Opening Bell 31.08.2015

Your world at 9am

world.2015-08-31

Equities

Major
DAX(DEU) -0.17%
CAC(FRA) +0.36%
UKX(GBR) +0.90%
NKY(JPN) -1.05%
SPX(USA) +0.06%
MINTs
JCI(IDN) +0.58%
INMEX(MEX) -0.33%
NGSEINDX(NGA) +2.16%
XU030(TUR) -0.29%
BRICS
IBOV(BRA) -1.18%
SHCOMP(CHN) -2.65%
NIFTY(IND) +0.67%
INDEXCF(RUS) +1.41%
TOP40(ZAF) +1.74%

Commodities

Energy
Heating Oil -1.39%
Brent Crude Oil -1.94%
Natural Gas -1.69%
WTI Crude Oil -1.77%
Ethanol +0.91%
RBOB Gasoline +4.25%
Metals
Copper -0.94%
Gold 100oz +0.02%
Palladium -1.52%
Platinum -1.29%
Silver 5000oz -0.14%

Currencies

USDEUR:-0.45% USDJPY:-0.49%

MINTs
USDIDR(IDN) +0.39%
USDMXN(MEX) +0.27%
USDNGN(NGA) +0.04%
USDTRY(TUR) +0.03%
BRICS
USDBRL(BRA) +0.78%
USDCNY(CHN) -0.19%
USDINR(IND) +0.18%
USDRUB(RUS) +0.55%
USDZAR(ZAF) +0.12%
Agricultural
Lean Hogs -0.19%
Lumber -2.19%
Cattle +0.99%
Cocoa +0.00%
Coffee (Robusta) +0.00%
Feeder Cattle -3.39%
Soybean Meal -0.09%
White Sugar +0.00%
Corn +0.21%
Cotton +0.00%
Sugar #11 -1.18%
Wheat -0.05%
Coffee (Arabica) -0.37%
Orange Juice +0.00%
Soybeans -0.14%

Credit Indices

Index Change
Markit CDX EM +0.89%
Markit CDX NA HY +0.49%
Markit CDX NA IG -2.47%
Markit iTraxx Asia ex-Japan IG -8.00%
Markit iTraxx Australia -6.96%
Markit iTraxx Europe -2.42%
Markit iTraxx Europe Crossover -17.40%
Markit iTraxx Japan -3.92%
Markit iTraxx SovX Western Europe -0.69%
Markit LCDX (Loan CDS) +0.00%
Markit MCDX (Municipal CDS) -1.24%
Risk ON/OFF?

Must reads

Rajan hints at rate cut. (HBL, #rates)

The government is paying lip service to the need to press ahead with the unfinished economic reforms agenda. (LiveMint, #economy)

The Social Democratic Republic of Americal? (P&F)

Good luck!

Weekly Recap: Risk

world.2015-08-21.2015-08-28

Equities

Major
DAX(DEU) +1.72%
CAC(FRA) +0.95%
UKX(GBR) +0.97%
NKY(JPN) -1.54%
SPX(USA) -0.65%
MINTs
JCI(IDN) +2.54%
INMEX(MEX) +2.38%
NGSEINDX(NGA) -3.50%
XU030(TUR) +1.33%
BRICS
IBOV(BRA) +2.53%
SHCOMP(CHN) -7.85%
NIFTY(IND) -3.59%
INDEXCF(RUS) +3.36%
TOP40(ZAF) +2.26%

Commodities

Energy
Ethanol -0.48%
Heating Oil +7.11%
WTI Crude Oil +12.06%
RBOB Gasoline -0.87%
Brent Crude Oil +9.95%
Natural Gas +1.64%
Metals
Gold 100oz -2.32%
Palladium -2.78%
Copper +1.30%
Platinum -0.73%
Silver 5000oz -5.81%

