{LONGTERMINVESTORS} Fwd: Morning Market Starter - September 29, 2016

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From: <research@icicibank.com>
Date: Thu, Sep 29, 2016 at 11:34 AM
Subject: Morning Market Starter - September 29, 2016
To: stockdesai@gmail.com

Central Bank watch: Federal Reserve Bank of Cleveland President, Loretta Mester, said that continued labour market gains, outlook for higher growth and inflation, as well as receding global risks had prompted her to call for an interest rate increase at the FOMC meet this month.  Ms. Mester had dissented against policy inaction at the latest FOMC in September. European Central Bank (ECB) President Mario Draghi vowed to press on with efforts to resurrect inflation to its target levels, while acknowledging that the volume and vocality of these concerns were stronger in Germany. The President also acknowledged the disincentives that ECB's policies were bringing to European savers and banks. Bank of England Deputy Governor, Minouche Shafik, said that quantitative easing is here to stay as a standard tool of Central bankers. Chart: Rebound in oil prices as OPEC talks about cutting output Global market developments: Developments in the oil market o Oil extended gains as OPEC agreed to cut production for the first time in eight years, in a move that surprised markets. In the OPEC meeting occurring on the sidelines of the International Energy Forum in Algeria, which concluded yesterday, Iran's oil minister intimated that OPEC would strive to reduce production to the range of 32.5-33 million bpd. o Oil prices gained by a significant ~6% yesterday in the aftermath of the OPEC decision. US data surprised on the upside with durable goods orders remaining flat in August, as compared to market expectations of a decline. Retail sales for August in Japan disappointed, by coming in at a steeper -1.1% MoM, as opposed to expectations of a 0.6% MoM contraction. US markets ended in the green yesterday, taking cues from higher crude prices following OPEC's decision to reduce output. Dow Jones and S&P ended higher by 0.6% and 0.5% respectively. Asian equities are trading in the green this morning following the overnight rebound in oil prices. Gains in the region are being led by Nikkei (1.4%), Australia's ASX (1.0%),  Kospi (0.7%),  Shanghai Composite (0.5%) and Hang Seng (0.3%). US Treasuries are trading lower this morning. Treasuries declined for the second day as a preliminary deal among OPEC members to limit output bolstered stocks around the world, and sapped demand for safe securities. The 10Y benchmark yield is currently hovering at 1.58% levels, as compared to yesterday's close at 1.57%. Global market snapshot Domestic market developments: The Indian Rupee is trading stronger at 66.45 levels vis-a-vis the US Dollar (prior: 66.46) taking cues from a softer Dollar. Indian Government bond yield is higher today as against previous close, with the 10Y benchmark hovering at 6.79% levels. Regards, ICICI Bank Contact: Samir Tripathi (+91-22) 2653-7233 samir.tripathi@icicibank.com Kamalika Das (+91-22) 2653-1414 (extn: 6280) kamalika.das@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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