Weekly Recap: Is e-commerce a head-fake?

world equity markets 2014-08-14.2014-08-22

Equities

The Nifty ended the week +1.56% (+2.60% in USD terms.)

Major
DAX(DEU) +1.24%
CAC(FRA) +1.13%
UKX(GBR) +1.35%
NKY(JPN) +1.47%
SPX(USA) +1.83%
MINTs
JCI(IDN) +0.84%
INMEX(MEX) +1.55%
NGSEINDX(NGA) -0.45%
XU030(TUR) +1.79%
BRICS
IBOV(BRA) +4.95%
SHCOMP(CHN) +1.56%
NIFTY(IND) +1.56%
INDEXCF(RUS) +2.50%
TOP40(ZAF) +0.14%

Commodities

Energy
Brent Crude Oil +0.25%
Ethanol -0.74%
Heating Oil +0.36%
Natural Gas -1.71%
RBOB Gasoline +2.71%
WTI Crude Oil -2.23%
Metals
Copper +3.90%
Gold 100oz -2.44%
Palladium +0.54%
Platinum -3.10%
Silver 5000oz -2.02%

Currencies

USDEUR:+0.92% USDJPY:+1.42%

MINTs
USDIDR(IDN) -0.05%
USDMXN(MEX) +0.38%
USDNGN(NGA) -0.25%
USDTRY(TUR) +1.08%
BRICS
USDBRL(BRA) +0.47%
USDCNY(CHN) -0.00%
USDINR(IND) -0.49%
USDRUB(RUS) +0.48%
USDZAR(ZAF) +1.35%
Agricultural
Cattle +1.57%
Cocoa -0.77%
Coffee (Arabica) -1.41%
Coffee (Robusta) +2.16%
Corn +0.62%
Cotton +5.75%
Feeder Cattle +0.71%
Lean Hogs -18.68%
Lumber +2.62%
Orange Juice -2.15%
Soybean Meal -3.84%
Soybeans -8.63%
Sugar #11 -2.01%
Wheat +2.38%
White Sugar -1.00%

Credit Indices

Index Change
Markit CDX EM +0.16%
Markit CDX NA HY +0.31%
Markit CDX NA IG -2.67%
Markit CDX NA IG HVOL -5.81%
Markit iTraxx Asia ex-Japan IG -3.49%
Markit iTraxx Australia -2.86%
Markit iTraxx Europe -5.03%
Markit iTraxx Europe Crossover -19.04%
Markit iTraxx Japan -2.98%
Markit iTraxx SovX Western Europe -3.37%
Markit LCDX (Loan CDS) +0.06%
Markit MCDX (Municipal CDS) -2.40%
It was a good week for the markets. Both equities and credit did well. Longs ended strong!

Nifty Heatmap

CNX NIFTY.2014-08-14.2014-08-22

Index Returns

index performance.2014-08-14.2014-08-22

Sector Performance

sector performance.2014-08-14.2014-08-22

Advance Decline

advance.decline.line2.2014-08-14.2014-08-22

Market cap decile performance

Decile Mkt. Cap. Adv/Decl
1 +2.25% 69/66
2 +6.22% 78/57
3 +4.32% 77/56
4 +5.44% 79/57
5 +6.02% 77/57
6 +5.75% 77/58
7 +4.54% 74/61
8 +4.98% 73/61
9 +3.68% 77/58
10 +1.97% 69/66
An across the board rally is quite a sight!

Top Winners and Losers

HINDPETRO +10.63%
CIPLA +11.30%
UNIONBANK +14.86%
HDFC -7.09%
INFRATEL -4.65%
ITC -3.70%
Banks and pharma did well this week…

ETFs

PSUBNKBEES +5.21%
BANKBEES +4.66%
JUNIORBEES +3.60%
NIFTYBEES +1.57%
INFRABEES +0.91%
GOLDBEES -2.05%
PSU Banks finally put in an up week…

Investment Theme Performance

All strategies in the green. Confirms what the market decile performance scan showed…

Yield curve

yield Curve.2014-08-14.2014-08-22

Bond Indices

Sub Index Change in YTM Total Return(%)
GSEC TB -0.05 +0.20%
GSEC SUB 1-3 -0.14 -0.01%
GSEC SUB 3-8 -0.05 +0.20%
GSEC SUB 8 -0.03 -0.27%
This is interesting: Franklin Templeton bought a record Rs 16,000-crore government securities in a day. (ET)

August Nifty OI

nifty.puts.calls.AUG.2014-08-14.2014-08-22

August BankNifty OI

bank-nifty.puts.calls.AUG.2014-08-14.2014-08-22

Thought for the weekend

E-commerce operations aren’t as cheap to run as most people think. Their economics greatly resemble those of mail order catalogs and they aren’t all favorable. E-commerce companies ship to customers from large, expensive, highly productive fulfillment centers. A state-of-the-art center can cost $250 million or more to build, or about 10 times as much as a big box store. And competition is growing while growth is slowing.

US E-Commerce Growth

Source: Online Shopping Isn’t as Profitable as You Think (HBR)

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