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Domestic Market
| Indices | Today's Close | Previous Close | Absolute Change | % Change |
|---|---|---|---|---|
| BSE SENSEX | 61,337.81 | 62,181.67 | -843.86 | -1.36 |
| Nifty 50 | 18,269.00 | 18,496.60 | -227.60 | -1.23 |
| Nifty 500 | 15,636.35 | 15,812.75 | -176.40 | -1.12 |
| Nifty Next 50 | 42,986.30 | 43,798.60 | -812.30 | -1.85 |
| S&P BSE Mid-Cap | 25,739.21 | 26,095.56 | -356.35 | -1.37 |
| BSE Smallcap | 29,516.75 | 29,558.56 | -41.81 | -0.14 |
| India VIX Index | 14.07 | 13.48 | 0.59 | 4.38 |
*Unchanged
Domestic Market News
- Huge opportunities are there in the textiles segment and the country would achieve USD 100 billion export target from the sector by 2030, Union minister Piyush Goyal said on Wednesday. He said that free trade agreements will further help boost textile exports. The textiles sector is full of opportunities and we are confident of achieving USD 100 billion exports target by 2030, Goyal noted.
- The country~s textile exports were at a record of USD 44.4 billion in 2021-22. Goyal said that in the textiles sector, a margin of 4 per cent or 5 per cent is important to become competitive and in the free trade agreement.
- Ministry of Consumer Affairs, Food & Public Distribution stated in a latest update that the Government of India has sufficient food grain stocks under Central Pool to meet the requirement of NFSA and its Other Welfare Schemes as well as for additional allocation of PMGKAY. About 159 LMT of Wheat will be available as on 1st of January 2023, which is well above the buffer norm requirement of 138 LMT of 1st of January.
- Asian Development Bank (ADB) has kept its outlook for India~s economic growth unchanged at 7 percent for FY23. However, this marks a drop compared to 8.7 percent GDP growth in FY22. For 2023-24, the GDP growth has been kept unchanged at 7.2 percent. Despite recent global headwinds, the Indian economy is expected to grow, supported by a strong domestic base.
- India~s wholesale inflation eased to a 21-month low of 5.85 percent in November, according to data released by the commerce ministry today. At 5.85 percent, the latest Wholesale Price Index (WPI) inflation figure is a huge 470 basis points lower than what it was just two months ago. WPI inflation stood at 8.39 percent in October and 14.87 percent in November 2021.
- The Solvent Extractors Association (SEA) of India, stated in a latest update that import of vegetable oils during November 2022, first month of the Oil Year 2022-23, is reported at a record 1,545,540 tons compared 1,396,969 tons in October 2022 i.e. up by 11%. It marks a sharp jump of 31% compared to 1,173,747 tons during Nov.’21. Record Import of Crude Palm Oil (CPO) at 931,180 tons ever highest in single month since import started compared to 756,745 tons in October, 2022. Import of RBD Palmolein is also rising fast and reported at 202,248 tons compared to 127,949 tons in previous month. The import of Crude Soybean Oil down to 229,373 tons from 334,467 ton while Sunflower Oil import increased to 157,709 tons compared to 144,934 tons in October 2022.
- Ministry of Heavy Industries stated that Under phase-II of FAME-India Scheme, Rs. 1000 Cr. is allocated for the development of charging infrastructure. The Ministry has sanctioned 2,877 electric vehicle charging stations in 68 cities across 25 states/UTs. Further, 1576 charging stations across 9 Expressways and 16 Highways under phase-II of FAME India Scheme has also been sanctioned. The Ministry of Heavy Industries had sanctioned 520 Charging Stations for developing charging Infrastructure under Phase-I of FAME India Scheme.
- India~s industrial production fell 4.0 percent year-over-year in October, reversing a 3.5 percent rebound in the previous month, data released by the statistics ministry showed Monday. In the same month of 2021, industrial output had advanced 4.2 percent. Among three main sectors, manufacturing output declined 5.6 percent from last year. At the same time, mining production advanced 2.5 percent, and electricity output gained 1.2 percent.
