{LONGTERMINVESTORS} Fwd: Morning Market Starter - August 26, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Fri, Aug 26, 2016 at 10:43 AM
Subject: Morning Market Starter - August 26, 2016
To: stockdesai@gmail.com

On the radar: Markets await Q2 2016 GDP prints from the UK (preliminary estimate) and US (second reading) due later today. In addition, Fed Chair Janet Yellen's speech at Jackson Hole today will be closely tracked. Central Bank watch: Dallas Fed President Robert Kaplan (non-voting member) reiterated that the case for a rate hike is strengthening and that the Fed must raise interest rates "patiently, gradually and cautiously". He added that the rate hike decision must take Dollar impact into consideration which could potentially have destabilizing effects on the rest of the world. o Kansas City Fed President Esther George (voting member) remarked that it is time to raise rates. However, she does not favour high rates or raising rates rapidly. Chart: Japan's headline CPI inflation in July came in unchanged, while core CPI declined Global market developments: Macroeconomic data: US: Durable goods orders in July (preliminary estimate) came in higher at 4.4% vs. the prior (revised) print of (-) 4.2%. Initial jobless claims for the week ended August 20th, came in lower at 261K as against 262K previously. Meanwhile, Services PMI in August (preliminary estimate) edged down to 50.9 from 51.4 earlier. JN: Headline CPI in July came in unchanged at (-) 0.4% YoY. Core CPI for the same month came in at 0.3% YoY from 0.5% YoY in June. US markets ended in the red yesterday ahead of Yellen's speech today. Dow Jones and S&P 500 ended lower by 0.2% and 0.1% respectively. Asian equities are trading mixed this morning. Investors remain in wait and watch mode ahead of Janet Yellen's speech at Jackson Hole today. Japanese shares are posting losses amid downbeat inflation data for July. Nikkei (-0.9%), Australia's ASX (-0.2%) and Kospi (-0.3%) are posting losses. Meanwhile, Shanghai Composite (+0.4%) and Hang Seng (+0.5%) are trading higher. US Treasury markets are trading little changed today after the auction of USD 28 bn US 7-year Treasury notes. The 10Y benchmark yield is presently trading at 1.56% vs. the previous close of 1.57%. Global market snapshot Domestic market developments: Indian Rupee is trading steady against the Dollar at 67.02 levels vs. the previous close of 67.05. Indian equities are trading in the green this morning. Sensex and Nifty are trading higher by 0.3% each.   Indian Government bonds are trading flat today. The 10Y benchmark yield is currently hovering at 7.12%, same as the previous close. 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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