{LONGTERMINVESTORS} Fwd: Morning Market Starter - September 2, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Fri, Sep 2, 2016 at 10:56 AM
Subject: Morning Market Starter - September 2, 2016
To: stockdesai@gmail.com

On the radar: Markets await US nonfarm payrolls for August, due later today Central Bank watch: Cleveland Fed President Loretta Mester (voting member) said that there is a "compelling" case for gradually raising interest rates with the US economy approaching the Central Bank's employment and inflation target. However she did not mention the possible timing of the next hike. Chart: UK's manufacturing PMI in August touched 10-month highs, coming in at 53.3 from 48.3 levels previously Global market developments: Macroeconomic data: US: Manufacturing PMI in August (final print) edged down to 52.0 from 52.1 previously. ISM manufacturing for the same month entered the contractionary territory, coming in at 49.4 from 52.6 earlier. Meanwhile, initial jobless claims for the week ended August 27th increased to 263K as against the prior print of 261K. UK: August manufacturing PMI entered the expansionary territory, coming in at 53.3 vs. the prior (revised) print of 48.3. EZ: Manufacturing PMI for August (final print) came in at 51.7 as against 51.8 previously. US markets ended in the mixed yesterday weighed down by downbeat ISM manufacturing print ahead of today's nonfarm payrolls print. Dow Jones ended higher by 0.1% while S&P 500 closed flat. Asian equities are trading mixed this morning as markets exercised caution ahead of the crucial jobs report from the US. Hang Seng (+0.4%), Shanghai Composite (+0.1%) and Kospi (+0.1%) are posting gains. Meanwhile, Nikkei (-0.4%) and Australia's ASX (-0.8%) is trading lower. US Treasuries are trading lower today. The 10Y benchmark yield is presently trading at 1.58% vs. the previous close of 1.57%. Global market snapshot Domestic market developments: Manufacturing PMI in August improved, coming in at 52.6 from 51.8 previously. Indian Rupee is trading stronger against the greenback this morning at 66.85 levels vs. yesterday's close of 66.95. Indian equities are trading in the green this morning. Sensex and Nifty are trading higher by 0.2% each. Indian Government bonds are trading little changed today. The 10Y benchmark yield is currently hovering at 7.11% vs. the previous close of 7.12%. Regards, ICICI Bank Contact: Radhika Wadhwa (+91-22) 2653-1414 (extn: 7206) radhika.wadhwa@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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