- Consumer price inflation slowed to 5.88 percent in November from 6.77 percent in October. In the same month of 2021, consumer prices had increased 4.91 percent. Likewise, food price inflation came in at 4.67 percent in November, down from 7.01 percent in the previous month and 1.87 percent in November 2021. Month-on-month, consumer prices edged down 0.11 percent, and the consumer food price index slid 0.90 percent in November.
- As per data uploaded by the Pradhan Mantri Mudra Yojana (PMMY) by Member Lending Institutions (MLIs) on Mudra portal, as on 25.11.2022, more than 37.76 crore loans amounting to over Rs. 20.43 lakh crore have been disbursed since inception of the Scheme in April 2015. According to a Ministry of Labour and Employment (MoLE) survey, PMMY helped in generating 1.12 crore net additional employment during a period of approximately 3 years (i.e. from 2015 to 2018). At an overall level, Shishu category of loan constitutes about 66% of share among additional employment generated by establishments owned by MUDRA beneficiaries followed by Kishore (19%) and Tarun (15%) categories respectively.
- The Government of India (GoI) has announced the sale (issue/ re-issue) of (i) “6.69% Government Security 2024” for a notified amount of Rs 4,000 Crore (nominal) through price based auction using uniform price method, (ii) “7.10% Government Security 2029” for a notified amount of Rs 6,000 Crore (nominal) through price based auction using uniform price method, (iii) “New Government Security 2036” for a notified amount of Rs 11,000 Crore (nominal) through yield based auction using uniform price method and (iv) “7.40% Government Security 2062” for a notified amount of Rs 9,000 Crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 Crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on December 16, 2022 (Friday).
International Market
| Indices | Today's Close | Previous Close | Absolute Change | % Change |
|---|
*Unchanged
International Market News
- The US Fed announced its decision to raise interest rates by 50 basis points, or half a percentage point, to a target range of 4.25 to 4.50 percent. After raising interest rates by three-quarters of a percentage point at four consecutive meetings, the Federal Reserve on Wednesday slowed the pace of rate increases but still signaled further rate hikes.
- The text of the Fed~s accompanying statement was largely unchanged from last month, however, with the central bank reiterating that it anticipates ongoing increases in rates will be appropriate. The economic projections provided along with the announcement also suggest the Fed expects rates to ultimately be raised higher than forecast back in September. The median forecast suggests rates will be raised to a so-called terminal rate of 5.1 percent next year compared to the September projection of 4.6 percent.
- Import prices in the U.S. declined for the fifth consecutive month in November, according to a report released by the Labor Department. Import prices slid by 0.6 percent in November after falling by a revised 0.4 percent in October. The drop in import prices partly reflected a continued slump in prices for fuel imports, which dove by 2.8 percent in November after tumbling by 2.7 percent in October. At the same time, prices for non-fuel imports also fell by 0.4 percent in November after edging down by 0.1 percent in October.
- The Labor Department said lower prices for non-fuel industrial supplies and materials and consumer goods more than offset higher prices for foods, feeds, and beverages and capital goods. The annual rate of import prices growth slowed from 4.2 percent in October to 2.7 percent in November, which reflected the slowest year-over-year growth since January 2021.
- China~s value-added industrial output, an important economic indicator, went up 2.2 percent year on year in November, data from the National Bureau of Statistics (NBS) showed Thursday. This was down from 5% in previous month.
- The total value of retail sales in China was down 5.9 percent on year in November, the National Bureau of Statistics reported - following the 0.5 percent drop in October. The bureau also said that fixed asset investment rose an annual 5.3 percent - down from 5.8 percent in the previous month.
- Japan posted a merchandise trade deficit of 2,027.4 billion yen in November, the Ministry of Finance reported. Exports jumped 20.0 percent on year to 8.837 trillion yen - beating expectations for a gain of 19.8 percent and slowing from 25.3 percent in the previous month. Imports spiked an annual 30.3 percent to 10.864 trillion yen versus expectations for an increase of 27.0 percent following the 53.5 percent surge a month earlier.
