{LONGTERMINVESTORS} Fwd: Morning Market Starter - August 31, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Wed, Aug 31, 2016 at 10:57 AM
Subject: Morning Market Starter - August 31, 2016
To: stockdesai@gmail.com

On the radar: Markets await India's Q1 FY2017 real GVA (ICICI Bank expectation: 7.3% YoY) and GDP prints along with fiscal deficit data for July. In addition, US ADP employment change for August and Eurozone's August CPI inflation data, due later today, will be closely tracked Central Bank watch: Federal Reserve Vice Chairman Stanley Fischer said upcoming economic data prints will determine the trajectory of interest rates. He sees productivity behind the slow US growth. He added that negative interest rates seem to work in today's world, though the Fed is not "planning to do anything in that direction". Chart: Japan's industrial production in July came in flat vs. 2.3% MoM previously Global market developments: Macroeconomic data: US: Consumer confidence index in August improved to 101.1 from the prior (revised) print of 96.7. EZ: Consumer confidence in August (final reading) came in unchanged at (-) 8.5. UK: GfK consumer confidence for the month of August improved to (-) 7.0 from (-) 12.0 previously. JN: Industrial production in July (preliminary reading) came in flat as against 2.3% MoM earlier. US markets ended in the red yesterday ahead of Friday's crucial nonfarm payrolls print. Dow Jones and S&P 500 ended lower by 0.3% and 0.2% respectively. Asian equities are trading mixed this morning with Japanese shares gaining on the back of a relatively weaker Yen. Australia's ASX (-1.1%), Shanghai Composite (-0.1%) and Kospi (-0.2%) are posting losses. Meanwhile, Nikkei (+0.9%) is posting gains and Hang Seng is trading flat. US Treasuries are trading little changed today. The 10Y benchmark yield is presently trading at 1.58% vs. the previous close of 1.57%. Global market snapshot Domestic market developments: The RBI in consultation with the Government will issue the fifth tranche of Sovereign Gold Bonds from September 1st – 9th. Indian Rupee is trading little changed against the US Dollar this morning at 67.05 levels vs. yesterday's close of 67.02. Indian equities opened in the green this morning. Sensex and Nifty are trading higher by 0.1% and 0.4% respectively.  Indian Government bonds are trading little changed today. The 10Y benchmark yield is currently hovering at 7.10% vs. the previous close of 7.11%. Regards, ICICI Bank Contact: Radhika Wadhwa (+91-22) 2653-1414 (extn: 7206) radhika.wadhwa@icicibank.com Sonal Surana (+91-22) 2653-1414 (extn: 7243) sonal.surana@icicibank.com ​

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CA. Rajesh Desai

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