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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 -0.61%) are down -0.67% and European stocks are down sharply by -2.09% on concern the fallout from Brexit will slow global economic growth. Late Tuesday, New York Fed President Dudley warned that the risks from Brexit could escalate if it triggers turmoil beyond the UK. A decline in European bank stocks is leading the overall market lower after BlackRock downgraded European stocks to underweight, with a negative view on the Eurozone banking sector due to fallout from Brexit. European stocks were also undercut after German May factory orders came in weaker than expected. On the positive side, mining stocks and gold producers are higher as the price of gold (GCQ16 +1.22%) rose to a 2-1/3 year high. GBP/USD is down -0.27% to a fresh 31-year low, while global government bond yields fell further into uncharted territory. The German 10-year bund yield slid to a record low of -0.205%, the UK 10-year gilt yield fell to a record low 0.729% and the U.S. 10-year T-note yield dropped to a record low 1.318%. Asian stocks settled mostly lower: Japan -1.85%, Hong Kong -1.23%, China +0.36%, Taiwan -1.61%, Australia -0.58%, South Korea -2.05%, Singapore and India closed for holiday. China's Shanghai Composite rallied to a 2-1/2 month high on speculation the government will boost measures to spur economic growth in the wake of the fallout from Brexit. Japan's Nikkei Stock Index fell to a 1-week low as exporter stocks declined after USD/JPY slid to a 1-week low, which reduces the earnings prospects of exporters.

The dollar index (DXY00 +0.04%) is down -0.05%. EUR/USD (^EURUSD) is down -0.05%. USD/JPY (^USDJPY) is down -1.39% at a 1-week low.

Sep T-note prices (ZNU16 +0.18%) are up +7.5 ticks at a 3-1/2 year nearest-futures high. The Total Investment & Insurance Solutions

BOE Governor Carney warned that the risks from Brexit have started to crystalize and "there is the prospect of a material slowing of the economy and that the number of vulnerable households could increase due to a tougher economic outlook." The Total Investment & Insurance Solutions

German May factory orders were unch m/m and -0.2% y/y, weaker than expectations of +1.0% m/m and +0.9% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -2.6% with purchase sub-index -3.0% and refi sub-index -2.4%), (2) May trade balance (expected -$40.0 billion, Apr -$37.4 billion), (3) Fed Governor Daniel Tarullo speaks at an event in Washington D.C. on financial regulation and monetary policy, (4) revised Jun Markit U.S. services PMI (expected unchanged at 51.3, prelim-Jun unch at 51.3), (5) Jun ISM non-manufacturing PMI (expected +0.4 to 53.3, May -2.8 to 52.9), and (6) minutes of the June 14-15 FOMC meeting.

Russell 1000 companies reporting earnings today: Walgreens Boots Alliance (consensus $1.14), MSC Industrial Direct (1.00).

U.S. IPO's scheduled to price today: none.

Equity conferences this week include: none. The Total Investment & Insurance Solutions 

OVERNIGHT U.S. STOCK MOVERS

Netflix (NFLX +1.28%) fell over 2% in pre-market trading after it was downgraded to 'Underperform' from 'Hold' at Jeffries on subscriber growth concerns,

Royal Gold (RGLD +0.44%) was upgraded to 'Buy' from 'Neutral' at Dundee with a 12-month price target of $85. The Total Investment & Insurance Solutions

Teledyne Technologies (TDY -1.64%) was downgraded to 'Neutral' from 'Buy' at CL King with a 12-month target price of $107.

Dow Chemical (DOW -1.57%) was downgraded to 'Underperform' from 'Outperform' at CLSA. The Total Investment & Insurance Solutions

U.S. Steel (X -3.45%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.

Harley Davidson (HOG -10.84%) was downgraded to 'Neutral' from 'Buy' at UBS.

Newmont Mining (NEM +0.10%) and Coeur Mining (CDE +1.24%) both are up over 2% in pre-market trading as the price of gold climbed to a 2-1/3 year high.

Biogen (BIIB -1.24%) rose over 1% in after-hours trading on positive carryover from Tuesday's decision by the European Commission to approve Biogen and Abbvie's Zinbryta for treating relapsing forms of multiple sclerosis.

Ventas (VTR +0.83%) said it will acquire a group of medical and life-science properties from Blackstone Group LP for $1.5 billion.

Comcast (CMCSA -0.41%) dropped over 1% in after-hours trading on negative carryover from Tuesday's session when the company said it will incorporate Netflix's web-streaming services from Comcast cable boxes.

