{LONGTERMINVESTORS} Fwd: Morning Market Starter - November 23, 2016

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From: <research@icicibank.com>
Date: Wed, Nov 23, 2016 at 11:12 AM
Subject: Morning Market Starter - November 23, 2016
To: stockdesai@gmail.com

On the radar: Markets will closely track FOMC minutes (of the November meeting) due later today Global market developments: Macroeconomic data o US: Existing home sales grew at 2.0% MoM in October, beating market estimates of a contraction of 0.6% MoM (prior print: 3.6% MoM). o EZ: Consumer confidence came in at (-) 6.1 in November vs. (-) 8.0 in the previous month. o A slew of data from the US (durable goods orders, U. Mich. sentiment index, new home sales etc.) is due later today and will be closely tracked. Additionally, manufacturing and services PMI data from the Eurozone are also due.  Chart: US existing home sales beat estimates to grow at 2.0% MoM in October Source: Bloomberg, ICICI Bank Research Global market developments: US equities closed in the green yesterday. The indices rallied to record highs with Dow Jones surpassing 19,000 for the first time. Gains were led by metal stocks. Dow Jones and S&P 500 ended up 0.4% and 0.2% respectively. Asian stocks are trading in the green this morning, in line with US equities. Shanghai Composite and Hang Seng are up 0.3% and 0.4% respectively. Following suit, Kospi (+0.5%) and Australia's ASX (+0.9%) are trading in the green. Meanwhile, markets in Japan are closed today. US Treasuries are not trading this morning on account of a market holiday in Japan. The 10Y benchmark yield closed at 2.32% yesterday.   Global market snapshot Domestic market developments: Indian Rupee is trading weaker against the Dollar at 68.46 levels (prior: 68.26). Indian Government bonds are trading higher this morning, with the 10Y benchmark hovering at 6.28% levels. Regards, ICICI Bank Contact: Samir Tripathi (+91-22) 2653-7233 samir.tripathi@icicibank.com Niharika Tripathi (+91-22) 2653-1414 (extn: 6943) niharika.tripathi@icicibank.com Pradeep Goyal (+91-22) 2653-1414 (extn: 6229) goyal.pradeep@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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