Currencies

USDEUR:+1.52% USDJPY:-0.45%

MINTs
USDIDR(IDN) +0.30%
USDMXN(MEX) -0.84%
USDNGN(NGA) -0.04%
USDTRY(TUR) +0.23%
BRICS
USDBRL(BRA) +2.66%
USDCNY(CHN) +0.01%
USDINR(IND) +0.50%
USDRUB(RUS) -5.39%
USDZAR(ZAF) +2.72%
Agricultural
Cattle +0.50%
Cocoa +1.91%
Coffee (Arabica) -1.19%
Lean Hogs +6.16%
Lumber -3.34%
Soybean Meal -1.99%
Sugar #11 +4.89%
Wheat -4.26%
Feeder Cattle -4.41%
Orange Juice +1.41%
White Sugar +1.80%
Coffee (Robusta) -4.16%
Corn -0.75%
Cotton -4.89%
Soybeans -1.21%

Credit Indices

Index Change
Markit CDX EM -0.08%
Markit CDX NA HY +0.18%
Markit CDX NA IG +2.08%
Markit iTraxx Asia ex-Japan IG +14.30%
Markit iTraxx Australia +6.45%
Markit iTraxx Europe +3.44%
Markit iTraxx Europe Crossover +9.89%
Markit iTraxx Japan +4.46%
Markit iTraxx SovX Western Europe +0.76%
Markit LCDX (Loan CDS) -0.11%
Markit MCDX (Municipal CDS) +1.27%
A total mess of week that saw a sudden collapse, money being sucked out of risk-assets of all types and a retrace in most markets. This one goes to buy-and-hold dollar-cost averagers…

Nifty Heatmap

CNX NIFTY.2015-08-21.2015-08-28

Index Returns

For a deeper dive into indices, check out our weekly Index Update.
index.performance.2015-08-21.2015-08-28

Sector Performance

sectorperformance.2015-08-21.2015-08-28

Market Cap Decile Performance

Decile Mkt. Cap. Adv/Decl
1 (micro) -10.11% 69/65
2 -8.75% 45/89
3 -8.68% 48/86
4 -9.56% 41/92
5 -8.71% 42/92
6 -7.32% 44/90
7 -7.77% 57/76
8 -5.78% 53/81
9 -5.45% 52/82
10 (mega) -5.32% 59/75
Massacre across the board…

Top Winners and Losers

CAIRN +2.75%
APOLLOHOSP +3.10%
NMDC +7.47%
BANKINDIA -14.98%
CANBK -14.40%
UNIONBANK -12.46%
PSU banks took it on the chin…

ETF Performance

GOLDBEES -1.27%
CPSEETF -2.37%
JUNIORBEES -3.37%
NIFTYBEES -3.69%
INFRABEES -4.48%
BANKBEES -4.49%
PSUBNKBEES -7.42%
Not a single ETF ended the week in the green…

Yield Curve

yieldCurve.2015-08-21.2015-08-28

Bond Indices

Sub Index Change in YTM Total Return(%)
0 5 -0.01 +0.16%
5 10 +0.01 +0.09%
10 15 -0.02 +0.27%
15 20 +0.02 -0.01%
20 30 -0.01 +0.27%
Stocks down, bonds up?

Investment Theme Performance

Equity Mutual Funds

Bond Mutual Funds

Thought for the weekend

Nothing in the world can give a damn less than risk. Risk doesn’t care about your political views or your morals. It doesn’t care what your view of the market is, or what you were taught in school. It’s an indiscriminate assassin and a master at humbling ideologies.

Source: Risk: Your Best Friend and Worst Enemy

Opening Bell 28.08.2015

Your world at 9am

world.2015-08-28

Equities

Major
DAX(DEU) +3.18%
CAC(FRA) +3.49%
UKX(GBR) +3.56%
NKY(JPN) +2.77%
SPX(USA) +2.43%
MINTs
JCI(IDN) +1.73%
INMEX(MEX) +2.72%
NGSEINDX(NGA) +0.30%
XU030(TUR) +1.54%
BRICS
IBOV(BRA) +3.64%
SHCOMP(CHN) +2.49%
NIFTY(IND) +2.02%
INDEXCF(RUS) +2.06%
TOP40(ZAF) +1.80%

Commodities

Energy
Ethanol +0.00%
WTI Crude Oil +0.96%
RBOB Gasoline -0.34%
Heating Oil +1.20%
Brent Crude Oil +0.36%
Natural Gas +0.45%
Metals
Gold 100oz +0.69%
Palladium +1.88%
Platinum +0.33%
Copper -0.19%
Silver 5000oz +0.30%

