{LONGTERMINVESTORS} Fwd: Morning Market Starter - September 1, 2016

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From: <research@icicibank.com>
Date: Thu, Sep 1, 2016 at 10:51 AM
Subject: Morning Market Starter - September 1, 2016
To: stockdesai@gmail.com

Central Bank watch: Chicago Fed President Charles Evans said that investors are increasingly expecting interest rates to remain low for some more time, allowing the Fed to delay raising rates without running the risk of causing financial instability. o Boston Fed President Eric Rosengren on the other hand cautioned that keeping interest rates low for too long is not without risk. European Central Bank (ECB) Executive Board member Peter Praet said that the Euro area is showing "encouraging signs of resilience" following UK's decision to leave the EU. He added that the ECB has not drawn any hasty conclusions regarding the referendum and the Central Bank has been proven right by recent data prints. Chart: India's Q1 FY17 GDP came in lower at 7.1% YoY from 7.9% YoY. Real GVA also edged down to 7.3% YoY (prior print: 7.4% YoY) Global market developments: Brazil's President Dilma Rousseff was officially impeached following trial yesterday. Vice President Michel Temer has now been sworn in as the new President. Macroeconomic data: US: ADP employment change for August came in lower at 177K vs. the prior (revised) print of 194K. Chicago PMI in August declined to 51.5 from 55.8 previously, though still remaining in expansionary territory. EZ: Headline CPI for the month of August came in at 0.2% YoY from 0.3% YoY earlier. Core CPI for the same month also edged down to 0.8% YoY from 0.9% YoY. Meanwhile, unemployment rate in July came in steady at 10.1%. JN: Manufacturing PMI for August (final reading) remained in contractionary territory, coming in at 49.5 from 49.6 previously. CN: Manufacturing PMI in August entered the expansionary zone at 50.4 as against the prior print of 49.9. Caixin manufacturing PMI in August came in at 50.0 from 50.6 earlier. US markets ended in the red yesterday amid falling oil prices and caution ahead of tomorrow's 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. Australia's ASX (-0.3%), Shanghai Composite (-0.2%) and Kospi (-0.5%) are posting losses. Meanwhile, Nikkei (+0.2%) and Hang Seng (+0.5%) are trading higher.   US Treasuries are trading little changed today. The 10Y benchmark yield is presently trading at 1.58%, same as the previous close. Global market snapshot Domestic market developments: Q1 FY2017 GDP came in at 7.1% YoY as against the prior print of 7.9% YoY. Real GVA for the same period edged down slightly to 7.3% YoY from 7.4% YoY earlier. Indian Oil Corporation (IOC) announced a hike in petrol prices by INR 3.38/litre and diesel prices by INR 2.67/litre. Fiscal deficit in July narrowed to INR 671.6 bn from last month's print of INR 973.4 bn. Eight infrastructure industries in July grew by 3.2% from 5.2% previously. 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 Pradeep Goyal (+91-22) 2653-1414 (extn: 6229) goyal.pradeep@icicibank.com ​

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CA. Rajesh Desai

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