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Francis Mascarenhas - 1 Shah - 1 Pankaj Pathak - 1 Swati Bhat - 1 Sharon Singleton - 1
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☆ India rate panel to dial up hawkishness even as it holds policy steady
  + stars: | 2023-08-08 | by ( Swati Bhat | ) www.reuters.com   time to read: +3 min
A woman walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 6, 2023. A July 13-31 Reuters poll of 75 economists showed the central bank was expected to keep its repo rate unchanged at 6.50% at its Aug. 10 policy meeting. The rise in food prices, however, has been sharper than expected this year and is seen lasting longer. The MPC at its June policy meeting also reiterated its intent of nudging inflation towards its medium-term target of 4% and not just holding it below 6%. "It will also possibly emphasise a larger need to be watchful of the second-round effects of high food prices and inflation expectations."
Persons: Francis Mascarenhas, Shah, Pankaj Pathak, Swati Bhat, Sharon Singleton Organizations: Reserve Bank of India, REUTERS, MPC, Capital Economics, DBS Bank, DBS, ANZ, U.S, Fed, AMC, Thomson Locations: Mumbai, India, MUMBAI
☆ India's 1-yr, 10-yr yield curve briefly inverts for first time in nearly eight years
  + stars: | 2023-03-08 | by ( Dharamraj Dhutia | ) www.reuters.com   time to read: +2 min
The 1-year bond yield, that trades close to the 364-day treasury bill yield, briefly rose to 7.4750% earlier in the day, while the 10-year benchmark 7.26% 2032 bond yield was at 7.4728%. The 1-year note last traded above the 10-year bond in May 2015, according to Refinitiv data. The 1-year yield eased to 7.43%, while the 10-year benchmark was at 7.46% as of 4:20 p.m. IST. On Feb. 28, Reuters reported that India's bond yield curve is likely to invert on the back of worsening liquidity deficit in India's banking system and bets of continued rate hikes. Reuters GraphicsThe benchmark 2032 bond yield has risen only 12 bps during the same period, leading to spread compression and ultimately inversion.
☆ Analysis: Adani's adversity raises the stakes for India and investors
  + stars: | 2023-02-02 | by ( Tom Westbrook Vidya Ranganathan | Tom Westbrook | Vidya Ranganathan | ) www.reuters.com   time to read: +5 min
Foreign investors, many of them already underweight what they consider an overpriced stock market, are reducing exposure. "Only Adani Group is trading with these ridiculously high multiples, and that is the core of the problem." "At this point in time, I don’t think it’s a systemic risk," said Jimmy Lim, chief investment officer at Modular Asset Management in Singapore. "We don't think that there's going to be a default anytime soon, although I don't expect any kind of near-term resolution between Adani Group and Hindenburg," Chao said. Yet Chao expects the selloff to help bring Indian stock valuations to more "palatable levels" for investors.
☆ India's c.bank set to raise rates; outlook on growth, inflation in focus
  + stars: | 2022-12-07 | by ( Swati Bhat | ) www.reuters.com   time to read: +3 min
Reuters Graphics Reuters GraphicsThe central bank's outlook, which will accompany the rates decision, will be an important pointer to future policy moves, economists said. Global crude oil prices have been falling in recent months but has yet to be reflected in domestic prices. Sabnavis, who does not see the RBI reducing its inflation forecast, pointed out that though global oil prices have come down, the government has not relaxed duties or taxes. "Hence, the consumer is still paying the same price and has not derived any benefit from declining oil prices." Lower oil prices may also be countered by higher than expected food prices.
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