Global Stocks Up Modestly As Focus Turns To Central Banks-The Total Investment & Insurance Solutions

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19 July 2017

Japan Financial Market (The Total Investment & Insurance Solutions)

Global stock markets eked out some modest gains Wednesday as investors turned their attention to upcoming central bank meetings in Japan and Europe. The Total Investment & Insurance Solutions

KEEPING SCORE: In Europe, Britain's FTSE 100 was up 0.2 percent at 7,405 while the CAC 40 of France rose 0.2 percent to 5,183. Germany's DAX was 0.1 percent higher at 12,444. Wall Street looked set for a tepid start, with both the Dow futures and the broader S&P 500 futures unchanged.

CENTRAL BANKS: Amid a dearth of market-driving news, investors are awaiting policy decisions Thursday from the European Central Bank and the Bank of Japan. Few fireworks are expected. The ECB is expected to tread softly as it inches toward scaling back its monetary stimulus in the form of 60 billion euros ($69 billion) in monthly bond purchases. Japan's central bank, likewise, is not expected to make any drastic moves, given recent subdued data on inflation and consumer sentiment.

CHINA-US: Top economic officials of the world's two biggest economies meet Wednesday in Washington for the first session of the China-U.S. Comprehensive Dialogue. The outcome of the talks will likely provide a sense of the direction relations will take as President Donald Trump seeks to deliver on promises to reduce the U.S. trade deficit. The Total Investment & Insurance Solutions

ANALYST COMMENT: "With a lack of tier-1 data in the day, the market could find eyes shifting to the rebranded U.S.-China Comprehensive Economic Dialogue today," Jingyi Pan of IG said in a commentary. "It has been interesting to note that the U.S. had once again exerted pressure ahead of the meeting highlighting expectations and the market is expected to keep a keen eye on the event."

ASIA'S DAY: Japan's Nikkei 225 stock index edged 0.1 percent higher to 20,020.86 and the Hang Seng in Hong Kong climbed 0.6 percent to 26,672.16. The S&P ASX 200 in Australia jumped 0.8 percent to 5,732.10, while the Shanghai Composite index added 1.4 percent to 3,230.98. South Korea's Kospi added 0.2 percent to 2,429.94. Shares in Southeast Asia were mixed.

CURRENCIES: The euro was down 0.2 percent at $1.1527 while the dollar was unchanged at 112 yen.

ENERGY: Benchmark U.S. crude rose 16 cents to $46.56 a barrel in electronic trading on the New York Mercantile Exchange, while Brent crude, the international standard, gained 23 cents to $49.07 per barrel.The Total Investment & Insurance Solutions

Nifty, Sensex Crack – Tuesday closing report-The Total Investment & Insurance Solutions

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18 July 2017

The major indices of the Indian stock markets suffered a correction on Tuesday and closed with losses 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

 

Major Indices (The Total Investment & Insurance Solutions)

After a day of trading at a record high, the Indian equity markets on Tuesday fell mainly due to the decline in ITC, coupled with negative global cues. According to market analysts, the key equity indices were dragged lower by a free fall witnessed in the stocks of the largest FMCG company ITC, following which the S&P BSE FMCG index plunged by 637.54 points or around 6%. The plunge in the stocks of the blue chip firm followed the increasing of compensation cess rates on cigarettes by the GST Council on Monday in view of the reduction in tax on the demerit good under the new indirect tax regime. On the NSE, there were 479 advances, 966 declines and 52 unchanged. The shares of Bharti Airtel, Sun Pharma and NTPC rose, whereas the shares of ITC and Reliance Industries (RIL) fell. ITC fell 13% to Rs282.65 after most of the brokerages downgraded the stock and also cut its target price after government increased cess on cigarettes. RIL was pressured after the news of arbitration award going against it.