- US consumer prices inched up by 0.1 percent in November after climbing by 0.4 percent in October, by according to a highly anticipated report released by the Labor Department on Tuesday. The report also showed the annual rate of growth by consumer prices slowed to 7.1 percent in November from 7.7 percent in October. The year-over-year increase in November reflects the slowest annual growth since December 2021. The monthly uptick in consumer prices was largely due to a continued advance by prices for shelter, which climbed by 0.6 percent in November following a 0.8 percent increase in October.
- The US Food prices rose by 0.5 percent in November after advancing by 0.6 percent in October, reflecting higher prices for both food at home and food away from home. Meanwhile, the energy prices tumbled by 1.6 percent in November after jumping by 1.8 percent in October, as gasoline prices pulled back sharply.
- OPEC stated in its monthly update that the world economic growth forecast is revised up marginally to 2.8% for 2022, after slightly better-than expected 3Q22 GDP growth in some economies. The 2023 global economic growth forecast remains unchanged at 2.5%. For the US, GDP growth in 2022 is revised up to 1.7%, while the forecast for next year remains unchanged at 0.8%. Euro-zone economic growth for 2022 remains at 3%, and is also unchanged for 2023 to stand at 0.3%. Japan~s economic growth forecast remains at 1.5% for 2022 and 1% for 2023.
- OPEC noted that China~s 2022 growth forecast remains at 3.1% for 2022 and at 4.8% for 2023. The forecasts for India remain at 6.5% for 2022 and 5.6% for 2023. Brazil~s economic growth forecast is revised up to 2.4% for 2022, but remains unchanged at 1% for 2023. The 2022 forecast for Russia is revised up to a contraction of 5% followed by growth of 0.2% in 2023. With this, risks to global economic growth remain skewed downward due to challenges including high inflation, monetary tightening by major central banks, high sovereign debt levels in many regions and some ongoing supply chain issues.
- UK consumer price inflation eased in November from a 41-year high in October. Consumer prices saw an annual increase of 10.7 percent in November, the Office for National Statistics said. This was down from 11.1 percent in October, which was the highest since 1981. Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 6.3 percent.
- Large manufacturing in Japan weakened in the fourth quarter of 2022, the Bank of Japan~s quarterly Tankan Survey of business sentiment showed on Wednesday with a diffusion index score of +7. That was down from +8 three months ago.
- UNCTAD released on 12 December the handbook of statistics 2022 – the global reference for trade and development trends published each year. The agency noted that growth in global real GDP will drop from 5.7 percent in 2021 to 3.3 percent in 2022. It also stated that trade in both goods and services will slow down. Growth in merchandise exports is expected to decline by half, from the strong 26.5 percent increase recorded in 2021 to 13.8 percent this year. For services exports, which include transport and travel, the slowdown will be less pronounced – from 17.2 to 14.6 percent.
- Despite the strong growth in trade in services in 2021, the value of exports ($6.1 trillion) remained below their pre-COVID-19 levels ($6.3 trillion in 2019). The prices of primary commodities, such as food and energy, soared by 55 percent in 2021. Fuels accounted for 22 percentage points of the growth. The upward trend continued this year, with prices hitting in August 2022 their highest levels in nearly three decades.
- The Federal Reserve Bank of New York said in its November 2022 Survey of Consumer Expectations on Monday. For the one-year-ahead horizon, the consumers~ median inflation expectation declined by 0.7 percentage point to 5.2% and for the three-year horizon by 0.1 pp to 3.0%. Both decreases were broad-based across education and income groups. Median five-year inflation expectations, which have been surveyed in the monthly SCE core survey since the beginning of 2022 and first published in July 2022, also slipped, by 0.1 pp to 2.3%, the NY Fed said.