Currencies

USDEUR:-0.13% USDJPY:-0.01%

MINTs
USDIDR(IDN) +0.21%
USDMXN(MEX) -0.05%
USDNGN(NGA) +0.04%
USDTRY(TUR) +0.03%
BRICS
USDBRL(BRA) -1.19%
USDCNY(CHN) -0.21%
USDINR(IND) -0.15%
USDRUB(RUS) +0.30%
USDZAR(ZAF) -0.08%
Agricultural
Cattle +0.00%
Cocoa +0.00%
White Sugar +0.00%
Coffee (Arabica) +3.16%
Lean Hogs +0.00%
Lumber -2.47%
Coffee (Robusta) +0.00%
Feeder Cattle +0.00%
Orange Juice +0.00%
Soybean Meal +0.56%
Soybeans +0.79%
Sugar #11 +4.84%
Wheat +0.36%
Corn +0.69%
Cotton +0.00%

Credit Indices

Index Change
Markit CDX EM +1.06%
Markit CDX NA HY +1.10%
Markit CDX NA IG -4.41%
Markit iTraxx Asia ex-Japan IG +3.92%
Markit iTraxx Australia -0.21%
Markit iTraxx Europe +0.46%
Markit iTraxx Europe Crossover -2.96%
Markit iTraxx Japan -2.70%
Markit iTraxx SovX Western Europe +0.17%
Markit LCDX (Loan CDS) -0.05%
Markit MCDX (Municipal CDS) -0.98%
The Dow already retraced its China Syndrome. How long before Nifty does the same?

Must reads

98 smart cities! (ET) Related: Smart City Stocks

Irony: Rajan wants PSBs to be compensated by the government for carrying out public interest activities. (BS)

The proposed labour reform plan includes mandatory national minimum wage and extension of social security benefits. (LiveMint)

The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand. GDP expanded at a 3.7% annual pace instead of the 2.3% rate reported last month. (Reuters)

In the recent turbulence of the markets, there have been some signs that investors are distinguishing within the increasingly dissimilar EM world. Superior economic fundamentals and policy-making credibility are gaining some reward. (FT)

Good luck and have a nice weekend!

Opening Bell 27.08.2015

Your world at 9am

world.2015-08-27

Equities

Major
DAX(DEU) -1.29%
CAC(FRA) -1.40%
UKX(GBR) -1.68%
NKY(JPN) +1.89%
SPX(USA) +3.90%
MINTs
JCI(IDN) +2.63%
INMEX(MEX) +0.99%
NGSEINDX(NGA) -2.32%
XU030(TUR) +0.21%
BRICS
IBOV(BRA) +3.35%
SHCOMP(CHN) +0.52%
NIFTY(IND) -1.13%
INDEXCF(RUS) +0.17%
TOP40(ZAF) -1.35%

Commodities

Energy
Ethanol +0.00%
WTI Crude Oil +2.31%
Brent Crude Oil +2.34%
RBOB Gasoline +2.41%
Heating Oil +1.81%
Natural Gas -0.41%
Metals
Copper +0.00%
Silver 5000oz +0.00%
Palladium +2.44%
Platinum +1.50%
Gold 100oz +0.25%

Currencies

USDEUR:-0.28% USDJPY:+0.15%

MINTs
USDIDR(IDN) -0.27%
USDMXN(MEX) +0.05%
USDNGN(NGA) +0.00%
USDTRY(TUR) -0.14%
BRICS
USDBRL(BRA) -0.57%
USDCNY(CHN) +0.00%
USDINR(IND) +0.07%
USDRUB(RUS) +0.02%
USDZAR(ZAF) -0.33%
Agricultural
Coffee (Arabica) +1.28%
Feeder Cattle +0.00%
Lean Hogs +0.00%
Lumber +0.00%
White Sugar +0.00%
Cattle +0.00%
Cocoa +0.00%
Corn +0.62%
Cotton +0.00%
Orange Juice +0.00%
Sugar #11 -0.85%
Wheat +0.71%
Soybean Meal +0.59%
Coffee (Robusta) +0.00%
Soybeans +0.85%

Credit Indices

Index Change
Markit CDX EM -0.41%
Markit CDX NA HY -0.39%
Markit CDX NA IG +4.40%
Markit iTraxx Asia ex-Japan IG +5.20%
Markit iTraxx Australia +5.38%
Markit iTraxx Europe -0.01%
Markit iTraxx Europe Crossover -1.66%
Markit iTraxx Japan +3.17%
Markit iTraxx SovX Western Europe +0.16%
Markit LCDX (Loan CDS) -0.06%
Markit MCDX (Municipal CDS) -0.21%
Is the bloodbath over?

