{LONGTERMINVESTORS} Fwd: Morning Market Starter - August 2, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Tue, Aug 2, 2016 at 11:24 AM
Subject: Morning Market Starter - August 2, 2016
To: stockdesai@gmail.com

On the radar: Markets await US PCE inflation data prints for the month of June, due later today. Key developments today: Reserve Bank of Australia (RBA) cut interest rates by 25 bps to 1.50% in its monetary policy decision today. Chart : UK's manufacturing PMI (sa) for July (final print) came in steeply lower at 48.2 (June's print: 52.4) Global market developments: Macroeconomic data: o EZ: Manufacturing PMI in July (final print) came in higher at 52.0 as against the preliminary print of 51.9 (June's print: 52.8). o UK: Manufacturing PMI (sa) for July (final print) came in steeply lower, slipping into the contractionary zone (below 50 levels), with the reading at 48.2 vs. the preliminary print of 49.1 (June's reading: 52.4). o US: Manufacturing PMI in July (final reading) came in unchanged 52.9. Meanwhile, ISM manufacturing was lower in the same month, coming in at 52.6 (prior print: 53.2). o AU: Trade deficit in June widened to AUD 3.2 bn as against the previous month's (revised) print of AUD 2.4 bn. US markets ended in the red yesterday. Declines in crude and slight softness in US ISM manufacturing data print weighed on the indices yesterday. Dow Jones and S&P ended 0.1% lower each. Asian equities are trading largely in the red this morning, in line with their US peers. Markets is Australia remain cautious ahead of RBA's policy decision today. Any report of the approval of Japanese fiscal package by the Prime Minister Shinzo Abe may provide support to the markets, going ahead. Nikkei (-0.7%), Kospi (-0.5%) and Australia's ASX (-0.4%) are trading lower. On the other hand, Shanghai Composite (0.1%) is posting gains. Meanwhile, Hong Kong market is closed on account of a typhoon warning by the Hong Kong observatory. US Treasuries are trading little changed this morning. The 10Y benchmark yield is currently trading at 1.52%, same as the previous close. Global market snapshot *Hong Kong market closed Domestic market developments: Manufacturing PMI for July came in slightly lower at 51.8 vs. the prior print of 51.7. India's eight infrastructure industries' growth came in at 5.2% YoY in June vs. prior 2.8% YoY. Indian Rupee is trading flat vis-à-vis the US Dollar, at 66.75 levels, same as yesterday's close. Indian Government bonds are trading lower today with the 10Y benchmark yield presently at 7.16%, vs. the previous close of 7.14%. Indian equities are trading in the green this morning. Sensex and Nifty are trading higher by 0.5% and 0.4% respectively. 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 ​

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CA. Rajesh Desai

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