Despite the government's concentrated efforts towards making India a manufacturing hub, the median hourly salary in the manufacturing sector decreased by 16%, from Rs251.90 in 2014 to Rs252.10 in 2015 and Rs211.7 in 2016, a report said on Tuesday. "The rate at which the salaries in the sector are dipping could pose a challenge to attract new talent entering the marketplace," the Monster Salary Index (MSI) for 2016 stated. The findings of the report indicate that manufacturing is the lowest paid sector with a median gross hourly salary of Rs211.70. Analysing various parameters, the report highlights that employees in the manufacturing sector with only secondary education earn Rs101.40, which is 62.6% less than post-graduates at Rs270.80. "Manufacturing sector is the backbone for a mature economy as it fuels growth, productivity, employment and strengthens agriculture and service sectors," the report said. The S & P BSE Manufacturing Index closed at 426.88, down 1.42% on the BSE.

Bata India is aggressively penetrating into footwear markets of tier-III and -IV cities to reach out to consumers in untapped markets, a company official said on Tuesday. "We have increased our focus to improve the performance of the single-town Bata stores," company Chairman Uday Khanna told shareholders at the 84th annual general meeting here. He also said that the footwear retail industry in India was accelerating and it provided immense scope for the company to reach out to different kinds of consumers in untapped markets of semi-urban and rural areas. Khanna said the footwear major had adopted a dual strategy of driving same-store growth while adding new retail stores in malls, high street locations. According to the company's latest annual report, it plans to add around 100 new retail stores and 50 new franchise stores during the current year to increase its presence in the malls, high street markets and in tier-II and -III cities across India. The shares of Bata India closed at Rs569.85, up 2.65% on the BSE.

Reliance Commercial Finance Ltd on Tuesday said it closed the first quarter of the current fiscal with a net profit of Rs65 crore logging a growth of 44%. In a statement issued here, the company, a subsidiary of Reliance Capital Ltd, said it had earned a total income of Rs490 crore and a net profit of Rs65 crore for the quarter ended June 30. Reliance Commercial Finance's total disbursement were Rs3,579 crore and the outstanding loan book was Rs13,839 crore. The Assets under Management (AUM) stood at Rs17,450 crore logging a year-on-year growth of 6%. The gross non-performing asset was at 4.1%. Reliance Capital shares closed at Rs669.00, down 0.23% on the BSE. The Total Investment & Insurance Solutions

Automobile major Tata Motors on Monday said that it will launch SUV Nexon during the upcoming festive season with two new engine options. According to the company, it has added two new engines - the 1.2L turbocharged petrol and the 1.5L diesel -- to its powertrain portfolio. These engines will debut in the new SUV. "Both these engines have been designed and developed post extensive feedback from auto enthusiasts, expert drivers, followed by extensive testing across India, on different terrains," said Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors. The shares of the company closed at Rs456.05, up 0.39% on the BSE. The Total Investment & Insurance Solutions

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

 

Top Gainer (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 Indices (The Total Investment & Insurance Solutions)

Rs 11.23 crore fake currency detected post note ban: Jaitley-The Total Investment & Insurance Solutions

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18 July 2017

Fake currency totalling Rs 11.23 crore has been detected since demonetisation, Finance Minister Arun Jaitley said on Tuesday. .The Total Investment & Insurance Solutions

Data available from the National Crime Records Bureau (NCRB) indicates that 1.58 lakh notes of fake currency, having a face value of Rs 11.23 crore, have been detected in 29 states post demonetisation until July 14, Jaitley said in a written reply to the Rajya Sabha.

A mobile app has been launched by Reserve Bank of India (RBI), which allows the users to see the features of Mahatma Gandhi (New) Series Rs 500 and 2,000 notes to check their authenticity.

The app can be downloaded from the Play Store/App Store in android/iPhone respectively.

The Minister also said that bank notes with writing on them are treated as soiled notes and can be deposited in bank accounts or exchanged at any bank branch.The Total Investment & Insurance Solutions

Committee formed to review speed limit of vehicles: Minister -The Total Investment & Insurance Solutions

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18 July 2017

The government has constituted a committee to review the speed-limit of various classes of motor vehicles and make suitable recommendations, Minster of State for Road Transport and Highways Mansukh Lal Mandaviya said on Tuesday. The Total Investment & Insurance Solutions

The government had in 2014 set the maximum-permissible speed-limit for passenger vehicles with up to eight seats (excluding driver) at 100 km per hour, and with nine or more seats at 80 km per hour.

