{"id":2020701,"date":"2015-04-25T11:14:06","date_gmt":"2015-04-25T05:44:06","guid":{"rendered":"http:\/\/stockviz.biz\/index.php\/?p=2020701"},"modified":"2015-04-25T11:14:06","modified_gmt":"2015-04-25T05:44:06","slug":"weekly-recap-paradox-of-thrift","status":"publish","type":"post","link":"https:\/\/stockviz.biz\/index.php\/2015\/04\/25\/weekly-recap-paradox-of-thrift\/","title":{"rendered":"Weekly Recap: Paradox of Thrift"},"content":{"rendered":"

\"world.2015-4-17.2015-4-24\"<\/p>\n

Equities<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n
Major<\/th>\n<\/tr>\n<\/thead>\n
DAX(DEU)<\/a><\/td>\n+1.05%<\/span><\/td>\n<\/tr>\n
CAC(FRA)<\/a><\/td>\n+1.13%<\/span><\/td>\n<\/tr>\n
UKX(GBR)<\/a><\/td>\n+1.09%<\/span><\/td>\n<\/tr>\n
NKY(JPN)<\/a><\/td>\n+1.87%<\/span><\/td>\n<\/tr>\n
SPX(USA)<\/a><\/td>\n+2.18%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n
MINTs<\/th>\n<\/tr>\n<\/thead>\n
JCI(IDN)<\/a><\/td>\n+0.46%<\/span><\/td>\n<\/tr>\n
INMEX(MEX)<\/a><\/td>\n+1.18%<\/span><\/td>\n<\/tr>\n
NGSEINDX(NGA)<\/a><\/td>\n-1.48%<\/span><\/td>\n<\/tr>\n
XU030(TUR)<\/a><\/td>\n+3.81%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
BRICS<\/th>\n<\/tr>\n<\/thead>\n
IBOV(BRA)<\/a><\/td>\n+4.90%<\/span><\/td>\n<\/tr>\n
SHCOMP(CHN)<\/a><\/td>\n+2.48%<\/span><\/td>\n<\/tr>\n
NIFTY(IND)<\/a><\/td>\n-3.49%<\/span><\/td>\n<\/tr>\n
INDEXCF(RUS)<\/a><\/td>\n+1.58%<\/span><\/td>\n<\/tr>\n
TOP40(ZAF)<\/a><\/td>\n+3.10%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
\n
\n
\n

Commodities<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n
Energy<\/th>\n<\/tr>\n<\/thead>\n
Heating Oil<\/td>\n+2.53%<\/span><\/td>\n<\/tr>\n
RBOB Gasoline<\/td>\n+4.33%<\/span><\/td>\n<\/tr>\n
Brent Crude Oil<\/td>\n+2.97%<\/span><\/td>\n<\/tr>\n
Ethanol<\/td>\n-1.12%<\/span><\/td>\n<\/tr>\n
Natural Gas<\/td>\n-4.16%<\/span><\/td>\n<\/tr>\n
WTI Crude Oil<\/td>\n+3.44%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
Metals<\/th>\n<\/tr>\n<\/thead>\n
Copper<\/td>\n-1.08%<\/span><\/td>\n<\/tr>\n
Palladium<\/td>\n-1.66%<\/span><\/td>\n<\/tr>\n
Gold 100oz<\/td>\n-2.15%<\/span><\/td>\n<\/tr>\n
Silver 5000oz<\/td>\n-3.07%<\/span><\/td>\n<\/tr>\n
Platinum<\/td>\n-3.70%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n
\n

