{LONGTERMINVESTORS} Fwd: Morning Market Starter - August 24, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Wed, Aug 24, 2016 at 11:12 AM
Subject: Morning Market Starter - August 24, 2016
To: stockdesai@gmail.com

Central Bank watch: Dallas Fed President Robert Kaplan (non-voting member) said that the US economy is moving forward and a rate hike is warranted if job growth continues. European Central Bank (ECB) Executive Board member Benoit Coeure said lack of structural reforms by governments to bolster growth may force more monetary stimulus, even if that brings risk. Chart: US new homes sales in July touched two-year highs Global market developments: Macroeconomic data: SZ: Trade surplus in July narrowed to CHF 2.9 bn from the prior (revised) print of CHF 3.5 bn. Exports in July grew at 5.5% MoM vs. the prior (revised) print of (-) 4.0% MoM previously. Imports for the same month also expanded at 9.2% MoM as against the earlier print of (-) 4.0% MoM. EZ: Manufacturing PMI in August (preliminary estimate) edged down slightly to 51.8 from 52.0 previously. Meanwhile, services PMI during the same period came in higher at 53.1 from 52.9 earlier. Consumer confidence for August (advance estimate) worsened to (-) 8.5 from (-) 7.9. US: Manufacturing PMI for August (preliminary estimate) came in at 52.1 as against 52.9 previously. New home sales in July surprised on the upside, coming in at 12.4% MoM vs. the prior (revised) print of 1.7% MoM. US markets ended in the green yesterday. Dow Jones and S&P 500 ended higher by 0.1% and 0.2% respectively. Asian equities are trading mixed this morning as investors wait on the sidelines ahead of Janet Yellen's speech on Friday. Shanghai Composite (-0.2%), Kospi (-0.4%) and Hang Seng (-0.7%) are trading lower. Meanwhile. Australia's ASX (+0.1%) and Nikkei (+0.6%) are posting gains. US Treasury markets are trading little changed today. The 10Y benchmark yield is presently trading at 1.55%, same as the previous close. Global market snapshot Domestic market developments: Indian Rupee is trading slightly weaker against the Dollar at 67.11 levels vs. the previous close of 67.06. Indian equities are trading in the green this morning. Sensex and Nifty are trading up by 0.1% each.   Indian Government bonds are trading little changed today. The 10Y benchmark yield is currently hovering at 7.16%, same as the previous close. Regards, ICICI Bank Contact: Radhika Wadhwa (+91-22) 2653-1414 (extn: 7206) radhika.wadhwa@icicibank.com Kamalika Das (+91-22) 2653-1414 (extn: 6280) kamalika.das@icicibank.com ​

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CA. Rajesh Desai

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