[{"title":"Morning Market Starter","description":" The US Senate has passed the bill to raise the debt ceiling up to 1 January 2025. It will go to the US President to sign in to law. Read the report to know the latest global and domestic market developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__02_June_2023.pdf","durl":"","murl":"","datetime":"02 Jun 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n India's GDP witnessed a sharp acceleration in Q4FY23 at 6.1% YoY, compared with 4.5% in the previous quarter. GDP growth for FY23 has been revised upwards to 7.2% YoY from 7% YoY earlier. Centre’s fiscal deficit narrowed to 6.4% of the GDP in FY23 from 6.71% in FY22. Download the report to read the latest global and domestic developments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__1_Jun_2023.pdf","durl":"","murl":"","datetime":"01 Jun 23 08:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India GDP: Positive surprise amidst weak global growth outlook","description":" Q4 GDP and GVA growth ahead of estimates at 6.1% YoY and 6.5% YoY. FY23 GDP revised up to 7.2% YoY versus 7% earlier.  Investment spending at 8.9% YoY and exports at 11.9% YoY drove growth higher in Q4. Private consumption and government spending were relatively muted as was the case with imports. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q4FY23%20GDP%20review.pdf","durl":"","murl":"","datetime":"31 May 23 10:54 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Update: FY23 deficit lower than FY23RE on fiscal deficit glide path","description":" April 2024 saw gross tax revenue contracting by 6% YoY led by lower corporate tax collections while expenditure grew by 10.6% YoY. Revenue receipts for FY23 are above revised estimates at INR 23.8tn (INR 23.5tn as per FY23RE). Fiscal deficit was below FY23RE estimate of INR 17.6tn at INR 17.3tn. Read the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2031%20May%202023.pdf","durl":"","murl":"","datetime":"31 May 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" \n A bipartisan deal to raise the US debt ceiling cleared its first big legislative hurdle in a House of Representatives committee, as lawmakers rushed to whip votes in support of the agreement and avert a default. It needs to pass the House and the Senate if it has to become law before next week. Download the report to know the latest global and domestic developments \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__31_May_2023.pdf","durl":"","murl":"","datetime":"31 May 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"RBI Annual Report: Interest income and forex gains drove higher surplus","description":" RBI transferred INR 874bn to Centre compared with INR 303bn last year. The increase in surplus driven by 50.5% YoY increase in interest income and 49.7% YoY increase in forex income. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/RBI%20annual%20report%20FY23.pdf","durl":"","murl":"","datetime":"30 May 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"China: Economic recovery expected to be gradual","description":" China’s economy grew by 4.5% in Q12023, although momentum seems to be waning in April. High frequency indicators show a broad-based deceleration that was led by investments. However, even consumption spending appears to be softening on a sequential basis  \n External demand is also weak which has dragged exports lower while imports are soft because of muted domestic demand \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20update%20May%202023.pdf","durl":"","murl":"","datetime":"30 May 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The White House and Republican congressional leaders geared up lobbying campaigns to win approval of a deal to avert a US default. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__30_May_2023.pdf","durl":"","murl":"","datetime":"30 May 23 08:54 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: India GDP in focus","description":" In the G-sec auction held last Friday, centre raised INR 310bn as proposed, with no devolvement to Primary Dealers. Bond yields are expected to remain range-bound this week with investors remaining cautious ahead of India’s GDP and US payrolls data to get more clarity on further policy actions by MPC and FOMC respectively. Notably, US yields are rising with stronger incoming data. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2029%20May%202023.pdf","durl":"","murl":"","datetime":"29 May 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Focus shifts from debt ceiling to the real economy!","description":" The upside surprise in US Core PCE inflation along with continued strength in personal spending showed that private consumption remains robust. Hence, US recession concerns have moderated further. The RBI Governor stated that the disruption to the economy from the withdrawal of the INR 2000 note would be modest. He also emphasized that the MPC would be guided by data on deciding whether to pause again in its policy meeting in June. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2029%20May%202023.pdf","durl":"","murl":"","datetime":"29 May 23 05:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" US President Biden and Speaker of the House of Representtives McCarthy reached tentative debt ceiling deal to suspend the federal government's USD 31.4tn debt ceiling. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__29_May_2023.pdf","durl":"","murl":"","datetime":"29 May 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India GDP Preview: Domestic demand outweighs global slowdown","description":" Q4FY23 GDP expected to grow by 5.3% compared with 4.4% in Q3FY23 and 5.2% in Q4FY22. GVA expected to grow by 5.5% in Q4FY23 compared with 4.6% in Q3FY23 . Growth momentum to be led by services followed by industry and agriculture. Buoyant travel demand along with real estate momentum will drive services growth. Construction will push industrial growth higher along with rising gross margins for manufacturing sector. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q4FY23%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"26 May 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" BoJ Governor Kazuo Ueda said changing the central bank's policy target to the five-year bond yield, from the current 10-year zone, would be among options if it were to modify its yield curve control (YCC) policy in the future.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__26_May_2023.pdf","durl":"","murl":"","datetime":"26 May 23 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US debt ceiling: Will a deal be reached in time?","description":" As the debt ceiling deadline of early June 2023 approaches, the probability of the US government facing a default by missing interest payments and inability to meeting spending commitments remains fairly high. Fitch ratings has already warned that the US government faces a risk of a downgrade from its AAA ratings. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/US%20debt%20ceiling%20May%202023.pdf","durl":"","murl":"","datetime":"25 May 23 06:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" RBI governor Shaktikanta Das on Wednesday said the monetary policy committee would be guided by “what’s happening on the ground” on the issue of whether to take a pause again or not in its next meeting in June, even as he expected retail inflation to ease further in May from April’s 18-month low of 4.7%.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__25_May_2023.pdf","durl":"","murl":"","datetime":"25 May 23 09:01 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n Former Fed Chief Bernanke said a tight U.S. job market and rising wages are beginning to have more of an impact on inflation and could embed faster rising prices if the demand for workers is not brought into better balance with the labour force. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__24_May_2023.pdf","durl":"","murl":"","datetime":"24 May 23 08:59 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n President Joe Biden and House Speaker Kevin McCarthy remained without a deal on the debt limit Monday night after another round of talks, though they called their discussions productive and vowed to keep negotiating to avert a catastrophic US default. However, Janet Yellen has warned it is “highly likely” the US would be unable to pay its bills by early June. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__23_May_2023_V1.pdf","durl":"","murl":"","datetime":"23 May 23 09:01 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Rise in liquidity to bring down short-term yields","description":" In the G-sec auction held last Friday, centre raised INR 330bn as proposed, with no devolvement to Primary Dealers, with bid to cover ratio at 2.5. Bond yields are expected to trade with a downside bias this week, in response to less hawkish comments by Fed Chair Powell. Notably, shorter-end yields will benefit from likely increase in banking system liquidity because of deposit of now withdrawn INR 2000 notes in banks. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2022%20May%202023.pdf","durl":"","murl":"","datetime":"22 May 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: USD upside likely to continue","description":" The US economy continues to show significant resilience reducing expectations of a hard-landing. The FOMC minutes due later in the week should confirm that the central bank is moving to a pause mode while rate cuts are unlikely anytime soon.  \n The RBI announced a dividend transfer of INR 874.16bn in FY23 as compared to INR 303.07bn in FY22 that should ease fiscal concerns. The decision to withdraw INR 2000 note from circulation should boost local liquidity conditions. WPI inflation softened showing that input price inflation is moderating.  \n Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2022%20May%202023.pdf","durl":"","murl":"","datetime":"22 May 23 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"RBI: INR 2000 note withdrawn, limited impact on economy","description":" RBI has withdrawn INR 2000 note. With the denomination constituting 10.8% of notes in circulation as against 50.2% of notes in circulation as of 31 March 2017, impact on economy is expected to be minimal. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/RBI%20withdraws%20INR%202000%20notes.pdf","durl":"","murl":"","datetime":"20 May 23 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer are making plans for votes in the coming days on a bipartisan deal to avert a catastrophic US debt default. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__19_May_2023.pdf","durl":"","murl":"","datetime":"19 May 23 08:56 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil: Are physical markets poised to tighten sharply?","description":" Global crude oil prices continue to drift lower as physical markets remained over-supplied and as global risk aversion has remained in place  \n Going forward, we expect physical markets to tighten as OPEC production cuts are due to take effect from May 2023 onwards and Russia moves forward with plans to reduce supply. Some offset is possible from a substantial increase in supply from non-OPEC & non-Russia sources \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20May%202023.pdf","durl":"","murl":"","datetime":"18 May 23 02:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" President Biden said “I am confident we’ll get the agreement on the budget and America will not default.”  \nUnion Cabinet approved the revised PLI scheme for IT hardware to boost local manufacturing of products while increasing the budgetary outlay of the scheme to INR 170bn from the previous provision of INR 73.25bn. Download the report to know the latest global and domestic developments. \n   \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__18_May_2023.pdf","durl":"","murl":"","datetime":"18 May 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Speaker of the House Kevin McCarthy hinted that lawmakers were moving closer towards a deal to raise the debt ceiling and avert an unprecedented government default. He stated it is possible to get a deal by the end of the week and the White House called the meetings “productive and direct.” More meetings are scheduled over the course of the week. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__17_May_2023.pdf","durl":"","murl":"","datetime":"17 May 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Several FOMC officials provided a firm guidance that monetary policy will remain restrictive and that rate cuts in 2023 seem unlikely. Atlanta Fed President Raphael Bostic that he does not foresee rate cuts at least through 2023, even if a widely forecast recession hits. Read the report to know the latest global and economic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__16_May_2023.pdf","durl":"","murl":"","datetime":"16 May 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit moderates, services exports expand","description":" \n Merchandise exports contracted by 12.7% YoY in April to USD 34.7bn (vs. USD 41.4bn in March). Services exports expanded at 26.2% YoY at USD 30.4bn. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_April_2023.pdf","durl":"","murl":"","datetime":"15 May 23 08:12 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"WPI May 2023: WPI inflation at 33-month low","description":" All three components of WPI witnessed a decline or deceleration from previous month. Food at 0.2% YoY, fuel and power at 0.9% YoY and manufactured products at -2.4% YoY \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20May%202023.pdf","durl":"","murl":"","datetime":"15 May 23 05:47 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: Short-end yields rise with liquidity in focus","description":" In the G-sec auction held last Friday, centre raised INR 390bn as proposed, with no devolvement to Primary Dealers (PDs), with bid to cover ratio at 2.6. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2015%20May%202023.pdf","durl":"","murl":"","datetime":"15 May 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Global recession fears have increased!","description":" Although US CPI inflation softened in April, it remains elevated and the University of Michigan 5yr inflation expectations drifted higher. The upshot is that the market’s rate hike expectations are miss-priced that was also visible in the hawkish guidance provided by FOMC officials. Local CPI inflation dropped quite sharply reflecting base-effects and softening food inflation. A similar trend was seen in the WPI release. Nevertheless, easing inflation should allow the MPC to maintain current policy rate and tweak stance later in the year. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2015%20May%202023.pdf","durl":"","murl":"","datetime":"15 May 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das said that the headline inflation easing to 4.7% during April is “very satisfying” and gives a good amount of confidence that the monetary policy is on the right track. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__15_May_2023.pdf","durl":"","murl":"","datetime":"15 May 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI May 2023: CPI inflation softens to an 18-month low","description":" Food inflation eased to 4.2% YoY (5.1% in March) led by cereals (wheat), edible oils and eggs along with base effect. However, spices, sugar, fruits and pulses saw an uptick on sequential basis. \n Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20May%202023.pdf","durl":"","murl":"","datetime":"12 May 23 08:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP March 2023: Loses shine, capital goods and infra do well","description":" Industrial production decelerated to 1.1% YoY in March 2023 (our estimate: 4.8%) compared with 5.8% YoY in February 2023 (revised from 5.6%) vs. 2.2% YoY in March 2022. While mining activity has accelerated to 6.8% YoY in March 2023 from 4.8% YoY in February 2023, manufacturing decelerated to 0.5% YoY from 5.6% YoY in February. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20March%2023.pdf","durl":"","murl":"","datetime":"12 May 23 07:26 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: Ranged in the near-term; higher in the medium-term","description":" Gold prices outlook remains constructive with the rally that has taken place over 2023 so far likely to sustain for the remainder of the year. \n Gold prices continue to remain driven primarily by US real yield movements. With the FOMC entering pause mode, we see yields drifting lower over 2023 that could ensure that gold prices move higher. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20May%202023.pdf","durl":"","murl":"","datetime":"12 May 23 12:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The BoE raised the policy rate by 25bps to 4.50% in 7-2 vote split among the members of the MPC. The finance ministry has exempted imports of crude soya bean and sunflower oil from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__12_May_2023.pdf","durl":"","murl":"","datetime":"12 May 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n US CPI inflation came in marginally softer than expected printing in at 4.9% YoY (expectations: 5%) in April against 5% in March. However, on a monthly basis, it rose by 0.4% vs 0.1% in the previous month. Core inflation rose by 5.5% YoY a marginal downside from the previous rise of 5.6%. On a sequential basis, it remained unchanged at 0.4%. Read the report to know the latest global and domestic developments. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__11_May_2023.pdf","durl":"","murl":"","datetime":"11 May 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of New York President John Williams said he is monitoring how strains in the banking sector affect the US economy and left the door open to leaving interest rates on hold next month. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__10_May_2023.pdf","durl":"","murl":"","datetime":"10 May 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook May 2023: Growth holding up, inflation cools down","description":" Manufacturing slowing down, services still robust: Global manufacturing is showing signs of slowing down led by US and Europe with PMIs showing lower activity with Eurozone PMI at a 35-month low. On the other hand, manufacturing PMI in Middle East, India, Thailand, Indonesia along with Turkey is accelerating... Download the report to know more.. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20May%202023.pdf","durl":"","murl":"","datetime":"09 May 23 05:35 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" \n India's fuel consumption, was\n down around 0.3%YoY in April, although it fell over 10% from March this year,\n as per data from Petroleum Planning and Analysis Cell. Read the report to know the latest global and domestic updates. \n \n \n \n\n \n\n \n \n ·                  \n India's fuel consumption, was\n down around 0.3%YoY in April, although it fell over 10% from March this year,\n as per data from Petroleum Planning and Analysis Cell \n\n \n\n \n \n\n\n \n\n\n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__09_May_2023.pdf","durl":"","murl":"","datetime":"09 May 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update","description":" The Global PMI composite survey moved higher from 53.4 in March to 54.2 in April reinforcing that global growth momentum remains solid. The thrust of growth continued to come from the PMI services that increased from 54.4 in March to 55.4 in April while PMI manufacturing remained in contraction territory at 49.6.  \n High-frequency indicators released during the week showed that the underlying economic activity in India remains strong and is gaining further traction. S&P Global manufacturing PMI increased to a 4-month high of 57.2 in Apr 2023 from 56.4 in the preceding month.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2008%20May%202023.pdf","durl":"","murl":"","datetime":"08 May 23 07:58 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India, US CPI in focus","description":" In the G-sec auction held last Thursday, centre raised INR 330bn as proposed, with no devolvement to Primary Dealers (PDs). The auction received weak demand, with bid to cover ratio at 2.1. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2008May2023.pdf","durl":"","murl":"","datetime":"08 May 23 04:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The ECB raised the policy rate by 25bps on expected lines taking the deposit rate to the 3.25% mark. However, it unexpectedly increased the pace of QT. The measures taken and tone provided showed that the focus remains on fighting inflation. Read the report to know the latest domestic and global developments. \n \n\n \n\n \n \n ·         \n The ECB raised the policy rate\n by 25bps on expected lines taking the deposit rate to the 3.25% mark. However,\n it unexpectedly increased the pace of QT. The measures taken and tone\n provided showed that the focus remains on fighting inflation. \n\n \n\n \n \n \n\n \n\n \n \n ·         \n The ECB raised the policy rate\n by 25bps on expected lines taking the deposit rate to the 3.25% mark. However,\n it unexpectedly increased the pace of QT. The measures taken and tone\n provided showed that the focus remains on fighting inflation. \n\n \n\n \n \n\n\n \n\n\n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__08_May_2023.pdf","durl":"","murl":"","datetime":"08 May 23 09:12 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: Still going strong!","description":" US non-farm payrolls surprised sharply to the upside for April printing in at 235K. While downward revisions were made for February and March, the average monthly run rate for 2023 is tracking at 222K that is well above the 180K average witnessed in the pre-pandemic period (2010-2019). Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-April%202023.pdf","durl":"","murl":"","datetime":"06 May 23 02:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"ECB Review: ECB confirms that more tightening is on the horizon","description":" In the policy meeting that concluded on 4 May 2023, the ECB raised the policy rate by 25bps on expected lines taking the deposit rate to the 3.25% mark. However, it unexpectedly marginally increased the pace of QT. The measures taken and tone provided showed that the focus remains on fighting inflation. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/ECB%20review%20May%202023.pdf","durl":"","murl":"","datetime":"06 May 23 10:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"FOMC Review: FOMC moved to a data-dependent framework","description":" The FOMC raised its policy rate by 25bps to the 5.00%-5.25% range and retained QT. However, the most significant change was the tweak in the forward guidance to indicate that the central bank is likely to maintain status quo going forward. \n The revised forward guidance stated that the future actions would become data-dependent as the central bank assess the lagged effect of monetary tightening as well as developments in the regional banking sector. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20May%202023.pdf","durl":"","murl":"","datetime":"04 May 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" \n Finance Minister Nirmala Sitharaman, speaking in a session at the 56th Asian Development Bank annual meeting, said that aiming for a high growth trajectory is difficult for emerging market economies till they fully recover from the adverse effects of the COVID-19 pandemic. \n \n \n The FOMC raised its policy rate by 25bps resulting in the fed funds rate moving to the 5.00-5.25% range, the highest since August 2007. The main highlight was change in forward guidance as we had anticipated.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__04_May_2023.pdf","durl":"","murl":"","datetime":"04 May 23 09:12 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC preview: Guiding the market from the final rate hike to a prolonged pause","description":" Even as regional banking sector stress remains in place that is visible in the credit markets, we expect the FOMC to move forward and deliver its final rate hike of 25bps in the current cycle resulting in a terminal rate of 5.00%-5.25%. Elevated inflation and a tight labour market will work as the main reasons for moving ahead with tightening policy further. Read the report to know the latest domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20May%202023.pdf","durl":"","murl":"","datetime":"02 May 23 05:08 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" \n Treasury Secretary Janet Yellen told US lawmakers that her department’s ability to use special accounting maneuvers to stay within the federal debt limit could be exhausted as soon as the start of June. In response to her comments, the US President called for a meeting of senior Congressional leaders that will be held on 9 May 2023. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__02_May_2023.pdf","durl":"","murl":"","datetime":"02 May 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Core sector slows, credit growth elevated","description":" Core sector growth decelerated to 3.6% YoY in March 2023 compared with 7.2% YoY in the previous month seen in cement and electricity among other sectors. However,  coal output continues to out-perform. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2028%20April%202023.pdf","durl":"","murl":"","datetime":"29 Apr 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The US economy slowed from 2.6%QoQsaar in Q42022 to 1.1% in Q12023 reflecting primarily a sharp fall in inventories that subtracted 2.26 percentage points from GDP. Read the report to know the latest domestic and global developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_April_2023.pdf","durl":"","murl":"","datetime":"28 Apr 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The government has released INR 2.87bn to the beneficiaries of the production-linked incentive (PLI) scheme until March 31, 2023. Majority of the beneficiaries are from eight sectors like electronics, telecom, pharma and food processing, a senior official said, adding that the next two-three years will be crucial for projects to move at a fast pace. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_April_2023.pdf","durl":"","murl":"","datetime":"27 Apr 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" US Treasury Secretary Janet Yellen warned that failure to raise the government's debt ceiling would trigger an "economic catastrophe" and would send interest rates higher. A default on US debt would result in job losses, while driving household payments on mortgages, auto loans and credit cards higher. Read the report to know the latest domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_April_2023.pdf","durl":"","murl":"","datetime":"26 Apr 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The House speaker is set to table his USD 1.5tn debt-ceiling proposal later this week, although there remains very little support both in the Republican Party and Democratic Party respectively.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_April_2023.pdf","durl":"","murl":"","datetime":"25 Apr 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Medium-term USD bearish trend is intact!","description":" Global growth momentum remains firm that was visible in the Chinese GDP release for Q12023 as well as in the flash DM PMI services indices for March 2023. With banking concerns moderating and DM core inflation remaining elevated, further G-3 monetary tightening expectations are gathering momentum again. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2024%20April%202023.pdf","durl":"","murl":"","datetime":"24 Apr 23 06:53 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly","description":" In the G-sec auction on Friday, the centre raised INR 330bn as proposed, with no devolvement to Primary Dealers (PDs). The auction received strong demand, with a bid-cover ratio of 3.0. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2024%20April%202023.pdf","durl":"","murl":"","datetime":"24 Apr 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Governor Lisa Cook said that US inflation remains elevated and “broad based,” although she is assessing the impact of tighter credit conditions to determine how high interest rates need to be to bridle price pressures. Read the report to know the latest domestic and global developments. \n   \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_April_2023.pdf","durl":"","murl":"","datetime":"24 Apr 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: Lifted by the OPEC production cut!","description":" The production cuts to the tune of 1.6mbpd delivered by OPEC+ members (including Russia) has worked as the main catalyst pushing prices higher.   The production cut was undertaken to combat a weaker demand outlook and increase in supply from non-OPEC sources.   Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20April%202023.pdf","durl":"","murl":"","datetime":"21 Apr 23 02:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The MPC minutes explained that the decision to pause was undertaken to in to account the the cumulative impact of earlier hikes is yet to be transmitted to domestic economy. Most members pointed out that effective interest rates have increased more than policy rate which will have an impact on growth. Members were of the opinion that while headline inflation is above 6% in January-February period, the same is estimated to see a deceleration in coming months. Download the report to read the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_April_2023.pdf","durl":"","murl":"","datetime":"21 Apr 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Growth versus inflation dilemma","description":" While headline inflation has been higher than projection, members felt cumulative impact of past hikes will ensure inflation falls in the coming year due to lower commodity prices and rabi harvestWhile headline inflation has been higher than projection, members felt cumulative impact of past hikes will ensure inflation falls in the coming year due to lower commodity prices and rabi harvest. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Minutes_April_2023.pdf","durl":"","murl":"","datetime":"20 Apr 23 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of New York President John Williams said that inflation is still at problematic levels and the central bank will act to lower it. He stated that the banking system is "sound and resilient", but credit will become more expensive, for households and businesses, which will in turn depress spending and growth. In a similar tone, Goolsbee noted that labour is the "strongest part" of the economy and "inflation is the worst part of the economy and is more persistent than we wanted." Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_April_2023.pdf","durl":"","murl":"","datetime":"20 Apr 23 08:48 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FY24 State Budgets: States moving towards fiscal consolidation","description":" The 16 states covered in the report account for ~90% of the country’s GDP. Nominal GSDP of these states is budgeted at INR 275tn, up 11.5% over FY23RE and 14.3% over FY23BE. This compares with the center’s budgeted nominal GDP growth in FY24 of 10.5% over FY23RE and 16.7% over FY23BE. These states reported an increase of 14.6% in GSDP in FY23RE. The combined fiscal deficit of the states is seen at INR 8.2tn or 3% of the combined GSDP of INR 275tn lower than the target deficit of 3.5% prescribed by the center. This is a modest consolidation from fiscal deficit of 3.3% of GSDP in FY23RE and 3.2% in FY23BE. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/FY24%20State%20Budgets_States%20moving%20towards%20fiscal%20consolidation.pdf","durl":"","murl":"","datetime":"19 Apr 23 01:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The ECB chief economist Philip Lane backed a further interest rate increase at the ECB's next meeting and said the size would depend on incoming data. Read the report to know the latest domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_April_2023.pdf","durl":"","murl":"","datetime":"19 Apr 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s WPI inflation eased to a 29-month low of 1.34% YoY in March (vs. 3.85% in February), with a broad-based decline across food, energy and manufactured products. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_April_2023.pdf","durl":"","murl":"","datetime":"18 Apr 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The weekly update: Bearish USD trading environment to remain intact!","description":" The FOMC minutes for the policy meeting held over 21-22 March 2023 showed that members linked future monetary policy decision making to developments in the banking sector while emphasizing that the central bank will remain attentive to ‘inflation risks’. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/The%20Weekly%20Update%2017%20April%202023.pdf","durl":"","murl":"","datetime":"17 Apr 23 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed Income Weekly","description":" In the G-sec auction on Thursday, the centre raised INR 390bn as proposed, with no devolvement to Primary Dealers (PDs). The RBI will conduct a switch operation worth INR 110bn today. Indian bond yields are expected to remain range-bound with focus on MPC minutes this week. Meanwhile we expect yields to largely move in sync with UST yields. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2017%20April%202023.pdf","durl":"","murl":"","datetime":"17 Apr 23 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI inflation at a 29-month low","description":" WPI inflation eased to a 29-month low of 1.34% YoY in March (our est. 1.5%) from 3.85% YoY in February with a broad-based decline across food, energy and manufactured products. Food inflation softened to 2.3% YoY (2.8% in Feb) led by cereals, edible oils, spices, fruits and milk despite vegetable prices falling by only 2.2% YoY from 21.5% YoY in Feb. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20April%202023.pdf","durl":"","murl":"","datetime":"17 Apr 23 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Merchandise exports contracted by 13.9% YoY in March, to USD 38.4bn (vs USD 37bn in February) while imports contracted to USD 58.1bn led by lower oil prices. Services exports growth moderated to 3% YoY at USD 27.8bn. Trade deficit increased to USD 19.7bn from USD 16.2bn in February. During FY23, trade deficit stands at USD 266.8bn vs USD 191.1bn in FY22.. Read the report to know the latest domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_April_2023.pdf","durl":"","murl":"","datetime":"17 Apr 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit expands, services exports moderate","description":" Merchandise exports contracted by 13.9% YoY in March to USD 38.4bn (vs. USD 37bn in February). Services exports growth moderated to 3% YoY at USD 27.8bn. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_March_2023.pdf","durl":"","murl":"","datetime":"13 Apr 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC minutes: Case was made for tight policy; banking sector will be monitored","description":" \n  The minutes for the FOMC meeting that was held over 21-22 March 2023 showed that banking sector turmoil played an important role in decision making. The Fed’s staff indicated that recession risks had increased while linking the outlook to the manner in which the banking sector evolves. Download the report to know  more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20minutes%20March%202023.pdf","durl":"","murl":"","datetime":"13 Apr 23 11:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" FOMC minutes highlighted that risk of a recession in 2023 had increased given the deterioration witnessed in the banking sector that would be followed by a recovery over 2024 and 2025. It stated that they would remain attentive to inflation risks and that they anticipated some additional policy firming may be appropriate. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_April_2023.pdf","durl":"","murl":"","datetime":"13 Apr 23 08:57 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI April 2023: Food and Core inflation ease","description":" CPI inflation softened to 5.66% YoY in March (our est. 5.55%)  vs. 6.44% in February. While inflation in Q4 has surprised negatively in comparison to RBI’s trajectory, a high base along with lower cereal and core inflation bodes well for the outlook in coming months. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20April%202023.pdf","durl":"","murl":"","datetime":"12 Apr 23 08:53 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP February 2023: Industrial output maintains pace","description":" Industrial production increased by 5.6% YoY in January 2023 (our estimate: 5.2%) compared with 5.5% YoY in December 2022 (revised from 4.7%) vs. 1.2% YoY in February 2022 \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20February%202023.pdf","durl":"","murl":"","datetime":"12 Apr 23 07:33 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: More upside is still possible!","description":" \n With markets pricing in an aggressive rate cuts by the FOMC over H22023, gold prices have risen sharply reflecting the movement witnessed in US yields and the USD.While we maintain that the operating environment is favourable for gold prices in 2023, we remain uncomfortable with the manner in which rate cuts by the FOMC have been priced in. Download the report to know  more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20April%202023.pdf","durl":"","murl":"","datetime":"12 Apr 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" \n IMF warned that lurking financial system vulnerabilities could erupt into a new crisis and slam global growth this year. It however urged member countries to keep tightening monetary policy to fight persistently high inflation. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_April_2023.pdf","durl":"","murl":"","datetime":"12 Apr 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Investor focus will be on US CPI inflation","description":" The global composite PMI survey moved higher from 52.1 in February in to 53.4 in March driven primarily by robust service sector activity that improved to a 15-month high of 54.4 in March. Recession concerns about the US economy have increased while both the Euro-zone and China have seen an upgrade in terms of momentum. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/The%20Weekly%20Update%2010%20April%202023.pdf","durl":"","murl":"","datetime":"11 Apr 23 01:59 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The new BoJ Governor Ueda stated that the BoJ’s YCC and negative interest rates are appropriate amid the current economy. Hence, he downplayed the need for any significant changes to the monetary policy framework. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_April_2023.pdf","durl":"","murl":"","datetime":"11 Apr 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Central Bank Test","description":" \n India CPI inflation dipped marginally to 6.44% YoY in February from 6.52% in January, remaining above RBI’s tolerance limit of 6%. Food inflation rose to 6.5% YoY led by higher cereals, fruits, and prices, while core inflation too remains entrenched at 6.1% YoY. Download the report to know  more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Minutes_April_2023.pdf","durl":"","murl":"","datetime":"11 Apr 23 08:53 AM","youtubeUrl":"","categoryTag":[],"chartLink":null,"tagTitle":[]},{"title":"Monthly Chartbook 2023: Global economy and markets at crossroads","description":" \n March was a significant month when the world saw build-up of banking crisis in US and Europe. In both the places, regulators have acted fast enough. US Fed has provided credit line to US regional banks and now they have enough liquidity to tide over deposit outflows.  \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20April%202023.pdf","durl":"","murl":"","datetime":"11 Apr 23 06:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Fixed Income Weekly","description":" Indian bond yields are expected to remain range-bound in response to moderation in India’s headline CPI to 5.55% YoY and core CPI at 6% YoY. Higher US yields can push domestic yields higher. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2010%20April%202023.pdf","durl":"","murl":"","datetime":"10 Apr 23 06:26 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" US jobs growth moderated in March, and the economy added 236K positions. However, a historically low U.S. unemployment rate (3.5%) and rising wages increase the likelihood of a Fed rate hike. We maintain our view of the FOMC delivering a 25bps hike in the May policy meeting.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_April_2023.pdf","durl":"","murl":"","datetime":"10 Apr 23 09:19 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour report: Hiring slowed further","description":" US non-farm payrolls came in line with expectations, although it printed at the slowest pace since December 2020. The unemployment rate moved further lower, although the participation rate moved higher for the fourth consecutive month showing that labour supply is improving. Download the report to know more.. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-March%202023.pdf","durl":"","murl":"","datetime":"10 Apr 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: Investor focus will be on US CPI inflation","description":" The global composite PMI survey moved higher from 52.1 in February in to 53.4 in March driven primarily by robust service sector activity that improved to a 15-month high of 54.4 in March.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/The%20Weekly%20Update%2010%20April%202023.pdf","durl":"","murl":"","datetime":"10 Apr 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"MPC Review: Hawkish Pause or Dovish Pause?","description":" MPC surprised by keeping policy rates unchanged (all members agreed) against expectation of a 25bps hike. Stance unchanged (one dissent) with emphasis that it is a pause and not a pivot. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_review_April_2023.pdf","durl":"","murl":"","datetime":"06 Apr 23 05:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" \n ICICI Bank expects MPC to raise rates by 25bps and changing the stance to neutral as liquidity situation is expected to be tighter in FY24. WTO warns surge in borrowing costs to hit global exports and the volumes increased by 2.7% in 2022. Download the report to know  more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_6_April_2023.pdf","durl":"","murl":"","datetime":"06 Apr 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" US job openings fall (9.9mn vacancies in February vs 10.5mn in January) to lowest level in almost two years, in a sign the labor market continues to cool as the Fed raises interest rates. \n Australia’s central bank paused its tightening cycle, highlighting policy lags and a “substantial” slowdown in household spending while keeping the door open to further interest-rate increases. \n Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_5_April_2023.pdf","durl":"","murl":"","datetime":"05 Apr 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Improving risk sentiment!","description":" While banking sector concerns have eased and credit spreads have improved over the week, OPEC+ members surprised the market by announcing additional production cuts that could be to the tune of 1.6mn bpd over 2023 driving Brent Crude prices higher in the process. Download the report  to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2003%20April%202023.pdf","durl":"","murl":"","datetime":"03 Apr 23 06:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: MPC in focus","description":" \n Gross market borrowing for H1FY24 at INR 8.88tn, (~57% of borrowings). Net issuances and share of longer end tenor higher compared to previous year which should push upward pressure on long-end. Download the report to know  more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%203%20April%202023.pdf","durl":"","murl":"","datetime":"03 Apr 23 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"MPC Preview April 2023: Dovish hike, hawkish pause or hawkish hike?","description":" Global growth surprised positively while inflation surprised negatively on the back of tight labour markets. Tightening financial conditions should drive global growth lower, but consumer demand will ease with a lag. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Preview_April_2023.pdf","durl":"","murl":"","datetime":"03 Apr 23 05:52 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" OPEC+ announced a surprise oil production cut that will exceed 1mn barrels a day, abandoning previous assurances that it would hold supply steady to maintain a stable market. \n Treasury Secretary Janet Yellen has warned of “structural vulnerabilities” of the banking sector, drawing attention to the flow of cash pouring into the US money market funds.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_3_April_2023.pdf","durl":"","murl":"","datetime":"03 Apr 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India BoP: Resilient invisible receipts amidst weak capital inflows","description":" Current account deficit narrowed in Q3FY23 to USD 18.2bn (2.2% of GDP) from USD 30.9bn in Q2 (3.7% of GDP) led by lower trade deficit and higher services exports and remittances During FYTD23, CAD is now at USD 67bn (2.0% of GDP) from USD 49bn (2.9% of GDP) in H1FY23. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_Q3FY23.pdf","durl":"","murl":"","datetime":"01 Apr 23 02:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly update March 2023: Slower revenue growth, core sector continues to grow","description":" February tax collections grew at a muted 4.5% YoY led by direct taxes at 7.7% YoY while indirect taxes slowed down to 0.6% YoY. During FYTD23 tax revenues have risen by 12.0% YoY.  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2031%20March%202023.pdf","durl":"","murl":"","datetime":"31 Mar 23 09:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" \n The US President Joe Biden laid out a series of measures that could be implemented to tighten the rules for mid-sized banks in response to recent bank failures that may not require Congressional approval. Download the report to know more.  \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_31_March_2023.pdf","durl":"","murl":"","datetime":"31 Mar 23 09:05 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"H1FY24 borrowing calendar: Long-end yields are headed upwards","description":" Borrowing calendar for H1FY24 pegs issuances at INR 8.88tn (~57% of gross issuances for FY24) compared with INR 8.4tn last year (59% of borrowings), 5% more than last year. download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Borrowing%20calendar%20H1FY24.pdf","durl":"","murl":"","datetime":"30 Mar 23 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"China: Recovery is taking hold!","description":" The rebound in Chinese growth prospects has become fairly visible over data released for February. Pent-up demand is driving consumption and production higher. \n However, concerns about the sustainability of growth remain in place given that labour markets remain weak and property sector is unlikely to emerge as a major support. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20update%20March%202023.pdf","durl":"","murl":"","datetime":"29 Mar 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US Consumer Finance Chief said the recent failures of mid-size U.S. lenders show the need for more robust risk management at banks and fintechs, along with improved regulation. Download the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_March_2023.pdf","durl":"","murl":"","datetime":"29 Mar 23 08:43 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Federal Reserve’s vice chair for supervision—Michael Barr-- blamed Silicon Valley Bank’s demise on poor internal management and excessive risk-taking and detailed the steps that Fed supervisors took to address the snowballing problems. Download the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_March_2023.pdf","durl":"","murl":"","datetime":"28 Mar 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: Vulnerable to risk aversion","description":" Although physical crude markets tightened in February, crude prices have fallen sharply as concerns about the global banking sector have picked up over the last fortnight. \n We have lowered our projections for Brent Crude prices for Q22023 to the range of USD 75/bbl to USD 85/bbl with downside possibility of USD 70/bbl to take in to account ongoing concerns about global demand. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20March%202023.pdf","durl":"","murl":"","datetime":"28 Mar 23 03:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: US banking sector developments to drive markets!","description":" The FOMC delivered a 25bps dovish rate hike taking in to account the strain from the banking sector crisis. It also indicated that tightness in credit markets works as an additional tightening mechanism equivalent to rate hikes. Hence, the terminal rate could be lower than previously assumed, although the Fed Chair ruled out the possibility of rate cuts in 2023. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2027%20March%202023.pdf","durl":"","murl":"","datetime":"27 Mar 23 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Food output, monsoon and food inflation: What’s in store?","description":" Foodgrain production is estimated at a record-high of 324mn tonnes, as per the Second Advance Estimate for crop year 2022-23 which is 2.5% higher YoY, positive for food inflation. While backdrop is positive for food inflation, El Niño and unseasonal rains in key wheat growing states in March may put upward pressure on food inflation. In our base case, we see CPI inflation at 5.4% in FY24 with food inflation at 5.1%. Download the report to know more. \n \n ·          \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Food%20output%2c%20monsoon%20and%20food%20inflation-%20What’s%20in%20store.pdf","durl":"","murl":"","datetime":"27 Mar 23 04:53 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Fixed income weekly: Borrowing calendar in focus","description":" US yields moderated last week led by a dovish rate hike by the FOMC. Yields have been edging lower on the back of risk-off visible given the financial fragility with regards to financial institutions. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2027%20March%202023.pdf","durl":"","murl":"","datetime":"27 Mar 23 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" European Central Bank Vice President Luis de Guindos said banking turmoil is shadowing rate policy moves. He added the banking sector is “going through a period of very high uncertainty” and the need to assess additional tightening of financing conditions in the Euro area. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_March_2023.pdf","durl":"","murl":"","datetime":"27 Mar 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The BoE raised its policy rate by 25bps in line with expectations to the 4.25% mark in response to elevated inflation that increased from 10.1% in January to 10.4% in February and tight labour markets. Growth was also expected to be better than previously assumed. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_March_2023.pdf","durl":"","murl":"","datetime":"24 Mar 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC delivered a dovish rate hike","description":" The FOMC raised the policy rate by 25bps on expected lines, although it changed its forward guidance to indicate that future actions would become data dependent.  \n The change in guidance was done to take in to account the strain witnessed in the US banking sector and possible tightening in credit conditions that are expected to take place. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20March%202023.pdf","durl":"","murl":"","datetime":"23 Mar 23 10:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The FOMC delivered a dovish rate hike on expected lines by raising the policy rate by 25bps to the 4.75%-5.00% range while indicating that future rate hikes would become data-dependent. It added the recent strain witnessed in the banking sector as part of its mandate, although it maintained that inflation risks remain in place and the labour markets remain fairly tight. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_March_2023.pdf","durl":"","murl":"","datetime":"23 Mar 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n US financial market stress remains in place given that U.S. officials are considering ways to temporarily expand Federal Deposit Insurance Corp coverage to cover all bank deposits. \n The European Central Bank doesn’t see any conflict between its inflation-targeting mission and its responsibility to stave off financial-system threats, President Christine Lagarde said. However, a dovish guidance was provided by one of her colleagues Stournaras and Visco. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_March_2023.pdf","durl":"","murl":"","datetime":"21 Mar 23 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC preview: A dovish pivot to accommodate financial stability","description":" We expect a dovish pivot from the FOMC as it incorporates financial stability and the stress in the US banking sector in to its framework. Although we maintain our view of a 25bps rate hike, we reiterate that the final decision will be a close call.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20March%202023.pdf","durl":"","murl":"","datetime":"21 Mar 23 04:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"The Weekly Update: Volatility to remain in place","description":" \n Investor focus remains on financial stability risk after the failure of three US regional banks as well as ongoing strain in the European banking sector.  \n After UBS acquired Credit Suisse, risks of a systemic\nevent has reduced. However, concerns about regional US banks still remain in\nplace. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2020%20March%202023.pdf","durl":"","murl":"","datetime":"20 Mar 23 06:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC in focus","description":" Global yields declined in the week led by Europe and US markets on the back of emerging financial \n stress in the banking system. While commodity prices are correcting, Gold has been rising. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2020%20March%202023.pdf","durl":"","murl":"","datetime":"20 Mar 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" \n UBS Group AG agreed to buy Credit Suisse Group AG for CHF 3bn (USD 3.3bn) in a historic, government-brokered deal. \n The Federal Reserve and five other central banks announced coordinated action on Sunday to boost liquidity in USD swap arrangements. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_March_2023.pdf","durl":"","murl":"","datetime":"20 Mar 23 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"ECB: Keeps to its pledge; shifts to data-dependent approach","description":" Even as concerns have emerged about the state of the EU banking sector that forced the market to price in only 20bps rate increase in a run-up to the policy meeting; the ECB raised rates by 50bps, kept the QT framework in place along with the reinvestment schedule under the Pandemic Emergency Purchases Program. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/ECB%20monetary%20policy%20March%202023.pdf","durl":"","murl":"","datetime":"17 Mar 23 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" \n Chief Economic Advisor V Anantha Nageswaran on Thursday said the global uncertainty has been rising after the recent developments in the United States and governments, businesses and individuals should keep ‘margins of safety’ in fiscal, corporate and savings account planning. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_March_2023.pdf","durl":"","murl":"","datetime":"17 Mar 23 09:09 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n India's merchandise imports and exports each saw a dip of 8.2% and 8.8% respectively, on an annual basis in February, with exports contracting for the third consecutive month; Trade deficit narrowed to 13-month low of USD 17.43bn. Trade deficit during April-February 2023 stands at USD 247.5bn vs USD 172.5bn in the previous year. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_March_2023.pdf","durl":"","murl":"","datetime":"16 Mar 23 08:52 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit narrows further","description":" Merchandise exports contracted by 8.8% YoY in February to USD 33.9bn (vs. USD 32.9bn in January). Services exports remained buoyant at USD 29.2bn (36.8% YoY). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_Febuary%202023.pdf","durl":"","murl":"","datetime":"15 Mar 23 08:53 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: Structural uptrend remain intact","description":" \n After falling more than 5% MoM in February, gold prices have risen sharply by ~3.6% over March supported by safe-haven flows and a re-assessment of the FOMC’s terminal rate. We expect gold prices to trade in the USD 1820/oz to USD 1920/oz range in H12023 and expect it to move higher in the USD 1900/oz to USD 2000/oz range in H22023 with an upside possibility of USD 2050/oz.Download the report to know  more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20March%202023%20final.pdf","durl":"","murl":"","datetime":"15 Mar 23 04:16 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" \n US CPI inflation rose by 0.4% MoM and by 6% YOY in line with expectations. ICICI Bank expects the US Fed to raise interest rates by 25bps in the next FOMC meeting. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_March_2023.pdf","durl":"","murl":"","datetime":"15 Mar 23 08:58 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI March 2023: WPI inflation continues to ease","description":" WPI inflation eased to a 25-month low of 3.85% YoY in February (our est. 3.8%) from 4.73% YoY in January. This is led by a broad-based decline across food, energy and manufactured products prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20March%202023.pdf","durl":"","murl":"","datetime":"14 Mar 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" \n India CPI inflation dipped marginally to 6.44% YoY in February from 6.52% in January, remaining above RBI’s tolerance limit of 6%. Food inflation rose to 6.5% YoY led by higher cereals, fruits, and prices, while core inflation too remains entrenched at 6.1% YoY. Download the report to know  more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_March_2023.pdf","durl":"","murl":"","datetime":"14 Mar 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI March 2023: Inflation above RBI trajectory, but global backdrop changing","description":" CPI inflation rose by 6.44% YoY in February (our est. 6.45%) vs. 6.52% YoY in January. As against RBI’s downward revision of CPI inflation to 5.7% from 5.9% in Feb policy, actual outcome is estimated at 6.1%.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20March%202023.pdf","durl":"","murl":"","datetime":"13 Mar 23 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: Financial stability risks pushes yields and USD lower","description":" The most significant development has been the bank failures of two US regional banks—Silicon Valley Bank and New York’s Signature Bank— that has posed an additional unexpected risk to the outlook. US policymakers have provided backstop facilities while market pricing of the US terminal rate has dropped sharply by 78bps. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2013%20March%202023.pdf","durl":"","murl":"","datetime":"13 Mar 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Inflation in focus","description":" Center may look to front-load the borrowing in FY24. We see H1FY24 issuances in the range of 56% to 58% of the total borrowing of INR 15.4tn (58% last year) given larger repayments due in H2. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2013%20March%202023.pdf","durl":"","murl":"","datetime":"13 Mar 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. jointly announced the efforts, aimed at strengthening confidence in the banking system after SVB’s failure spurred worry about spillover effects. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_March_2023.pdf","durl":"","murl":"","datetime":"13 Mar 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP January 2023: Industrial output accelerates","description":" Industrial production increased by 5.2% YoY in January 2023 (our estimate: 4.9%) compared with 4.7% in December 2022. On a MoM basis, it was up by 0.8%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20January%202023.pdf","durl":"","murl":"","datetime":"10 Mar 23 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FY24 State Budgets: Capex expected to grow 18.3%, fiscal deficit to fall to 3% of GSDP","description":" For the states chosen, namely, Gujarat, Haryana, Karnataka, Kerala, Rajasthan, Telangana, Uttar Pradesh, and West Bengal, combined revenue receipts are estimated to increase by 12.5% over FY23RE at INR 18.7tn while combined fiscal deficit it seen at INR 4.3tn or 3% of their combined GSDP, just about meeting the prescribed level of fiscal deficit recommended by the center. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/FY24%20State%20Budgets%20-%20Capex%20expected%20to%20grow%2c%20fiscal%20deficit%20to%20decline.pdf","durl":"","murl":"","datetime":"10 Mar 23 12:55 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Q3FY23 Corporate Results: High commodity prices, wages cause PAT contraction of 11% YoY","description":" While margins of manufacturing firms improved sequentially during Q3FY23, on a YoY basis, margins are still under pressure and yet to mean-revert. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Corporate%20Results%20Q3FY23.pdf","durl":"","murl":"","datetime":"10 Mar 23 12:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The Bank of Japan on Friday kept its ultra-easy monetary policy unchanged in the final policy meeting chaired by outgoing Governor Haruhiko Kuroda. The BOJ maintained its yield curve control policy, and kept its commitment to purchase government bonds without a limit. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_March_2023.pdf","durl":"","murl":"","datetime":"10 Mar 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"GDP : What do GDP data revisions tell us?","description":" Revised estimates by NSO show economy performed better than estimated earlier led by higher consumption. Exports did better in FY22 and services exports continue to perform in FY23. Growth has moderated to 4.4% in Q3 because of base effect and revision in previous years estimates. High frequency indicators show consumption slowing down but investments and services exports are holding up. We see growth slowing down to 5.9% in FY24. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/What%20do%20GDP%20data%20revisions%20tell%20us.pdf","durl":"","murl":"","datetime":"09 Mar 23 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" European Central Bank governing council member Ignazio Visco said the ECB's monetary policy must remain cautious and driven by fresh economic data as it emerges. He added that while disinflation is needed one has to be wary of high levels high private and public debts prevailing in the euro area. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_9_March_2023.pdf","durl":"","murl":"","datetime":"09 Mar 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook March 2023: Inflation turning up, central banks to keep rates higher for longer","description":" Global economy surprises positively, inflation a worry: World economy seems to be humming at a pace which is driving inflation up rather than down. While demand for goods is flagging, demand for services remains elevated. Supply chains for goods are now normalized. Commodity prices too are edging lower (not to the extent required). But it is the labour market which is likely to push inflation higher. Downlod the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20March%202023.pdf","durl":"","murl":"","datetime":"08 Mar 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" In the semi-annual testimony to the House of Congress, the FOMC Chair stated that inflation was running higher than was previously assumed in the previous policy meeting and that there was little sign of disinflation in the core services excluding housing category of inflation. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_March_2023.pdf","durl":"","murl":"","datetime":"08 Mar 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Global recession fears have eased!","description":" Global PMI surveys have gone back in to expansionary territory working to reduce concerns about a global recession. The rebound in PMIs was fairly broad-based visible in the US, Europe and Asia led by stronger growth in services. For global central banks, the ongoing resilience of the real economy to tightening in monetary policy witnessed since 2022 will mean that focus will be to keep policy restrictive going forward. Donwload the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2006%20March%202023.pdf","durl":"","murl":"","datetime":"06 Mar 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Nonfarm payrolls in focus","description":" With the conclusion of the G-Sec borrowing calendar for FY23, no G-Sec auction was held last week. For FY23, gross borrowings stood at INR 14.21tn vs. INR 11.05tn for FY22, up by 28.6% YoY.   Indian bond yields are expected to trade in sync with UST yields as investors await Fed Chair’s comments and nonfarm payrolls data this week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%206%20March%202023.pdf","durl":"","murl":"","datetime":"06 Mar 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The FOMC member Logan stated that the US financial system remains vulnerable to bond market stress. At the same time, FOMC member Bostic stated that he would prefer a 25bps increase in the policy rate, although he would be open to a higher peak rate than previously assumed. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_March_2023.pdf","durl":"","murl":"","datetime":"06 Mar 23 08:59 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" FOMC officials continued to provide a hawkish guidance to the market. Two officials—Waller and Collins—stated that recent stronger than expected readings on the US economy could push them to raise interest rates by more than expected. The Fed Governor Waller stated that he projected the terminal rate between 5.1% and 5.4%, although he acknowledged that a higher terminal rate might be warranted if data surprises to the upside.  Please Read report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_March_2023.pdf","durl":"","murl":"","datetime":"03 Mar 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The J.P.Morgan Global Manufacturing PMI printed in at 50 in February from 49.1 in January halting a five-month run of signalling contraction. Manufacturing output rose for the first time since July 2022, as solid growth in the consumer and investment goods sectors offset the continued downturn at intermediate goods producers. The upturn in production volumes was led by Asia.  FOMC officials continued to provide a hawkish guidance to the market as FOMC member Bostic called for policy rates to be raised above the 5% to 5.25% range and keep it at that level until 2024 while FOMC member Kashkari provided a similar message to the market. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_2_March_2023.pdf","durl":"","murl":"","datetime":"02 Mar 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" ECB Chief Economist Philip Lane said higher interest rates are working their way through the economy and prices have begun to ease, including for all-important core goods. He added that the ECB will not end rate hikes until it is confident that inflation is heading back towards 2%.  \n Incoming BOJ Deputy Governor Shinichi Uchida said "The BOJ must maintain monetary easing. It shouldn't modify easy policy just because there are side-effects. Rather, it must come up with ideas to mitigate the costs and help sustain stimulus.”  \n   \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_1_March_2023.pdf","durl":"","murl":"","datetime":"01 Mar 23 09:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Q3FY23 GDP: Consumption slows down, investment uptick continues","description":" Q3 GDP and GVA growth decelerated to 4.4% YoY and 4.6% YoY compared with 9.6% YoY and 8.6% YoY in H1 respectively. Both FY21 and FY22 growth revised upwards by 0.6% and 0.4% respectively to -6% and 9.1% respectively. FY23 growth has been retained at 7% with upward revision to GDP estimate to INR 159.7tn. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q3FY23%20GDP%20review.pdf","durl":"","murl":"","datetime":"28 Feb 23 08:55 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Update: Capex momentum revives, core sector accelerates","description":" January tax collections improved to 13.5% YoY led by direct taxes at 12.2% YoY while indirect taxes rose by 11.2% YoY. Capital expenditure rose by 59.8% YoY in December driving a 21% YoY increase in expenditure in January 2023. Core sector growth accelerated to 7.8% YoY in January 2023 compared with 7.0% YoY in the previous month led by coal, electricity, fertiliser and steel. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2028%20February%202023.pdf","durl":"","murl":"","datetime":"28 Feb 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Governor Philip Jefferson defended the central bank’s 2% inflation target and said changing it could destabilize “well-anchored” inflation expectations. He said there is the possibility that service-price inflation could ease as wage pressures decelerate. Jefferson said a shortage of workers has been one reason why price increases in core services have remained high, as labor costs have risen “at rates above those consistent with 2% inflation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_February_2023.pdf","durl":"","murl":"","datetime":"28 Feb 23 09:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: USD strength to persist!","description":" The FOMC minutes released for the policy meeting that was held over 31 January 2023 and 1 February 2023 highlighted that there was strong consensus to continue tightening policy and affirmed that further policy rate increases are expected going forward. \n The problem for the FOMC is that even after a very aggressive front-loaded rate hiking regime to the tune of 425bps, inflation pressures are not abating towards a 2% inflation trajectory. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2027%20February%202023.pdf","durl":"","murl":"","datetime":"27 Feb 23 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India GDP in focus","description":" In the last G-sec auction for FY23, Centre raised INR 260bn as proposed with no devolvement to the primary dealers. For FY23, gross borrowings stood at INR 14.21tn vs. INR 11.05tn for FY22, up by 28.6% YoY. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2027%20February%202023.pdf","durl":"","murl":"","datetime":"27 Feb 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank Cleveland President Loretta Mester said the Fed needed to keep raising interest rates to get inflation under control, adding she still sees rates rising ‘somewhat’ above 5% and staying there for a time. \n RBI Governor Shaktikanta Das said that G20 countries have to address threats to financial stability, debt distress, climate finance, fractures in global trade and strains on global value chains. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_February_2023.pdf","durl":"","murl":"","datetime":"27 Feb 23 09:48 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Macro Update: GDP growth to slow down, CAD in a much better position","description":" India’s GDP growth is estimated to slow down to 4.6% YoY in Q3FY23 from 9.7% in H1FY23 on the back of lower exports and deceleration in consumption. Investment continues to outperform. India’s external account was a relatively weak link in India’s macro outlook. This is not the case anymore. Even with relatively modest FDI and FPI inflows, India should see a BoP deficit of only USD 5bn next year. This makes us believe that INR is in a much better position over the medium-term. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India%20macro%20update%20Feb%202023.pdf","durl":"","murl":"","datetime":"24 Feb 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The Reserve Bank of India need not keep raising rates until prices fall as it risks overshooting the inflation-adjusted real rate, which at around 1% now is appropriate for the economy, Ashima Goyal, an external member of the country's monetary policy committee said. She added that the 250 bps of rate hikes since May 2022 need to be allowed to work through the system.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_test.pdf","durl":"","murl":"","datetime":"24 Feb 23 05:07 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Reserve Bank of India need not keep raising rates until prices fall as it risks overshooting the inflation-adjusted real rate, which at around 1% now is appropriate for the economy, Ashima Goyal, an external member of the country's monetary policy committee said. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_February_2023.pdf","durl":"","murl":"","datetime":"24 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes: bias remains for restrictive policy!","description":" The minutes showed that there was strong consensus to continue tightening policy and affirmed that further policy rate increases are expected going forward. The ‘upside risks to inflation’ and ‘tight labour market’ were attributed as the key drivers of decision making going forward while the need to keep ‘financial conditions’ tight was also identified. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20minutes%20February%202023.pdf","durl":"","murl":"","datetime":"23 Feb 23 11:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Minutes of the Monetary Policy Committee's latest meeting released yesterday confirmed that a majority of the members are not ready to call the end of rate hikes just yet.  Read the report to know the latest global and economic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_February_2023.pdf","durl":"","murl":"","datetime":"23 Feb 23 10:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Cautious approach to continue","description":" Members acknowledged that fall in inflation is due to perishables. Inflation excluding vegetables is showing an uptick and core inflation is sticky at 6%. External demand is weak, but domestic growth is holding up. While consumption is likely to slow down, investment is likely to remain buoyant. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Minutes_February_2023.pdf","durl":"","murl":"","datetime":"22 Feb 23 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" According to an official statement, the government has decided that state-owned Food Corporation of India (FCI) will offload an additional quantity of 2mn tonnes of wheat under the Open Market Sale Scheme (OMSS) to bring down the prices of wheat and wheat flour. Read the report to know the latest global and economic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_February_2023.pdf","durl":"","murl":"","datetime":"22 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Retail inflation for farm and rural workers rose to 6.85% YoY and 6.88% YoY, respectively, in January, mainly due to higher prices of certain food items, compared with 6.38% and 6.60% respectively, in December 2022. Read the report to know the latest global and economic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_February_2023.pdf","durl":"","murl":"","datetime":"21 Feb 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"","description":" Global  Inflation risks remain at the forefront across developed economies. The elevated level of core inflation has forced both the FOMC officials and ECB officials to signal that rates will remain higher for longer with a bias to do more if required. Domestic CPI inflation releases surprised to the upside that brings back in to play the possibility of another 25bps rate hike in the April policy meeting. An important development was the compression in the trade deficit in January that would imply a better current account deficit than our previous forecasts. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2020%20February%202023.pdf","durl":"","murl":"","datetime":"20 Feb 23 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: MPC and FOMC minutes in focus","description":" Centre raised INR 280bn as proposed, but with a devolvement of INR 82.5bn (10-year tenor) to Primary Dealers (PDs). For FYTD23, gross borrowings stood at INR 13.86tn  up by 28.1% YoY. States raised INR 119bn with no greenshoe issuances or devolvement. Issuances in FYTD23 stand at INR 5.67tn, lower by 3.1% from last year. T-bill issuances during FYTD23 stand at INR 14.81tn (vs. INR 14.56tn last year). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2020%20February%202023.pdf","durl":"","murl":"","datetime":"20 Feb 23 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Global crude oil prices: direction will come from China!","description":" Crude demand fell sharply in January that outstripped the fall in supply limiting upside potential in Brent Crude prices. The fall in demand is more to do with seasonality than anything else \n We expect physical markets to remain tight going forward with a minor net demand surplus of 0.6mbd over 2023, a similar quantum to what was seen in 2022. Higher demand is expected to come from China and supply from non-OPEC sources. Russian supply is estimated to be lower by 1mbd over 2023 and output from OPEC is expected to be flat \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20February%202023.pdf","durl":"","murl":"","datetime":"20 Feb 23 02:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter.","description":" Geo-political tensions have increased given the North Korean government firing ballistic missiles and after the meeting between US Secretary of State Antony Blinken and Chinese foreign secretary Wang Y that did not appear to diffuse tensions between the two nations. Read the report to know the latest global and economic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_February_2023.pdf","durl":"","murl":"","datetime":"20 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Two FOMC officials—Fed Cleveland President Mester and Saint Louis Fed President Bullard—made a strong case for rolling out 50bps increases in the March policy meeting. The hawkish guidance provided comes in the aftermath of upside surprises seen in CPI and PPI inflation for January. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_February_2023.pdf","durl":"","murl":"","datetime":"17 Feb 23 08:44 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s exports dipped by 6.58% YoY to USD 32.91bn in January due to slowdown in global demand, even as the trade deficit touched a 12-month low of USD 17.75bn during the month. However, services exports remained buoyant at USD 32.2bn (+49.1% YoY). Imports fell by 3.6% YoY in January 2023 led by lower gold (-70.8% YoY) and non-oil-non-gold imports (-6.7% YoY), implying lower domestic demand. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_February_2023.pdf","durl":"","murl":"","datetime":"16 Feb 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit narrows sharply","description":" Trade deficit fell to USD 17.8bn (flat YoY) which is sharply lower than December (USD 22.1bn). Given the lower gold imports and non-oil-non-gold imports, we see downward bias to our trade deficit and CAD estimates. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_January%202023.pdf","durl":"","murl":"","datetime":"15 Feb 23 09:48 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" WPI inflation eased to a 24-month low of 4.73% YoY in January from 4.95% YoY in December. Food inflation inched higher to 2.9% YoY (vs. 0.7% in Dec) led by cereals, spices, milk and fruits while deceleration was observed in energy and manufactured products prices. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_February_2023.pdf","durl":"","murl":"","datetime":"15 Feb 23 08:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI February 2023: WPI inflation decelerates","description":" WPI inflation eased to a 24-month low of 4.73% YoY in January (our est. 4.9%) from 4.95% YoY in December. Deceleration was visible in energy and manufactured products prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20February%202023.pdf","durl":"","murl":"","datetime":"14 Feb 23 05:05 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India CPI inflation increased to 3-month high of 6.52% YoY in January vs. 5.72% in December led by both food at 6.2% YoY and core inflation at 6.1% YoY. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_February_2023.pdf","durl":"","murl":"","datetime":"14 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI February 2023: Higher the inflation, higher the policy rates","description":" CPI inflation increased to 6.52% YoY in January (our est. 6.20%) vs. 5.72% in December led by both food at 6.2% YoY and core at 6.1% YoY. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20February%202023.pdf","durl":"","murl":"","datetime":"13 Feb 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: Focus will be on US CPI inflation!","description":" Most FOMC officials provided a hawkish guidance post the release of the robust US labour market report. The main message from them is that policy will tighten further and that rates will remain higher for longer. Hence, market pricing of US terminal rate continues to drift higher. US CPI inflation will work as the primary trigger in the near-term driving price. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2013%20February%202023.pdf","durl":"","murl":"","datetime":"13 Feb 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Inflation in focus","description":" Centre raised an aggregate of INR 380bn as proposed (including Sovereign Green Bonds). For FYTD23, gross borrowings stood at INR 13.6tn  up by 25.5% YoY. Sovereign Green Bonds saw lower demand compared with previous auction. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2013%20February%202023.pdf","durl":"","murl":"","datetime":"13 Feb 23 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter: 13th February 2023","description":" India’s Index of Industrial Production (IIP) increased by 4.3% YoY in December 2022, led by manufacturing at 2.6% (6.4% in November). Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_February_2023.pdf","durl":"","murl":"","datetime":"13 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP December 2022: Industrial output maintains traction","description":" Index of Industrial Production (IIP) increased by 4.3% YoY in December 2022 (our est: 4.0% YoY) vs. 7.3% in November 2022. On a MoM basis, it increased by 5.3%. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20December%202022_maintains%20traction.pdf","durl":"","murl":"","datetime":"10 Feb 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: Our bullish call for 2023 is intact!","description":" The uptrend in gold prices that was witnessed in Q42022 has continued in to 2023 given that it has risen by 3.2% on a YTD basis. While gold prices could see some support from the global trading environment, we expect the physical demand for gold to pick that will underpin the rally over 2023. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20February%202023.pdf","durl":"","murl":"","datetime":"10 Feb 23 10:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of Richmond President Thomas Barkin said it is important for the central bank to continue to raise interest rates to ensure it brings inflation back to the 2% target. The spread between the UST 10yr and UST 2yr has reached 86bps that is the widest spread since the 1980s indicating that investors expect growth to slow-down sharply going forward. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_February_2023.pdf","durl":"","murl":"","datetime":"10 Feb 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"China: After a weak 2022, will green shoots emerge?","description":" Even as restrictions were eased across the country in December 2022, high infection rates worked to keep mobility low. Hence, private demand remained fairly weak that was visible across several high frequency indicators. \n Although China’s GDP in Q42022 came above expectations; it remains weak from a historical perspective. Most of the thrust to growth appears to have come from public spending in infrastructure while private demand appears to have remained fairly weak. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/China%20update%20February%202023.pdf","durl":"","murl":"","datetime":"10 Feb 23 04:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Chartbook February 2023: Growth and inflation conundrum for central banks","description":" US labour market springs a negative surprise: The narrative on US soft landing and lower inflation got a big jolt with the January payroll.  The labour market report did alter pricing of the terminal US Fed rate to 5.1% from 4.89% as of end-Jan 2023. For India, headline inflation has been easing, while both core inflation and CPI inflation excluding perishables is elevated. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20February%202023.pdf","durl":"","murl":"","datetime":"09 Feb 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" RBI Monetary Policy Committee hiked repo rate by 25bps to 6.50%, and retained stance as withdrawal of accommodation with a 4:2 vote. Inflation for FY24 was revised higher to 5.3%, while FY24 real growth was revised lower to 6.4% (from 6.5%). Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_09_February_2023.pdf","durl":"","murl":"","datetime":"09 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Review: A cautious approach in an uncertain world","description":" \n With a 4:2 vote, MPC hiked repo rate by 25bps to 6.50% and retained stance as withdrawal of accommodation. Now two members voted against rate hike from only one earlier. \n With CPI inflation excluding perishables at 7.4% in December (6.8% during the year), rate hike is justified. RBI has revised FY24 inflation higher to 5.3% and 1-year ahead real policy rate is now at 0.9%. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_review_February_2023.pdf","durl":"","murl":"","datetime":"08 Feb 23 04:31 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Chair Jerome Powell stuck to his message that interest rates need to keep rising to quash inflation. He also indicated that if labour markets remain tight, there could be a bias to do more if required than is even currently priced in by the market. His colleague Federal Reserve Bank of Minneapolis President Neel Kashkari said January’s strong labor-market report shows the US central bank needs to keep raising interest rates while emphasizing his terminal rate projections of 5.4%. Kindly read the report to know more. \n   \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_February_2023.pdf","durl":"","murl":"","datetime":"08 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: The USD could witness temporary support in the near-term!","description":" Global macroeconomic landscape:  Global economic indicators surprised to the upside that was visible in the US labour market report, the US ISM non-manufacturing survey and China PMI surveys. \n Domestic macroeconomic landscape:  The budget surprised to the upside as borrowings came in lower than expected and the government kept up its focus on capex.   \n Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2006%20February%202023.pdf","durl":"","murl":"","datetime":"07 Feb 23 10:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of Atlanta President Raphael Bostic said January’s strong jobs report raises the possibility that the central bank will need to increase interest rates to a higher peak than policymakers had previously expected. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_February_2023.pdf","durl":"","murl":"","datetime":"07 Feb 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview February 2023: Navigating global and domestic uncertainties with a 25bps rate hike","description":" Notwithstanding Friday’s payroll report, Global central bank landscape is changing with most central banks near to peak rates and likely to become data dependent in coming months. Slowing global growth and lower inflation is driving a change in policy narrative. In India’s case also we believe growth is slowing down to 5.9% in FY24 (6.2% earlier) on the back of weak external and domestic consumption. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Preview_February_2023.pdf","durl":"","murl":"","datetime":"06 Feb 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Fixed income weekly: MPC in focus","description":" In the auction held on Friday, Centre raised an aggregate of INR 280bn as proposed (including Sovereign Green Bonds). For FYTD23, gross borrowings stood at INR 13.2tn  up by 22% YoY. The Centre pegged FY24 gross and net market borrowing at INR 15.4tn and INR 11.8tn, respectively. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%206%20February%202023.pdf","durl":"","murl":"","datetime":"06 Feb 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"US labour report: Unexpected broad-based strength!","description":" US non-farm payrolls surprised sharply to the upside with the sequential increase coming primarily from robust hiring in the service sector. Nevertheless, a strong reading shows that demand still remains strong. The unemployment rate drifted lower showing that the labour market remains tight. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-January%202023.pdf","durl":"","murl":"","datetime":"06 Feb 23 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The J.P.Morgan Global Composite Output Index – produced by J.P.Morgan and S&P Global in association with ISM and IFPSM – posted 49.8 in January, up from 48.2 in December, a level only a few pips below the no-change mark of 50.0. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_February_2023.pdf","durl":"","murl":"","datetime":"06 Feb 23 08:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"ECB and BoE review: ECB maintains hawkish guidance; BoE provides a data-dependent one","description":" The ECB raised its policy rate on expected lines by 50bps taking the deposit rate to the 2.50% mark. It also pre-committed to raising the rate further by 50bps in the March policy meeting and indicated that future actions after that would be data-dependent. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/European%20monetary%20policy%20February%202023.pdf","durl":"","murl":"","datetime":"03 Feb 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The ECB raised the policy rate by 50bps to 2.5% and provided hawkish guidance. The central bank pre-committed to raising rates by 50bps in the March meeting while indicating that rates need to be at restrictive territory for a considerable period of time. Read the report to know the latest global and economic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_February_2023.pdf","durl":"","murl":"","datetime":"03 Feb 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC review: Future actions to become increasingly data dependent!","description":" The FOMC delivered a 25bps rate increase taking the fed funds rate to the 4.50%-4.75% range and maintained its QT framework on expected lines. Although the policy statement emphasized that ongoing rate increases will be appropriate, guidance provided by the FOMC Chair was dovish compared to the previous meeting. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20February%202023.pdf","durl":"","murl":"","datetime":"02 Feb 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Union Budget 2023-24 outlined seven priority areas - including development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_02_February_2023.pdf","durl":"","murl":"","datetime":"02 Feb 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Budget FY24: Prioritising Capex and Uplifting India","description":" Budget continues to surprise positively. Capital spending was expected to increase, but quantum is higher at 3.3% of GDP (1.6% in FY20). It also prioritises spending on amenities such as water, education and health.  Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Budget%20Review_FY24.pdf","durl":"","murl":"","datetime":"01 Feb 23 10:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" ICICI Bank expects fiscal consolidation, capex, incentivizing new tax regime and Atmanirbhar Bharat as the underlying themes of this year’s Budget. We expect the fiscal deficit to be lowered by 0.5% to 5.9% of GDP. Read the report to know the latest global and economic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_01_February_2023.pdf","durl":"","murl":"","datetime":"01 Feb 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Economic Survey: Short-term blip but potential output higher","description":" The Economic Survey shows India is likely to grow by 7% in FY23. Given global slowdown, India’s growth is likely to decelerate to 6.5% in FY24 with consumption and investment emerging as growth drivers. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Economic_Survey_%202023.pdf","durl":"","murl":"","datetime":"31 Jan 23 08:55 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Update: Fiscal deficit stable, core sector accelerates","description":" Core sector growth accelerated to 7.4% YoY in December 2022 compared with 5.7% YoY in the previous month led by coal, electricity, steel and cement. During FYTD23, core index has increased by 8.0% YoY (12.6% YoY in FYTD22). Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2031%20January%202023.pdf","durl":"","murl":"","datetime":"31 Jan 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: Markets could ignore the FOMC’s hawkish message!","description":" Global macroeconomic landscape: The main development has been the narrowing in growth differentials between the US and non-US world. The US economy appears to be slowing in sync with a soft-landing scenario allowing the FOMC to tone down the pace of hikes.  \n Domestic macroeconomic landscape: The RBI Governor indicated the central bank is still some way from achieving its 4% inflation target and that core inflation remains sticky. However, the main focus will be the outcome of the Union Budget. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2030%20January%202023.pdf","durl":"","murl":"","datetime":"31 Jan 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"FOMC preview: A hawkish guidance to be retained as pace of hikes slows again! ","description":" \n We expect FOMC to slow the pace of rate increases from 50bps to 25bps resulting in policy rate moving to 4.50%-4.75%. The QT framework will remain in place. We expect FOMC Chair to provide a hawkish message to indicate that rates will move higher until labour market rebalancing is done. \n While CPI inflation is softening, it is being led by disinflation in goods. Services inflation is still elevated at 7.0%.  This will emerge as a concern for FOMC. In addition, labour markets remain tight. Read pdf to know more.   \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20January%202023.pdf","durl":"","murl":"","datetime":"31 Jan 23 10:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India's annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% and nominal growth at 11% for FY24, according to a media source. Read the report to know the latest globval and economic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_31_January_2023.pdf","durl":"","murl":"","datetime":"31 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Union budget in focus","description":" In the two auctions held last week, Centre raised an aggregate of INR 380bn as proposed (including Sovereign Green Bonds). For FYTD23, gross borrowings stood at INR 12.9tn up by 20.6% YoY. States raised INR 257bn with no greenshoe issuances or devolvement during the weekly auction. Issuances in FYTD23 stand at INR 5.09tn, lower by 6.7% from last year (INR 5.46tn). T-bill issuances during FYTD23 stand at INR 13.86tn (vs. INR 13.63tn last year). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2030%20January%202023.pdf","durl":"","murl":"","datetime":"30 Jan 23 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" US President Joe Biden and House of Representatives Speaker Kevin McCarthy will meet at the White House on Wednesday for talks in the standoff over the federal debt ceiling. Read the report to know the latest global and economic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_January_2023.pdf","durl":"","murl":"","datetime":"30 Jan 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The US economy grew by 2.9% QoQ SAAR in Q42022 (expectations: 2.6%) that was slower than the 3.2% witnessed in Q32022, although it was above trend pace of 1.8%. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_January_2023.pdf","durl":"","murl":"","datetime":"27 Jan 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Oil update: China re-opening is aiding the recovery","description":" Global crude oil prices have moved higher over January responding to China re-opening that has pushed mobility upwards raising the demand for crude.EU has also been front-loading demand prior to the imposition of the ban on Russian crude oil imports that is due to come in to effect from 5 February 2023. However, EU demand is expected to drop off post the ban taking effect.  Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20January%202023.pdf","durl":"","murl":"","datetime":"25 Jan 23 10:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The government is expected to release about 2mn tonnes of wheat from Food Corporation of India (FCI) stock, into the open market with an aim to check the rising wheat prices. Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_January_2023.pdf","durl":"","murl":"","datetime":"25 Jan 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" ECB President Christine Lagarde signaled that the bank would continue to increase interest rates this year amid an improved economic outlook and historically tight labour market.  Read the report to know the latest global and domestic updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_January_2023.pdf","durl":"","murl":"","datetime":"24 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: US GDP and PCE inflation in focus","description":" Centre raised INR 280bn as planned on 20 January, with no devolvement on Primary Dealers. Gross issuances for FYTD23 stood at INR 12.6tn, up 20.2% YoY. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2023%20January%202023.pdf","durl":"","murl":"","datetime":"23 Jan 23 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Several FOMC officials provided further indications that the pace of rate hikes could slow in the next policy meeting. Fed Governor Waller stated that rates have reached a restrictive territory and he backed moderation in the size of rate hikes. Read the report to know the latest global and economic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_January_2023.pdf","durl":"","murl":"","datetime":"23 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Budget Preview FY24: Fiscal consolidation and capex to go hand-in-hand","description":" Fiscal consolidation, capex, incentivizing new tax regime and Atmanirbhar Bharat are the underlying themes of this year’s Budget, in our opinion. We expect Centre to increase capex allocation by 20% to INR 9tn along with consolidating fiscal deficit by 0.5% to 5.9% of GDP. This will translate into fiscal deficit of INR 17.8tn and gross and net borrowing of INR 15.7tn and INR 12.4tn.  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Budget%20Preview_FY24.pdf","durl":"","murl":"","datetime":"21 Jan 23 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Two top Federal Reserve officials—Fed Vice Chairman Brainard and New York Fed President Williams said that high interest rates were needed to keep pressuring inflation that’s showing signs of slowing but is still too rapid. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_January_2023.pdf","durl":"","murl":"","datetime":"20 Jan 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Most FOMC officials-- Dallas Fed President Lorie Logan and Philadelphia Fed chief Patrick Harker-- continued to emphasize that policy rates will be slowed further while the pace might moderate going forward. Read the report to know the latest global and economic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_January_2023.pdf","durl":"","murl":"","datetime":"19 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Bank of Japan maintained status quo maintaining its YCC framework and accommodative stance. The BoJ retained its forward guidance that the accommodative stance will be kept unchanged.  Read the report to know the latest global and economic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_January_2023.pdf","durl":"","murl":"","datetime":"18 Jan 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" China’s GDP for Q42022 surprised to the upside that printing in at 2.9% YoY (expectations: 1.6%), although that was slower than the 3.9% growth recorded in Q32022. The upside surprise came from better than expected industrial sector growth as well as a lower than expected contraction in private consumption. For the 2022 as a whole, China recorded 3% growth that was well below the government’s target of 5.5% and the 8.1% growth recorded in 2021. Read the report to know the latest global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_January_2023.pdf","durl":"","murl":"","datetime":"17 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit flat, services exports moderated","description":" We see trade deficit at ~USD 290bn in FY23 (8.6% of GDP), with downward bias. Lower oil price trajectory and geographical diversification of oil imports are a positive for India’s external account and USD/INR. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_December%202022.pdf","durl":"","murl":"","datetime":"17 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: BoJ in focus","description":" Centre raised INR 300bn as planned on 13 January, with no devolvement on Primary Dealers. Gross issuances for FYTD23 stood at INR 12.3tn, up 20.1% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2016%20January%202023.pdf","durl":"","murl":"","datetime":"16 Jan 23 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI January 2023: WPI inflation softens further","description":" WPI inflation softened to a 22-month low of 4.95% YoY in December (our est. 5.44%) from  5.85% in November led by sharp deceleration in food inflation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20January%202023.pdf","durl":"","murl":"","datetime":"16 Jan 23 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das said that there is the possibility of interest rates staying higher for longer the world over. He further added that sticky and high core inflation is a concern . Read the report to know the latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_January_2023.pdf","durl":"","murl":"","datetime":"16 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning market starter","description":" US CPI inflation fell from 7.1% YoY in November 2022 to 6.5% YoY in December on the back of lower food, energy and core goods inflation. Read the report to know the latest global and domestic development. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_January_2023.pdf","durl":"","murl":"","datetime":"13 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP November 2022: Broad-based acceleration visible","description":" Index of Industrial Production (IIP) accelerated by 7.1% YoY in November 2022 (our est: 2.7% YoY) vs. -4.2% in October 2022. On a MoM basis, it increased by 6.0%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20November%202022_broad%20based%20acceleration%20visible.pdf","durl":"","murl":"","datetime":"12 Jan 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI January 2023: Vegetables drive CPI inflation lower, Core elevated","description":" CPI inflation eased to 5.72% YoY in December (our est. 5.89%) vs. 5.88% in November. Deviation from our estimate is explained by far higher moderation in vegetable prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20January%202023.pdf","durl":"","murl":"","datetime":"12 Jan 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s net direct tax collections, post refunds, grew by 19.6% to INR 12.3tn in FY23, up to 10 January, reaching 86.7% of the budgeted estimates. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_January_2023.pdf","durl":"","murl":"","datetime":"12 Jan 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Governor Michelle Bowman said the central bank has more work to do to curb inflation, noting that further interest-rate increases are needed and officials should hold them at restrictive levels for some time to stabilize prices. Read the report to know latest global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_January_2023.pdf","durl":"","murl":"","datetime":"11 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" FOMC members provided a hawkish guidance to the market as Federal Reserve President of San Francisco Mary Daly said that she expects the central bank to raise rates to somewhere over 5%. At the same time, Atlanta Fed President Bostic stated that policymakers should hike above 5% early in Q22022 and then go for a long pause. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_January_2023.pdf","durl":"","murl":"","datetime":"10 Jan 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Chartbook January 2023: Inflation and growth slowing down.","description":" Global manufacturing activity continues to contract in most geographies in December led by slowing consumer demand and inventory de-stocking, while India's growth shows a mixed trend in Q3. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20January%202023.pdf","durl":"","murl":"","datetime":"09 Jan 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"The Weekly Update: Fall in US CPI inflation could push US yields and the USD lower","description":" Global macroeconomic landscape:  China re-opening is gathering momentum, rising infections is keeping underlying economic indicators weak. In the week ahead, a softer US CPI print will likely work to support risk sentiment further. \n Domestic macroeconomic landscape: Local GDP advance estimate for FY23 printed in line with expectations of 7% YoY as both consumption and investment are projected to slow in H2. The CPI inflation release is expected to come in flat keeping local monetary policy expectations of a final 25bps rate hike in February firmly in place. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2009%20January%202023.pdf","durl":"","murl":"","datetime":"09 Jan 23 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India and US CPI in focus","description":" Centre raised INR 280bn as planned on 6 January, with no devolvement on Primary Dealers. Gross issuances for FYTD23 stood at INR 12tn, up 19.3% YoY. Sovereign Green Bonds worth INR 160bn will be issued in 2 tranches of INR 80bn each .Download report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%209%20January%202023.pdf","durl":"","murl":"","datetime":"09 Jan 23 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Indian economy is estimated to grow at 7% in FY23, as against 8.7% in the previous fiscal, mainly due to poor performance of the manufacturing sector, according to the National Statistical Office.  Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_09_January_2023.pdf","durl":"","murl":"","datetime":"09 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour report: Tentative signs of rebalancing are visible","description":" US non-farm payrolls that is based on the establishment survey slowed on a sequential basis from 256K in November to still a fairly solid rate of 223K in December (expectations: 200K). The unemployment rate moved lower from 3.6% in November to 3.5% in December. The move lower in the unemployment rate took place, even on the back of a marginal rise in the participation rate from 62.2% to 62.3%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Jan 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"GDP FY23 (FAE): GDP growth estimated at 7% in FY23 and 4.7% in H2","description":" GDP growth for FY23 pegged at 7% YoY by NSO (Advance Estimate). Nominal GDP to grow by 15.4%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/GDP%20FY23%20FAE.pdf","durl":"","murl":"","datetime":"07 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" St. Louis Federal Reserve leader James Bullard expressed optimism that the new year could bring relief from inflation, adding the risk of a U.S. recession has fallen in recent weeks. Read the report ot know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_January_2023.pdf","durl":"","murl":"","datetime":"06 Jan 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes: Need for restrictive policy remains in place!","description":"  The FOMC minutes provided a hawkish message with majority of members indicating that inflation risks will dominate decision making in 2023. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20minutes%20December%202022.pdf","durl":"","murl":"","datetime":"05 Jan 23 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" In the FOMC minutes released yesterday, the members continued to give greater weightage to inflation risks that would require a restrictive policy to remain in place.. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_January_2023.pdf","durl":"","murl":"","datetime":"05 Jan 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" German CPI inflation fell from 11.3% YoY in November to 9.6% YoY in December reflecting the sharp fall witnessed in energy prices over the month. Despite the softness in CPI inflation, European Central Bank Governing Council member Martins Kazaks expects interest rates to be raised “significantly” in February and March. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_04_January_2023.pdf","durl":"","murl":"","datetime":"04 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s purchasing managers’ index (PMI) for manufacturing rose to a 26-month high of 57.8 in December, up from 55.7 in November marking the highest increase in new factory orders and production in more than two years. Read the report to know the latest global and economic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_January_2023.pdf","durl":"","murl":"","datetime":"03 Jan 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: FOMC minutes and nonfarm payrolls in focus","description":" Indian bond yields are expected to trade with an upside bias due to higher than expected State borrowing. FOMC minutes and US nonfarm payrolls data awaited for further cues. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%202%20January%202023.pdf","durl":"","murl":"","datetime":"02 Jan 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Gold update: We see more support going in to 2023!","description":" We see an upside bias in gold prices over 2023 that could become more pronounced in the H2 than H1. We expect US real yields to continue to work as the dominant driver as far as gold prices are concerned. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20January%202023.pdf","durl":"","murl":"","datetime":"02 Jan 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India's core sector growth rebounded to 5.4% in November from the 20-month low of 0.9% in October, benefiting from a strong recovery in coal, fertiliser, steel, cement, and electricity sectors. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/daily-reports/MMS_2_January_2023.pdf","durl":"","murl":"","datetime":"02 Jan 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Economic Update: Capex momentum continues, core sector accelerates","description":" Focus on capex remains on track with 63.4% growth in April – November (59.6% of BE). Revenue expenditure grew by 10.8% led by subsisides. Fiscal deficit at 58.9% of BE. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/monthly-reports/Monthly%20Economic%20Update%2030%20December%202022.pdf","durl":"","murl":"","datetime":"30 Dec 22 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s Current Account deficit recorded a deficit of USD 36.4bn in Q2FY23 (4.4% of GDP) from USD 18.2bn in Q1FY23 (2.2% of GDP). Read the report to know the latest global and economic developments. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/daily-reports/MMS_30_December_2022.pdf","durl":"","murl":"","datetime":"30 Dec 22 08:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" MPC member Ashima Goyal on yesterday said, the government should not go in for an 'aggressive fiscal consolidation' in the upcoming budget as global risks persists, while adding that sticking to small pre-announced steps on the path will minimise growth sacrifice, while moderating demand and the current account deficit, thus lowering the risk premium that keeps spreads high and raises the cost of government and private borrowing. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The government's total debt increased to INR 147.19tn at the end of September from INR 145.72tn at the end of June this fiscal year, the quarterly report on public debt management released by the finance ministry on Tuesday stated. It further added that the public debt accounted for 89.1% of total gross liabilities at September-end 2022, up from 88.3% as on June 30. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The BoJ Governor Kuorda stated that that the central bank’s latest tweaks on its bond yield control program were not the beginning of an exit of monetary easing. Kuroda said the BOJ's decision last week to widen the allowance band around its yield target was aimed at enhancing the effect of its ultra-easy policy. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Range-bound trading as year-end nears","description":" Centre raised INR 280bn as planned on 23 December, with no devolvement on Primary Dealers. Gross issuances for FYTD23 stood at INR 11.2tn, up 14.6% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2026%20December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"26 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US PCE price index increased by 5.5% YoY in November, the least since October of 2021 and below 6.1% YoY in October. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"26 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"China economy: A below-trend recovery in 2023 could limit sharp upside in base metal prices","description":" The Chinese economy slowed sharply over 2022 on the back of the lockdowns that were in place. The outlook for 2023 will be shaped by the re-opening of the economy. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20update%20December%202022%20outlook%202023.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US Q3 GDP grew better-than-expected at 3.2% versus forecasts for a 2.9% expansion mainly driven by healthy consumer spending. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The persistence in the core inflation is a matter of concern and there is no room for complacency when it comes to monetary policy tightening, according to majority members of MPC of the RBI. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Global crude oil prices: Global crude oil prices are poised to move gradually higher over 2023","description":" Global crude oil prices have weakened further reflecting an over-supplied market. Output from non-OPEC countries picked up in November, even as output from OPEC fell. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20December%202022%20outlook%202023.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Reserve Bank of India's (RBI) monthly bulletin has warned about the risks to global growth in 2023, due to tightening of financial conditions caused by monetary policy actions, as the full impact of interest rate hikes will be visible next year. In its report on the state of the economy, RBI said that with every passing day, the balance of risks is increasingly tilted towards a darkening global outlook and emerging market economies (EMEs) appear to be more vulnerable, even though incoming data suggest that global inflation may have peaked. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s FM Nirmala Sitharaman said that the note in circulation (NiC) has witnessed an annual growth of 7.98% to INR 31.92tn as of December 2, 2022, adding that the demand for currency depends upon several macroeconomic factors, including economic growth and level of interest rates. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Hawkish central bank guidance to weigh on the markets!","description":" Over the last week, investors responded to the dual hawkish message that was provided by the FOMC and ECB, even as the BoE maintained its dovish tone. Both central banks indicated that the terminal rate will be higher than market pricing that has worked to tighten financial conditions. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2019%20December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Powell is expected to dispel notions of a dovish policy pivot! ","description":" The FOMC minutes for policy meeting held over 26-27 July 2022 worked as a trend reversal. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/daily-reports/MMS_30_December_2022.pdf","durl":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2022%20August%202022.pdf","murl":"","datetime":"19 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India's economic growth is likely to be robust at 8.9% in the current financial year, reflecting the country's strong resilience and speedy recovery, India’s FM Nirmala Sitharaman said on Thursday. Sitharaman also expressed confidence that India will continue to achieve a high growth rate in the next financial year as well, the finance ministry said in a statement. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" Several Federal Reserve officials—Williams, Daly and Mester--all stressed the central bank’s commitment to lowering inflation back to their 2% target and the need for clear evidence of easing price pressures. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade November 2022: Trade deficit moderated, services exports buoyant","description":" Merchandise exports remained flat at USD 32bn in November (0.6% YoY). On a MoM basis, exports increased by 1.9%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"16 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":" Morning Market Starter","description":" The ECB raised the policy rate by 50bps on expected lines to the 2% mark while also launching QT that would be to the tune of EUR 15bn per month starting from March 2023. The central bank provided a hawkish guidance indicating that the rate increases could continue with the prospect of a higher terminal rate than the market is expecting given the higher inflation trajectory expected over the forecast horizon. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"16 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" ICICI Bank expects the FOMC to raise the fed funds rate by 50bps to the 4.25%-4.50% range while continuing to indicate that further rate hikes are likely. The dot plot is likely to show an increase from 4.6% to 4.9% terminal rate by 2023, although we cannot rule out the FOMC providing guidance of a higher terminal rate possibly to the 5.1% mark in case it remains concerned about easing financial conditions. Growth projections and inflation projections for 2023 will also likely be lowered. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" India CPI inflation eases to 11-month low of 5.88% YoY in November led by lower vegetable and fruit inflation while cereals and spices continue to see elevated inflation. Core inflation remains entrenched at 6% YoY with most items at elevated levels. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Investors to focus on central bank guidance for 2023!","description":" Over the last week, the main development was the gradual re-opening of the Chinese economy that resulted in a broad-based improvement in risk sentiment. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2012%20December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":" IIP December 2022: Broad-based slowdown visible ","description":" Index of Industrial Production (IIP) contracted by 4.0% YoY in October 2022 (our est: -0.7% YoY) vs. an increase of 3.5% in Sep 2022. On a MoM basis, it contracted by 3.3%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20October%202022_broad-based%20deceleration.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI December 2022: Headline eases, Core elevated","description":" CPI inflation eased to 5.88% YoY in November (our est. 6.35%) vs. 6.77% in October. Deviation from our estimate is because of lower than anticipated vegetable and fruit inflation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" As restrictions have been eased in China, media reports indicate that there has been a sharp surge in cases of Covid-19 across the country that will continue to work as a headwind in keeping private consumption demand weak. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"First Supplementary Demand for Grants_FY23","description":" Government seeks to spend additional INR 3.26tn in FY23 which takes its total expenditure to INR 42.7tn from budget outlay of INR 39.4tn \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/First%20Supplementary%20Demand%20for%20Grants_FY23.pdf","durl":"","murl":"","datetime":"11 Dec 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"The Weekly Update: Elevated US core CPI to keep the USD bid!","description":" Investors continue to respond to concerns about the FOMC keeping rates higher for longer. The net result has been a hardening in yields and a stronger USD. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2010%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monthly Chartbook December 2022: EMs looking better as markets price-in turn in US monetary policy","description":" Global economy slows down, China reopening a positive: A large majority of economies reported contraction in manufacturing activity in November led by Europe, UK, North Asian and China. Outliers are India, Indonesia, ASEAN and Thailand. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20December%202022.pdf","durl":"","murl":"","datetime":"10 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":" Morning Market Starter","description":" Chinese authorities may further soften their stance on property policies at its key economic meeting next week after the Communist Party’s top decision-making body said it will seek a turnaround in the economy for 2023. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_09_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"09 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" The MPC hiked repo rate by 35bps to 6.25% with a 5:1 vote. The MPC also decided to focus on withdrawal of accommodation retained by a 4:2 majority. RBI Governor Shaktikanta Das cautioned that “the battle against inflation is not over”, while acknowledging that it was expected to moderate. CPI inflation forecast for FY23 was retained at 6.7% and GDP forecast was lowered by 20 bps to 6.8%. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" ICICI Bank expects the MPC to raise the repo rate by 35bps in today’s policy meeting. While we believe stance will be maintained at ‘Withdrawal of accommodation’, next rate hike will still depend upon how growth-inflation incoming data pans out. If stance is changed (low probability), then we are mostly done with rate hike cycle. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" The J.P.Morgan Global Composite PMI index fell to 48.0 in November, from 49.0 in October. The headline index has signalled contraction in each of the past four months. November saw manufacturing output and service sector business activity fall at the fastest rates since June 2020. The J.P.Morgan Global PMI services index fell to a 29-month low of 48.1 in November, from 49.2 in October. The index has signalled contractions in three out of the past four months. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India’s cereal inflation at cusp of reversal?","description":" Consumer price index (CPI) has averaged to 6.2% YoY in last 3 years. This was primarily driven by an increase in food and fuel and light inflation.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India%20cereal%20inflation%20at%20cusp%20of%20reversal.pdf","durl":"","murl":"","datetime":"05 Dec 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Fixed income weekly: MPC in focus","description":" Centre raised INR 300bn as planned on 2 December, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 10.6tn, up 15.5% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2005%20December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Will the FOMC pivot?","description":" Even though the US labour market remained fairly tight in November with wage inflation accelerating, investors are focussed on the possible fall in inflation rates going forward. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2005%20December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":" Gold update: A trend reversal has taken place!","description":" Gold prices outlook: Gold prices appear to have reversed course over the last month rallying by ~10% MoM in November. Two key developments are behind the rise. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20december%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":" Morning Market Starter","description":" More Chinese cities announced easing of coronavirus curbs. Shanghai eased some of its Covid restrictions. The Beijing will scrap PCR testing requirements to enter outdoor public venues. While Hangzhou said it would drop testing requirements for entry into most public venues. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" The J.P.Morgan Global Manufacturing PMI fell to a 29-month low of 48.8 in November, down from 49.4 in October. On the other hand, India’s manufacturing sector activity rose to a three-month high of 55.7 in November 2022 as new orders and exports expanded markedly in the latest month. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_02_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"02 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" Federal Reserve Chair Jerome Powell signalled the Fed will slow the pace of interest-rate increases next month, while stressing borrowing costs will need to keep rising and remain restrictive for some time to beat inflation. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_01_December_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Dec 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"GDP Q2FY23: Buoyant consumption and investment, margin pressure a drag","description":" Q2 GDP and GVA growth at 6.3% YoY and 5.6% YoY. H1 GDP growth at 9.7% compared with 13.7%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q2FY23%20GDP%20review_Buoyant%20consumption%20and%20investment%2c%20margin%20pressure%20a%20drag1.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Update: Buoyant tax collections and capex, core sector decelerates","description":" Gross tax collections remain buoyant, with April-October tax revenues increasing by 18% YoY led by direct taxes (25.9%) and GST (27.2%). In Oct, tax revenues rose by 20.8% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2030%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s FM Nirmala Sitharaman said that the Union government has saved INR 2tn by using technology as systems such as Direct Benefit Transfer (DBT) stopped leakages. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve policymakers stressed on Monday that they will raise policy rates further to curb inflation. Brainard said Fed must lean against the risk of inflation expectations rising above the 2% target in a world where inflation may be less stable than in recent decades. Williams said interest rates need to rise further and stay high through next year but could be lowered during 2024. Bullard said financial markets are underestimating the chances that policymakers will need to be more aggressive next year in raising interest rates to curb inflation. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: India Q2 GDP and US nonfarm payrolls in focus","description":" Centre raised INR 280bn as planned on 25 November, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 10.3tn, up 15.3% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2028%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Protests irrupted in China yesterday across the country against the zero-Covid policy of the government. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: China lockdowns driving crude prices lower","description":" Brent crude prices have corrected more than 14% MoM in November driven by lower demand from China. China is battling a COVID outbreak. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"GDP Q2FY23 Preview: Bright domestic outlook amidst weak external demand","description":" Q2FY23 GDP expected to grow by 6.2% in Q2FY23 compared with 13.5% in Q1FY23 and 8.4% in Q2FY22. On a QoQ basis, it is estimated to increase by 3.4% in Q2FY23. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q2FY23%20GDP%20Preview_Bright%20domestic%20outlook%20amidst%20weak%20external%20demand1.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The ECB minutes showed the members believed that inflation may be getting entrenched at so rates would need to rise further. However, the 75bps rate hike was supported by a large majority, although a few policymaker wanted a smaller, 50bps move. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" Minutes from the FOMC November meeting indicated that “substantial majority” of Federal Reserve officials support slowing down the pace of interest rate hikes soon, even as some warned that monetary policy would need to be tightened more than expected next year. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"24 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" Federal Reserve Bank of Cleveland President Loretta Mester said officials are fully focused on curbing inflation while Kansas City President Esther George cautioned that ample US savings may warrant higher interest rates to cool demand. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" The Fed officials continue to provide hawkish messaging while emphasising on slower pace of rate hikes going ahead. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: The USD could regain some of its lost ground! ","description":" The sharp downside surprise in US CPI inflation along with evidence of decelerating PPI inflation has worked to force markets to trim expectations of the Fed’s terminal rate putting the USD under pressure. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2021%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC minutes in focus","description":" Centre raised INR 300bn as planned on 18 November, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 10.03tn, up 15.2% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2021%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monthly Chartbook November 2022: India growth resilient; global outlook muted","description":" Interest rates to move higher: US economic indicators continue to show the economy is holding up well despite a 375bps increase in policy rate by US Fed, fastest pace since 1980s. US added 261,000 jobs last month (est: 193,000). Core inflation remains high at 6.6% YoY led by shelter (+8.0% YoY), medical (+6.0% YoY) and transport services (+12.5% YoY). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"China economy: Infra driven rebound! ","description":" Although Chinese economy rebounded in Q32022, it was driven primarily by fiscal stimulus that drove infrastructure investments higher. However, private demand remains weak as seen in a slew of high frequency indicators such as retail sales, PMI surveys and imports. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20update%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" India’s FM Nirmala Sitharamanon Thursday impressed on the National Investment and Infrastructure Fund (NIIF) to weigh opportunities presented by the government’s key initiatives, such as the National Infrastructure Pipeline (NIP), PM GatiShakti and National Infrastructure Corridor. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" Several FOMC officials provided a hawkish guidance indicating that further tightening is on the cards. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"17 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" India’s Exports moderated to USD 29.8bn in October, -16.7% YoY, while imports too fell sequentially by 7.3% to USD 56.7bn led by non-oil-non-gold imports. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"16 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade October 2022: Goods exports slow down, services remain buoyant","description":" Exports moderated to USD 29.8bn in October, -16.7% YoY. On a MoM basis, exports fell by 16% with broad-based deceleration. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_Oct_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"WPI December 2022: WPI inflation at 21-month low","description":" WPI inflation declined to a 21-month low of 5.85% YoY in November (our est. 6.2%) from 8.39% in October. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20December%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" CPI and WPI ease in October. CPI inflation eased to 6.77% YoY in October (our est. 6.80%) vs. 7.41% in September while Core inflation remains entrenched at 6% YoY with most items witnessing no let-up in momentum; WPI inflation softened to 8.39% in October (our est. 8.1%) from 10.7% in September with a broad based deceleration, with food inflation at 6.5% YoY (vs. 8.1% last month), fuel at 23.2% (32.6% last month) and manufactured products at 4.4% (6.3% last month). Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: India inflation in Focus","description":" Centre raised INR 280bn as planned on 11 November, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 9.73tn, up 15% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2014%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI November 2022: WPI inflation at 19-month low ","description":" WPI inflation softened to 8.39% in October (our est. 8.1%) from 10.7% in September. The deceleration is broad-based with food inflation at 6.5% YoY (vs. 8.1% last month), fuel at 23.2% (32.6% last month) and manufactured products at 4.4% (6.3% last month). Download the report to know more. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" RBI Governor Shaktikanta Das said that India's strong economic fundamentals and stable financial sector will make it the fastest growing major economy clocking 7% growth in FY23. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI November 2022: Core inflation entrenched at 6%","description":" CPI inflation eased to 6.77% YoY in October (our est. 6.80%) vs. 7.41% in September. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP November 2022: Industrial production at a 3-month high","description":" Index of Industrial Production (IIP) increased by 3.1% YoY in September 2022 from -0.7% in August 2022, higher than our estimate of 1.3%. On a MoM basis, it increased by 1.5%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" Global risk sentiment improved as US CPI inflation printed at 7.7% YoY in October versus expectations of 8% and 8.2% print recorded in September. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"11 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" Federal Reserve Bank of New York President John Williams said longer-run inflation expectations remain stable despite the recent surge in prices, but there is greater uncertainty over the future path for price gains. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" The European Central Bank needs to continue increasing interest rates even if it weighs on the economy, according to Bundesbank President Joachim Nagel. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_09_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"09 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Short-term USD correction is in the offing! ","description":" While the FOMC Chairman provided a hawkish guidance indicating that a higher terminal rate could be in the offing; global risk sentiment has improved on evidence of resilience in the US economy, fall in European energy prices and in response to the dovish forward guidance provided by the ECB and BoE. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2007%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: US inflation to anchor global yields","description":" Centre raised INR 300bn as planned on 4 November, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 9.45tn vs. INR 8.22tn in FYTD22 up 14.8% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%207%20November%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" Several FOMC officials—Barkin, Evans, Kashkari and Collins-- maintained the narrative that rates could be higher above the 5% mark as payrolls printed at 261K that was above expectations of 195K in October. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"October US labour report: Strong enough for the FOMC to carry on!","description":" US payrolls printed above expectations, even as it slowed on a sequential basis. Hiring appeared to be fairly broad-based with construction sector emerging as the primary concern. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-October-2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" FM Nirmala Sitharaman launched India’s biggest ever coal mine auction comprising 141 mines in as many as 11 states with a cumulative peak rate capacity (PRC) of 305 million ton (MT). Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_04_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC Review: Powell provides a hawkish message!","description":" The FOMC delivered a 75bps rate hike taking the fed funds rate to the 3.75%-4.00% range and kept the QT framework in place as we had anticipated. The FOMC has raised policy rates cumulatively by 375bps over 2022.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20November%202022.pdf","durl":"","murl":"","datetime":"03 Nov 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" The US Federal Reserve raised the target range for the federal funds rate by 75bps to 3.75%- 4%. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"03 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: Unlikely to correct lower!","description":" After the sharp fall witnessed in Q32022, global crude prices have rebounded in October driven by a production cut by OPEC+ member nations, concerns about a fall in Russian supply on possible implementation of Russian oil price cap. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20report.pdf","durl":"/content/experience-fragments","murl":"","datetime":"03 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" Reserve Bank of Australia lifted its cash rate by 25bps to a nine-year peak of 2.85% meeting the expectations and indicated that more tightening could be on the cards. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_02_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"02 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC Preview: Powell is expected to rule out a dovish pivot!","description":" We expect the FOMC to raise the policy rate by 75bps to the 3.75%-4.00% range while keeping the QT framework in place. The market has largely priced that in. instead, focus will be on the guidance on the policy rate outlook .Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20November%202022.pdf","durl":"","murl":"","datetime":"01 Nov 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" The output of eight core infrastructure sectors grew by 7.9% YoY in September 2022 compared with 4.1% YoY in the previous month and 5.4% YoY an year ago. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_01_November_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Nov 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Core Sector rebounds; buoyant credit growth and tax revenues","description":" Core sector growth accelerated to 7.9% YoY in September 2022 compared with 4.1% YoY in the previous month led by broad-based increase across sectors apart from natural gas and crude oil. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2031%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Monthly Chartbook October 2022: Uncertainty is the only certainty","description":" Global markets saw heightened volatility after UK’s new Chancellor released a mini-Budget which encapsulated fiscal expansion to spur growth and insulate the economy from high energy prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Chartbook%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Fixed income weekly: Domestic yields to follow global yields as FOMC nears","description":" As per the borrowing calendar, no auction was held for the week ending 28 October 2022. For FYTD23, gross borrowings stood at INR 9.15tn, up by 11.3% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2031%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Wheat futures surged after Russia pulled out of an agreement to allow grain exports from Ukraine through the Black Sea, a deal seen critical for easing tight world supplies and controlling global food costs. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_31_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold update: We turn neutral for the remainder of 2022","description":" Gold prices have traded with a downside bias over October 2022. However, they have not broken sharply lower and have been unable to break below the USD 1600/oz threshold. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"ECB review: Tightens on expected lines; future actions to be data dependent","description":" The ECB delivered a 75bps rate hike on expected lines taking the deposit rate to 1.5%, adjusted the terms under TLTRO III to ensure adequate transmission of monetary policy and kept the reinvestment of maturing securities in place. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/ECB%20Review%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The Reserve Bank of India (RBI) announced an additional meeting of the Monetary Policy Committee (MPC) on November 3, 2022 to prepare a report for the government on why it was unable to keep retail inflation below the target of 6% for three consecutive quarters. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" “The windfall taxes imposed in July 2022 on domestic crude and export of petroleum products will likely generate additional revenues of around INR 400 bn in FY23”, according to a senior official. “If global crude oil prices decline to USD 70-75/bbl, then the windfall taxes will be scrapped”. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Domestic yields to ease in-line with global yields","description":" Centre raised INR 280bn as planned on October 21, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 9.15tn vs. INR 7.98tn in FYTD22 up 14.6% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2025%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Indian finance ministry released Monthly Economic Review for September where India's economic activity has been termed “impressive” amid concerns of surging inflation and the INR hitting all-time lows against the USD. The finance minister, Nirmala Sitharaman, assured that the upcoming budget for FY24 will focus on two key challenges namely economic growth and rising inflation. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of Philadelphia President Patrick Harker said officials are likely to raise interest rates to “well above” 4% this year and hold them at restrictive levels to combat inflation, while leaving the door open to doing more if needed. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Indian rupee lost 0.8%, plunging below the 83 mark against the dollar reflecting a sharp rise in US yields and global risk aversion. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Cabinet Committee on Economic Affairs approved raising minimum support prices (MSP) of rabi crops for the 2023-24 marketing season. The MSP was hiked by INR 110 per quintal for wheat, by INR 500 for lentil (Masur), by INR 400 for rapeseed and mustard, by INR 209 for safflower, INR100 for gram and barley. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Relief on the UK front at last! ","description":" While the FOMC minutes and members continued to provide a hawkish guidance, investor focus has been on developments in the UK financial markets. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2018%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Prime Minister Narendra Modi expressed concern over India's high import bill for edible oil, fertilizers and crude oil, and said there is a need to work in a mission mode to make the country self-reliant and reduce import dependence. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Yields ease, liquidity tightens","description":" Centre raised INR 300bn as planned on October 14, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 8.87tn vs. INR 7.74tn in FYTD22 up 14.5% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2017%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"17 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" In the meeting minutes of the Monetary Policy Committee, members articulated their concern on inflation but felt it is estimated to fall to 5% in Q1FY24. However, concerns over inflation in H2 seem to have increased. Meanwhile, domestic growth should sustain on the back of excess savings and festival demand. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"17 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Cautious approach calls for front-loading","description":" Inflation emerging as a concern given INR depreciation, higher oil prices and elevated core inflation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/MPC_Minutes_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The US CPI slowed to 8.2% in September compared to 8.3% in August but came above market forecasts of 8.1%. However, the main concern for the FOMC was the core inflation pressures came in above expectations at 6.6% that was the highest level of increase witnessed since August 1982. With core inflation pressures rising sharply, the fed funds futures market is pricing in 75bps rate hike in the November policy meeting as well as a higher terminal rate of 4.89% by March 2023. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes: Confirms tightening bias to remain in place","description":" The main message from the FOMC minutes for the policy meeting held over 20-21 September 2022 was that the majority of members remained concerned about inflation. Hence, the need to continue tightening so as to keep the policy rate in restrictive territory remains firmly in place. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20minutes%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India’s retail inflation surged to a five-month high of 7.41% YoY in September vs. 7.0% in August, remaining above RBI’s upper threshold of 6% for three full quarters. This would prompt a formal explanation from the RBI to the government on reasons for the failure to bring it within the 2-6% mandate and the remedial measures to fix it. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI October 2022: CPI climbs up led by higher food and core inflation","description":" CPI inflation inched up to 7.41% YoY in September (our est. 7.45%) vs. 7.0% in August. Download the report to know more. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Oct 22 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP October 2022: Industrial production shrinks","description":" Index of Industrial Production (IIP) fell by 0.8% YoY in August 2022 from 2.2% in July 2022, lower than our estimate of 1.3%. On a MoM basis, it decreased by 2.3%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" IMF lowered India’s FY23 growth forecast by 60bps to 6.8% in its latest forecast while the growth for FY24 was retained at 6.1%. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve officials expressed some degree of caution in raising policy rates going forward. Federal Reserve Vice Chair Lael Brainard laid out a case for exercising caution as the central bank raises interest rates to curb high inflation, noting that previous increases are still working through the economy in a time of high global and financial uncertainty. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"11 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Inflation in focus","description":" Centre raised INR 280bn in the first auction of H2FY23 as planned, with no devolvement to Primary Dealers. Gross issuances for FYTD23 stood at INR 8.57tn, up 17.9% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2010%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Elevated US core CPI to keep the USD bid! ","description":" Investors continue to respond to concerns about the FOMC keeping rates higher for longer. The net result has been a hardening in yields and a stronger USD. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2010%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India's direct tax collection surged 24% INR 8.98tn during the period April 1 - October 8, 2022 (52.46% of BE). Gross collections of taxes on corporate earnings rose 16.74% while income tax rose by 32.3%, as per the Finance Ministry. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s Services PMI saw a dip and posted 54.3 in September, following August’s rise at 57.2, suggesting a loss of growth momentum. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Oil ministers agreed to lower OPEC+’s production target from next month by 2mbp -- the biggest such cut from the group since the start of the coronavirus pandemic in early 2020. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The J.P.Morgan Global Manufacturing PMI fell to 49.8 in September, down from 50.3 in August. This is the first time that the headline PMI has posted below the neutral 50.0 mark since June 2020. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_04_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Living in times of volatility","description":" The GBP has staged a sharp comeback as the BoE announced a temporary QE program and the UK Chancellor has reversed the tax cuts for high income earners that have reduced concerns about the UK fiscal position. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2003%20October%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"03 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Reserve Bank of India’s monetary policy committee (MPC) voted to hike the repo rate by 50 bps to 5.9% and remaining focused on withdrawal of accommodation. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_October_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"03 Oct 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes: Need for restrictive policy remains in place!","description":" The main message from the FOMC minutes for the policy that was held over 13-14 December 2022 was that members continued to give greater weightage to inflation risks that would require a restrictive policy to remain in place. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20minutes%20December%202022.pdf","durl":"","murl":"","datetime":"30 Sep 22 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" ICICI Bank expects the MPC to raise policy rates by 50bps while providing a hawkish guidance reflecting concerns about the spill-over effects of global slowdown and global monetary tightening. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Core Sector muted; Credit growth and GST maintains momentum","description":" Gross tax revenues during April – August 2022 increased by 18.7% led by GST collections. The momentum in direct tax collections waned in August due to higher refunds. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2030%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MPC Review : delivers 50bps hike; stance maintained","description":" With a 5:1 vote, MPC hiked repo rate by 50bps to 5.90% and maintained stance as withdrawal of accommodation. Notably, one of the members voted for a hike of 35bps  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Review_September_2022.pdf","durl":"","murl":"","datetime":"30 Sep 22 12:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Bop Q01 FY23: Invisibles surprise positively; CAD at 3.2% of GDP in FY23","description":" Current Account deficit surprised positively at USD 23.9bn in Q1FY23 (2.8% of GDP) from USD 13.9bn in Q4FY22 (1.5% of GDP). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_Sep_2022.pdf","durl":"","murl":"","datetime":"29 Sep 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The Bank of England announced it will carry out temporary purchases of long-dated UK government bonds from 28 September until 14 October to restore orderly market conditions with a GBP 65bn quantum expected. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold update: Rising real yields to push prices lower over 2022!","description":" Gold prices outlook: Gold prices fell by more than 5% in September with continued front-loading of rate hikes by the FOMC and other major central banks working as the primary driver. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"H2FY23 borrowing calendar: Government sticks to Budget Agenda","description":" Government is likely to borrow INR 14.2tn in FY23, which is marginally better than Budget Estimates. Gross issuances for H2 stand at INR 5.92tn including Sovereign Green Bonds (SGBs)    Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/H2FY23%20borrowing%20calendar.pdf","durl":"","murl":"","datetime":"29 Sep 22 12:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Media reports indicated that Russia has continued to cut off the last gas pipeline to Ukraine’s European allies and moved to annex a large chunk of Ukrainian territory. European gas futures have risen sharply on fears of an escalation in the energy crisis. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"China economy: Re-visiting the magnitude of slowdown","description":" The slowdown in China has its roots from both structural forces and cyclical forces in play that are taking hold simultaneously. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20update%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: USD supported by downward re-rating of global growth!","description":" While the FOMC provided a hawkish surprise via its ‘dot plot’ signalling that rates will be higher for longer, focus has shifted back to Europe. The UK’s mini-fiscal stimulus in the form of broad-based tax cuts has worked as a negative catalyst for the GBP and broader risk backdrop as it raised concerns about persistent inflation pressures remaining in place. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2027%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Finance minister Nirmala Sitharaman is expected to meet state chief secretaries this week to push state capital expenditure and to have better synergy in implementation of flagship schemes. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview : Higher global interest rates, RBI to front-load with 50bps hike","description":" India’s domestic growth momentum is strong. However, lower global growth will impact exports. This and Q1 miss has made us revise our FY23 growth to 7% (7.3% earlier)   Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Preview_September_2022.pdf","durl":"","murl":"","datetime":"27 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Giorgia Meloni won a clear majority in Sunday’s Italian election, setting herself up to become the country’s first female prime minister at the head of the most right-wing government since World War II.  Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"26 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"H2FY23 borrowing calendar: Government sticks to Budget Agenda","description":" Government is likely to borrow INR 14.2tn in FY23, which is marginally better than Budget Estimates. Gross issuances for H2 stand at INR 5.92tn including Sovereign Green Bonds (SGBs). Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/H2FY23%20borrowing%20calendar.pdf","durl":"/content/experience-fragments","murl":"","datetime":"26 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":"  For the first time since 1998, the BoJ intervened in the FX markets on behalf of the Ministry of Finance via using the funds that are available in the reverse repurchase agreement facility that it has with the Federal Reserve. So far, the central bank has refrained from selling US treasury securities. In its monetary policy decision, the BoJ kept its accommodative framework and YCC in place while not indicating towards any change in monetary stance. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture weekly : Foodgrain output to be lower due to lower sowing ","description":" Cumulative rainfall up to 22 September, 2022 is 7% above Long Period Average (LPA) compared with 6% above normal last week. Spatially, Central and Southern India continue to see excess rainfall while East and Northwest are witnessing below normal rains. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_23-September-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The FOMC raised the federal funds rate by 75bps to the 3% - 3.25% range pushing borrowing costs to the highest since 2008. The dot plot showed interest rates will likely reach 4.4% by December, above 3.4% projected in June, and rise to 4.6% next year. Meanwhile, GDP growth forecasts were revised lower to show a 0.2% expansion this year, compared to 1.7% seen in June and 1.2% in 2023, below 1.7% seen in June. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI’s MPC minutes released on Friday show that the members believe inflation has peaked in April and now is on its way down. On the growth front, members see India’s growth holding up even as global growth outlook is weakening. Members believe front-loading of rates should help in anchoring inflation expectations and also reduce the need for higher terminal repo rate. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC review: A more hawkish guidance than expected!","description":" The FOMC raised its policy rate by 75bps on expected lines to the 3.00% to 3.25% range. However, it provided a much more hawkish guidance than expected via the ‘dot plot’  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20September%202022.pdf","durl":"","murl":"","datetime":"22 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Chief Economic Advisor Anantha Nageswaran, speaking at the Global Fintech Fest event, pegged India’s growth rate for FY23 at 7%, down from the 8% that was projected previously in January; Finance Minister Nirmala Sitharaman urged the fintech industry to engage more closely with the government and encouraged them to look at green finance. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The People's Bank of China kept the 1-year loan prime rate (LPR) at 3.65% and the 5-year LPR at 4.3% at its September fixing. While the PBOC on Monday lowered the borrowing cost of 14-day reverse repos from 2.25% to 2.15% to revive credit and prop up the sputtering economy. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC preview: Hawkish as the inflation battle is unlikely to abate","description":" Since the last policy meeting, we think that concerns about a ‘hard-landing’ have reduced while that on inflation have increased. Rising service sector inflation in particular will remain a source of concern for the FOMC as it reflects persistent demand-side inflation pressures  Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20September%202022.pdf","durl":"","murl":"","datetime":"20 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Inflationary pressures in India appear to be on a decline with a pre-emptive set of administrative measures by the government, agile monetary policy and easing of international commodity prices and supply-chain bottlenecks, according to the monthly Economic Review released by the Finance Ministry. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Preparing for a hawkish FOMC! ","description":" G-3 core inflation rates continued to rise, even as headline inflation rates are moderating in the US and UK. Rising core inflation suggests tight demand conditions that warrants a continued tightening in monetary policy. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2019%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The USD/CNY pair has broken above the 7 mark reflecting a downward re-rating of Chinese growth prospects as well as continued outflows from the region. The PBOC’s efforts to tighten local liquidity is not having the desired effect in terms of supporting the CNY.  Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"16 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" WPI inflation for August eases to 11-month low of 12.4% from 13.9% in July led by fuel and manufactured products. Food inflation was higher at 9.9% led by perishables and cereals. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: A balanced market could induce range trading","description":" Even as crude markets appear to be over-supplied in Q32022, Brent Crude oil prices have been trading in a flat range. The range-trading reflects concerns about medium-term supply problems. OPEC’s token cut in production also worked to limit downside bias in prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s FM Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the RBI announced a mechanism recently. Speaking at Mindmine Summit 2022, she said this along with other steps taken by the government is towards full capital account convertibility. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI September 2022: WPI inflation moderates even as food inflation moves higher","description":" WPI inflation for August fell to 12.4% (our est.: 13.04%) from 13.9% in July led by fuel and manufactured products. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Agriculture Weekly: Rice and Pulses sowing lags","description":" Cumulative rainfall up to 13 September, 2022 is 6% above Long Period Average (LPA) compared with 5% above normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_14-September-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: US CPI inflation to dictate price action","description":" The ECB delivered a hawkish rate hike of 75bps and the FOMC Chairman Powell indicated that policy tightening will remain in place. Hence, markets have further upwardly revised their policy rate expectations higher across G-10, with the exception for Japan. We see some consolidation setting in to the FX and rates market as investors re-assess the longer-term inflation trend along with the effect on the global economy. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2013%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India's retail inflation inched up to 7.0% YoY in August 2022 compared with 6.71% in July 2022, led by acceleration in food and beverages inflation to 7.6% YoY (vs. 6.7% last month). This is the eight consecutive month of inflation above RBI's upper tolerance level of 6%. Core inflation inched up marginally to 5.84% YoY in August (vs. 5.78% last month). Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Firm demand supporting the long-end, Inflation in focus","description":" Centre raised INR 280bn in the week with no FRB issuance. FYTD gross issuances stood at INR 7.35tn vs. INR 6.45tn, up by 13.9%. India and US CPI along with index inclusion to drive yields this week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2012%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" Fed officials continue to provide a hawkish guidance. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI September 2022: CPI climbs up led by food inflation","description":" CPI inflation at 7.0% YoY in August was above our est. of 6.89% and higher than 6.71% in July. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP September 2022: Broad-based deceleration ","description":" Index of Industrial Production (IIP) rose by 2.4% YoY in July 2022 from 12.7% in June 2022, lower than our estimate of 4.2%. On a MoM basis, it decreased by 2.7%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" The ECB raised its policy rates by 75bps with the deposit rate moving to 0.75%. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_09_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"09 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Chartbook September 2022: India’s growth intact amidst slowing global growth","description":" Europe in midst of energy supply shock: With Russia eventually cutting of gas supply to Europe, European consumers will have to pay much higher price for heating and electricity. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"09 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"ECB review: Delivers a hawkish rate hike","description":" The ECB raised its policy rate by 75bps on expected lines, kept its reinvestment strategy in place and ruled out QT for the time-being. It also indicated that the Transmission Protection Instrument can be used if required. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/ECB%20Review%20September%202022.pdf","durl":"","murl":"","datetime":"09 Sep 22 12:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" India's inflationary pressure is not a red-letter priority but Asia’s third-largest economy seeks to prioritize job creation and equitable wealth distribution, India’s FM Nirmala Sitharaman said while talking at the US-India Business Council’s India Ideas Summit. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" Moody’s retained India's sovereign credit rating of Baa3 with a stable outlook. It mentioned that rising global challenges in the form of the Russia-Ukraine conflict, high inflation, and policy tightening by central banks will not derail India's economic recovery from the Covid\u000219 in 2022 and 2023. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: The USD rally sustained by weak non-US growth conditions","description":" The USD has remained supported driven by a greater degree of growth concerns in the non-US world and by a limited degree of a re-pricing of terminal rate projections. Our Q32023 FX projections have been met. We are subsequently mark to market our USD projections higher across the board. We see upside possibility of 112 emerging in the DXY along with a range of 6.95-7.00 for the USD/CNY pair. The exception is the INR in which we keep our projections unchanged driven by RBI intervention. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2006%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" RBI Governor Shaktikanta Das on Monday said the banking system is healthy enough to withstand any negative spillovers from external headwinds emanating from the Jackson Hole speech by the US Fed.  Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: The USD rally sustained by weak non-US growth conditions","description":" The USD has remained supported driven by a greater degree of growth concerns in the non-US world and by a limited degree of a re-pricing of terminal rate projections. Our Q32023 FX projections have been met. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2006%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Indian long-end yields stable, liquidity surplus goes up","description":" Centre raised INR 330bn on 02 September with seven year tenor partially devolving on PDs. FYTD gross issuances stood at INR 7.07tn vs. INR 6.12tn, up by 15.4%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2005%20September%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" According to data released by the IMF, India overtook UK to become world’s fifth biggest economy. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade August 2022: Exports continue to moderate amidst robust domestic demand","description":" Export momentum eased with YoY decline of 1.1% to USD 33bn. On a MoM basis, exports fell by 9%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"August US labour report: Increase in labour supply pushes wages lower","description":" While US payrolls slowed on a sequential basis, it came in above expectations and remains at a robust pace from a historical perspective. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-August-2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" Federal Reserve Bank of Atlanta President Raphael Bostic said the US central bank’s campaign to cool inflation was still not complete. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_2_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"02 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" India’s Q1FY23 GVA and GDP growth at 12.7% and 13.5% came in well below our and consensus estimates owing to subdued growth in the manufacturing and mining sector. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_1_September_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Sep 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold update: We retain our bearish call!","description":" Gold prices outlook: Gold prices fell more than 2% over August driven primarily by a strong commitment by global central banks to tighten policy further led by the FOMC. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20August%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Monthly Chartbook August 2022: India in classic goldilocks, global macro a worry ","description":" Consumption holding up: Rural India should continue to see improvement in underlying demand led by a normal monsoon and better terms of trade. Notably, exports of agri products are up by 31% during Q1FY23. Rural unemployment rate is finally below the pre-pandemic level (6.1% now). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20Aug_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Monthly Update: Muted revenue spending and core sector, capex maintained","description":" Fiscal deficit fell to 20.5% of FY23 BE vs. 21.2% at the end of June 2022. Revenue spending was muted while capex momentum maintained. We do see revenue spending expanding later in the year. Direct tax collections continue to surprise on the upside. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2031%20August%202022.pdf","durl":"","murl":"","datetime":"31 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":" GDP Review: India Q1FY23 GDP below estimate, but consumption and investment buoyant","description":"  Q1 GDP and GVA growth at 12.7% and 13.5%.Consumption and Investment were key drivers. Services sector rebounds  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/GDP%20review_Q1FY23.pdf","durl":"","murl":"","datetime":"31 Aug 22 12:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The European Union is set to meet its gas storage filling goal two months ahead of target as the bloc braces for a tough winter with Russia limiting supplies and soaring energy prices. European Union set goal to fill reserves up to 80% by November. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Finance Minister Nirmala Sitharaman, at the eighth anniversary of PMJDY, spoke on the importance of financial inclusion as a step towards inclusive growth and enumerated on the milestones of the program which, alongside JAM, enabled DBT to beneficiaries during Covid period. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly","description":" Centre raised INR 280bn on 26 August against proposed amount of INR 320bn. Bids for FRB issuance worth INR 40bn were cancelled. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2029%20August%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Agriculture Weekly : Monsoon steady, sowing lags ","description":" Cumulative rainfall up to 28 August, 2022 is 7% above Long Period Average (LPA) compared with 9% above normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_29-August-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"GDP Q1FY23 Preview: Domestic activity thriving, external demand slowing down","description":" Q1FY23 GDP expected to grow by 15.7% in Q1FY23 compared with 4.1% in Q4FY22 and 20.1% in Q1FY22. On a QoQ basis, it is estimated to decline by 7.9% in Q1FY23. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q1FY23%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"28 Aug 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" US central bankers stressed the need to keep raising interest rates. St. Louis Fed chief James Bullard said officials should act quickly and lift their policy benchmark to a 3.75% to 4% range by year end. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"26 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI Monetary Policy Committee (MPC) member Jayanth R Varma on Wednesday cited escalation of geopolitical tensions as the biggest risk to India's growth outlook, especially if these tensions spread to the Asian region. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Governor Shaktikanta Das said that the RBI aims to reduce inflation to its medium-term target of 4% in the cycle of about two years and its future rate actions will be data\u0002dependent. He further mentioned that yield curve is indicating that the inflation was coming down as yields have drifted lower compared to May levels. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"24 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnected from fundamentals and OPEC+ may be forced to cut production. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Powell is expected to dispel notions of a dovish policy pivot! ","description":" The FOMC minutes for policy meeting held over 26-27 July 2022 worked as a trend reversal. It reminded investors that policy will tighten and that a data-dependent approach does not imply that rate cuts will be initiated immediately. Focus now shifts to Jackson Hole in which the FOMC Chair is expected to reinforce the message that policy will remain tight going forward. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2022%20August%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"MPC minutes: India better placed, but rate hikes to continue ","description":" MPC minutes show members believe inflation has peaked in April and now is on its way down. On the growth front, members see India’s growth holding up even as global growth outlook is weakening. Members believe front-loading of rates should help in anchoring inflation expectations and also reduce the need for higher terminal repo rate. As per current trajectory, CPI inflation is headed towards 5% in Q1FY24, still higher than RBI’s target of 4%. With US Fed likely to raise Fed funds rate by another 100bps by December 2022, we expect RBI to also raise repo rate to 6% in increment of 35bps and 25bps in next two policies. A higher than expected terminal rate or hike by US Fed may call for front-loaded repo rate action and terminal rate by RBI as well. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Minutes_August_2022.pdf","durl":"","murl":"","datetime":"19 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"FOMC minutes confirms a ‘data-dependent’ approach","description":" The FOMC minutes for the policy meeting held over 26-27 July 2022 showed that inflation remains the primary concern for the members. Hence, the need to tighten policy remains in place as inflation remains elevated, although it is expected to moderate with a lag over 2022- 2024  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20minutes%20July%202022.pdf","durl":"","murl":"","datetime":"18 Aug 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The FOMC minutes for the policy meeting that was held over 26-27 July 2022 confirmed that future rate decisions will remain ‘data-dependent’ and that a slower pace of rate hikes are likely going forward. However, the focus for the central bank remained on reining in on inflation that still remains fairly elevated. The central bank maintained its soft-landing scenario and that a slowdown in growth as well as a deterioration in the labour market is likely going forward. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture Weekly : Monsoon rains steady, paddy sowing lagging","description":" Cumulative rainfall up to 17 August, 2022 is 10% above Long Period Average (LPA) compared with 6% above normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_18-August-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnected from fundamentals and OPEC+ may be forced to cut production. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"17 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI August 2022: WPI inflation moderates","description":" WPI inflation for July inched lower to 13.9 from 15.2% in June led by lower food and manufactured products inflation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20August%202022.pdf","durl":"","murl":"","datetime":"16 Aug 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":" Morning Market Starter","description":" Markets responded to a sharp rise in US CPI inflation from 8.6% in May to 9.1% in June. The fed funds futures market is pricing in a high probability of a 100bps rate hike in the July policy meeting itself. FOMC members provided a hawkish message. Federal Reserve Bank of Atlanta President Raphael Bostic said, “Everything is in play” for policy action while Federal Reserve Bank of Cleveland President Loretta Mester said the sharp rise in inflation in June suggested that 75bps rate hike is possible in the July policy meeting. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" For the first time in over two years, PPI inflation fell on a sequential basis in July by 0.5% MoM indicating that price pressures have likely peaked. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI August 2022: CPI eases led by lower food and core inflation ","description":" CPI inflation fell to 6.71% YoY in July (our est.: 6.77%) from 7.01% in June. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20August%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP August 2022: Showing visible signs of improvement ","description":" Index of Industrial Production (IIP) increased by 12.3% YoY in June 2022 from 19.6% in May 2022, higher than our and consensus estimate of 10.3%. On a MoM basis, it is up by 0.1%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20August%202022.pdf","durl":"","murl":"","datetime":"12 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":" Morning Market Starter","description":" For the first time in over two years, PPI inflation fell on a sequential basis in July by 0.5% MoM indicating that price pressures have likely peaked. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"11 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" Fed's St. Louis president James Bullard said that he wants rates at least at 3.75- 4% by the end of the year. He said the Fed will be prepared to hold interest rates “higher for longer” should inflation continue to surprise to the upside. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" MPC hiked the policy repo rate by 50bps to 5.40% and the stance – “ withdrawal of accommodation” – was also kept unchanged. Governor Das, in the post-policy conference, mentioned that MPC took a calibrated and measured approached given that 50bps hike has become the new normal. With broad-based traction visible, the growth forecast was kept unchanged at 7.2% for FY23. Even though, inflation outlook has improved, MPC kept the inflation forecast at 6.7% for FY23. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Robust US labour market report supports the USD ","description":" The release of strong US economic indicators along with hawkish commentary from FOMC officials resulted in an unwinding of expectations of a dovish pivot by the US central bank. US yields moved higher and the USD staged a comeback. At the same time, US-China tension about Taiwan appear to have increased, although it is not significantly weighing on the markets as yet. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2008%20August%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"MPC Review : Continues to front-load, we see terminal rate at 6%","description":" MPC hiked policy repo by 50bps to 5.40% (6-0 vote) and kept the stance unchanged (5-1 vote). While inflation outlook has improved, MPC kept it its FY23 forecast at 6.7%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Review_August_2022.pdf","durl":"","murl":"","datetime":"05 Aug 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" ICICI Bank expects the MPC to hike rates by 35bps in its policy meeting later today and provide a data\u0002dependent guidance to the market. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Why MPC can do a 35bps hike? Growth improving, inflation waning","description":" Growth outlook encouraging. Inflation on the way down. Our base case is a 35bps increase in repo rate. Odds of 50ps rate hike low but can be justified by ever increasing trade deficits . Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Preview_August_2022.pdf","durl":"","murl":"","datetime":"04 Aug 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve officials again signaled they will do what’s required to cool high inflation with rate increases even if that raises the risk of recession. Fed Bank St. Louis President James Bullard said he favours a strategy of “front-loading” big interest-rate hikes, and he wants to end the year at 3.75% to 4%, while his Thomas Barkin and Neel Kashkari said the central bank was committed to lowering inflation and a recession could happen. San Francisco’s Mary Daly maintained that the central bank can counter inflation without triggering mass unemployment and an economic downturn. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_04_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture weekly : Monsoon rains steady, paddy sowing still lags ","description":" Cumulative rainfall up to August 3, 2022 is 6% above Long Period Average (LPA) compared with 10% above normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_4-August-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" Amid concerns over the decline in the value of the rupee against the US dollar, Finance Minister Nirmala Sitharaman on Tuesday asserted that there is no collapse of the unit and it is actually finding its natural course, while adding that the RBI is continuously monitoring the local currency and intervening only if there is volatility. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"03 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" US House Speaker Nancy Pelosi is expected to visit Taiwan on Tuesday, defying Chinese authorities who have warned of consequences if the trip takes place. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_02_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"02 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" Prime Minister Narendra Modi on Saturday asked the state governments to resolve the payment crisis that undermines the financial and operational viability of the power sector entities by clearing subsidies to distribution utilities (discoms) in time and ensuring that government departments and local bodies pay their power bills before the due dates. Stating that unpaid dues to power sector entities stood at a staggering INR 2.5tn, he said states’ subsidy dues to discoms alone were over INR 750bn at last count. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_01_August_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Markets price in a turn in US monetary cycle!","description":" Investors have gone from pricing in central bank tightening in response to inflation risk to a turn in the monetary cycle possibly in 2023 in response to the build-up of recession risk. The re-focus could mean lower US bond yields as well as a softer USD in the interim period. Whether this trend sustains will remain contingent on the manner in which inflation pans out. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2001%20August%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Aug 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monthly Chartbook July 2022: Commodity prices fall on growth concerns; India looks better ","description":" Commodity prices cave-in: Global commodity prices fell by 13% in June and another 5% in July (till now). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Gold update: Range trading in the near-term but medium-term bearish call intact","description":" Even as global recession concerns have intensified resulting in an increase in safe-haven flows, gold prices have corrected lower reflecting reduced physical demand for gold and as global central banks continue to tighten policy. Download the report to know more.. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20update%20July%202022.pdf","durl":"","murl":"","datetime":"30 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Monthly Update: Capex momentum maintained, Credit growth accelerates","description":" Tax collections moderated on the back of lower indirect taxes. Direct tax collections maintain traction. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2030%20July%202022.pdf","durl":"","murl":"","datetime":"30 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The US economy has in theory witnessed a technical recession of two consecutive quarters of sequential contraction after the US economy contracted by 0.9% QoQ seasonally adjusted annualized rate in Q22022 on the back of 1.6% contraction witnessed in Q12022. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC review: A less hawkish outcome; future actions to be data dependent","description":"  The FOMC raised the policy rates by 75bps and confirmed the step-up in pace of QT on expected lines as the FOMC maintained concerns about the elevated state of inflation and its stance of a soft-landing scenario .Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20July%202022.pdf","durl":"","murl":"","datetime":"28 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Agriculture Weekly : Above normal monsoon but marginally lower sowing ","description":" South-west monsoon ended at 6% above normal after a slow start in June. Spatial variations persisted with rice growing belt of East and Northeast India witnessing below normal rains. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_28-July-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The FOMC raised policy rates by 75ps to the 2.25% to 2.50% range while stuck to the QT calendar in which balance sheet run-off will increase from USD 47.5bn to USD 95bn by September.  Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture Weekly : Monsoon rains steady, paddy-sowing lags ","description":" Cumulative rainfall up to July 27, 2022 is 10% above Long Period Average (LPA) compared with 12% above normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_28-July-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"FOMC preview: Unlikely to lower its guard on inflation! ","description":" We expect the FOMC to follow through with its guidance raising its policy rate by 75bps to the 2.25% to 2.50% range at the conclusion of the policy meeting later today. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20July%202022.pdf","durl":"","murl":"","datetime":"27 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" ICICI Bank expects the FOMC to hike rates by 75bps taking the policy rate and provide a hawkish guidance reflecting ongoing inflation concerns. We expect the FOMC Chair to indicate that either a 50bps or a 75bps rate hike is on the table for the policy meeting in September. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Russia is once again sharply reducing the flow of piped gas to Europe. Gazprom will cut shipments on the Nord Stream pipeline — the main gas link to the European Union — to about 20% of its capacity from Wednesday due to maintenance issues with a turbine. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"26 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das on Friday said the central bank will ensure that the economy has a soft landing wherein inflation is closer to 4%, with minimal impact on growth. He added that retail inflation appears to have peaked, the inflation projections shall be reviewed in the next meeting. On Rupee, he said that the central bank had no particular level of the rupee in mind, but had zero tolerance for volatile and bumpy movements. Das said the rupee was holding up well relative to both advanced and emerging market peers, adding that the foreign exchange reserves were adequate. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"ECB review: commences normalization","description":" Finally, the ECB commenced its rate hiking cycle raising policy rates by 50bps and indicated that it will continue with reinvesting maturing securities under the PEPP as well as APP and introduced a new anti-fragmentation tool—The Transmission Protection Instrument . Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/ECB%20Review%20July%202022.pdf","durl":"","murl":"","datetime":"22 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The ECB raised the policy rate by a higher quantum than we expected by 50bps that was the first increase in 11 years and the biggest increase since 2000. The central bank emphasized that it will maintain its strategy of re-investing maturing securities under PEPP. A new tool referred to as the Transmission Protection Instrument (TPI) was introduced as an anti-fragmentation tool that will function as another backstop facility that will purchase sovereign debt under the one to ten year categories in case there are distortions in the sovereign debt market. The TPI can be initiated if member nations adhere to certain conditions. The central bank stated that future rate hikes are expected that a decision will be made on a meeting by meeting basis. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global FX markets: Stronger USD environment is likely to sustain!","description":" We expect a synchronized slowdown in the global economy reflecting an adverse real income shock and the lagged impact of aggressive front-loading of monetary tightening led by the FOMC. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/FX%20markets%20July%202022.pdf","durl":"","murl":"","datetime":"21 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Asian Development Bank has cut its growth forecasts over the next two years for developing countries in Asia. It projects 2022 GDP growth of 4.6% versus 5.2% predicted in April. It trimmed its forecast for 2023 to 5.2% from 5.3%. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: Recessionary fears overshadowed supply constraints","description":" Brent crude oil prices recorded its first monthly fall since November 2021 as global recessionary fears overshadow supply concerns. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Oil%20Report%20July%202022.pdf","durl":"","murl":"","datetime":"21 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Central government reduced the windfall tax and export duty less than three weeks after they were imposed on the back of reduction in international fuel prices. It reduced the windfall tax on diesel and ATF by INR 2 a liter and scrapped completely a INR 6 a liter levy on petrol exports, as per a government notification. It also cut the tax on domestically produced crude by 27% to INR 17,000 per tonne from INR 23250 per tonne earlier. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture Weekly : Monsoon picks pace, so does sowing","description":" Cumulative rainfall up to July 19, 2022 is 12% above Long Period Average (LPA) compared with 9% above normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_20-July-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Gazprom PJSC declared force majeure on at least three European gas buyers, a move that may signal it intends to keep supplies capped going forward. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Developments in Europe to drive price action","description":" In the week ahead developments in Europe will take centre stage on two accounts: (a) ECB commencing normalization of monetary policy and (b) whether Russia resumes supply of natural gas to Europe post end of the schedule maintenance (21-July-2022) of the Nord stream two pipeline. If Russia were to cut off supply, EU-US might be forced to retaliate further creating another round of pain for the markets. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2019%20July%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China’s banking regulator has asked lenders to provide credit to eligible developers so they can complete unfinished residential properties after home buyers stopped paying mortgages on at least 100 projects across 50 cities. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":" Morning Market Starter","description":" Fed’s Bullard said that favored sticking with a 75bps rate increase later this month, rather than an even bigger move. Waller also backed 75bps rate increase and says bigger moves hangs on data. Susan Collins viewed that inflation is too high and bringing it down is a top priority. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI July 2022: WPI inflation to ease","description":" WPI inflation for June inched lower to 15.2 (our est.: 15.5%) from 15.9% in May. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20July%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" With consumer price inflation remaining high, Finance Minister Nirmala Sitharaman on Tuesday said the government is watchful of the price situation and will continue the pointed attack on inflation. The finance minister also said a favourable monsoon will lead to good production and rural demand . Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 8 July 2022, Centre borrowed INR 330bn with no devolvement on the primary dealers and no additional borrowing through greenshoe. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%2013%20July%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Agriculture Weekly: Monsoon above normal; sowing yet to catch up","description":" Cumulative rainfall up to July 12, 2022 is 9% above Long Period Average (LPA) compared with 7% below normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_13-July-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"IIP July 2022: Still weak over a 3-year period ","description":" Index of Industrial Production (IIP) increased by 19.6% YoY in May 2022 compared with an increase of 27.6% YoY in May 2021. On a MoM basis, it increased by 2.3%. Over a 3-year period, IIP is still weak. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20July%202022.pdf","durl":"","murl":"","datetime":"12 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" White House National Security Adviser Jake Sullivan said that US President Biden will make the case for greater oil production from OPEC nations to bring down gasoline prices when he meets Gulf leaders in Saudi Arabia this week.  \nRead the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_Jul_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI July 2022: Eases but core inflation is sticky ","description":" CPI inflation eased to 7.01% (our est.: 7.05%). On a MoM basis, CPI index rose by 0.5% compared with 0.9% in May 2022. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20July%202022.pdf","durl":"","murl":"","datetime":"12 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" Exuding confidence that the price situation will gradually improve in the second half of the current fiscal, RBI Governor Shaktikanta Das on Saturday said the central bank would continue to take monetary measures to anchor inflation with a view to achieving strong and sustainable growth. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"11 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"June US labour report: Another solid print allowing FOMC to tighten further","description":" US payrolls surprised to the upside for the second month in a row reducing concerns about the US economy embarking on a recession. On sectoral front, payroll increases were fairly broad based with the exception of hiring in the public sector. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-June-2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"11 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" President Joe Biden will discuss possible reductions in US tariffs on Chinese goods in a meeting with his advisers set for later today.  Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Forex liberalisation: Attracting foreign inflows","description":" RBI announced measures to liberalise foreign inflows into India. Notably, India has seen reduction of USD 47.1bn in FX reserves since October 2021 on the back of FPI outflows of USD 37.1bn.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Forex_libralisation.pdf","durl":"","murl":"","datetime":"07 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" FOMC minutes confirmed that the FOMC is poised to continue front-loading tightening policy with a further 175bps worth of rate hikes expected over 2022 as inflation is expected to remain elevated and only gradually moderate over the year. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" India's services PMI rose to a record high of 59.2 in June vs. 58.9 in May. The print is showing the fastest expansion pace in over eleven years since 2011 on the back of strong demand. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 1 July 2022, the central government borrowed INR 320bn with the devolvement of INR 9.7bn on the primary dealers and no additional borrowing through greenshoe. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"https://author-icicibank-prod.adobecqms.net/assetdetails.html/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%206%20July%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" Bundesbank President Joachim Nagel said the ECB should be cautious about deploying tools to contain the borrowing costs of weaker nations. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture Weekly : Monsoon gathers pace; sowing still lower","description":" Cumulative rainfall upto July 4, 2022 is 3% below Long Period Average (LPA) compared with 7% below normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_05-July-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Petroleum Taxes To Augment Indirect Tax Collections","description":"  Imposition of additional cess for domestically produced crude oil and export duty on petrol, diesel and ATF and customs duty on gold expected to generate additional revenue of ~INR 1.2tn. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Petroleum%20taxes%20to%20augment%20indirect%20tax%20collections.pdf","durl":"","murl":"","datetime":"04 Jul 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" The J.P.Morgan Global Manufacturing PMI fell to a 22-month low of 52.2 in June, from 52.3 in May, but remained above the neutral mark of 50.0. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_04_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Global yields fall sharply as investors re-assess monetary cycle","description":" Over a very short period of time, investor focus has shifted from persistent inflation pressures to a possible global recession in 2023. The sharp fall in base-metal prices is working as a disinflationary force that is pushing DM bond yields lower in the process. We expect recession concerns to remain in place in the near-term that will keep the USD supported and limit the upside potential in global yields. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%204%20July%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" US real personal spending contracted by 0.4% MoM in May 2022 that was the first contraction of the year raising investor concerns about a possible global recession. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_01_July_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Jul 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Fed’s Powell said that the Fed will not let the economy slip into a "higher inflation regime" even if it means raising interest rates to levels that put growth at risk. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Economic Update: Strong momentum maintained in May 2022","description":" Robust tax collections led by direct taxes. Centre continues capex momentum. Fiscal deficit now at 12% of BE at INR 2tn (8.3% of BE last year). We see fiscal deficit to be higher than BE by INR 1tn.  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The 47th GST Council meeting, currently underway, approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, according to official reports, and discussed a host of procedural compliance-related issues for GST-registered businesses along with a Group of Ministers’ (GOM) report on high-risk tax payers to check evasion. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"29 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" G-7 leaders are set to instruct ministers to explore implementing a price cap on Russian gas, according to people familiar with the discussions. The mandate is expected to be announced as the three-day summit ends Tuesday. It comes as part of broader discussions on how to limit the profit Russia makes on its energy exports. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"28 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI’s Deputy Governor Michael D. Patra said there are indications of inflation peaking and because of this the required monetary policy tightening will be “more moderate” than that in other economies. Patra also said that the ongoing geopolitical developments in Ukraine have challenged India's economic prospects, thereby darkening the country's outlook and making it highly uncertain. The depreciation in the rupee is among the slowest in the world and the RBI will defend it against volatility in the currency markets, he added. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Global recession concerns are starting to emerge! ","description":" Global growth concerns have intensified sharply on the back of softer than expected economic indicators as well as FOMC Chair Powell’s assertion that a ‘soft landing scenario’ will be challenging. Hence, the market derived terminal rate projections have fallen sharply for 2023. Falling nominal yields has supported risk sentiment weighing on the USD at the margin in the process. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2027%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Agriculture Weekly : Monsoon progress slows down, sowing still lagging ","description":" Cumulative rainfall upto 26 June 2022 is 7% below Long Period Average (LPA) compared with 5% below normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_27-June-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" On the second day of his semi-annual testimony to the House of Congress, the FOMC Chairman reiterated his commitment to bringing down inflation as ‘unconditional’. At the same time, FOMC Governor Michelle Bowman said she supports raising interest rates by 75bps again in July and following that with a few more half-point hikes. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"24 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold update: We maintain our bearish call! ","description":"  Gold prices continue to drift lower but the pace has been modest driven by conflicting factors that are driving prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20update%20June%202022.pdf","durl":"","murl":"","datetime":"24 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":"  India’s MPC minutes show members emphasized the need to anchor inflation expectations. Though inflation is led by supply side factors, members were worried about the widespread build up. At the same time, growth is holding up. Most members feel India should move towards positive real rate defined as policy rate less 1-year ahead inflation. \nRead the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Front-loading to anchor inflation expectations ","description":" MPC minutes show members emphasized the need to anchor inflation expectations. Though inflation is led by supply side factors, members were worried about the widespread buildup. At the same time, growth is holding up. Since the policy, metal and energy prices have seen a decline. Global yields are also responding to increasing risk of slowdown. While the above backdrop is positive, most members feel India should move towards positive real rate defined as policy rate less 1-year ahead inflation. In addition, the revised trajectory of US Fed looking at raising Fed Funds rate to 3.8% (2.8% earlier), we believe even MPC would have to raise terminal repo rate to 6.5% instead of our base case of 6%. This may call for front-loading rate hikes with a 50bps rate hike in next policy instead of our base case of 35bps. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Minutes_June_2022.pdf","durl":"","murl":"","datetime":"22 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"BoP Q4FY22: CAD moderates, equity outflows continue ","description":" Current Account deficit decreased in Q4FY22to USD 13.4b n ( 1.5% of GDP) f rom USD 22.2bn (2.7%) in Q3FY22 on the back of lower trade deficit and higher invisible receipts.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_June_2022.pdf","durl":"","murl":"","datetime":"22 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Media reports indicate that the US President Joe Biden will call on Congress to enact a gasoline tax holiday in response to the recent surge in prices that has taken place. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 17 June 2022, the central government borrowed INR 320bn with no devolvement on the primary dealers and no additional borrowing through greenshoe. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"https://author-icicibank-prod.adobecqms.net/assetdetails.html/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%2022%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China’s Covid-19 outbreak is shifting to its south coast, with a flareup in Shenzhen triggering mass testing and a lockdown of some neighborhoods. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture Weekly : Monsoon picks up pace, sowing still lagging","description":" Cumulative rainfall upto 20 June 2022 is now only 5% below Long Period Average (LPA) compared with as much as 37% below normal last week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_weekly%20update_21-June-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"21 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das said the central bank has been targeting a soft landing for the economy when rising inflationary pressures have necessitated domestic monetary tightening. In countering the arguments of falling behind the curve, he said, early rate hikes could have been counterproductive for growth. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Adjusting to a structurally tighter global monetary regime!","description":" Global investors were caught off-guard by a simultaneous hawkish surprises from global central banks—FOMC, BoE and SNB—as focus remains on fighting off elevated inflation rates. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2020%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monthly Chartbook June 2022:Tell-tale signs of an impending slowdown","description":" Global growth looking weak: Consumer confidence across Europe, China and UK has taken a hit. US consumer confidence is also sliding lower. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" President Joe Biden said a US recession isn’t inevitable and acknowledged that aides warned him about the inflationary risk of his flagship relief bill. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"17 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC review: An aggressive rate hiking path confirmed!","description":" The FOMC hiked policy rates by 75bps to the 1.5%-1.75% range and maintained the pace of QT with inflation emerging as the main source of concern. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20June%202022.pdf","durl":"","murl":"","datetime":"16 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":"  India’s MPC minutes show members emphasized the need to anchor inflation expectations. Though inflation is led by supply side factors, members were worried about the widespread build up. At the same time, growth is holding up. Most members feel India should move towards positive real rate defined as policy rate less 1-year ahead inflation. \nRead the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"16 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC preview: Another hawkish pivot!","description":"  Since the last policy meeting, there has been further evidence of an acceleration in inflation as well as indications of a rise in inflation expectations. Hence, the need to tighten policy aggressively will remain in place.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20June%202022.pdf","durl":"","murl":"","datetime":"15 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":" Morning Market Starter","description":" India’s WPI inflation for May accelerates to 15.9% from 15.1% in April. Food inflation rose to 10.9% vs. 8.9% last month led by increase in vegetables (56.4% YoY) and cereals and edible oils moderated sequentially while fuel and power index increased by 40.6% (vs. 38.7% last month). Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 10 June 2022, the central government borrowed INR 330bn with no devolvement on the primary dealers and no additional borrowing through greenshoe. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"https://author-icicibank-prod.adobecqms.net/assetdetails.html/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%2015%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"15 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":" Morning Market Starter","description":" India’s headline CPI moderates to 7.04% YoY in May compared with 7.79% YoY in April led by lower food (7.8% vs. 8.1% in April) and core inflation (6.1% vs. 7% in April).  Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Agriculture Weekly : Monsoon and sowing lagging ","description":" Cumulative rainfall upto 13 June 2022 is 37% below Long Period Average (LPA). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_14-June-22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI June 2022: Higher oil and vegetable prices nudge WPI inflation","description":" WPI inflation for May inched up to a high of 15.9% from 15.1% in April. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"14 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":" Morning Market Starter","description":" US CPI inflation accelerated by 1% MoM much above expectations that pushed the inflation rate in YoY terms to 8.6% in May against 8.3% in April. While energy prices surged, there were strong indications of a broad-based firming as CPI core inflation accelerated as well much above expectations. In response to the CPI print, the US President stated that he would be making fighting inflation his top priority. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Trading the after-effects of the US CPI inflation release","description":" The main development was the sharp upside surprise in US CPI inflation that has raised market expectations of a more aggressive rate hikes in the medium-term. Investors are also fretting that US inflation has not peaked as yet. The net result has been acute risk aversion, rise in yields and across the board USD strength. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2013%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"CPI June 2022: Eases with dip in food and core","description":" Headline CPI fell to 7.04% YoY in May (our estimate: 7.11%) compared with 7.79% YoY in April led by lower food (7.8% vs. 8.1% in April) and core inflation (6.1% vs. 7% in April). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"ECB review: matches expectations but fails to address fragmentation risks","description":" The ECB announced that it will end QE and signaled that it is poised to hike rates starting from July that will be followed by further rate hikes over 2022 and possibly 2023. The outcome was on expected lines.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/ECB%20Review%20June%202022.pdf","durl":"","murl":"","datetime":"10 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":" Morning Market Starter","description":" ECB maintains status quo on expected lines. Provides forward guidance to hike rates by 25bps in July and further in September. It will end QE by 1 July 2022. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP June 2022: Industrial production accelerates","description":" India’s Industrial Production (IIP) increased by 7.1% YoY in April compared with an increase of 2.2% YoY (revised upwards) in March. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"10 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MSPs: Lower than anticipated hikes","description":" The Union Cabinet increased the minimum support price (MSP) for kharif marketing season 2022-23 between 4.4% for bajra and 8.9% for soyabean. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_09-June-22.pdf","durl":"","murl":"","datetime":"09 Jun 22 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" The MPC hiked the policy repo rate by 50bps to 4.9% and kept CRR unchanged on expected\u0002lines. The MPC statement also saw the stance tweaked to “withdrawal of accommodation” instead of “remain accommodative” earlier. Inflation projection revised higher to 6.7% for FY23 from 5.7% in April with assumption of oil at USD 105/bbl and growth projection retained at 7.2%. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_09_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"09 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Review : Aligning inflation and rates","description":" In-line policy with repo rate hike of 50bps and no change in CRR \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Review_June_2022.pdf","durl":"","murl":"","datetime":"08 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" The World Bank cut its forecast for global economic expansion in 2022 further, warning that several years of above-average inflation and below-average growth lie ahead with potentially destabilizing consequences for low- and middle- income economies. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 3 June 2022, the weekly borrowing of the central government was INR 320bn with no devolvement on the primary dealers and no additional borrowing through greenshoe. Download the report to know more.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"https://author-icicibank-prod.adobecqms.net/assetdetails.html/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%208%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"ECB preview: Preparing the stage for policy normalization","description":" At the conclusion of its policy meeting (9-June-2022), we expect the ECB to formally indicate that it is poised to normalize monetary policy going forward.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/ECB%20Preview%20June%202022.pdf","durl":"","murl":"","datetime":"07 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" Bank of Japan Governor Haruhiko Kuroda pointed to some positive changes that suggest progress is being made toward his stable inflation target while making clear that policy tightening still isn’t an option for now. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"07 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview :Reassessing inflation and growth","description":" MPC to hike repo rate by 50bps but leave CRR unchanged given the large reduction in system liquidity since the last policy meet.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Preview_June_2022.pdf","durl":"","murl":"","datetime":"06 Jun 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India's services PMI expanded at the strongest rate in over 11-years to 58.9 in May vs. 57.9 in April on the back of growth seen in new business. Elevated prices continue to dent business optimism. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Central banks to set the tone as inflation concerns remain!","description":" Global growth concerns have moderated as China is re-opening again, PMI surveys remain well above the break-even level and the US labour market report surprised to the upside. Instead, inflation remains the dominant concern that will keep the focus on central bank commentary. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2006%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"May US labour report: Another strong showing!","description":" The US labour market report remained strong as payrolls surprised to the upside and the supply of labour picked up that resulted in a rise in the participation rate. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-May-2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"UFI-05.06.22","description":" ICICI Bank’s weekly UFI1 had a marginal moderation to 111.4 vs. 111.8 the week before. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/i360-indices/UFI-05.06.22.pdf","durl":"/content/experience-fragments","murl":"","datetime":"05 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/i360-indices"],"chartLink":null,"tagTitle":["i360 Indices"]},{"title":"Morning Market Starter ","description":" OPEC+ agreed to raise production by a larger-than-expected 648k barrels a day for July and August. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"03 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" US central bank officials backed a plan to raise policy rate by 50bps over June and July policies. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_02_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"02 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" India’s GDP growth for FY22 came in at 8.7%, driven by investments and exports. Q4 GDP and GVA growth at 4.1% and 3.9%. Read the report to know the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_01_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 27 May 2022, the weekly borrowing of the central government was INR 330bn. INR 22.4bn was devolved on primary dealers in 2-year segment, while greenshoe option was not exercised. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"https://author-icicibank-prod.adobecqms.net/assetdetails.html/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%201%20June%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"01 Jun 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"GDP Q4FY22: Investment and exports are drivers of growth","description":"  Q4 GDP and GVA growth at 4.1% and 3.9%. Investment and exports are drivers of GDP. Agriculture remains mainstay from supply side.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/GDP_Q4FY2022_Review.pdf","durl":"","murl":"","datetime":"31 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Governor Christopher Waller said he wants to keep raising interest rates in half-percentage point steps until inflation is easing back toward the US central bank’s goal. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_31_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly update: FY22 Fiscal Deficit at 6.7% of GDP led by higher tax collections","description":" Gross tax collections exceed revised estimates by INR 1.92tn in FY22. Corporate tax collections higher by 56% and income tax by 38%. Indirect taxes are also higher than RE by INR 336bn led by customs and GST. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20economic%20update%20May%2031%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Monthly Chartbook May 2022: Higher rates, less liquidity to tame inflation","description":" Hawkish Central Banks: With unrelenting inflationary pressures, US Fed raised policy rate by 50bps. Even so, real policy rate is -7.5%. By the end of the year, current projections by the US FOMC suggest that inflation will be upwards of 4%. Policy rate is likely to be at 2.75%.   Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"31 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" The size of RBI balance sheet has increased by 8.5% during FY22, as per the annual report. The year FY22 ended with an overall surplus of INR 303bn as against the surplus of INR 991bn in the last year. It also flagged inflation risk raising concerns about input price inflation and the possible pass-through of input prices to retail inflation with a lag. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"30 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"UFI-29.05.22","description":" During the week the labour market remained steady with unemployment rate index was marginally down vs. the week before.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/i360-indices/UFI-29.05.22.pdf","durl":"","murl":"","datetime":"29 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/i360-indices"],"chartLink":null,"tagTitle":["i360 Indices"]},{"title":"Assessing India’s GDP growth trajectory","description":" Q4 growth estimated at 3.5% compared with 5.4% in Q3 with muted manufacturing and contact intensive services.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/assessing_india_gdp_growth_story.pdf","durl":"","murl":"","datetime":"27 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"GDP Q4FY22 :Assessing India’s GDP growth trajectory","description":" Q4 growth estimated at 3.5% compared with 5.4% in Q3 with muted manufacturing and contact intensive services.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/assessing_india_gdp_growth_story.pdf","durl":"","murl":"","datetime":"27 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" RBI Governor Das, in an interview, hinted at further rate hikes by the central bank in an effort to contain inflation while keeping growth in mind. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"27 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"RBI annual report : Surplus fell with sharp increase in risk provisions","description":" Surplus falls due to higher risk provisions and increase in interest outgo on liquidity parked by banks with RBI. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/RBI%20annual%20report%20FY22.pdf","durl":"","murl":"","datetime":"27 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The FOMC minutes for the policy meeting that was held over 3-4 May 2022 confirmed that 50bps rate hikes in the June and July policy meetings is on the cards and that the focus will be to take policy rates to the neutral level. However, several policymakers indicated that there could be scope to review the pace of tightening later in the year based on the evolution of data. In short, the FOMC’s actions post July will become more ‘data-dependent’. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"26 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC Minutes: Might resort to data dependent approach later in 2022 ","description":" The FOMC minutes confirmed that policy rates would be hiked by 50bps over June and July. Focus will remain to front-load tightening to take the policy rate to the neutral level of 2.4%  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20minutes%20May%202022.pdf","durl":"","murl":"","datetime":"26 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Global commodity prices: The bull-run to remain intact in 2022 but could weaken in 2023 ","description":" For the remainder of 2022, we see more upside potential in global commodity prices across the board with the Russia-Ukraine conflict working as an important catalyst. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Global%20commodity%20price%20note%20May%202022.pdf","durl":"","murl":"","datetime":"25 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Bank Indonesia announced a quicker pace in RRR hikes, ordering banks to park 7.5% of their reserves starting July and 9% from September. It left the benchmark 7-day reverse repurchase rate at a record low of 3.5%. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 20 May 2022, the weekly borrowing of the central government was INR 320bn, with no devolvement to the primary dealers and no additional borrowing through the greenshoe option. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%2025%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"25 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The government of India cut the excise duty on petrol and diesel by INR 8/litre and INR 6/litre resulting in INR 9.5/litre and INR 7/litre reduction in petrol and diesel prices at the retail level. It also reduced customs duty on import of a number of raw materials such as coking coal, coke, semi-coke and ferronickel while duty on exports of iron ore has been hiked up to 50%, and a few steel intermediaries to 15%. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"23 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"UFI-22.05.22","description":" During the week, unemployment rate in both urban and rural areas increased thus, weighing on the overall index.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/i360-indices/UFI-22.05.22.pdf","durl":"","murl":"","datetime":"22 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/i360-indices"],"chartLink":null,"tagTitle":["i360 Indices"]},{"title":"Supply side measures to moderate inflationary pressures ","description":" Government reduced excise duty on petrol and diesel leading to 9% and 7% reduction in retail prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Government%20supply%20side%20measures%2022-May-2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"22 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India's economic growth is likely to be robust at 8.9% in the current financial year, reflecting the country's strong resilience and speedy recovery, India’s FM Nirmala Sitharaman said on Thursday. Sitharaman also expressed confidence that India will continue to achieve a high growth rate in the next financial year as well, the finance ministry said in a statement. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"20 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The European Commission on Wednesday unveiled a EUR 210bn plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"19 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes:RBI raises rates and hikes CRR: First of many to follow","description":" A broad-based and persistent inflation outlook led MPC members to do an off-cycle hike to ensure inflation expectations are not un-anchored. Members believe growth is holding up, even as there are risks to growth emanating from global factors—higher commodity prices and monetary tightening. CRR hike was on the back of persistent liquidity overhang. While system liquidity will come down to INR 4.5tn after CRR hike taking effect, it is still higher than RBI’s framework of non-inflationary level of 1.5% of NDTL. Thus we see room for another 50bps of CRR hike. Also, with inflation continuing to remain elevated, we believe MPC will front-load rate hikes with a 50bps rate hike in June policy. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Minutes_May_2022.pdf","durl":"","murl":"","datetime":"18 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 13 May 2022, the total weekly borrowing of the central government was INR 330bn, with no devolvement to the primary dealers and no additional borrowing through the greenshoe option. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%2018%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Chair Jerome Powell said the US central bank will keep raising interest rates until there is “clear and convincing” evidence that inflation is in retreat. The Fed chair repeatedly stressed the need to curb the hottest inflation in decades. He also indicated that the FOMC would be open to raising rates above the neutral level that is estimated to be at 2.4%. His colleague Evans said that he supports an initial burst of monetary policy tightening, and then a more "measured" pace of rate hikes to allow time to assess inflation and the impact of higher borrowing costs on the job market. Evans indicated that the pace of rate hikes could slow to 25bps later in 2022. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"18 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" New York Federal Reserve President John Williams said on Monday that selling mortgage-backed securities could be an option for the US central bank to consider down the road in its goal to orient its balance sheet largely around holdings of Treasuries. He echoed that sentiment on Monday, saying bringing inflation down is the Fed's "number one issue" and the central bank will proceed "expeditiously" with its task. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17%20May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"17 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI May 2022: WPI inflation inches up led by oil","description":" WPI inflation for April climbed up further to 15.1% YoY (our estimate: 15.0%) from 14.5% YoY in March. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"17 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: The great global growth scare","description":" Global growth concerns have intensified sharply on the back of tightening global financial conditions, weakening trend in global economic indicators, ongoing geo-political tensions and elevated US inflation prints. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2016%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"16 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"UFI-15.05.22","description":" During the week unemployment rate witnessed considerable fall driven by reduction in rural unemployment while urban unemployment rate too registered a small fall. Labour force participation rate saw a marginal dip.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/dam/icicibank/india/erg/i360-indices/UFI-15.05.22.pdf","durl":"","murl":"","datetime":"15 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/i360-indices"],"chartLink":null,"tagTitle":["i360 Indices"]},{"title":"Morning Market Starter","description":" India’s CPI inflation increased 95-month high of 7.79% YoY in April 2022 vs. 6.95% in March. Sequentially CPI increased by 1.4%. Both food and core inflation went up. While food inflation accelerated to 8.4% YoY vs. 7.7% in March, core inflation was at 7% YoY from 6.3% in March. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13%20May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"13 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The US CPI slowed to 8.3% YoY in April from a 41-year high of 8.5% YoY in March. However, the print was higher than consensus estimate of 8.1%. Energy prices increased 30.3% YoY. On the other hand, food prices jumped 9.4% YoY, the most since April 1981 and prices also rose faster for shelter (5.1% vs 5% YoY) and new vehicles (13.2% vs 12.5% YoY). Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12%20May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI & IIP May 2022: Persistent and broad-based inflation, RBI to front-load rate hikes","description":" India’s Industrial Production increased by 1.9% YoY in March compared with 1.5% in February. While consumer and capital goods were sluggish, infra and construction increased by 7.3%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20and%20IIP%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"12 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s FM Nirmala Sitharaman on Tuesday asked states to build infrastructure and do "energy planning" thereby ensuring uninterrupted, quality supply of power is made available to industries at reasonable rates, enabling them to grow their businesses. Referring to her budget announcement of allotting INR 7.50tn to the infrastructure sector in the country, she said it was comparatively higher to the INR 5.50tn that was allotted last year. She further said that the country's trade pacts with the UAE and Australia will chart the way for economic growth. India was looking at tapping new markets for import of edible oils, following the conflict between Ukraine and Russia, Sitharaman said. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS%2011%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"11 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 06 May 2022, the total weekly borrowing of the central government was INR 320bn, with no devolvement to the primary dealers and no additional borrowing through the greenshoe option. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%2011%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"11 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India’s FM Nirmala Sitharaman on Saturday asserted that the rising interest rate scenario is unlikely to derail the government’s plans for a record budgetary capex of INR 7.5tn in FY23 to spur economic growth. She mentioned that the recent rate hikes by RBI was not surprising but timing was and added that in the last MPC meeting, RBI gave indications that it's time for them to also act, and the hike was part of a synchronised action by major central banks across the globe. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS%2009%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"09 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Rising US real yields to keep the USD well supported","description":" The effect of Powell’s statement that a 75bps hike will not be considered on the market proved short-lived as anticipated. DM real yields are rising sharply in anticipation of synchronized monetary tightening led by the Fed. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2009%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"09 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"UFI-08.05.22","description":" Unemployment rate increased to 8.17% during the week vs. 7.39% seen in the previous week, led by a sharp rise in rural unemployment (8.04% vs 6.4% last week) while urban unemployment rate displayed a moderation (8.45% vs 9.46% last week).Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/i360-indices/UFI-08.05.22.pdf","durl":"","murl":"","datetime":"08 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/i360-indices"],"chartLink":null,"tagTitle":["i360 Indices"]},{"title":"April US labour report: US labour markets remain tight","description":" The US labour market remains in tight as payrolls came in above expectations and the unemployment rate printed flat remaining at a multi-decade low. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-April-2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"08 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The BoE hiked its policy rates by 25bps in line with expectations with the MPC voting at 6-3 as 3 members voted for a 50bps rate hike. The guidance provided was that the UK economy could enter a stagflation environment with CPI inflation expected to peak at 10% in Q42022 and GDP expected to contract by -0.25% in 2023. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS%2006%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"06 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC Review : Delivers on expected lines; for markets it was not as hawkish as feared","description":" At the conclusion of its policy meeting, the FOMC met expectations by raising the policy rate by 50bps and launching QT. The initial phase of QT over June-August was lower than expectations but should increase from September onwards  Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20May%202022.pdf","durl":"","murl":"","datetime":"05 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"MPC Review :RBI raises rates and hikes CRR: First of many to follow","description":"  RBI delivered a surprise with an off-cycle policy repo rate hike of 40bps. Notably, CRR was increased by 50bps to absorb excess liquidity.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Review_May_2022.pdf","durl":"","murl":"","datetime":"04 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"FOMC Preview :To emphasize the need to front-load tightening","description":"  With inflation remaining stubbornly high and labour markets fairly tight, we expect the FOMC to move forward with its guidance of 50bps rate hike along with a QT announcement at the conclusion of its policy meeting later today. We expect FOMC member Bullard to dissent and vote for a possible 75bps hike in this round of the policy meeting itself .Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20May%202022.pdf","durl":"","murl":"","datetime":"04 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" At the outcome of the FOMC meeting, we expect: (a) 50bps rate hike in fed funds rate, (b) official announcement that QT will commence at the rate of USD 95bn per month from June onwards and (c) a hawkish guidance indicating that at least a cumulative amount of 250bps worth of rate hikes will be delivered over 2022. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS%2004%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly borrowing and liquidity monitor","description":" For the week ending 29 April 2022, the total weekly borrowing of the central government was INR 330bn, with no devolvement to the primary dealers and no additional borrowing through the greenshoe option. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Borrowing%20Liquidity%2004%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Price stability is a necessary precondition for achieving strong and sustainable growth in the post-pandemic era, the RBI said in its report on currency and finance for 2021-22. Characterising high levels of government debt as yet another risk to growth, the central bank recommended that the government reduce its general government debt. The Indian economy may take more than a decade to overcome the losses emanating from the Covid-19 pandemic, as per the report. Read the report to know the latest global and domestic developments.  \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS%2002%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"02 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Waiting for Powell’s guidance","description":" Global risk aversion has remained in place as investors respond to: (a) continued expectations of front-loading of US monetary tightening, (b) ongoing growth concerns in China as PMI surveys fell sharply and (c) Russia-Ukraine conflict along with the ongoing tussle with the Euro-zone. Russia stopped gas deliveries to Poland and Bulgaria raising concerns that supply to some of the bigger nations that have a greater dependence might get affected. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2002%20May%202022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"02 May 22 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"UFI-01.05.22","description":" Unemployment rate dipped to 7.4% during the week vs. 8.3% the week before. Rural unemployment rate fell sharply to 6.4% during the week vs. 8.3% the week before. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/i360-indices/UFI-01.05.22.pdf","durl":"","murl":"","datetime":"01 May 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/i360-indices"],"chartLink":null,"tagTitle":["i360 Indices"]},{"title":"Rural India: Higher incomes, but higher inflation too","description":" India’s agriculture exports rose by 20% in FY22 led by wheat, dairy products and sugar.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Rural%20India-%20Higher%20incomes%2c%20but%20higher%20inflation%20too.pdf","durl":"","murl":"","datetime":"12 Apr 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"State Budgets: Sharp increase in gross issuances despite fiscal consolidation","description":" Revenue receipts of states are budgeted to increase by 12.4% in FY23BE vs. 32.1% increase seen in FY22RE led by lower GST compensation cess and deceleration in growth of central taxes.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/State%20Budgets_FY23.pdf","durl":"","murl":"","datetime":"05 Apr 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"USD/JPY: More depreciation ahead","description":" The USD/JPY pair hit seven-year high on 28 March 2022 as pair moved above 123 mark with US dollar firming up led by rising US yields.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/USD%20JPY%20More%20depreciation%20ahead.pdf","durl":"","murl":"","datetime":"01 Apr 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Russia and Ukraine conflict: Assessing the impact","description":" In 2014, Russian-Ukrainian conflict was more localized. However, this time around the conflict is far more geographically spread-out covering the entire Ukrainian territory.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Russia%20and%20Ukraine%20conflict.pdf","durl":"","murl":"","datetime":"25 Feb 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"The Weekly Update: Fall in US CPI inflation could push US yields and the USD lower","description":" Global macroeconomic landscape:  China re-opening is gathering momentum, rising infections is keeping underlying economic indicators weak. In the week ahead, a softer US CPI print will likely work to support risk sentiment further. \n Domestic macroeconomic landscape: Local GDP advance estimate for FY23 printed in line with expectations of 7% YoY as both consumption and investment are projected to slow in H2. The CPI inflation release is expected to come in flat keeping local monetary policy expectations of a final 25bps rate hike in February firmly in place. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2009%20January%202023.pdf","durl":"","murl":"","datetime":"10 Jan 22 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Powell: provides a ‘dovish’ tapering hint","description":" At the Jackson Hole Symposium, the Federal Reserve Chairman indicated that tapering could commence by the end of 2021, but provided a relatively dovish guidance.Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Jackson_Hole_Response_August_2021.pdf","durl":"","murl":"","datetime":"30 Aug 21 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"India Trade July 2022: Export momentum wanes, trade deficit at all-time high","description":" Export momentum eased with YoY decline of 0.8% to USD 35.2bn. On a MoM basis, exports fell by 12.2%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_July_2022%20.pdf","durl":"","murl":"","datetime":"02 Aug 21 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports","icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Weekly Reports","Monthly Reports"]},{"title":"India Trade June 2022: Trade deficit widened further, exports momentum slows down","description":"  Exports increased by 16.8% YoY in June to USD 37.9bn compared with an increase of 42.3% in FY22 and 22.5% in Q1FY23. Sequentially, exports fell by -2.6% MoM. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_June_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 Jul 21 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Trade May 2022: Trade deficit touched all-time high ","description":"  Exports momentum eased, growth moderated to 15.5% YoY in May to USD 37.3bn from 42.3% in FY22. Sequentially, exports fell by -7.2% MoM. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"03 Jun 21 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Trade April 2022: : Resilient exports, buoyant imports","description":" Exports displayed a healthy growth of 24.2% YoY in April to USD 38.2bn. However, moderated sequentially (-9.5% MoM). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_May_2022.pdf","durl":"/content/experience-fragments","murl":"","datetime":"04 May 21 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]}]

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