Tesla (TSLA -1.16%) slid over 1% in after-hours trading after the Detroit Free Press reported a Tesla Model X was in Autopilot mode when it crashed and rolled over on the Pennsylvania Turnpike on July 1.

Medivation (MDVN +2.73%) gained over 1% in after-hours trading after Reuters reported that it is in talks with Sanofi and other companies after it recently rejected a raised bid from Sanofi. The Total Investment & Insurance Solutions

MARKET COMMENTS

September E-mini S&Ps (ESU16 -0.61%) this morning are down -14.00 points (-0.67%). Tuesday's closes: S&P 500 -0.68%, Dow Jones -0.61%, Nasdaq -0.60%. The S&P 500 on Tuesday closed lower on concern about Brexit fallout after Standard Life Investments suspended trading in its 2.9 billion pound ($3.9 billion) fund after seeing a surge in redemption requests. Stocks were also undercut by weakness in energy producers after crude oil prices plunged -4.9%.

Sep 10-year T-note prices (ZNU16 +0.18%) this morning are up +7.5 ticks at a 3-1/2 year nearest-futures high. Tuesday's closes: TYU6 +26.00. FVU6 +11.00. Sep T-notes on Tuesday rose to a 1-week high and closed higher, while the 10-year T-note yield fell to an all-time low of 1.354%. T-note prices were boosted by increased safe-haven demand with the sell-off in stocks and by carryover support from a rally in UK gilts and German bunds to all-time highs. T-note also received a boost from the slightly weaker-than-expected U.S. May factory orders of -1.0% (versus expectations of -0.9%). The Total Investment & Insurance Solutions

The dollar index (DXY00 +0.04%) this morning is down -0.052 (-0.05%). EUR/USD (^EURUSD) is down -0.0006 (-0.05%). USD/JPY (^USDJPY) is down -1.41 (-1.39%) at a 1-week low. Tuesday's closes: Dollar Index +0.517 (+0.54%), EUR/USD -0.0078 (-0.70%), USD/JPY -0.82 (-0.80%). The dollar index on Tuesday recovered from a 1-week low and closed higher on the decline in GBP/USD to a 31-year low and on weakness in EUR/USD on concern over contagion of the Brexit crisis to the rest of Europe. The dollar was undercut by safe-haven demand for the yen as USD/JPY fell to a 1-week low. The Total Investment & Insurance Solutions

Aug WTI crude oil (CLQ16 -1.33%) this morning is down -59 cents (-1.27%) at a 1-week low. Aug gasoline (RBQ16 -3.12%) is down -0.0360 (-2.52%) at a 2-3/4 month low. Tuesday's closes: CLQ6 -2.39 (-4.88%), RBQ6 -0.0848 (-5.60%). Aug crude and gasoline on Tuesday closed sharply lower with Aug gasoline at a 2-1/2 month low. Crude oil prices were undercut by the stronger dollar and by news that OPEC June oil production rose +240,000 bpd to a 5-month high of 32.88 million bpd.

The Total Investment & Insurance Solutions

PE investments in India dip 46% in 2016's first half-The Total Investment & Insurance Solutions

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05  July 2016 

Private equity investments in India, excluding the real estate sector, added up to $5.8 billion in the first six months (H1) of the calendar year 2016, nearly 46% less than $10.6 billion recorded during the same period last year, an online research platform said on Monday.The Total Investment & Insurance Solutions

"On the quarter basis, deal value is down 62% from $6.1 billion to $ 2.2 billion between April-June quarter of the last year and the same quarter in 2016; the lowest investment received in the second quarter since 2013," the online financial research platform VCCEdge said in its Deal Report H1 CY 2016.

Deal volume was recorded at 643 deals, down 13% compared to 737 deals in the corresponding period last year.  The Total Investment & Insurance Solutions

Private equity exits down to a five-year low on a sequential basis. Private equity investors unlocked $1.4 billion worth of investments across 97 exits in H1, a statement said.

Venture and late stage capital also declined significantly, down 64% and 55% in the first six months of 2016 as compared to same period last year.

According to report, angel and seed investments grew 16% to 368 deals in H1 CY16 from 317 deals a year ago, while deal value slipped 25% to $100 million from $134 million, reflecting a drop in average ticket-size.  The Total Investment & Insurance Solutions

The report said the first-half of 2016 saw 479 M&A (Merger & Acquisition) deals worth $14.5 billion being struck. Compared to same period last year, deal value is up 76% while deal volume remains unchanged.

