Sunder’s List

Roundup: S&P -0.93%, Dow -0.94%, Nasdaq -0.89%, Gold $1,456, London +0.33%, Germany +0.51%, France -0.31%. At pixel, Nikkei -0.51%, Hang Seng -0.23%

Cash purchase of gold, including coins and articles, exceeding over Rs 2 lakh will attract 1% tax from June 1. (ET) [stockquote]GOLDBEES[/stockquote]

Wholesale inflation dropped to a 40-month low of 5.96% in March and the outlook will continue to remain low at least until Sep-Oct, encouraging RBI to make a rate cut tomorrow. (LiveMint)

Global growth is slowing, can we have more free money please? China’s official manufacturing PMI fell to 50.6 last month from 50.9 in March. US manufacturing ISM for April dipped to 50.7 from 51.3. The Australian Industry Group’s PMI dropped 7.7 points to a four-year low of 36.7 in April, led by a fall in shipments overseas. South Korea’s April data showed shipments abroad declined 2.4% compared with March and slowed year-on-year. Plus, Euro area unemployment rate is at 12.1% (FT, EuroStat)

But is there a weird dynamic in place where slowing global growth leads to lower commodity prices which in turn leads to higher Indian GDP growth? With regards to equities, investors referred to India as a “Tease” market, on the radar once again thanks to lower commodity prices, coupled with expansionary global monetary conditions. (HBL)

Good luck!

 

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