The maximum permissible speed limit for motorcycles and goods carriage vehicles was set at 80 kmph, Mandaviya said in a written reply to a question in the Rajya Sabha.

He added that the Road Transport and Highways Ministry had issued multiple notifications mandating fitment of speed governor on "certain category of transport vehicles with maximum pre-set speed of 80 kmph and for transport vehicles like dumpers, tankers, school buses and those carrying hazardous goods with maximum speed of 60 kmph". The Total Investment & Insurance Solutions

Dollar Slide After Trump's Planned Health Reforms Implode-The Total Investment & Insurance Solutions

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18 July 2017

Japan financial market (The Total Investment & Insurance Solutions)

Global shares and the dollar stuttered Tuesday as a planned health care overhaul in the U.S. imploded and raised questions over the prospects for President Donald Trump's reform agenda.

KEEPING SCORE: In Europe, France's CAC 40 fell 0.7 percent to 5,191 while Germany's DAX dropped 1.1 percent to 12,445. The FTSE 100 index of leading British shares bucked the trend after softer than anticipated inflation figures reined in expectations of an imminent interest rate hike from the Bank of England. The index was up a tad at 7,406. U.S. stocks were poised for a subdued open, with Dow futures and the broader S&P 500 futures down 0.1 percent. The Total Investment & Insurance Solutions

HEALTHCARE REFORM: The Senate Republican health care bill suffered a potentially fatal setback Monday when two more GOP senators announced they would vote no in an initial, critical vote expected as soon as next week. The implosion leaves the divided GOP with its flagship legislative priority in tatters.

DOLLAR DIVES: The dollar has been particularly hit by Trump's failure to repeal and replace his predecessor's flagship health care reforms. The euro was up 0.7 percent at $1.1554 while the dollar fell 0.5 percent to 112.04 yen. The Total Investment & Insurance Solutions

ANALYST TAKE: "The dollar doesn't actually care about the health care bill specifically, but rather what it means for Trump's ability to get anything done, something that could come to affect his infrastructure and tax plans down the road," said Connor Campbell, financial analyst at Spreadex.

UK RATE RELIEF: Inflation in Britain unexpectedly fell in the year to June, in a development that's likely to ease market expectations that the Bank of England will raise interest rates soon. The Office for National Statistics said consumer prices were 2.6 percent higher in the year to June, down from 2.9 percent the previous month. The pound fell sharply after the inflation data as traders priced in a lower interest rate profile. It was down 0.3 percent at $1.3016. Earlier it had hit a 2017 high above $1.31 as traders bet that the inflation data would be higher than anticipated and potentially force the hand of the bank to raise interest rates soon. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's benchmark Nikkei 225 lost 0.6 percent to finish at 19,999.91 as the yen gained against the dollar. Australia's S&P/ASX 200 dipped 1.2 percent to 5,687.40. South Korea's Kospi was flat at 2,426.04. Hong Kong's Hang Seng climbed 0.2 percent to 26,524.94, while the Shanghai Composite added 0.4 percent to 3,187.57. Shares in Southeast Asia were mixed, and India's Sensex dropped 0.9 percent to 31,798.54. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. crude was up 77 cents at $46.79 a barrel while Brent, the international standard, rose 87 cents to $49.29 a barrel. The Total Investment & Insurance Solutions

Nifty, Sensex make new highs – Monday closing report-The Total Investment & Insurance Solutions

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17 July 2017

I had mentioned in Friday’s closing report that Nifty, Sensex were in consolidation mode. The major indices of the Indian stock markets were range-bound on Monday and closed with small gains over Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

With the onset of quarterly results and Parliament's monsoon session, the Indian equity markets traded with gains during the mid-afternoon session on Monday.  On the NSE, there were 799 advances, 863 declines and 312 unchanged. On the BSE there were 1,299 advances, 1,378 declines and 178 unchanged. The Total Investment & Insurance Solutions

Indian markets opened at record high. Both the Nifty and the Sensex opened 'gap-up' and hit levels of 9,920 and 32,131 respectively (intra-day). The Nifty50, which opened with a gap, hit a fresh record high of 9,920 on Monday but pared gains as investors preferred to book some profits at higher levels. Sensex firmed up 74 points aided by fresh buying by participants and availability of more foreign capital. BSE mid-cap and small-cap were trading in the green while healthcare and FMCG (fast moving consumer goods) were trading in the red.

