Equities
| MINTs | |
|---|---|
| JCI(IDN) | +1.33% |
| INMEX(MEX) | -1.04% |
| NGSEINDX(NGA) | -5.55% |
| XU030(TUR) | +3.10% |
| BRICS | |
|---|---|
| IBOV(BRA) | -0.94% |
| SHCOMP(CHN) | -1.40% |
| NIFTY(IND) | -1.02% |
| INDEXCF(RUS) | +1.50% |
| TOP40(ZAF) | +1.97% |
Commodities
| Energy | |
|---|---|
| Brent Crude Oil | -4.30% |
| Ethanol | +9.65% |
| Heating Oil | -2.29% |
| Natural Gas | -2.44% |
| RBOB Gasoline | -0.99% |
| WTI Crude Oil | -3.31% |
| Metals | |
|---|---|
| Copper | -0.99% |
| Gold 100oz | +1.32% |
| Palladium | -3.78% |
| Platinum | +0.05% |
| Silver 5000oz | +0.58% |
Currencies
| MINTs | |
|---|---|
| USDIDR(IDN) | -0.92% |
| USDMXN(MEX) | +0.81% |
| USDNGN(NGA) | +0.39% |
| USDTRY(TUR) | -1.74% |
| BRICS | |
|---|---|
| USDBRL(BRA) | +1.26% |
| USDCNY(CHN) | -0.09% |
| USDINR(IND) | +0.18% |
| USDRUB(RUS) | +0.69% |
| USDZAR(ZAF) | -0.12% |
| Agricultural | |
|---|---|
| Cattle | -0.10% |
| Cocoa | -0.97% |
| Coffee (Arabica) | -5.03% |
| Coffee (Robusta) | -2.13% |
| Corn | +3.96% |
| Cotton | -1.90% |
| Feeder Cattle | -0.85% |
| Lean Hogs | -17.59% |
| Lumber | -2.48% |
| Orange Juice | -2.49% |
| Soybean Meal | -2.28% |
| Soybeans | +2.92% |
| Sugar #11 | +0.24% |
| Wheat | +3.36% |
| White Sugar | +1.00% |
Credit Indices
| Index | Change |
|---|---|
| Markit CDX EM | -1.19% |
| Markit CDX NA HY | -1.17% |
| Markit CDX NA IG | +4.11% |
| Markit CDX NA IG HVOL | +15.62% |
| Markit iTraxx Asia ex-Japan IG | +7.44% |
| Markit iTraxx Australia | +6.28% |
| Markit iTraxx Europe | +8.22% |
| Markit iTraxx Europe Crossover | +47.19% |
| Markit iTraxx Japan | +6.47% |
| Markit iTraxx SovX Western Europe | +1.20% |
| Markit LCDX (Loan CDS) | -0.40% |
| Markit MCDX (Municipal CDS) | +2.31% |
Markets were in full-blown panic mode this week. So much so that the president of the St. Louis Fed, James Bullard, a hawk, had to come out and say that central-bank bond buying should continue beyond its scheduled end this month. And the chief economist at the Bank of England, Andrew Haldane, said “interest rates could remain lower for longer.” Previously, UK interest rates had been expected to rise early next year.
Nifty Heatmap
Index Returns
Sector Performance
Advance Decline
Market cap decile performance
| Decile | Mkt. Cap. | Adv/Decl |
|---|---|---|
| 1 (micro) | -9.23% | 70/65 |
| 2 | -3.31% | 56/79 |
| 3 | -3.21% | 58/78 |
| 4 | -2.90% | 59/75 |
| 5 | -3.38% | 58/77 |
| 6 | -2.42% | 60/75 |
| 7 | -3.11% | 59/77 |
| 8 | -1.58% | 61/73 |
| 9 | -2.56% | 71/64 |
| 10 (mega) | -0.98% | 67/69 |
A total bloodbath beyond the mega-caps.
Top winners and losers
Are rate-cut expectations running ahead of themselves? Rally in banking and home-finance stocks feel a bit overdone. TCS and HCLTECH sold off on earnings. But read this. DLF got royally fcuked by the SEBI.
ETFs
| BANKBEES | +2.96% |
| PSUBNKBEES | +1.98% |
| GOLDBEES | +1.06% |
| CPSEETF | +0.25% |
| JUNIORBEES | -0.04% |
| NIFTYBEES | -1.11% |
| INFRABEES | -1.63% |
A surprising rally in banks while infrastructure remains sick…
Yield Curve
Bond Indices
| Sub Index | Change in YTM | Total Return(%) |
|---|---|---|
| GSEC TB | -0.29 | +0.24% |
| GSEC SUB 1-3 | -0.65 | -0.25% |
| GSEC SUB 3-8 | +0.01 | -0.59% |
| GSEC SUB 8 | +0.03 | +0.11% |
Curve can’t get any flatter…
Nifty OI
Bank Nifty OI
Theme Performance
| Market Fliers | +0.44% |
| Piotroski ROC Small Caps | +0.15% |
| CNX 100 50-Day Tactical | -0.00% |
| Growth with Moat | -0.93% |
| Refract: PPFAS Long Term Value Fund | -0.95% |
| Enterprise Yield | -1.16% |
| Industrial Value | -1.71% |
| ADAG Mania | -1.82% |
| Efficient Growth | -2.03% |
| Quality to Price | -2.16% |
| Financial Strength Value | -2.36% |
| Old Economy Value | -2.54% |
| Market Elephants | -2.79% |
| Magic Formula Investing | -3.44% |
| Momentum 200 | -3.71% |
| Balance-sheet Strength | -3.72% |
| Auto | -3.90% |
| The Other Value | -4.28% |
| IT 3rd Benchers | -5.15% |
The CNX 100 Tactical Theme spent the whole week in cash. Both value and momentum strategies got pummeled.
Thought for the weekend
Fearing the future is natural, as is the conviction that ultimately we each must depend on ourselves. But in truth, our safest asset is our collective prosperity. Technological progress and productivity gains continue to make us richer on the supply side.
It would be tragic if productivity gains end up making most of us poorer, just because we find it uncomfortable to face the euthanasia of the rentier.
Source: safe assets, secular stagnation, and financial repression