{LONGTERMINVESTORS} Fwd: Morning Market Starter - September 28, 2016

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From: <research@icicibank.com>
Date: Wed, Sep 28, 2016 at 11:17 AM
Subject: Morning Market Starter - September 28, 2016
To: stockdesai@gmail.com

Central Bank watch: US Fed Vice Chairman Stanley Fischer stated, in a speech yesterday, that low interest rates have helped strengthen the labour market (with unemployment rate below the 5% mark) and the gains are feeding into higher wages. European Central Bank (ECB) official Philip Lane said, yesterday, that "forceful accommodative monetary policy in the short run is the best method to ensure that policy rates do not stay low for longer than is necessary." Chart: Trends for U.S. public responses to voting probabilities for the two leading candidates over the past year Global market developments:                    Developments in the oil market o Oil prices plunged by nearly 3% yesterday, as Iran refused to freeze output in response to Saudi Arabia's offer to cut output to January levels. The Government in Tehran stated that it wants to raise output to 4 million bpd, dampening market sentiment regarding a consensus arising in the OPEC meeting occurring on the sidelines of the International Energy Forum in Algeria being held between September 26th-28th. US data surprised on the upside with services PMI edging up 51.9 in September from 51.0 previously. Consumer confidence index rose sharply in September to 104.1 from 101.8 earlier, beating market estimates. US markets ended in the green yesterday. The indices shrugged off cues from lower crude prices as consumer confidence data came in upbeat. Intraday, bank shares saw a rebound. Dow Jones and S&P ended higher by 0.7% and 0.6% respectively. Asian equities are trading in the red this morning taking cues from the overnight fall in oil prices. Losses in the region are being led by Nikkei (-1.6%) and Hang Seng (-0.4%). Following suit, Shanghai Composite and Kospi are down 0.1% and 0.3% respectively. Meanwhile, Australia's ASX is trading flat. US Treasuries are trading little changed this morning, albeit holding onto its recent gains. Treasuries had advanced yesterday with the 10Y yield falling below the 1.60% handle. However upbeat US data capped the gains. The 10Y benchmark yield is currently hovering at 1.56% levels, same as yesterday's close. Global market snapshot Domestic market developments: The Indian Rupee is trading stronger at 66.47 levels vis-a-vis the US Dollar (prior: 66.49). Indian Government bond yield opened flat as against previous close, with the new 10Y benchmark hovering at 6.93% levels. Regards, ICICI Bank Contact: Samir Tripathi (+91-22) 2653-7233 samir.tripathi@icicibank.com Sumedha Dasgupta (+91-22) 2653-1414 (extn: 7243) sumedha.dasgupta@icicibank.com ​

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CA. Rajesh Desai

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