Domestic M&A deals saw an uptick in deal value and volume, growing 86% and 10%, respectively, the report said.  The Total Investment & Insurance Solutions

Nifty, Sensex may give up some gains – Tuesday closing report-The Total Investment & Insurance Solutions

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05  July 2016 

I had mentioned in Monday’s closing report that Nifty, Sensex were overbought, but the indices might move sideways. The major indices of the Indian stock markets were range-bound on Tuesday and closed with small losses of 0.40%-0.45% over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

The Total Investment & Insurance Solutions

Mjr Inda(The Total Investment & Insurance Solutions)

Bearish global cues, combined with profit booking, subdued the Indian equity markets on Tuesday. Consequently, the key indices traded in the red during the late-afternoon session. Heavy selling pressure was witnessed in automobile, banking and information technology (IT) stocks. The BSE market breadth was tilted in favour of the bears -- with 1,277 advances and 1,476 declines.

The Total Investment & Insurance Solutions

The impact of Brexit on India will be "very limited" as New Delhi does not play a key role in global trade, a leading Chinese daily said on Tuesday. At the same time, following its exit from the European Union, the UK's role in promoting India-EU relations will no longer exist, said an opinion piece in the Global Times.  "Given the fact that New Delhi is not playing a crucial role in global trade or the international geopolitical system, the influence of Britain leaving the European Union will prove to be very limited," it said. The newspaper pointed out that in economy and trade, there would be impact "though not significant ones". 

The Total Investment & Insurance Solutions

British business confidence has fallen sharply in the aftermath of the vote to leave the European Union (EU), a new research revealed. The share of businesses that reported feeling pessimistic about the British economy doubled in the week after the Brexit vote on June 24, according to the YouGov and the Centre for Economics and Business Research (CEBR). The figure jumped from 25% the week before the referendum to 49%, BBC reported. Falling confidence can lead companies to pull back on investment and hiring. Scott Corfe, director at the CEBR, said that the figures indicated a "significant shock reaction" among British businesses following the vote last month.

 The Total Investment & Insurance Solutions

Larsen & Toubro Ltd (L&T) on Tuesday said it has secured export orders worth $71.3 million from Mitsubishi Hitachi Power Systems Ltd (MHPS) through its joint venture companies. The contract of L&T-MHPS Boilers Private Ltd (LMB), a joint venture (JV) of the company, includes supply of pressure parts for a 2x1,000 MW power plant in Indonesia and includes furnace header, panel, coils and piping, the company said in a statement. The company’s shares closed at Rs1,574.65, up 0.60% on the BSE on Tuesday.

 The Total Investment & Insurance Solutions

China is highly concerned with Indian trade remedy measures against Chinese steel products, the Ministry of Commerce said on Monday. The Indian government has launched an anti-dumping investigation into colour-coated steel sheets imported from China. It is the fifth such probe against China from India this year, the highest record among WTO members, according to a statement on the ministry's website. The global steel industry was experiencing difficulties due to sluggish economic growth and weak demand, but abuse of trade remedy measures would not help resolve industrial overcapacity but hamper normal trade, the statement said. China and India have broad room for cooperation in the industry, the ministry said, adding it hoped the two countries can seek common development through trade, investment and technological cooperation and properly handle trade frictions. The ministry said it hoped the Indian government could conduct a fair and transparent investigation in line with WTO rules and refrain from trade remedy measures. SAIL shares closed at Rs47.50, up 1.50% on the BSE on Tuesday.

The top gainers and top losers of the major indices are given in the table below:

 The Total Investment & Insurance Solutions

Tp Grns(The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below:

 The Total Investment & Insurance Solutions

Asian Inds(The Total Investment & Insurance Solutions)

New launches in housing sector in eight cities down 9%-The Total Investment & Insurance Solutions

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05  July 2016 

Housing Sector(The Total Investment & Insurance Solutions)

Saddled with huge unsold inventory, the number of new launches across eight cities in the housing market reduced by nine per cent in the last six months, real estate consulting firm Knight Frank India said on Tuesday.  The Total Investment & Insurance Solutions

"New launches reduced by nine per cent in six months from 117,200 units in H1 2015 (first half year of 2015) to less than 107,120 units in H1 2016," a firm's report said.

