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to LONGTERMINVESTORS, library-of-eq...@googlegroups.com, DAILY REPORTS
On the Radar:
Macroeconomic data prints from India were negative. India's November CPI inflation rose to 11.24% YoY, surpassing consensus of 10.00%. Industrial production reading for October was lower at (-)1.8% YoY vs. consensus (-)1.2% YoY.
The US House of Representatives yesterday passed the budget deal that seeks to avert an October-type Government shutdown and would ease USD 63 bn in automatic spending cuts in the next two years. The deal now awaits approval from the US Senate.
Central Bank Watch:
The Swiss National Bank and Central Bank of Indonesia kept their respective policy rates unchanged in their policy meetings yesterday.
Global Market Developments:
US stocks ended lower yesterday as upbeat retail sales data fuelled speculation of an early QE-tapering by the Fed. Dow Jones ended lower by 0.66% and S&P 500 closed down by 0.38%.
Asian stocks are trading mixed this morning. Shanghai Composite and Kospi are down by 0.6% and 0.4% respectively. However, the Nikkei is up by 0.4% amidst a weaker Yen. Australia's ASX is up by 0.5% amidst speculation of possible rate cuts by the RBA going ahead.
US Treasuries are holding on to most of overnight gains. The 10-year benchmark yield rose by 4 bps yesterday from an intraday low of 2.84% to end the session at 2.88% amidst expectation of early QE-tapering ahead of FOMC policy meeting due next week. 10-year yield is currently hovering around 2.87%.
Domestic Market Developments:
Indian stocks are down by 0.5% amidst higher inflation print and weak overseas cues
The Indian Rupee opened weaker at 62.10 vs. yesterday's close of 61.83
Please find detailed currency views in the attached document.