Must reads

Rajan: it will be “a long time” before India can replace China as a growth engine for the global economy, even if it grows at a faster rate. (MC, #economy)

More than half a million workers have been let go from sites around India’s capital in the last 18 months due to the real estate slowdown. (FP, #real estate)

Meanwhile, a bailout package for road developers. (LiveMint)

A brief history of monetary policy side-effects (Chinese edition) (BV)

The devaluation of the yuan and other currencies means Walmart, which purchases goods in dollars, will be paying significantly less for a lot of the products it sells going forward. (Slate)

Your Chinese roller-coaster cheat-sheet:
china-market

Good luck!

Opening Bell 26.08.2015

Your world at 9am

world.2015-08-26

Equities

Major
DAX(DEU) +4.97%
CAC(FRA) +4.14%
UKX(GBR) +3.09%
NKY(JPN) +0.40%
SPX(USA) -1.35%
MINTs
JCI(IDN) -1.33%
INMEX(MEX) +1.21%
NGSEINDX(NGA) -1.39%
XU030(TUR) +3.17%
BRICS
IBOV(BRA) +0.47%
SHCOMP(CHN) -1.44%
NIFTY(IND) +0.92%
INDEXCF(RUS) +1.47%
TOP40(ZAF) +3.06%

Commodities

Energy
Ethanol +0.00%
Brent Crude Oil -0.14%
Heating Oil +0.04%
RBOB Gasoline -0.31%
Natural Gas -0.15%
WTI Crude Oil -0.15%
Metals
Palladium -0.83%
Silver 5000oz +0.58%
Copper -0.90%
Gold 100oz -0.19%
Platinum +0.09%

Currencies

USDEUR:+0.06% USDJPY:+0.45%

MINTs
USDIDR(IDN) +0.40%
USDMXN(MEX) +0.06%
USDNGN(NGA) +0.00%
USDTRY(TUR) -0.20%
BRICS
USDBRL(BRA) +1.80%
USDCNY(CHN) -0.01%
USDINR(IND) -0.82%
USDRUB(RUS) +0.81%
USDZAR(ZAF) -0.53%
Agricultural
Cattle +0.00%
Coffee (Robusta) +0.00%
Soybean Meal -0.21%
Cocoa +0.00%
Corn -0.14%
Cotton +0.00%
Feeder Cattle +0.00%
Sugar #11 +2.21%
Wheat +0.15%
Soybeans -0.28%
White Sugar +0.00%
Coffee (Arabica) +0.00%
Lean Hogs +0.00%
Lumber -0.86%
Orange Juice +0.00%

Credit Indices

Index Change
Markit CDX EM -0.73%
Markit CDX NA HY -0.53%
Markit CDX NA IG +5.30%
Markit iTraxx Asia ex-Japan IG +10.87%
Markit iTraxx Australia +6.40%
Markit iTraxx Europe +4.63%
Markit iTraxx Europe Crossover +21.75%
Markit iTraxx Japan +5.07%
Markit iTraxx SovX Western Europe +0.78%
Markit LCDX (Loan CDS) -0.06%
Markit MCDX (Municipal CDS) +1.31%
Will Indian markets follow the S&P500’s lead and leg down or will it swim along with European markets and reach the green zone?

Must reads

Census 2011: Islam is the fastest growing religion in India while the proportion of Hindus, Sikhs, Buddhists shrank and there was negligible change for Christians and Jains. (LiveMint)

China gives up on direct market intervention and resorts to rate cuts instead. (Bloomberg, WSJ)

Commodities explainer. (FT)

Four of the seven members of the technical advisory committee had called for a rate cut in August. Rajan instead wanted to see more transmission of previous rate cuts to feed into the economy. (ET, #rates)

Bridgewater’s Dalio: Next big Fed move will be to ease, not tighten. (Reuters)

Good luck!