The number of new launches in the last three years across the top eight cities registered the lowest point as developers became cautious because of the huge unsold inventory that has been piling up since 2013, the report said.  The Total Investment & Insurance Solutions

The eight cities are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR (National Capital Region) and Pune.  The Total Investment & Insurance Solutions

However, there was a 7% growth in terms of sales in the January-June period this year as the number of units sold jumped to 135,015 units from 126,615 units in the same period last year.  The Total Investment & Insurance Solutions

The unsold units available in the market have reduced by 7% to less than 660,240 units in the first six months this year from 710,340 units in the same period last year, according to the report.  The Total Investment & Insurance Solutions

"Housing segment is recovering as sales have been rising, new launches have reduced and inventory pressure has eased off significantly in the last six months," firm's Chief Economist and National Director-Research Samantak Das said.

Among new launches, the NCR witnessed the sharpest drop of 41% year-on-year (y-o-y), followed by Chennai and Pune at 36% and 32% respectively. Mumbai recorded a growth in new launches by more than 29% y-o-y in January-June period.

Price growth across all the cities remained muted during the last six months, the report said.  The Total Investment & Insurance Solutions

In the office segment, there was a 12% growth in the transaction volume across the top six cities of India.  The Total Investment & Insurance Solutions

Transactions increased from 17.9 million sqare feet in H1 2015 to 20 mn sq ft in the latest six-monthly period, the firm said.  The Total Investment & Insurance Solutions

4..Indian businesses lost $1 mn from data loss in one year: EMC-The Total Investment & Insurance Solutions

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05  July 2016 

 Indian businesses lost over $1 million from data loss and downtime in the last 12 months, a survey by EMC Corporation -- the world's largest data storage multinational -- revealed on Tuesday.  The Total Investment & Insurance Solutions

"Organisations are getting better at protecting themselves against traditional threats to data but new threats mean that despite progress, more businesses are losing data than before," said Ripu Bajwa, Country Manager-Data Protection Solutions at EMC in a statement.  The Total Investment & Insurance Solutions

Highlighting the growing challenges of protecting data, the research commissioned by EMC and carried out by technology market research provider Vanson Bourne revealed that average cost of data loss to Indian organisations was more than $114,000 while globally, the costs was more than $914,000. 

In India, 46% of organisations suffered unplanned system downtime and/or data loss due to an external or internal security breach, the study found.

While majority (over 80%) of businesses think that their organisation's current data protection solution will not enable them to meet all future business challenges, Cloud is changing the game for Indian organisations when it comes to data protection.

In India, on average, 34% of organisations have their IT environment in public Cloud and more than 60% organisations believe that not all their data stored in the Cloud is protected.  The Total Investment & Insurance Solutions

"Our customers are facing a rapidly evolving data protection landscape on a number of fronts, whether it's to protect modern cloud computing environments or to shield against devastating cyber attacks. Our research shows that many businesses are unaware of the potential impact and are failing to plan for them, which is a threat in itself," noted David Goulden, CEO, EMC Information Infrastructure.

Nearly half (54%) of organisations surveyed in India were not very confident they could fully recover their systems or data in the event of data loss or unexpected systems downtime.  The Total Investment & Insurance Solutions 

Moreover, only 42% of respondents said they were confident that their solutions would be able to keep pace with the faster performance and new capabilities of flash storage. 

Ransomware is dramatically raising the stakes when it comes to cyber security. 

"We're moving from theft, which is costly, to potential catastrophe. There are forces at play now that aren't satisfied with just stealing your money; they want to destroy your entity. You can either start taking these threats seriously or start looking for a hole to crawl into," Goulden added.  The Total Investment & Insurance Solutions

To address the threats, EMC has announced to launch a new "Isolated Recovery Solutions" line to help organisations "air gap" a protection instance of their data from the networked enterprise.  The Total Investment & Insurance Solutions

The EMC-sponsored global research survey covered IT decision-makers at 2,200 organisations to index data protection maturity, threats and trends.

ranks from 2014) and tracking and tracing (up 24 ranks from 2014). It has shown modest improvements in international shipping (up five ranks from 2014) and timeliness (up nine ranks from 2014). However, it is worth noting that India has moved up since 2014 in all key six indicators used to compute international LPI. This shows that despite the trade shrinkage due to prevailing international conditions, Indian logistics providers are seeing improvements in customs procedures, tracking of shipments and improvements in infrastructure within the sector. The Total Investment & Insurance Solutions

Third, the domestic LPI offers rich insights on how a country is perceived by its logistics providers. This has two key dimensions namely -- environment and institutions and performance. In the first aspect, an astounding 63% of respondents feel port charges are high in India. Similarly, on the quality of infrastructure, a massive 60% feel roads are low quality/very low quality in India. For sources of delays, maritime transshipment is seen by 36% of the respondents as a major cause of delays.

