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

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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 ​

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CA. Rajesh Desai

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