Upcoming quarterly results and Parliament's monsoon session, as also the direction of foreign funds flow will set the course for the equity indices in the coming week, market observers opine. With markets already at dizzying heights, potential triggers like news on monsoon's progress and global trends like monetary policy review by major international central banks could unleash "volatility", analysts feared. The markets will focus on earnings this week though the expectations remain muted for the last quarter. Markets are trying to analyse the earnings impact due to GST disruption, pointed out market analysts. The worry on rising PE (price-earning) ratio of benchmark indices is being overwhelmed by larger domestic fund flows and a buoyant global economy. Companies like Reliance Industries, Ultratech Cement, ACC, Wipro, Bajaj Auto, Kotak Mahindra Bank, Jubilant FoodWorks and Ashok Leyland are expected to announce their quarterly results in the course of the   week.

Industry body Assocham on Sunday said the Banking Regulation (Amendment) Ordinance has empowered the Reserve Bank of India (RBI) to take up "bad loans worth about Rs8 lakh crore" for resolution by March 2019. According to an Assocham study, the move has the potential to bring down the non-performing asset (NPA) levels and "significantly improve" the financial health of banks. "Somewhat bitter medicine came in the form of the Ordinance promulgated by the President in May," Assocham's Secretary General D.S. Rawat said. "The government gave wide-ranging legislative powers to the RBI to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans that have reached unacceptably high levels." In case of a default, the recent Ordinance has authorises RBI to direct lenders for initiating insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. Bank Nifty closed at 24,015.05, up 0.32%. The Total Investment & Insurance Solutions

Mahindra & Mahindra on Saturday said the Life Insurance Corporation of India (LIC) has brought down its stake to less than 10% in the company by divesting around two per cent of its holding in the firm. After the stake sale, the life insurer now has 9.958 per cent stake in the company, it said in a regulatory filing. The insurance firm has sold more than 1.24 crore shares through market sale, the company added. Mahindra & Mahindra shares closed at Rs1,383.30, up 0.44% on the BSE. The Total Investment & Insurance Solutions

A plethora of events, such as hopes of a rate cut by the Reserve Bank of India (RBI), fresh inflows of foreign funds and the onset of the quarterly earnings season, had pushed the Indian equity markets to a record high during the week ended Friday.

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

 

Top Gainer (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 Indices (The Total Investment & Insurance Solutions)

RBI might take up NPAs worth Rs 8 lakh crore for resolution by 2019: Assocham-The Total Investment & Insurance Solutions

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17 July 2017

Industry body Assocham on Sunday said the Banking Regulation (Amendment) Ordinance has empowered the Reserve Bank of India (RBI) to take up "bad loans worth about Rs 8 lakh crore" for resolution by March 2019. The Total Investment & Insurance Solutions

According to an Assocham study, the move has the potential to bring down the non-performing asset (NPA) levels and "significantly improve" the financial health of banks.

"Somewhat bitter medicine came in the form of the Ordinance promulgated by the President in May," Assocham's Secretary General D.S. Rawat said.

"The government gave wide-ranging legislative powers to the RBI to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans that have reached unacceptably high levels." The Total Investment & Insurance Solutions

In case of a default, the recent Ordinance has authorises RBI to direct lenders for initiating insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. The Total Investment & Insurance Solutions

Further, the law empowers the RBI to set up sector related oversight panels that "will shield bankers" from any action which might be initiated by probe agencies on a later date.

In the past, lenders have been reluctant to resolve NPAs through settlement schemes or to "sell bad loans with hair cuts" to asset reconstruction companies for fear of probe agencies. 

