{LONGTERMINVESTORS} Fwd: Morning Market Starter - November 11, 2016

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From: <research@icicibank.com>
Date: Fri, Nov 11, 2016 at 11:00 AM
Subject: Morning Market Starter - November 11, 2016
To: stockdesai@gmail.com

On the radar: Index of Industrial Production (IIP) for India due later today (exp: 0.3% YoY; prior: (–) 0.7% YoY)  Central Bank Watch: Fed Bank of St. Louis President James Bullard has said that December would be the appropriate time to implement a single rate increase, while saying that the current GDP numbers were not in tandem with a hot economy. He also said that he expects low interest rates to continue to be the norm over the next two-three years. Fed Bank of Richmond President Jeffrey Lacker said that the drop in unemployment rates in the US indicates very substantial progress. Chart: Initial jobless claims in the US dips for the week-ended November 5th; prints below expectations Source: Bloomberg, ICICI Bank Research Global market developments: Macroeconomic data o US: Initial jobless claims for the week ended November 5th dipped to 254K from 265K in the prior week, while market expectation was a higher 260K. US equities closed largely in the green yesterday. Dow Jones closed at a record high yesterday, with financial shares leading the markets, even as technology and household utilities stocks saw a slump. The disparate performance among stocks was largely the fallout of perception regarding which industries Donald Trump's administration would help or hinder. Dow Jones was up by 1.2%, while S&P 500 closed higher by ~0.2%. Asian stocks are trading mixed this morning. An emerging market selloff deepened in Asian trading amid concerns that policies of the Trump administration will spur capital outflows from developing economies.  Losses are being led by Hang Seng (-1.0%) and Kospi (-0.9%), while the gainers include Nikkei (0.3%), Australia ASX (0.3%) and Shanghai Composite (0.1%). US Treasury markets are trading flat this morning, after entirely erasing yesterday's gains. The 10Y benchmark yield is currently at 2.15%, similar to yesterday's close. Global market snapshot Domestic market developments: Indian Rupee is trading sharply weaker against the Dollar at 66.98 levels (prior: 66.63). Indian Government bonds are trading lower this morning, with the 10Y benchmark hovering at 6.69% 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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