- Germany~s consumer price growth eased in November amid a modest easing in energy prices. Consumer price inflation in the biggest euro area economy eased to 10.0 percent from 10.4 percent in October, latest figures from the Federal Statistical Office, also known as Destatis, showed Tuesday. The consumer price index, or CPI, eased 0.5 percent from October, when it rose 0.9 percent. The harmonized index of consumer prices, which is meant for comparison of inflation rates among EU members, moved up 11.3 percent year-on-year following an 11.6 percent gain in October.
- UK jobless rate edged up in the three months ended October as firms held back recruitment amid recession fears. The ILO jobless rate edged up to 3.7 percent in three months to October, figures from the Office for National Statistics showed on Tuesday. This was in line with expectations and up from 3.6 percent in three months to September. The employment rate increased 0.2 percentage points on the quarter to 75.6 percent. During September to November, the number of vacancies declined by 65,000 sequentially to 1.187 million. However, the ONS noted that vacancies remained at historically high levels despite five consecutive falls.
- Australia~s business confidence turned negative in November for the first time since December 2021 as firms were more concerned about slowing global growth and weaker domestic consumption amid high inflation and interest rates, a closely watched survey showed on Tuesday. The business confidence index fell to -4 in November from zero a month ago, monthly data from the National Australia Bank revealed. Sentiment was negative in retail, finance, business & property, recreation & personal, and transport & utilities.
Debt Market
| Indices | Today's Close | Previous Close | Absolute Change | % Change |
|---|
*Unchanged
Debt Market News
- The benchmark 10-year 7.26% G-sec 2032 bond yield edged up a little after easing so far this week.
Commodity
| Commodity | Last | % Change |
|---|---|---|
| Gold (10 gm) | 53999 | 0.46 |
| Crude Oil (Rs/barrel) | 7679 | 0.00 |
Commodity News
- Gold price fell Rs 420 to Rs 54,554 per 10 grams in the national capital on Thursday amid weak global trends.In the previous trade, the precious metal had closed at Rs 54,974 per 10 grams.Silver also tumbled Rs 869 per kg to Rs 68,254 per kilogram.In the international market, gold was trading in red at USD 1,788 per ounce while silver was down at USD 23.14 per ounce.
- Oil prices slid about 2% on Thursday as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks.After rising for three straight days, Brent futures fell $1.69, or 2.0%, to $81.01 a barrel by 11:38 a.m. EST (1638 GMT). U.S. West Texas Intermediate (WTI) crude fell $1.77, or 2.3%, to $75.51.
Currency Exchange Rates
| Currency | Rate |
|---|---|
| USD/INR | 82.72 |
| EURO/INR | 87.28 |
| 100JPY/INR | 60.13 |
| GBP/INR | 101.63 |
Currency News
- The Indian Rupee slumped today, adding to recent set of losses.
- The INR is currently quoting at 82.76 per US dollar, down 27 paise on the day.
Global Interest Rates
| Global Interest Rates | % |
|---|
Fll Trends
| Fill Numbers | US ($) million |
|---|---|
| FII Debt | -585.85 |
| FII Equity | 201.81 |
Liquidity
| Liquidity | % |
|---|---|
| Repo | 6.25 |
| Reverse Repo | 3.35 |
| CRR | 4.50 |
| SLR | 18.00 |
Corporate Yields Matrix
| Tenors | AAA | AA+ | AA | AA- | A+ | A | A- |
|---|
Investment Jargon
Investment Mantra
Disclaimer:
The information contained in this material are extracted from different public sources and does not represent views/opinions of Kotak Mahindra Asset Management Company Limited or its associated companies. Kotak Mahindra Asset Management Co Ltd. does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. All reasonable care has been taken to ensure that the information contained herein is not misleading or untrue at the time of publication. This is not a sales literature and all the information is for the information of the person to whom it is provided without any liability whatsoever on the part of Kotak Mahindra Asset Management Co Ltd or any associated companies or any employee thereof.
