{LONGTERMINVESTORS} Fwd: Morning Market Starter - August 3, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Wed, Aug 3, 2016 at 11:05 AM
Subject: Morning Market Starter - August 3, 2016
To: stockdesai@gmail.com

On the radar: Markets await US ADP employment change data for the month of July, due later today. Central Bank watch: Atlanta Fed President Dennis Lockhart commented that the Fed must not rule out a rate hike in the next FOMC meeting, though the situation is a little "ambiguous". He further added that incoming data prints will guide the decision to raise interest rates. o Dallas Fed President Robert Kaplan said that he would like to see new jobs well above 80K-125K in each month to be confident about the US jobs market. He further said that a September rate hike is still "on the table" if incoming data prints support, though the Central Bank needs to remain cautious in removing accommodation in light of global headwinds. Chart : Japan's services PMI entered the expansionary territory (above 50 levels) in July Global market developments: Macroeconomic data: o US: Headline and core PCE inflation came in unchanged at 0.9% YoY and 1.6% YoY respectively. o JN: Services PMI for July entered the expansionary territory (above 50 levels), with the reading at 50.4 (prior print: 49.4). Consumer confidence index came in slightly lower in July at 41.3 (prior print: 41.8). o CN: Caixin services PMI in July declined to 51.7 (prior reading: 52.7). US markets ended in the red yesterday. Sentiment remained subdued as overnight, US crude (WTI) slipped below USD 40/bbl, the lowest in over 3 months. Dow Jones and S&P ended lower by 0.5% and 0.6% respectively. Asian equities are trading largely in the red this morning, in line with their US peers. Strength in the Yen in recent sessions is weighing on Japanese stocks today. Nikkei (-1.6%), Hang Seng (-1.7%), Kospi (-0.7%) and Australia's ASX (-1.0%) are posting losses. Meanwhile, Shanghai Composite (0.2%) is trading higher. US Treasuries are trading little changed this morning. The 10Y benchmark yield is currently trading at 1.55% vs. the previous close of 1.56%. Global market snapshot Domestic market developments: Indian Rupee is trading slightly weaker vis-à-vis the US Dollar at 66.77 levels as against yesterday's close of 66.73. Indian equities are trading in the red this morning. Sensex and Nifty are trading lower by 0.6% each. Indian Government bonds are trading lower with the 10Y benchmark yield currently at 7.19% vs. the previous close of 7.17%. 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 C ​

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CA. Rajesh Desai

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