"With the institution of OC (overseeing committee), the top bankers should get some cushion against the 3Cs (CBI, CAG and CVC), since the key decisions which involve taking losses by the banks, would be taken by an institutional mechanism and not one or few individuals," said Assocham's study titled "NPAs Resolution: Light at the end of tunnel by March 2019". The Total Investment & Insurance Solutions

New consumer protection law to be tabled in Parliament -The Total Investment & Insurance Solutions

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17 July 2017

 The Consumer Protection Bill, 2017, which aims at strengthening the consumer protection mechanism, is set to be introduced during the monsoon session of Parliament.

The new law, which will replace current Consumer Protection Act, 1986, once it is passed in Parliament, enforces consumer rights and provides a mechanism for redressal of complaints regarding defect in goods and deficiency in services. The Total Investment & Insurance Solutions

According to an official, the draft Bill is pending with the Standing Committee on Food and Consumer Affairs. The Total Investment & Insurance Solutions

"Once the committee approves the draft Bill, it will go to the Cabinet. Subsequently, the government can introduce it in Parliament," said the official, who did not want to be identified. 

The official added that the main objective of the Bill remains establishment of mechanism for consumer protection. However, details about the quantum of punishment are not clear yet. 

It proposes to have Consumer Dispute Redressal Commissions, which will be set up at the district, state and national levels. Also, it seeks formation of Consumer Protection Authority to investigate consumer complaints. The Total Investment & Insurance Solutions

A few months ago, Consumer Affairs Minister Ram Vilas Paswan had approved guidelines in accordance with the current Act in order to make service charge in restaurants "voluntary". The Total Investment & Insurance Solutions

China's Economic Growth Holds Steady Despite Slowdown Fears-The Total Investment & Insurance Solutions

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17 July 2017

China's economic growth (The Total Investment & Insurance Solutions)

China's economic growth held steady in the latest quarter, boosted by unexpectedly strong trade and consumer spending, despite fears tighter lending controls aimed at cooling a surge in debt are weighing on commercial activity. The Total Investment & Insurance Solutions

Output rose 6.9 percent in the three months ending in June from a year ago, data showed Monday. That was in line with the previous quarter and better than many forecasts.

Communist leaders are eager to keep growth steady as they head into a ruling party congress at which President Xi Jinping is due to be reappointed as leader later this year. But the economy faces headwinds as Beijing clamps down on lending to rein in a surge in debt that has fueled fears it might harm the financial system or drag on growth.

Forecasters expect the economy to cool as those controls depress investment, the biggest component of growth in recent years. The Total Investment & Insurance Solutions

"The economy appears to have ended Q2 on a strong note," said Julian Evans-Pritchard of Capital Economics in a report. The Total Investment & Insurance Solutions

"This strength seems unlikely to last, however," he wrote. "The recent crackdown on financial risks has driven a slowdown in credit growth, which will weigh on the economy during the second half of this year."

The International Monetary Fund has forecast China's full-year growth for 2017 to hold steady at last year's level of 6.7 percent. The IMF raised its outlook twice this year, citing strong government spending.

The government's growth target is 6.5 percent "or higher if possible."

Consumer spending and trade growth both accelerated during the second quarter, helping to offset softening investment in factories, real estate and other fixed assets.

Retail sales rose 10.4 percent in the first half of the year, up 0.1 percentage points from the first quarter's rate, according to the National Bureau of Statistics. Factory output rose 6.9 percent in the first half, up 0.1 percentage points from the first quarter rate and 0.9 percentage points better than the same time last year. The Total Investment & Insurance Solutions

Trade data released earlier showed export growth accelerated in May and June, at least temporarily averting concern about possible politically dangerous job losses in trade-related industries that employ millions of people. The Total Investment & Insurance Solutions

Investment rose by 8.6 percent in the first half of the year, but that was down from 0.6 percent from the first quarter's expansion. The Total Investment & Insurance Solutions

Private sector analysts cite surging debt as the biggest potential risk to China's long-term economic stability. The Total Investment & Insurance Solutions

China has relied on infusions of credit to prop up economic growth since the 2008 crisis. Total nongovernment debt rose from the equivalent of 170 percent of annual economic output in 2007 to an estimated 260 percent last year, unusually high for a developing country.

