need2know: GDP rebound, soaring rupee and other macro triggers for the day
Hello! Here’s a lowdown on top macro triggers that may move the financial markets on Thursday. This report was compiled from newspaper and agency feeds.
Strong rebound in Q2 GDP?
India’s economic growth pace likely picked up in the three months ending in September, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax. For July-September, the median in a Reuters poll of economists was for annual growth of 6.4 per cent. Forecasts ranged from 5.9 per cent to 6.8 per cent.
Opec meet: Oil on tenterhooks
Oil markets opened cautiously on Thursday ahead of the outcome of an OPEC meeting in Vienna later in the day, with members set to debate the path for an extension of the group’s supply-cut agreement. WTI crude futures were at $57.33 a barrel, virtually unchanged from their last settlement.
China factory growth impressive
Growth in China’s manufacturing sector unexpectedly picked up in November, despite a crackdown on air pollution and a cooling property market. The official Purchasing Managers’ Index (PMI) released on Thursday stood at 51.8 in November, compared with 51.6 in October and comfortably above the 50-point mark that separates growth from contraction on a monthly basis.
CCI fines BCCI $8 million
The Board of Control for Cricket in India (BCCI) was fined 522.4 million rupees ($8.13 million) by the country’s antitrust watchdog on Wednesday for misusing its dominant position and anti-competitive practices in awarding broadcast rights for the Indian Premier League
India Inc’s best quarter in six
Earnings for companies in India’s broader NSE Nifty rose at their best pace in six quarters during July-September, according to Thomson Reuters Eikon data, showcasing how profits are finally looking up after a prolonged spell of sluggish growth.
Nestle fined for substandard noodles
A court on Tuesday imposed a fine of 4.5 million rupees ($70,000) on Nestle India in a 2015 case for selling substandard instant noodles after a laboratory test found high ash content in its popular Maggi brand.
Bull market may turn into pain
A prolonged bull market across stocks, bonds and credit has left a measure of average valuation at the highest since 1900, a condition that at some point is going to translate into pain for investors, according to Goldman Sachs Group
MS sees Sensex at 35,700 next Dec
Morgan Stanley has set a target of 35,700 for the Sensex by December 2018, which is 6% above the index’s Wednesday closing of 33,602.76. The brokerage said a combination of supportive global growth, improving capex, fiscal spending and a buoyant consumer augur well for growth in 2018
Rupee hits 10-week high
The Indian currency on Wednesday strengthened for a third session to closed at 10-week high against US dollar ahead of gross domestic product (GDP) data due on 30 November. The home currency ended at 64.32 a dollar—a level last seen on 20 September, up 0.14% from its Tuesday’s close of 64.41
G-secs rise on good demand
Government bonds (G-Secs) advanced following sustained demand from corporates and banks, while the overnight call money rates finished lower due to lack of demand from borrowing banks amid comfortable liquidity situation in the banking system. The 6.79 per cent 10-year benchmark bond maturing in 2027 were rose to Rs 98.39 from Rs 98.3575 yesterday, while, its yield held stable to 7.03 per cent. The 6.68 per cent government security maturing in 2031 were climbed to Rs 96.59 from Rs 96.50 yesterday, while its yield softened to 7.07 per cent from 7.08 per cent.
Call money rates fall
The overnight call money rates ended lower at 5.80 per cent from Tuesday’s level 5.85 per cent. It resumed higher at 6.00 per cent and moving in range of 6.00 per cent and 5.70 per cent.
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Via:: Economic Times – Stocks