Dear all,
Markets end slightly higher
Ø Indian benchmark indices ended a lackluster session slightly higher on Wednesday, even as sentiment remained muted ahead of the expiry of the derivative contracts on Thursday and Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming.
Ø Global risk appetite was firm as investors took weak German GDP data in their stride and looked ahead to Fed Chair Janet Yellen's speech on Friday for clues on the path of U.S. interest-rate increases.
Global Macro
Ø Germany Gross domestic product climbed 0.4% quarter-on-quarter, in line with the preliminary estimate.
Ø Japan leading index rose to 99.2 in June from 98.4 in the previous month. The June figure was revised up from 98.4.
Ø U.K. mortgage approvals declined to the lowest level since early 2015. The number of mortgages approved in July dropped more-than-expected to 37,662 in July from 39,763 in June.
Corporate Buzz
Ø Reliance Communications unveiled a software-based WAN (wide area network) product from its subsidiary Global Cloud Xchange, targeting banks, government departments and others firms having offices across the country.
Ø Tata Consultancy Services settled an ongoing law suit with Orange County, California. The company has paid USD 26mn to settle the three-year long dispute.
Ø The Cabinet Committee on Economic Affairs cleared its approval for waiver of penal interest on Government of India (GOI) loans availed of by Cochin Port Trust to the tune of INR 8.97bn.
Ø IKEA AB indicated that it would continue doing business with Welspun India while it awaits the outcome of the Indian textile manufacturer's probe into its sales practices.
Ø Lupin announced that its subsidiary Gavis Pharmaceuticals has received approval from the US health regulator to market generic linezolid tablets used for treating bacterial infection in the American market.
Ø The board of State Bank of India approved a proposal to raise upto INR 111bn through perpetual debt.
Ø Tata Steel started exports of ferroshots from its steel plant at Kalinganagar in Odisha.
Ø YES Bank became the latest entrant in the credit card space. The bank is planning an aggressive push as it aims to capture a market share of 17-18% in the next five years.
Outlook
Ø Benchmark indices are likely to open on a cautious note amidst mixed global cues.
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Regards,
CSEC Research
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