Currencies<\/h3>\n

USDEUR<\/a>:-0.78% <\/span> USDJPY<\/a>:+0.13% <\/span><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
MINTs<\/th>\n<\/tr>\n<\/thead>\n
USDIDR(IDN)<\/a><\/td>\n+0.56%<\/span><\/td>\n<\/tr>\n
USDMXN(MEX)<\/a><\/td>\n+0.16%<\/span><\/td>\n<\/tr>\n
USDNGN(NGA)<\/a><\/td>\n-0.25%<\/span><\/td>\n<\/tr>\n
USDTRY(TUR)<\/a><\/td>\n+1.08%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
BRICS<\/th>\n<\/tr>\n<\/thead>\n
USDBRL(BRA)<\/a><\/td>\n-3.55%<\/span><\/td>\n<\/tr>\n
USDCNY(CHN)<\/a><\/td>\n-0.05%<\/span><\/td>\n<\/tr>\n
USDINR(IND)<\/a><\/td>\n+1.92%<\/span><\/td>\n<\/tr>\n
USDRUB(RUS)<\/a><\/td>\n-2.42%<\/span><\/td>\n<\/tr>\n
USDZAR(ZAF)<\/a><\/td>\n+0.35%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Agricultural<\/th>\n<\/tr>\n<\/thead>\n
Corn<\/td>\n-4.14%<\/span><\/td>\n<\/tr>\n
Cotton<\/td>\n+5.64%<\/span><\/td>\n<\/tr>\n
Feeder Cattle<\/td>\n+1.27%<\/span><\/td>\n<\/tr>\n
Wheat<\/td>\n-1.57%<\/span><\/td>\n<\/tr>\n
Soybean Meal<\/td>\n-0.10%<\/span><\/td>\n<\/tr>\n
Sugar #11<\/td>\n+0.00%<\/span><\/td>\n<\/tr>\n
Coffee (Robusta)<\/td>\n-0.22%<\/span><\/td>\n<\/tr>\n
White Sugar<\/td>\n+0.78%<\/span><\/td>\n<\/tr>\n
Cattle<\/td>\n+2.17%<\/span><\/td>\n<\/tr>\n
Cocoa<\/td>\n+1.29%<\/span><\/td>\n<\/tr>\n
Coffee (Arabica)<\/td>\n+1.83%<\/span><\/td>\n<\/tr>\n
Lean Hogs<\/td>\n+1.58%<\/span><\/td>\n<\/tr>\n
Lumber<\/td>\n+3.72%<\/span><\/td>\n<\/tr>\n
Orange Juice<\/td>\n-1.00%<\/span><\/td>\n<\/tr>\n
Soybeans<\/td>\n+0.03%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Credit Indices<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Index<\/th>\nChange<\/th>\n<\/tr>\n<\/thead>\n
Markit CDX EM<\/td>\n+0.02%<\/span><\/td>\n<\/tr>\n
Markit CDX NA HY<\/td>\n+0.02%<\/span><\/td>\n<\/tr>\n
Markit CDX NA IG<\/td>\n+0.08%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Asia ex-Japan IG<\/td>\n+0.29%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Australia<\/td>\n+2.10%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Europe<\/td>\n+2.28%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Europe Crossover<\/td>\n-0.19%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Japan<\/td>\n-0.15%<\/span><\/td>\n<\/tr>\n
Markit iTraxx SovX Western Europe<\/td>\n+2.70%<\/span><\/td>\n<\/tr>\n
Markit LCDX (Loan CDS)<\/td>\n+0.00%<\/span><\/td>\n<\/tr>\n
Markit MCDX (Municipal CDS)<\/td>\n-1.28%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\nWith the Opposition (Congress, mostly) blocking pretty much every reform measure, the Modi magic is dead by a thousand cuts.
\nA weak Monsoon could stoke inflation and dampen rate-cut expectations.
\nIndian equity markets were a aberration in a sea of green…\n<\/div>\n<\/div>\n

Nifty Heatmap<\/h3>\n

\"CNX<\/a><\/p>\n

Index Returns<\/h3>\n

For a deeper dive into indices, check out our weekly Index Update<\/a>.
\n\"index<\/a><\/p>\n