Risk Factors:
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
As on 08 Dec - 15 Dec
As on 08 Dec - 15 Dec
Domestic Market
| Indices | Today's Close | Previous Close | Absolute Change | % Change |
|---|---|---|---|---|
| BSE SENSEX | 61,337.81 | 62,181.67 | -843.86 | -1.36 |
| Nifty 50 | 18,269.00 | 18,496.60 | -227.6 | -1.23 |
| Nifty 500 | 15,636.35 | 15,812.75 | -176.4 | -1.12 |
| Nifty Next 50 | 42,986.30 | 43,798.60 | -812.3 | -1.85 |
| S&P BSE Mid-Cap | 25,739.21 | 26,095.56 | -356.35 | -1.37 |
| BSE Smallcap | 29,516.75 | 29,558.56 | -41.81 | -0.14 |
| India VIX Index | 14.07 | 13.48 | 0.59 | 4.38 |
*Unchanged
Domestic Market News
- Huge opportunities are there in the textiles segment and the country would achieve USD 100 billion export target from the sector by 2030, Union minister Piyush Goyal said on Wednesday. He said that free trade agreements will further help boost textile exports. The textiles sector is full of opportunities and we are confident of achieving USD 100 billion exports target by 2030, Goyal noted.
- The country~s textile exports were at a record of USD 44.4 billion in 2021-22. Goyal said that in the textiles sector, a margin of 4 per cent or 5 per cent is important to become competitive and in the free trade agreement.
- Ministry of Consumer Affairs, Food & Public Distribution stated in a latest update that the Government of India has sufficient food grain stocks under Central Pool to meet the requirement of NFSA and its Other Welfare Schemes as well as for additional allocation of PMGKAY. About 159 LMT of Wheat will be available as on 1st of January 2023, which is well above the buffer norm requirement of 138 LMT of 1st of January.
- Asian Development Bank (ADB) has kept its outlook for India~s economic growth unchanged at 7 percent for FY23. However, this marks a drop compared to 8.7 percent GDP growth in FY22. For 2023-24, the GDP growth has been kept unchanged at 7.2 percent. Despite recent global headwinds, the Indian economy is expected to grow, supported by a strong domestic base.
- India~s wholesale inflation eased to a 21-month low of 5.85 percent in November, according to data released by the commerce ministry today. At 5.85 percent, the latest Wholesale Price Index (WPI) inflation figure is a huge 470 basis points lower than what it was just two months ago. WPI inflation stood at 8.39 percent in October and 14.87 percent in November 2021.
- The Solvent Extractors Association (SEA) of India, stated in a latest update that import of vegetable oils during November 2022, first month of the Oil Year 2022-23, is reported at a record 1,545,540 tons compared 1,396,969 tons in October 2022 i.e. up by 11%. It marks a sharp jump of 31% compared to 1,173,747 tons during Nov.’21. Record Import of Crude Palm Oil (CPO) at 931,180 tons ever highest in single month since import started compared to 756,745 tons in October, 2022. Import of RBD Palmolein is also rising fast and reported at 202,248 tons compared to 127,949 tons in previous month. The import of Crude Soybean Oil down to 229,373 tons from 334,467 ton while Sunflower Oil import increased to 157,709 tons compared to 144,934 tons in October 2022.
- Ministry of Heavy Industries stated that Under phase-II of FAME-India Scheme, Rs. 1000 Cr. is allocated for the development of charging infrastructure. The Ministry has sanctioned 2,877 electric vehicle charging stations in 68 cities across 25 states/UTs. Further, 1576 charging stations across 9 Expressways and 16 Highways under phase-II of FAME India Scheme has also been sanctioned. The Ministry of Heavy Industries had sanctioned 520 Charging Stations for developing charging Infrastructure under Phase-I of FAME India Scheme.
- India~s industrial production fell 4.0 percent year-over-year in October, reversing a 3.5 percent rebound in the previous month, data released by the statistics ministry showed Monday. In the same month of 2021, industrial output had advanced 4.2 percent. Among three main sectors, manufacturing output declined 5.6 percent from last year. At the same time, mining production advanced 2.5 percent, and electricity output gained 1.2 percent.
