Monday, 14 November 2016

{LONGTERMINVESTORS} Fwd: Morning Market Starter - November 15, 2016


---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Tue, Nov 15, 2016 at 11:12 AM
Subject: Morning Market Starter - November 15, 2016
To: stockdesai@gmail.com






On the radar: India's Consumer Price Index (CPI) for October due later today (exp: 4.1% YoY; prior: 4.3% YoY) 

India's Wholesale Price Index (WPI) for October due later today (prior: 3.6% YoY)


Central Bank Watch:


  • ECB Vice President Vitor Constancio has said that subdued core inflation is a cause of concern going forward.
  • Fed Vice Chairman Stanley Fischer has said that the central bank has almost reached its goals of maximum employment and price stability, strengthening the case for raising interest rates.


Chart: Unexpected pickup in Japan's GDP for the third quarter

Source: Bloomberg, ICICI Bank Research


Global market developments:



  • Macroeconomic data


o US: University of Michigan sentiment improved to 91.6 in November from 87.2 in October.

o Japan: GDP growth for the third quarter picked up substantially to 2.2% QoQ (ann.) from 0.7% QoQ (ann.) in the previous quarter.


  • US equities closed mixed yesterday, amid a lot of re-positioning happening in the markets in favour of sectors that are expected to outperform under the Trump administration in the US. Dow Jones was up by 0.1%, while S&P 500 closed mildly in the red (-0.01%).


  • Asian stocks are trading largely in the red this morning, amid a steady selloff in emerging markets in anticipation of Trump's expansionary fiscal stimulus plans. In other key developments, Yuan is trading at almost 8-year lows against the Dollar (USDCNY at 6.86 levels currently). Losses are being led by Australia ASX (-0.5%), Shanghai Composite (-0.2%), Kospi (-0.1%).

  • US Treasuries are trading somewhat higher this morning, after a volatile trading session yesterday, with the global bond rout continuing amid expectations of higher growth and inflation prospects in the US. The 10Y benchmark yield is currently at 2.217%, vs. yesterday's close of 2.261%.  



Global market snapshot


Domestic market developments:



  • Indian Rupee is trading weaker against the Dollar at 67.72 levels (prior: 67.25).
  • Indian Government bonds are trading sharply higher this morning, with the 10Y benchmark hovering at 6.67% levels.




Regards,
ICICI Bank

Contact:

Niharika Tripathi
(+91-22) 2653-1414 (extn: 6943)
niharika.tripathi@icicibank.com

Sumedha Dasgupta
(+91-22) 2653-1414 (extn: 7243)
sumedha.dasgupta@icicibank.com

​ 



--
CA. Rajesh Desai

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