Advance Decline<\/h3>\n

\"advance.decline.line2.2015-4-17.2015-4-24\"<\/p>\n

Market Cap Decile Performance<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Decile<\/th>\nMkt. Cap.<\/th>\nAdv\/Decl<\/th>\n<\/tr>\n<\/thead>\n
1 (micro)<\/td>\n-3.87%<\/span><\/td>\n70\/63<\/td>\n<\/tr>\n
2<\/td>\n-2.51%<\/span><\/td>\n63\/70<\/td>\n<\/tr>\n
3<\/td>\n-2.25%<\/span><\/td>\n60\/73<\/td>\n<\/tr>\n
4<\/td>\n-3.61%<\/span><\/td>\n58\/74<\/td>\n<\/tr>\n
5<\/td>\n-3.80%<\/span><\/td>\n61\/72<\/td>\n<\/tr>\n
6<\/td>\n-3.02%<\/span><\/td>\n58\/75<\/td>\n<\/tr>\n
7<\/td>\n-3.28%<\/span><\/td>\n58\/74<\/td>\n<\/tr>\n
8<\/td>\n-3.48%<\/span><\/td>\n58\/75<\/td>\n<\/tr>\n
9<\/td>\n-3.61%<\/span><\/td>\n62\/71<\/td>\n<\/tr>\n
10 (mega)<\/td>\n-3.65%<\/span><\/td>\n65\/68<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
A clean vertical slice…<\/div>\n<\/div>\n

Top Winners and Losers<\/h3>\n
\n
\n\n\n\n\n\n\n\n
GLENMARK<\/a><\/td>\n+3.61%<\/span><\/td>\n<\/tr>\n
M&MFIN<\/a><\/td>\n+5.70%<\/span><\/td>\n<\/tr>\n
TATASTEEL<\/a><\/td>\n+7.08%<\/span><\/td>\n<\/tr>\n
BOSCHLTD<\/a><\/td>\n-14.14%<\/span><\/td>\n<\/tr>\n
MCDOWELL-N<\/a><\/td>\n-11.16%<\/span><\/td>\n<\/tr>\n
WIPRO<\/a><\/td>\n-10.85%<\/span><\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\nWho would’ve thunk that Bosch can collapse like a mid-cap momentum stock?\n<\/div>\n<\/div>\n

ETF Performance<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n
GOLDBEES<\/a><\/td>\n+0.65%<\/span><\/td>\n<\/tr>\n
INFRABEES<\/a><\/td>\n-0.93%<\/span><\/td>\n<\/tr>\n
BANKBEES<\/a><\/td>\n-1.95%<\/span><\/td>\n<\/tr>\n
JUNIORBEES<\/a><\/td>\n-2.00%<\/span><\/td>\n<\/tr>\n
CPSEETF<\/a><\/td>\n-3.58%<\/span><\/td>\n<\/tr>\n
NIFTYBEES<\/a><\/td>\n-3.87%<\/span><\/td>\n<\/tr>\n
PSUBNKBEES<\/a><\/td>\n-5.98%<\/span><\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\nGold held steady because the rupee collapsed…\n<\/div>\n<\/div>\n

Yield Curve<\/h3>\n

\"yield<\/a><\/p>\n

Bond Indices<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n
Sub Index<\/th>\nChange in YTM<\/th>\nTotal Return(%)<\/th>\n<\/tr>\n<\/thead>\n
GSEC TB<\/td>\n+0.08<\/span><\/td>\n+0.12%<\/span><\/td>\n<\/tr>\n
GSEC SUB 1-3<\/td>\n-0.07<\/span><\/td>\n+0.03%<\/span><\/td>\n<\/tr>\n
GSEC SUB 3-8<\/td>\n+0.02<\/span><\/td>\n-0.02%<\/span><\/td>\n<\/tr>\n
GSEC SUB 8<\/td>\n+0.03<\/span><\/td>\n+0.05%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\nThe curve barely budged…\n<\/div>\n<\/div>\n