- Consumer price inflation slowed to 5.88 percent in November from 6.77 percent in October. In the same month of 2021, consumer prices had increased 4.91 percent. Likewise, food price inflation came in at 4.67 percent in November, down from 7.01 percent in the previous month and 1.87 percent in November 2021. Month-on-month, consumer prices edged down 0.11 percent, and the consumer food price index slid 0.90 percent in November.
- As per data uploaded by the Pradhan Mantri Mudra Yojana (PMMY) by Member Lending Institutions (MLIs) on Mudra portal, as on 25.11.2022, more than 37.76 crore loans amounting to over Rs. 20.43 lakh crore have been disbursed since inception of the Scheme in April 2015. According to a Ministry of Labour and Employment (MoLE) survey, PMMY helped in generating 1.12 crore net additional employment during a period of approximately 3 years (i.e. from 2015 to 2018). At an overall level, Shishu category of loan constitutes about 66% of share among additional employment generated by establishments owned by MUDRA beneficiaries followed by Kishore (19%) and Tarun (15%) categories respectively.
- The Government of India (GoI) has announced the sale (issue/ re-issue) of (i) “6.69% Government Security 2024” for a notified amount of Rs 4,000 Crore (nominal) through price based auction using uniform price method, (ii) “7.10% Government Security 2029” for a notified amount of Rs 6,000 Crore (nominal) through price based auction using uniform price method, (iii) “New Government Security 2036” for a notified amount of Rs 11,000 Crore (nominal) through yield based auction using uniform price method and (iv) “7.40% Government Security 2062” for a notified amount of Rs 9,000 Crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 Crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on December 16, 2022 (Friday).
International Market
| Indices | Today's Close | Previous Close | Absolute Change | % Change |
|---|
*Unchanged
International Market News
- The US Fed announced its decision to raise interest rates by 50 basis points, or half a percentage point, to a target range of 4.25 to 4.50 percent. After raising interest rates by three-quarters of a percentage point at four consecutive meetings, the Federal Reserve on Wednesday slowed the pace of rate increases but still signaled further rate hikes.
- The text of the Fed~s accompanying statement was largely unchanged from last month, however, with the central bank reiterating that it anticipates ongoing increases in rates will be appropriate. The economic projections provided along with the announcement also suggest the Fed expects rates to ultimately be raised higher than forecast back in September. The median forecast suggests rates will be raised to a so-called terminal rate of 5.1 percent next year compared to the September projection of 4.6 percent.
- Import prices in the U.S. declined for the fifth consecutive month in November, according to a report released by the Labor Department. Import prices slid by 0.6 percent in November after falling by a revised 0.4 percent in October. The drop in import prices partly reflected a continued slump in prices for fuel imports, which dove by 2.8 percent in November after tumbling by 2.7 percent in October. At the same time, prices for non-fuel imports also fell by 0.4 percent in November after edging down by 0.1 percent in October.
- The Labor Department said lower prices for non-fuel industrial supplies and materials and consumer goods more than offset higher prices for foods, feeds, and beverages and capital goods. The annual rate of import prices growth slowed from 4.2 percent in October to 2.7 percent in November, which reflected the slowest year-over-year growth since January 2021.
- China~s value-added industrial output, an important economic indicator, went up 2.2 percent year on year in November, data from the National Bureau of Statistics (NBS) showed Thursday. This was down from 5% in previous month.
- The total value of retail sales in China was down 5.9 percent on year in November, the National Bureau of Statistics reported - following the 0.5 percent drop in October. The bureau also said that fixed asset investment rose an annual 5.3 percent - down from 5.8 percent in the previous month.