The Moody's rating agency cut Beijing's credit rating May 25 and the IMF urged Beijing on June 14 to get debt under control. The Total Investment & Insurance Solutions

Regulators have cited reducing risk in China's financial system as a priority this year. Banks have been told to look closely at borrowers, especially those trying to make acquisitions abroad, to ensure they can manage their debts. The Total Investment & Insurance Solutions

The country's top economic official, Premier Li Keqiang, tried to quell fears with a speech last month at the World Economic Forum in the northeastern city of Dalian. Li said financial risks are "generally under control" and Beijing can achieve this year's development targets.

At a weekend meeting of the Chinese leadership on financial strategy, Xi called for the state-dominated financial system to "prevent and contain financial risk." He called for financial services to "go back to the origin" and focus on "serving the real economy" instead of supporting speculation.

Analysts said that is likely to lead to creation of new regulatory structures, though a report issued following the meeting called for "appropriate sequencing," suggesting Beijing might move more slowly than some reform advocates want. The Total Investment & Insurance Solutions

"We do not foresee major opening moves" on easing controls on China's currency or allowing money to move into and out of the economy more easily, said UBS economist Tao Wang in a report.The Total Investment & Insurance Solutions

Global Stocks Tepid After Wall Street Record Close-The Total Investment & Insurance Solutions

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17 July 2017

Global stock markets were mixed Monday as a dearth of market-moving news kept many investors on the sidelines following recent strong gains, which saw major Wall Street indexes hit new highs. Earnings statements out of the U.S. will likely be the main driver this week.

KEEPING SCORE: In Europe, London's FTSE 100 index rose 0.5 percent to 7,420, while France's CAC 40 was up 0.1 percent at 5,242. Germany's DAX was 0.1 percent lower at 12,621. Wall Street was poised for a pretty uninspiring open, with Dow futures and the broader S&P 500 futures up 0.1 percent.

WALL STREET: Both the Dow and the S&P indexes closed out last week at record highs as traders cheered suggestions from U.S. Federal Reserve Chair Janet Yellen that the central bank may not raise interest rates as fast as markets had been pricing in. Softer than anticipated inflation data reinforced that view. The focus this week could well be more on the U.S. second-quarter earnings report. It's a slow start this week, the main ones due Monday from Netflix and BlackRock.

ANALYST TAKE: "Looking to the U.S. open and Monday's inertia seems set to continue, with the Dow Jones futures promising a slight 30 point increase after the bell," said Connor Campbell, financial analyst at Spreadex. "That would still, however, help the Dow hit a fresh record peak, the index benefiting greatly from the Federal Reserve's new-found rate hike reticence."

CHINESE GROWTH: The main economic news Monday was China's economic growth holding steady at 6.9 percent in the second quarter. That was higher than most forecasts. Growth was boosted by unexpectedly strong retail sales and trade, which offset softer investment. Forecasters warned that strength was unlikely to last because tighter controls on bank lending aimed at cooling a surge in debt will weigh on investment, a major component in growth. The Total Investment & Insurance Solutions

ASIA'S DAY: Hong Kong's Hang Seng gained 0.3 percent to 26,470.58 and Seoul's Kospi added 0.4 percent to 2,425.10. The Shanghai Composite Index was off 1.4 percent at 3,176.46, while Japanese markets were closed for a holiday. India's Sensex advanced 0.3 percent to 32,104.77 and Australia's S&P ASX 200 shed 0.2 percent to 5,755.50. Benchmarks in Singapore and Manila rose while Bangkok and Jakarta declined. The Total Investment & Insurance Solutions

ENERGY: Oil prices were subdued, with benchmark U.S. crude down 9 cents at $46.46 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, was a cent lower at $48.90 a barrel. The Total Investment & Insurance Solutions

CURRENCIES: Foreign exchange markets were similarly subdued, with euro down 0.1 percent to $1.1464 and the dollar 0.1 percent lower at 112.45 yen.The Total Investment & Insurance Solutions