Investment Theme Performance<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Tactical CNX 100<\/a><\/td>\n+0.00%<\/span><\/td>\n<\/tr>\n
Balance Sheet Strength<\/a><\/td>\n-3.09%<\/span><\/td>\n<\/tr>\n
Textile, Metals, Chemicals, Paper and Energy Quality to Price<\/a><\/td>\n-3.15%<\/span><\/td>\n<\/tr>\n
CNX 100 Enterprise Yield<\/a><\/td>\n-4.33%<\/span><\/td>\n<\/tr>\n
High Beta<\/a><\/td>\n-4.49%<\/span><\/td>\n<\/tr>\n
Magic Formula<\/a><\/td>\n-4.97%<\/span><\/td>\n<\/tr>\n
Auto and Consumer Goods Quality to Price<\/a><\/td>\n-4.98%<\/span><\/td>\n<\/tr>\n
Media, Health, IT, Telecom, Services, Pharma Quality To Price<\/a><\/td>\n-5.33%<\/span><\/td>\n<\/tr>\n
ASK Life<\/a><\/td>\n-5.89%<\/span><\/td>\n<\/tr>\n
ADAG stocks<\/a><\/td>\n-6.12%<\/span><\/td>\n<\/tr>\n
Momentum<\/a><\/td>\n-6.36%<\/span><\/td>\n<\/tr>\n
Quality to Price<\/a><\/td>\n-6.62%<\/span><\/td>\n<\/tr>\n
Low Volatility<\/a><\/td>\n-7.41%<\/span><\/td>\n<\/tr>\n
Next Trillion<\/a><\/td>\n-7.53%<\/span><\/td>\n<\/tr>\n
Financial Strength Value<\/a><\/td>\n-8.44%<\/span><\/td>\n<\/tr>\n
PPFAS Long Term Value<\/a><\/td>\n-11.60%<\/span><\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\nThe only investment strategy that did well was the one that went into cash last week…\n<\/div>\n<\/div>\n