- Japan posted a merchandise trade deficit of 2,027.4 billion yen in November, the Ministry of Finance reported. Exports jumped 20.0 percent on year to 8.837 trillion yen - beating expectations for a gain of 19.8 percent and slowing from 25.3 percent in the previous month. Imports spiked an annual 30.3 percent to 10.864 trillion yen versus expectations for an increase of 27.0 percent following the 53.5 percent surge a month earlier.
- US consumer prices inched up by 0.1 percent in November after climbing by 0.4 percent in October, by according to a highly anticipated report released by the Labor Department on Tuesday. The report also showed the annual rate of growth by consumer prices slowed to 7.1 percent in November from 7.7 percent in October. The year-over-year increase in November reflects the slowest annual growth since December 2021. The monthly uptick in consumer prices was largely due to a continued advance by prices for shelter, which climbed by 0.6 percent in November following a 0.8 percent increase in October.
- The US Food prices rose by 0.5 percent in November after advancing by 0.6 percent in October, reflecting higher prices for both food at home and food away from home. Meanwhile, the energy prices tumbled by 1.6 percent in November after jumping by 1.8 percent in October, as gasoline prices pulled back sharply.
- OPEC stated in its monthly update that the world economic growth forecast is revised up marginally to 2.8% for 2022, after slightly better-than expected 3Q22 GDP growth in some economies. The 2023 global economic growth forecast remains unchanged at 2.5%. For the US, GDP growth in 2022 is revised up to 1.7%, while the forecast for next year remains unchanged at 0.8%. Euro-zone economic growth for 2022 remains at 3%, and is also unchanged for 2023 to stand at 0.3%. Japan~s economic growth forecast remains at 1.5% for 2022 and 1% for 2023.
- OPEC noted that China~s 2022 growth forecast remains at 3.1% for 2022 and at 4.8% for 2023. The forecasts for India remain at 6.5% for 2022 and 5.6% for 2023. Brazil~s economic growth forecast is revised up to 2.4% for 2022, but remains unchanged at 1% for 2023. The 2022 forecast for Russia is revised up to a contraction of 5% followed by growth of 0.2% in 2023. With this, risks to global economic growth remain skewed downward due to challenges including high inflation, monetary tightening by major central banks, high sovereign debt levels in many regions and some ongoing supply chain issues.
- UK consumer price inflation eased in November from a 41-year high in October. Consumer prices saw an annual increase of 10.7 percent in November, the Office for National Statistics said. This was down from 11.1 percent in October, which was the highest since 1981. Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 6.3 percent.
- Large manufacturing in Japan weakened in the fourth quarter of 2022, the Bank of Japan~s quarterly Tankan Survey of business sentiment showed on Wednesday with a diffusion index score of +7. That was down from +8 three months ago.
- UNCTAD released on 12 December the handbook of statistics 2022 – the global reference for trade and development trends published each year. The agency noted that growth in global real GDP will drop from 5.7 percent in 2021 to 3.3 percent in 2022. It also stated that trade in both goods and services will slow down. Growth in merchandise exports is expected to decline by half, from the strong 26.5 percent increase recorded in 2021 to 13.8 percent this year. For services exports, which include transport and travel, the slowdown will be less pronounced – from 17.2 to 14.6 percent.
- Despite the strong growth in trade in services in 2021, the value of exports ($6.1 trillion) remained below their pre-COVID-19 levels ($6.3 trillion in 2019). The prices of primary commodities, such as food and energy, soared by 55 percent in 2021. Fuels accounted for 22 percentage points of the growth. The upward trend continued this year, with prices hitting in August 2022 their highest levels in nearly three decades.
- The Federal Reserve Bank of New York said in its November 2022 Survey of Consumer Expectations on Monday. For the one-year-ahead horizon, the consumers~ median inflation expectation declined by 0.7 percentage point to 5.2% and for the three-year horizon by 0.1 pp to 3.0%. Both decreases were broad-based across education and income groups. Median five-year inflation expectations, which have been surveyed in the monthly SCE core survey since the beginning of 2022 and first published in July 2022, also slipped, by 0.1 pp to 2.3%, the NY Fed said.