On the performance aspect, India needs to improve its performance on the percentage of shipments meeting quality criteria, which is at 68.7%. These responses clearly lay out areas where governments at the central and state levels have to improve over the long term.

In the years ahead, India should aim to improve performance along key dimensions on the international as well as domestic LPI, where it is relatively a laggard. These include focusing on the timeliness of shipments and on removing infrastructural bottlenecks and improving the quality of infrastructure. It has done well on this year's Index owing to the commitment to improve connectivity with the world. Hopefully in the years ahead, along with focusing on Make in India there is also a commitment to Move in India.

 The Total Investment & Insurance Solutions

Make in India also requires Move in India push-The Total Investment & Insurance Solutions

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05  July 2016 

MAKE IN INDIA(The Total Investment & Insurance Solutions)

Logistics forms the backbone of domestic and international trade in any economy and is a critical factor for competitiveness. Besides providing employment and movement of goods, an efficient logistical network enables increases in the speed of doing business.

  The Total Investment & Insurance Solutions

A pertinent question is how does one measure the logistics performance of a country and compare it with that of other economies? A recent biannual report of the World Bank throws light on this. However, it must be noted that the performance on Logistics Performance Index (LPI) is a measure of performance on international supply chains and does not capture the reality within a domestic setting. For that, the domestic LPI scores are done in the same 'Connecting to Compete 2016' report.

The international LPI is based on an assessment of performance along six key indicators -- some on the input side and the others on the outcome side of the supply chain service delivery. These pertain to border control agencies, infrastructure and services quality on the input side. On the outcome side are competitively-priced international shipments, tracking and tracing and timeliness.  The Total Investment & Insurance Solutions

The data is based on feedback from logistics professionals on the ground.

In the present edition of the index, India's performance is by far the best since 2007, with the country improving to 35. In 2014, India was ranked 54 and so the jump this time around is a tremendous 19 ranks. With this, India is one of the best-performing economies relative to the average income level of its people.  The Total Investment & Insurance Solutions

So far the World Bank has put out five editions of the report since its inception in 2007 with the most recently being released in June 2016. There are three interesting insights from the report and associated data sets that merit attention.

First, it is interesting to note that the top 10 ranks on the index are occupied by the high-income economies and BRICS economies see huge dispersion in ranks and scores. Germany has emerged as the best country with an LPI score of 4.23 and Luxembourg is second with 4.22.  The Total Investment & Insurance Solutions

An interesting measure, which is the percentage of the highest performer, is also mentioned. India, which has a score of 3.42, is thus performing at a level of roughly three fourth's of Germany's. Within the BRICS economies, India is placed below South Africa (20) and China (27), while it is placed above Brazil (55) and Russia (99).

Second, India's performance has seen a rise along key dimensions like customs (up 27 ranks from 2014) and tracking and tracing (up 24 ranks from 2014). It has shown modest improvements in international shipping (up five ranks from 2014) and timeliness (up nine ranks from 2014). However, it is worth noting that India has moved up since 2014 in all key six indicators used to compute international LPI. This shows that despite the trade shrinkage due to prevailing international conditions, Indian logistics providers are seeing improvements in customs procedures, tracking of shipments and improvements in infrastructure within the sector. The Total Investment & Insurance Solutions

Third, the domestic LPI offers rich insights on how a country is perceived by its logistics providers. This has two key dimensions namely -- environment and institutions and performance. In the first aspect, an astounding 63% of respondents feel port charges are high in India. Similarly, on the quality of infrastructure, a massive 60% feel roads are low quality/very low quality in India. For sources of delays, maritime transshipment is seen by 36% of the respondents as a major cause of delays.

On the performance aspect, India needs to improve its performance on the percentage of shipments meeting quality criteria, which is at 68.7%. These responses clearly lay out areas where governments at the central and state levels have to improve over the long term.

In the years ahead, India should aim to improve performance along key dimensions on the international as well as domestic LPI, where it is relatively a laggard. These include focusing on the timeliness of shipments and on removing infrastructural bottlenecks and improving the quality of infrastructure. It has done well on this year's Index owing to the commitment to improve connectivity with the world. Hopefully in the years ahead, along with focusing on Make in India there is also a commitment to Move in India.

 The Total Investment & Insurance Solutions