Equity Mutual Funds<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
Best<\/th>\n<\/tr>\n<\/thead>\n
Religare Invesco Pan European Equity Fund – Regular Plan – Growth Option<\/a><\/td>\n+3.89%<\/span><\/td>\n<\/tr>\n
Franklin India Feeder – Franklin U.S. Opportunities Fund – Growth<\/a><\/td>\n+3.88%<\/span><\/td>\n<\/tr>\n
Reliance Japan Equity Fund- Growth Plan- Growth Option<\/a><\/td>\n+3.22%<\/span><\/td>\n<\/tr>\n
Principal Global Opportunities Fund-Growth Option<\/a><\/td>\n+2.95%<\/span><\/td>\n<\/tr>\n
Franklin India Feeder – Franklin European Growth Fund – Growth<\/a><\/td>\n+2.87%<\/span><\/td>\n<\/tr>\n
Religare Invesco Global Equity Income Fund – Regular Plan – Growth<\/a><\/td>\n+2.83%<\/span><\/td>\n<\/tr>\n
Mirae Asset China Advantage Fund – Regular Plan Growth Option<\/a><\/td>\n+2.74%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n
Worst<\/th>\n<\/tr>\n<\/thead>\n
DSP BlackRock Small and Mid Cap Fund – Regular Plan – Growth<\/a><\/td>\n-5.30%<\/span><\/td>\n<\/tr>\n
Birla Sun Life India Opportunities Fund-Plan B (Growth)<\/a><\/td>\n-5.45%<\/span><\/td>\n<\/tr>\n
Sundaram S.M.I.L.E.Fund-iNST Growth<\/a><\/td>\n-5.45%<\/span><\/td>\n<\/tr>\n
Sundaram S.M.I.L.E.Fund-Growth<\/a><\/td>\n-5.46%<\/span><\/td>\n<\/tr>\n
SBI INFRASTRUCTURE FUND – SERIES I – REGULAR PLAN – GROWTH (6\/7\/2007)<\/a><\/td>\n-5.71%<\/span><\/td>\n<\/tr>\n
Sundaram Growth Fund-Growth<\/a><\/td>\n-6.19%<\/span><\/td>\n<\/tr>\n
MOSt Focused Midcap 30-Regular Plan-Growth Option<\/a><\/td>\n-6.71%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Bond Mutual Funds<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
Best<\/th>\n<\/tr>\n<\/thead>\n
Escorts Income Plan-Growth<\/a><\/td>\n+0.28%<\/span><\/td>\n<\/tr>\n
Franklin India Dynamic Accrual Fund-Growth<\/a><\/td>\n+0.25%<\/span><\/td>\n<\/tr>\n
ICICI Prudential Dynamic Bond Fund – Premium Plus Growth<\/a><\/td>\n+0.24%<\/span><\/td>\n<\/tr>\n
ICICI Prudential Dynamic Bond Fund – Regular Plan – Growth<\/a><\/td>\n+0.22%<\/span><\/td>\n<\/tr>\n
Franklin India Income Builder Account-Growth<\/a><\/td>\n+0.20%<\/span><\/td>\n<\/tr>\n
UTI Medium Term Fund – Regular Plan – Growth Option<\/a><\/td>\n+0.20%<\/span><\/td>\n<\/tr>\n
Edelweiss Gilt Fund – Growth Option<\/a><\/td>\n+0.18%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n
Worst<\/th>\n<\/tr>\n<\/thead>\n
SUNDARAM GILT FUND (Growth. OPTION)<\/a><\/td>\n+0.03%<\/span><\/td>\n<\/tr>\n
Baroda Pioneer Dynamic Bond Fund – Plan A – Growth Option<\/a><\/td>\n-0.02%<\/span><\/td>\n<\/tr>\n
Sundaram Flexible Fund -Flexible Income Plan Regular – Growth<\/a><\/td>\n-0.04%<\/span><\/td>\n<\/tr>\n
HDFC Inflation Indexed Bond Fund – Regular Growth<\/a><\/td>\n-0.12%<\/span><\/td>\n<\/tr>\n
DWS Inflation Indexed Bond Fund- Regular Plan- Growth<\/a><\/td>\n-0.17%<\/span><\/td>\n<\/tr>\n
SBI INFLATION INDEXED BOND FUND – REGULAR PLAN – GROWTH<\/a><\/td>\n-0.17%<\/span><\/td>\n<\/tr>\n
BARODA PIONEER INCOME FUND – Plan A – Growth Option<\/a><\/td>\n-0.39%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Thought for the weekend<\/h3>\n
\nWhen governments introduce austerity measures, they are trying to reduce their net borrowing \u2013 in effect, they are raising their savings rate. Such attempts to increase saving actually lead to lower, not higher, investment \u2013 and since saving equals investment, actual savings fall. So what we have here is an empirical confirmation of the existence of the paradox of thrift!\n<\/div>\n

Source: Crowding In and the Paradox of Thrift<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Equities Major DAX(DEU) +1.05% CAC(FRA) +1.13% UKX(GBR) +1.09% NKY(JPN) +1.87% SPX(USA) +2.18% MINTs JCI(IDN) +0.46% INMEX(MEX) +1.18% NGSEINDX(NGA) -1.48% XU030(TUR) +3.81% BRICS IBOV(BRA) +4.90% SHCOMP(CHN) +2.48% NIFTY(IND) -3.49% INDEXCF(RUS) +1.58% TOP40(ZAF) +3.10% Commodities Energy Heating Oil +2.53% RBOB Gasoline +4.33% Brent Crude Oil +2.97% Ethanol -1.12% Natural Gas -4.16% WTI Crude Oil +3.44% Metals Copper … <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[987],"class_list":["post-2020701","post","type-post","status-publish","format-standard","hentry","category-your-money","tag-weekly","entry"],"_links":{"self":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/2020701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/comments?post=2020701"}],"version-history":[{"count":0,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/2020701\/revisions"}],"wp:attachment":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/media?parent=2020701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/categories?post=2020701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/tags?post=2020701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}