- Germany~s consumer price growth eased in November amid a modest easing in energy prices. Consumer price inflation in the biggest euro area economy eased to 10.0 percent from 10.4 percent in October, latest figures from the Federal Statistical Office, also known as Destatis, showed Tuesday. The consumer price index, or CPI, eased 0.5 percent from October, when it rose 0.9 percent. The harmonized index of consumer prices, which is meant for comparison of inflation rates among EU members, moved up 11.3 percent year-on-year following an 11.6 percent gain in October.
- UK jobless rate edged up in the three months ended October as firms held back recruitment amid recession fears. The ILO jobless rate edged up to 3.7 percent in three months to October, figures from the Office for National Statistics showed on Tuesday. This was in line with expectations and up from 3.6 percent in three months to September. The employment rate increased 0.2 percentage points on the quarter to 75.6 percent. During September to November, the number of vacancies declined by 65,000 sequentially to 1.187 million. However, the ONS noted that vacancies remained at historically high levels despite five consecutive falls.
- Australia~s business confidence turned negative in November for the first time since December 2021 as firms were more concerned about slowing global growth and weaker domestic consumption amid high inflation and interest rates, a closely watched survey showed on Tuesday. The business confidence index fell to -4 in November from zero a month ago, monthly data from the National Australia Bank revealed. Sentiment was negative in retail, finance, business & property, recreation & personal, and transport & utilities.
Debt Market
| Indices | Today's Close | Previous Close | Absolute Change | % Change |
|---|
*Unchanged
Debt Market News
- The benchmark 10-year 7.26% G-sec 2032 bond yield edged up a little after easing so far this week.
Commodity
| Commodity | Last | % Change |
|---|---|---|
| Gold (10 gm) | 53,999.00 | 0.46 |
| Crude Oil (Rs/barrel) | 7,679.00 | Unch* |
*Unchanged
Commodity News
- Gold price fell Rs 420 to Rs 54,554 per 10 grams in the national capital on Thursday amid weak global trends.In the previous trade, the precious metal had closed at Rs 54,974 per 10 grams.Silver also tumbled Rs 869 per kg to Rs 68,254 per kilogram.In the international market, gold was trading in red at USD 1,788 per ounce while silver was down at USD 23.14 per ounce.
- Oil prices slid about 2% on Thursday as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks.After rising for three straight days, Brent futures fell $1.69, or 2.0%, to $81.01 a barrel by 11:38 a.m. EST (1638 GMT). U.S. West Texas Intermediate (WTI) crude fell $1.77, or 2.3%, to $75.51.
Currency Exchange Rates
| Currency | Rate |
|---|---|
| USD/INR | 82.79 |
| EURO/INR | 87.75 |
| 100JPY/INR | 62.30 |
| GBP/INR | 100.45 |
Currency News
- The Indian Rupee slumped today, adding to recent set of losses.
- The INR is currently quoting at 82.76 per US dollar, down 27 paise on the day.
Global Interest Rates
| Global Interest Rates | % |
|---|
Fll Trends
| Fll Numbers | US ($) million |
|---|---|
| FII Debt | -585.85 |
| FII Equity | 201.81 |
Liquidity
| Liquidity | % |
|---|---|
| Repo | 6.25 |
| Reverse Repo | 3.35 |
| CRR | 4.50 |
| SLR | 18.00 |
Corporate Yields Matrix
| Tenors | AAA | AA+ | AA | AA- | A+ | A | A- |
|---|
Investment Jargon
Investment Mantra
Disclaimer:
The information contained in this material are extracted from different public sources and does not represent views/opinions of Kotak Mahindra Asset Management Company Limited or its associated companies. Kotak Mahindra Asset Management Co Ltd. does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. All reasonable care has been taken to ensure that the information contained herein is not misleading or untrue at the time of publication. This is not a sales literature and all the information is for the information of the person to whom it is provided without any liability whatsoever on the part of Kotak Mahindra Asset Management Co Ltd or any associated companies or any employee thereof.
