7%), Kospi (-0.6%), Nikkei (-1.1%) and Shanghai Composite (-0.9%) closed lower. Meanwhile, Australia's ASX (0.1%) ended marginally higher. The Dollar index is trading with slight depreciation bias at 96.12 levels. Caution ahead of the crucial NFP data prints, expected to come in at 180K levels (prior print: 38K) is keeping the greenback under pressure. Meanwhile, the Pound is trading steady vis-à-vis the US Dollar on the back of slight softness in the latter. On the data front, UK's May trade deficit widened by less than the forecasted amount, coming in at GBP 2.3 bn as compared to the prior (revised) reading of GBP 2.0 bn. The Japanese Yen is trading stronger against the US Dollar as overarching global uncertainty is directing investors to the safety of the Yen. Meanwhile, Euro is trading flat relative to the greenback. ECB policy outcome, due later this month, will take centre stage, going ahead. US Treasuries are trading little changed, though intraday trade remained largely choppy. The 10Y benchmark yield is currently trading at 1.39%, same as previous close. Commodity market developments Crude is trading higher today, after posting significant losses overnight following a less than expected decline in US crude inventory levels. WTI and Brent is presently trading at USD 46/bbl and USD 47/bbl respectively. Gold is trading lower today. Globally, trading is seen to be confined to a tight band as investors await key US jobs data which is expected to shed light on the course of Fed policy in the near future. Regards, ICICI Bank Contact: Sonal Surana (+91-22) 4008-1414 (ext: 7243) sonal.surana@icicibank.com Radhika Wadhwa (+91-22) 4008-1414 (ext: 7206) r ​

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