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[{"title":"Morning Market Starter","description":" India’s CPI inflation softened to 5.48% YoY in November compared with 6.21% YoY October. Food inflation eased to 9.0% YoY (10.9% in Oct), while core inflation stood at 3.64% YoY (3.67% in Oct). Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-13-dec-2024.pdf","durl":"","murl":"","datetime":"13 Dec 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI December 2024: Inflation softened led by veggies prices","description":" \n CPI inflation softened to 5.48% YoY in November (our est: 5.42%) compared with 6.21% YoY in previous month. Food inflation eased to 9.0% YoY (10.9% in Oct), while core inflation stood at 3.64% YoY (3.67% in Oct). Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/cpi-dec-2024.pdf","durl":"","murl":"","datetime":"12 Dec 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP: Strong sequential momentum takes growth to 3-month high","description":" Index of industrial production grew 3.5% YoY in October 2024, a 3-month high. Notably, this growth has come on a high base of 11.9% YoY a year ago. In MoM terms IIP grew 2.2%, strongest since May 2024. From a sectoral perspective, manufacturing performed the best and grew 4.1% YoY while electricity and mining sectors grew 2% YoY and 0.9% YoY respectively. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/iip-october-2024.pdf","durl":"","murl":"","datetime":"12 Dec 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI: disinflation appears to be stalling!","description":" US CPI inflation printed in at 2.7% YoY in November picking up from 2.6% YoY in previous month in line with our expectations showing that the pace of disinflation is stalling. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/us-cpi-inflation-december-2024.pdf","durl":"","murl":"","datetime":"12 Dec 24 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US CPI inflation printed in at 2.7% YoY in November picking up from 2.6% YoY in previous month in line with our expectations showing that the pace of disinflation is stalling. On a sequential basis, CPI inflation rose at 0.3% MoM after rising 0.2% in the previous month. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_Dec%202024.pdf","durl":"","murl":"","datetime":"12 Dec 24 08:45 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 President Elect Donald Trump administration against imposing sweeping tariffs, saying they would lead to higher inflation. In a separate development, Trump has vowed to speed up regulatory approvals for investors spending USD 1bn or more in the US, a signal that he will address one of investors’ thorniest complaints when he takes office. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_Dec%202024.pdf","durl":"","murl":"","datetime":"11 Dec 24 08:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook: Navigating tariffs, higher US yields and stronger Dollar ","description":" While most large economies are seeing a cyclical and/or structural downturn, US remains resilient. US equity markets are making new highs (S&P 500: + 27.4 % in 2024), its market cap is now in excess of 60% of world’s, it saw USD 78bn in capital inflows in Q2 and USD 109bn in portfolio investments in Q2 respectively, it’s oil production is rising (13.4 mbpd now) and its digital and tech industry is innovating at break-neck speed. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Chartbook%20December%202024.pdf","durl":"","murl":"","datetime":"10 Dec 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" The Appointments Committee of the Cabinet has appointed Sanjay Malhotra, the current revenue secretary, as the new governor of the Reserve Bank of India for a three-year term. He will replace Shaktikanta Das who has served a six-year period as the Governor. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms10dec2024.pdf","durl":"","murl":"","datetime":"10 Dec 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Central banks to remain in focus","description":" Even as the global PMI composite printed in at a three month high of 52.4 in November, considerable intra-country divergences in growth prospects remain in place. The net result will be global central banks providing a differing outlook for policy rates for 2025 that will likely shape price action over the next fortnight. 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%20December%202024.pdf","durl":"","murl":"","datetime":"09 Dec 24 06:57 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India, US CPI in focus","description":" The domestic yield curve saw a steepening bias last week in response to the MPC decision on Friday. Status-quo on the policy rate drove long-end yields higher while the CRR cut drove T-bill yields lower. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-9-december-2024.pdf","durl":"","murl":"","datetime":"09 Dec 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China’s consumer inflation decelerated in November at 0.2% YoY, in a sign government efforts to support the economy and sentiment haven’t been enough to turn around the weak demand. Download the report to know more about global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_9_Dec%202024.pdf","durl":"","murl":"","datetime":"09 Dec 24 09:21 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finances: Capex continues to languish; likely to undershoot BE","description":" We analysed finances of 23 states accounting for ~90% of the country’s GDP. Our analysis shows that during Apr-Oct FY25, sample states’ total revenue grew 12.5% YoY, a tad lower than 12.6% YoY a year ago. However, states’ own tax revenue (OTR) witnessed a deceleration of 9.6% YoY (vs 13.5% YoY FYTD24) corroborating to the economic slowdown \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/States%27_Finances_December_2024.pdf","durl":"","murl":"","datetime":"07 Dec 24 03:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US labour market: A mixed report as hiring normalized; unemployment rate inched up higher ","description":" US non-farm payrolls came in higher than expected in November printing in at 227K (exp: 200K) bouncing back from low levels seen in October because of hurricanes and strikes. September (+32K) and October (+24K) job additions have been revised. While demand for labour improved, hiring was not broad based and concentrated in non-cyclical sectors. Hiring in cyclical sectors remained weak . Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/nfp-november-2024.pdf","durl":"","murl":"","datetime":"07 Dec 24 11:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MPC Review: RBI decides to inject liquidity via CRR cut","description":" MPC kept the repo rate unchanged at 6.50% (4:2 vote versus 4:1 earlier) with policy stance retained at ‘Neutral’. However, CRR was cut by 50bps to 4% to support liquidity. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-review-december-2024.pdf","durl":"","murl":"","datetime":"06 Dec 24 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Federal Reserve Chair Jerome Powell said Wednesday he isn’t worried President-elect Donald Trump will try to politicize the central bank once he takes office in January. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms6dec2024.pdf","durl":"","murl":"","datetime":"06 Dec 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" US Federal Reserve Chair Jerome Powell on Wednesday said the economy is stronger now than the central bank had expected in September when it began reducing interest rates, and appeared to signal his support for a slower pace of interest-rate cuts ahead. Additionally, he downplayed the prospects of tension with the incoming Trump administration. Download the report to know more about gloabal and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms5dec2024.pdf","durl":"","murl":"","datetime":"05 Dec 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" South Korean President Yoon Suk Yeol has lifted his order to impose martial law, triggering calls for him to resign after a shortlived political gamble that sparked fierce opposition from the country’s lawmakers and alarmed international allies. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms4dec2024.pdf","durl":"","murl":"","datetime":"04 Dec 24 08:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Three Federal Reserve officials on Monday made clear they expect the US central bank to continue cutting interest rates over the next year, but stopped short of saying they are committed to making the next reduction later this month. Download the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms3dec2024.pdf","durl":"","murl":"","datetime":"03 Dec 24 08:52 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Q2 growth implies policy impulse on the way","description":" US growth outlook is far better placed with pressure building up on trading partners (tariff hikes). Expectation of higher tariffs and fiscal deficits driving UST yields and DXY higher thus limiting room for EM central banks to act. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-preview-december-2024.pdf","durl":"","murl":"","datetime":"02 Dec 24 07:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Fixed income weekly: MPC, US payrolls in focus","description":" Domestic yields closed sharply lower on Friday in response to the domestic Q2 GDP print. GDP data being significantly below expectations has raised bets of policy response from RBI. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-2-december-2024.pdf","durl":"","murl":"","datetime":"02 Dec 24 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"China: Higher tariffs imply weaker exports and lower growth","description":" High frequency indicators show economic activity rebounded in October led by higher retail sales, exports and expansion seen in manufacturing and non-manufacturing PMIs. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20November%202024%20update.pdf","durl":"","murl":"","datetime":"02 Dec 24 10:17 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s GDP growth slowed to 5.4% YoY in Q2FY25, led by broad-based weakness in investment and consumption despite government revenue spending seeing an uptick. Exports too have seen a moderation and imports fell as domestic demand was muted. GVA growth fell to 5.6% YoY with sharp moderation in industrial activity even as services activity maintained pace of growth and agriculture sector saw a pick-up in growth compared with Q1. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms2Dec2024.pdf","durl":"","murl":"","datetime":"02 Dec 24 09:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices have been revised lower ","description":" \n Over the last month, Brent crude oil prices have fallen sharply in response to physical markets turning from deficit in September to surplus in October reflecting lower demand from China. Download the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20November%202024.pdf","durl":"","murl":"","datetime":"30 Nov 24 01:12 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Q2 GDP: Unexpected Q2 slowdown driving FY25 growth lower","description":" GDP growth sees a sharp slowdown at 5.4% YoY led by broad-based weakness in investment and consumption despite government revenue spending seeing an uptick in Q2. Exports too have seen a moderation and imports fell as domestic demand was muted. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q2FY25%20GDP%20review.pdf","durl":"","murl":"","datetime":"30 Nov 24 10:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Update: Revenue expenditure sees an uptick, capex still weak","description":" In October 2024, Gross tax revenue sees marginal growth of 2% YoY, primarily driven by indirect tax collections in contrast with direct tax collections, which witnessed contraction. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20November%202024.pdf","durl":"","murl":"","datetime":"29 Nov 24 09:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Core consumer inflation in Japan's capital accelerated in November to 2.2% YoY and stayed above the central bank's 2% target in a sign of broadening price pressure, keeping alive market expectations for a near-term interest rate hike. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms29nov2024.pdf","durl":"","murl":"","datetime":"29 Nov 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: Gold prices fall in response to US presidential elections","description":" Over the last month, the pricing in of Trump’s policy regime and a resilient US economy have pushed US yields higher that has weighed on gold prices. Some easing in ‘safe-haven’ demand on the back of reduced geo-political tensions related to the Israel and Hezbollah and diversification in to cryptos have also worked as downside catalysts for the yellow metal. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/gold-report-november-2024.pdf","durl":"","murl":"","datetime":"28 Nov 24 05:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India Ratings & Research estimates India’s fiscal deficit for FY25 at 4.75% of GDP, 19 basis points below the budget estimate, driven by fiscal discipline and slower economic activity. Higher tax revenues, including strong income and corporate tax collections, alongside lower-than-budgeted capital expenditure contribute to this outlook. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms28nov24.pdf","durl":"","murl":"","datetime":"28 Nov 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The US President elect Donald Trump announced Kevin Hassett to direct the National Economic Council who will work on his agenda with regards to tax cuts and expansionary fiscal policy. Media reports also indicate that he could announce Jamieson Geer as the US Trade Representative, subject to Senate approval, who was a key figure in the tariff war that was waged during the 2018-19 period. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_27nov24.pdf","durl":"","murl":"","datetime":"27 Nov 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Q2FY25 Corporate results: Weak quarter for manufacturing weighs on margins","description":" Corporate India’s revenue growth witnessed a moderation after four quarters, led by manufacturing. Decline in revenue growth is explained by both lower volume and commodity prices. Margins were also lower for manufacturing sector. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Corporate%20Results%20Q2FY25.pdf","durl":"","murl":"","datetime":"26 Nov 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Global FX markets: Trump’s policy regime could result in a stronger global USD","description":" The global economy and market outlook for 2025 are likely to get shaped by the US President elect Trump moving forward with his policy agenda in sync with his promises made during his campaign. The outlook will be driven by the sequencing of the US policy regime. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/global-fx-markets-november-2024.pdf","durl":"","murl":"","datetime":"26 Nov 24 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" S&P Global Ratings has retained India’s GDP growth forecast for FY25 at 6.8%, citing high interest rates and a lower fiscal impulse, which have tempered urban demand. However, it lowered the projection for FY26 and FY27 by 20 basis points, to 6.7% and 6.8%, respectively. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms26nov24.pdf","durl":"","murl":"","datetime":"26 Nov 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: India GDP, FOMC minutes in focus","description":" The major domestic event this week is the Q2 GDP print, due on Friday. We expect GDP print at 6.6% YoY, supported by a pick-up in rural consumption and agriculture output. From the global side, the major events include the US PCE print, along with the minutes of the FOMC meeting. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-25-november-2024.pdf","durl":"","murl":"","datetime":"25 Nov 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Q2FY25 GDP Preview: Rural consumption to drive growth ","description":" An upturn in rural consumption and agriculture output should drive India’s Q2 growth (6.6% YoY) when industrial activity has seen a deceleration and urban demand is a tad soft. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q2FY25%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"25 Nov 24 12:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India’s business activity rose to a three month high of 59.5 in November 2024 as measured by Composite Purchasing Managers Index. It was driven by rising business gains and export sales. Expansion in new orders and output was higher in manufacturing firms than services. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms25nov2024.pdf","durl":"","murl":"","datetime":"25 Nov 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Tom Barkin, president of the Richmond Fed and a voting member of the FOMC this year, has warned that the US economy is now more susceptible to inflationary shocks, as businesses prepare for potential economic shifts under Trump’s return to the White House. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms22nov2024%20.pdf","durl":"","murl":"","datetime":"22 Nov 24 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI bulletin for November pegs India’s Q2 growth at 6.7%, lower from MPC estimate at 7% and 7.6% for Q3 (MPC- 7.4%). On Inflation the Bulletin cited that apart from the sharp surge in the momentum of food prices, core inflation has edged up. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms21nov2024.pdf","durl":"","murl":"","datetime":"21 Nov 24 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" A tight US labor market is still adding to inflationary pressures, though less so than it did in 2022 and 2023, according to research published on Monday by the San Francisco Federal Reserve. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms19nov2024.pdf","durl":"","murl":"","datetime":"19 Nov 24 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Investor focus is shifting to the outlook for 2025","description":" The FOMC Chair’s guidance appears to have changed by a degree in response to visible evidence of resilience in the US economy and slowing in pace of disinflation. Powell seemed to imply that the central bank could resort to a much more gradual and staggered easing path than was previously communicated via the ‘dot-plot’. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-18-november-2024.pdf","durl":"","murl":"","datetime":"18 Nov 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India CPI, UST yields drove domestic yields higher","description":" Domestic bond yields closed higher last week in response to higher UST yields along with higher-than-expected domestic CPI print (higher veggie prices). Towards the end of the week, weak demand at the G-sec auction also drove yields higher. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-18-november-2024.pdf","durl":"","murl":"","datetime":"18 Nov 24 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Powell affirmed that he and his fellow policymakers still consider inflation to be "on a sustainable path to 2%" that will allow the U.S. central bank to move monetary policy "over time to a more neutral setting" that isn't meant to slow the economy. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms18nov2024.pdf","durl":"","murl":"","datetime":"18 Nov 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: India's non-oil exports outshine","description":" \n Merchandise exports rose by +17% YoY at USD 39.2bn in Oct led by higher non-oil exports (+26% YoY) even as oil exports were lower (-22% YoY). Net services exports rose by +17% YoY at USD 17bn. 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-oct-2024.pdf","durl":"","murl":"","datetime":"14 Nov 24 09:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"WPI: Higher food prices drive WPI inflation to 4-month high","description":" WPI inflation inched up to 4-month high of 2.36% YoY in October 2024, up from 1.84% in September 2024 and -0.26% YoY a year ago. Primary articles (8.1%) and manufactured products (1.5%) drove wholesale inflation higher, even as fuel inflation fell to 14-month low of -5.8%. Average wholesale inflation in the first seven months of FY25 now stands at 2.13%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/wpi-november-2024.pdf","durl":"","murl":"","datetime":"14 Nov 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI: pace of disinflation is slowing","description":" US CPI inflation printed in at 2.6% YoY in October picking up from 2.4% YoY in previous month in line with our expectations showing that the pace of disinflation is moderating. On a sequential basis, CPI inflation remained steady at 0.2% MoM similar to that of August and September releases. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/us-cpi-inflation-november-2024.pdf","durl":"","murl":"","datetime":"14 Nov 24 10:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US consumer prices increased as expected in October by 2.6% YoY amid higher costs for shelter such as rents, and progress toward low inflation has slowed in recent months, which could result in fewer interest rate cuts from the Federal Reserve next year. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms14nov2024.pdf","durl":"","murl":"","datetime":"14 Nov 24 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, hinted at the possibility of reducing import taxes to foster international trade, if the domestic industries are not hurt. This comes in the wake of US President Donald Trump's criticism of India's high tariff rates. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms13nov2024.pdf","durl":"","murl":"","datetime":"13 Nov 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Vegetable prices drive headline inflation to a 14-month high","description":" CPI inflation jumped to a 14-month high of 6.21% YoY in October (our est: 5.88%), from 5.49% YoY in September. Food inflation rose to a 15-month high of 10.9% YoY (9.2% in Sep), while core inflation rose to a 10-month high of 3.7% YoY (3.5% in Sep). Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/cpi-nov-%202024.pdf","durl":"","murl":"","datetime":"12 Nov 24 08:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP: Manufacturing drives industrial activity","description":" Industrial production grew by 3.1% YoY in September (est. 2.3%) led by manufacturing sector at 3.9% YoY compared with a mild contraction in August 2024. Manufacturing sector saw broad based growth with as many as 19 out of 23 sub-components witnessing an expansion compared with 12 out of 23 in the previous month. Within manufacturing, electrical equipment, transport equipment , furniture and rubber and plastics segments did well. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/iip-september-2024.pdf","durl":"","murl":"","datetime":"12 Nov 24 07:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: The return of ‘US exceptionalism’","description":" The decisive victory for Trump along with the strong showing of the Republican Party in the Senate and House will have important implications for the global economy in 2025. 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%2011%20November%202024.pdf","durl":"","murl":"","datetime":"12 Nov 24 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Finance Minister Nirmala Sitharaman said that the Asian Infrastructure Investment Bank should broaden its investment in priority sectors, such as climate adaptation and resilience, infrastructure development, energy security, urban development, and extend support for India’s next generation reforms. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms12nov2024.pdf","durl":"","murl":"","datetime":"12 Nov 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook: World braces for Trump 2.0","description":" World awaits Trumponomics 2.0: US voters delivered a decisive mandate in favor of President Trump. While polls were suggesting a close fight, markets had been increasingly pricing-in return of President Trump. What explains the decisive win? Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Chartbook_November_2024.pdf","durl":"","murl":"","datetime":"11 Nov 24 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Fixed income weekly: India and US CPI in focus","description":" Domestic yields this week will be driven by the inflation prints for India and the US. We expect domestic CPI to remain elevated on the back of vegetable and edible oil prices, which could delay the MPC rate cut. Other notable events include GDP data for EU and the UK, and Fedspeak. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-11-november-2024.pdf","durl":"","murl":"","datetime":"11 Nov 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China's consumer prices rose at the slowest pace in four months in October by 0.3% YoY while producer price deflation deepened at 2.9% YoY, even as Beijing doubled down on stimulus to support the sputtering economy. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms11nov2024.pdf","durl":"","murl":"","datetime":"11 Nov 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The FOMC continues to ‘re-calibrate’ policy","description":" The FOMC cut the policy rate by 25bps on expected lines while it retained its data dependent guidance . Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/fomc-review-november-2024.pdf","durl":"","murl":"","datetime":"08 Nov 24 12:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The FOMC moved forward with reducing the policy rate further by 25bps to the 4.50%-4.75% range on expected lines in a unanimous decision and the chair said that the central bank will continue to re-calibrate monetary policy to sustain the ‘soft-landing’. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms08nov2024.pdf","durl":"","murl":"","datetime":"08 Nov 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC: following through with the rate cut","description":" At the conclusion of its policy meeting (06-07 November 2024), the FOMC is expected to cut rates by 25bps pushing the fed funds rate to the 4.50%-4.75% range. Given that fresh round of economic projections or the dot-plot will not be released, focus will be on the policy statement and press conference. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/fomc-preview-november-2024.pdf","durl":"","murl":"","datetime":"07 Nov 24 01:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Former US President and Republican Party nominee Donald Trump has won the Presidential race for 2024 by a much higher margin than expected. He has also won the popular vote. His victory has been accompanied by the Republican Party taking control of the Senate and appears poised to retain the house. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms07nov2024.pdf","durl":"","murl":"","datetime":"07 Nov 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US elections: A return of Trump and the red-wave!","description":" Former US President and Republican Party nominee Donald Trump has won the Presidential race for 2024 by a much higher margin than expected. He is also on course to win the popular vote that was something that he was unable to do in 2016 or 2020 reflecting a wave of anti-incumbency that appears to be in place. Contrary to expectations, he is also poised to win all the seven swing states. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/us-election-outcome-response-november-2024.pdf","durl":"","murl":"","datetime":"06 Nov 24 05:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The early results in the polls for the US Presidential race shows that both Trump and Harris have won their stronghold states. However, the results still remain very close in the swing states. The betting markets have assigned a higher probability of a Trump victory in today’s trading session. The Republican Party has flipped an important seat in the Senate while the House still remains to close to call. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms06nov2024.pdf","durl":"","murl":"","datetime":"06 Nov 24 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 chaired a meeting to conduct a comprehensive review of the Income Tax Act 1961. 22 specialized sub-committees have been established to review the various aspects of the Act. The ministry has also received 6,500 suggestions from public on the Act through the ministry portal. 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/mms05nov2024.pdf","durl":"","murl":"","datetime":"05 Nov 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: US elections, FOMC in focus","description":" Domestic yields this week will be driven by US Presidential election results. While polls show a close call, markets are positioning for a Trump victory. Other major event will be the FOMC policy decision, where a 25bps rate cut is expected. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-4-november-2024.pdf","durl":"","murl":"","datetime":"04 Nov 24 04:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"China: Policy stimulus is creating a floor","description":" The slowdown in the Chinese economy was visible in the GDP print in Q32024, although it printed marginally above expectations. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20October%202024%20monthly%20update.pdf","durl":"","murl":"","datetime":"04 Nov 24 02:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US labour market: Hiring impacted by one-offs; unemployment rate remains stable","description":" US non-farm payrolls dropped sharply in October printing in at 12K (expectations 110-140K) due to Hurricane Helene and Hurricane Milton and the workers strike at the aerospace giant Boeing. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/nfp-october-2024.pdf","durl":"","murl":"","datetime":"04 Nov 24 02:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US non-farm payrolls rose by only 12K (expectations: 110K-140K) in October that reflected disruptions due to strikes and hurricanes as it was the weakest reading since December 2020. Payrolls growth for August-September were revised down by 112K indicating that hiring was slowing. However, the unemployment rate printed flat unchanged on a sequential basis at 4.1%. Average hourly earnings picked up from 0.3% MoM to 0.4% in October. Read the report to know the latest global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"","durl":"","murl":"","datetime":"04 Nov 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US economy: growth remained robust","description":" The US economy grew by 2.8% QoQsaar in Q32024 slightly below expectations of 3% driven by consumer spending which saw its highest reading since Q12023 and higher public spending. However, business investments slowed down. Net exports, residential investments and inventories were a drag. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/us-gdp-q3-2024.pdf","durl":"","murl":"","datetime":"31 Oct 24 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The US economy grew at a fairly solid and above trend pace by 2.8% QoQsaar in Q32024 reflecting robust private demand. Private consumption accelerated to its fastest pace in over five quarters while government consumption also picked up. Read the report to know the latest global and domestic develeopments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-31-oct-2024.pdf","durl":"","murl":"","datetime":"31 Oct 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Direct tax collections remain robust, core sector shows positive growth","description":" In September 2024, Gross Tax Revenue increased 15% YoY, primarily driven by income tax collections. Even corporate tax collection showed an improvement. During FYTD, both direct and indirect tax collections have increased in-line with Budget Estimate now. Core sector growth was at 2.0% YoY in September, a recovery from last month’s -1.6% YoY. Petroleum refinery products at 5.8% YoY pushed the overall index up. Cement growth did well at 7.1% YoY while steel sector growth slowed further to 1.5% YoY. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/monthly-economic-october-2024.pdf","durl":"","murl":"","datetime":"30 Oct 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Kamala Harris' lead over Donald Trump dwindled in the final stretch of the U.S. presidential contest, with the Democrat ahead by a single percentage point over the Republican, 44% to 43%, according to a Reuters/Ipsos poll published on Tuesday. The three-day poll, completed on Sunday, showed the race effectively tied ahead of the Nov. 5 election. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_30_oct2024.pdf","durl":"","murl":"","datetime":"30 Oct 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The RBI Governor Shaktikanta Das has reiterated that inflation in India is starting to moderate but there are significant risks. “We are in a position where growth and inflation are well balanced and any premature move can upset the balance,” he said. He also cautioned that commentary surrounding festival season demand presents mixed signals regarding India’s economic growth. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_29_Oct%202024.pdf","durl":"","murl":"","datetime":"29 Oct 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Waiting for the US Presidential election outcome! ","description":" The flash PMI surveys for October reinforced the relative outperformance of the US economy against Europe, China and Japan that is taking place. The return of US exceptionalism has also coincided with markets increasing the probability of a Trump victory and a subsequent return of ‘tariffs’. While US labour markets could print soft reflecting temporary disruptions, focus will be on the US Presidential elections. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/weekly-update-28-october-2024.pdf","durl":"","murl":"","datetime":"28 Oct 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: US labour data in focus","description":" In a truncated week, domestic data releases are monthly fiscal update and core sector data. From the global side, US payrolls and unemployment data will be major driver of global yields. With other notable events being BoJ policy decision, and US GDP (F) and ISM PMI prints. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-28-october-2024.pdf","durl":"","murl":"","datetime":"28 Oct 24 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Finance Minister Nirmala Sitharaman urged for fair and accurate sovereign ratings for emerging markets and developing economies at the IMF's 2024 Annual Meeting. She emphasized that ratings should reflect economic fundamentals and improve access to capital. Sitharaman also called for governance reforms in global institutions and highlighted persistent global economic risks like geopolitical tensions and weak growth. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_28_Oct%202024.pdf","durl":"","murl":"","datetime":"28 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil: volatility could continue in the near-term","description":" The pick-up in geo-political tensions between Israel and Iran has worked to drive Brent crude prices higher over the last month by 1%. Tight physical markets have also worked to limit sharp downside potential from emerging. 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%20October%202024.pdf","durl":"","murl":"","datetime":"25 Oct 24 07:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Targeting debt-to-GDP could be fiscally expansionary, support growth","description":" In FY25BE, the central government announced a fiscal deficit target of 4.9% of GDP in FY25 and 4.5% of GDP in FY26. Finance ministry officials also announced that post FY26 they may consider a move to debt-to-GDP ratio as an anchor for fiscal policy, instead of the fiscal deficit anchor currently. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/debt-to-gdp_25_october_2024.pdf","durl":"","murl":"","datetime":"25 Oct 24 01:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of Cleveland President Beth Hammack said that while progress on lowering inflation had resumed in recent months, officials aren’t yet ready to declare their mission accomplished. . Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_25_Oct%202024_V1.pdf","durl":"","murl":"","datetime":"25 Oct 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US Presidential race: A binary outcome for the markets","description":" Given that the elections are less than a fortnight away, the polls show the race is very close to call at the current juncture. However, polls do show that there is a considerable degree of anti-incumbency that would favour the Republican Party. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/us-presidential-election-october2024.pdf","durl":"","murl":"","datetime":"24 Oct 24 01:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Speaking at the BRICS Summit in Kazan, Russia, PM Modi advocated Trade in Local Currencies, highlighted the success of India’s Unified Payment Interface (UPI) in transforming digital payments and internationalisation of UPI. He also commented that the consensus reached within BRICS this year on WTO reforms, trade facilitation in agriculture, resilient supply chains, e-commerce, and special economic zones will strengthen BRICS economic cooperation. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_24_Oct2024.pdf","durl":"","murl":"","datetime":"24 Oct 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Stance change with confidence on aligning inflation to target","description":" While inflation prints in excess of 5% and rising global yields are a headwind, the growth backdrop will be an equally important input for MPC to decide on rate trajectory. Q2 GDP growth would be released in end-November and we expect a downward bias to growth emanating from recent corporate results. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-minutes-october-2024.pdf","durl":"","murl":"","datetime":"23 Oct 24 09:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Monsoon: Near-term spike but positive over medium-term","description":" India’s Southwest monsoon, which contributes ~76% of the country’s overall rainfall, officially ended on 30 September 2024. Despite a sluggish start, the country received 8% above-normal rainfall during the June-September period, the best performance since 2020. Cumulative rainfall during the season amounted to 934.9mm versus a seasonal norm of 868.6mm. Despite the overall surplus... Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India%20Agriculture%202024.pdf","durl":"","murl":"","datetime":"23 Oct 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The jobless rate for 16-to-24-year olds in China, excluding students, fell to 17.6% in September from 18.8% a month prior, official data showed on Tuesday, offering officials relief after youth unemployment hit fresh highs for two straight months.. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_23_Oct2024.pdf","durl":"","murl":"","datetime":"23 Oct 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" As per the October RBI Bulletin, High-frequency indicators indicate that aggregate demand continued to grow, albeit with a slower momentum than in the preceding quarters and Aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves, supported by an optimistic investment outlook and government capex. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_22_Oct%202024.pdf","durl":"","murl":"","datetime":"22 Oct 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: US economy’s relative outperformance is becoming more visible","description":" Global energy prices dropped sharply by ~5% last week after news reports stated that Israel might avoid targeting Iran oil infrastructure and instead focus on military targets. The effect of that was visible in global yields. However, the drop in US yields was fairly modest compared to its European counterparts as investor focus has shifted back to US economy’s relative outperformance. In the week ahead, the PMI surveys will shape price action. However, we suspect that markets are waiting for the US Presidential outcome that is shaping up as a binary outcome before the next round of positioning takes place. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-21-october-2024.pdf","durl":"","murl":"","datetime":"21 Oct 24 06:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: MPC minutes in focus","description":" Given a relatively light domestic calendar this week, main event this week are MPC minutes, which will give insight into stance change and each members view. On the global front, preliminary PMI prints, along with comments by Fed officials will be watched. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-21-october-2024.pdf","durl":"","murl":"","datetime":"21 Oct 24 03:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China's economy grew at the slowest pace since early 2023 in the third quarter at 4.6% YoY and though consumption and factory output figures beat forecasts last month a tumbling property sector remains a major challenge for Beijing as it races to revitalize growth. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_21_Oct%202024.pdf","durl":"","murl":"","datetime":"21 Oct 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The ECB cut the deposit rate for the second consecutive month by 25bps to the 3.25% level while it provided a fairly balanced outlook indicating that future decisions would remain data-dependent and that monetary policy is not on a pre-set course. The central bank explained that the rate cut was done to respond to the ongoing disinflationary pressures in the economy along with the recent downside surprises in economic activity that could affect the inflation outlook. However, it indicated that it will keep policy ‘sufficiently restrictive as necessary’. . Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_18_oct%202024.pdf","durl":"","murl":"","datetime":"18 Oct 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: The bullish structural uptrend remains intact","description":" Gold prices rose nearly 3% in the last month rising to an all-time high driven by the continued pricing in of US monetary easing and geo-political tensions. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/gold-report-october-2024.pdf","durl":"","murl":"","datetime":"17 Oct 24 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Trade: Trade deficit narrowed to a 5-month low","description":" \n Merchandise exports saw a mild pick-up (+0.5% YoY) at USD 34.6bn in September led by higher non-oil exports (+6.8% YoY) even as oil exports were sharply lower (-27% YoY). Net services exports rose by +3.2% YoY at USD 14.3bn. Downbload the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/trade_sep_2024.pdf","durl":"","murl":"","datetime":"17 Oct 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Central government has announced a 3% dearness allowance hike, which is over existing rate of 50% of basic pay/pension. This will benefit about 4.9mn employees and 6.5mn pensioners. The combined impact on the exchequer on account of DA and DR would be INR 94.48bn. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_17_oct%202024.pdf","durl":"","murl":"","datetime":"17 Oct 24 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 Atlanta President Raphael Bostic said he expects the US economy to slow this year but to remain robust, adding that the downward path for inflation could see some bumps. Additionally, Federal Reserve Bank of San Francisco President Mary Daly said the US central bank must stay vigilant as inflation declines and the labor market cools, though she expressed optimism that officials could keep the current economic expansion on track. . Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms_16_oct2024.pdf","durl":"","murl":"","datetime":"16 Oct 24 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: The upside bias in the global USD could remain in place","description":" The upside surprise in US CPI, the guidance in the FOMC minutes and commentary from Fed officials have worked to cement expectations of a 25bps cut in November. The net impact has been to raise the trading range of US yields and the global USD. In the local markets, the MPC changed its stance to ‘neutral’ that could pave the way for easing contingent on the manner in which inflation and growth pan out. Going forward, US election uncertainty could result in consolidation with the strength in the global USD likely to remain intact. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-14-october-2024.pdf","durl":"","murl":"","datetime":"15 Oct 24 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The increasing adoption of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, RBI Governor Shaktikanta Das said on Monday. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms15oct2024.pdf","durl":"","murl":"","datetime":"15 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI October 2024: Excessive rainfall driving food inflation higher","description":" \n CPI inflation accelerated to 5.49% YoY in September (our est: 5.32%) from 3.65% in August. Food and beverages inflation rose to a 3-month high of +8.4% YoY (+5.3% in Aug), while core inflation saw a mild increase to +3.5% YoY (+3.4% in Aug). Download the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20October%202024.pdf","durl":"","murl":"","datetime":"14 Oct 24 09:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: India CPI in focus","description":" Domestic yields closed lower in response to the change in the policy stance by the MPC, along with the inclusion of FAR securities in the FTSE EM Govt Bond Index. As the week progressed, sell-off by FPIs, along with weak demand at the G-sec auction partially offset the decline in yields. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-14-october-2024.pdf","durl":"","murl":"","datetime":"14 Oct 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI: Base effect, mfg products push up inflation to 1.84% in Sep 2024","description":" WPI inflation rose to 1.84% YoY in September, up from 1.31% in August and -0.07% a year ago. Average WPI inflation in H1FY25 now stands at 2.1% YoY, up from -1.7% YoY in H1FY24. Out of the 53bps increase in inflation between September and August 2024, base effect contributed 46bps while sequential momentum contributed 6bps, indicating the MoM increase was mainly because of statistical effect. Download the report the know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/wpi_october_2024.pdf","durl":"","murl":"","datetime":"14 Oct 24 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US public debt levels are poised to increase further","description":" Since 2007, there has been a marked deterioration in US public finances across the board. Both the US primary deficit and fiscal deficit are running at elevated levels compared to historic levels. The net result has been public debt to GDP ratio levels increasing from 35% in 2007 to 97.3% in 2023. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/us-public-debt-note-october-2024.pdf","durl":"","murl":"","datetime":"14 Oct 24 10:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"State Finances: Slower revenue growth vs expenditure widens deficit","description":" We analysed monthly finances of 23 states accounting for ~90% of the country’s GDP. Our analysis shows that in first five months of FY25, our sample states’ total receipts grew 8.9% YoY to INR 16.4tn, a deceleration from 11.8% YoY growth in same period last year. Read the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/state_finances_october2024.pdf","durl":"","murl":"","datetime":"14 Oct 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" China’s deflationary problems became more entrenched in September where it inched up 0.4% YoY, with consumer prices still weak and factory gate prices continuing to fall. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms14oct2024.pdf","durl":"","murl":"","datetime":"14 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP: Rains and high base drive industrial production lower","description":" Industrial production fell by -0.1% YoY. Contraction is seen for the first time in 22-months. Electricity fell by -3.7% YoY and mining by -4.3% YoY. Manufacturing was the only sector that recorded growth at 1% YoY, still a 22-month low. Within manufacturing, larger components like petroleum products (-0.7% YoY), food products (- 1.5% YoY), pharma (-6.1% YoY), machinery and equipments (-1.7% YoY) contracted. Chemicals (2.7% YoY), basic metals (3.0% YoY) expanded, albeit on a low base. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/iip-august-2024.pdf","durl":"","murl":"","datetime":"11 Oct 24 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI: disinflation continued; although it was slower than expected","description":" US CPI inflation printed at 2.4% YoY in September declining marginally from 2.5% YoY in previous month and above expectation of 2.3%. However, the reading was the lowest since February 2021. On a sequential basis, CPI inflation remained steady at 0.2% MoM, unchanged from previous month. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/us-cpi-inflation-october-2024.pdf","durl":"","murl":"","datetime":"11 Oct 24 10:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US CPI inflation for September printed in at 2.4% YoY (expectations: 2.3%) against 2.5% in the previous month. Core CPI inflation moved higher from 3.2% YoY to 3.3% in September. The upside surprise in inflation came from food prices and core goods while core services excluding shelter inflation ticked marginally higher on a MoM basis.. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms11oct2024.pdf","durl":"","murl":"","datetime":"11 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook October: India joins global monetary easing cycle","description":" According to Atlanta Fed, US economy is slated to grow at 3.2% in Q32024, which is faster than pace of growth seen during H12024 at 2.3% (QoQ saar). With case for 50bps rate cut now lower, Fed would continue to look at labour market data threadbare. India’s structural growth drivers remain and are growing stronger by the day. Led by perishables, we expect CPI Inflation to remain above 5% in Sep-Nov period after which it starts to ease. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/chartbook-october-2024.pdf","durl":"","murl":"","datetime":"10 Oct 24 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"FOMC minutes: emphasizes the need for a gradual easing path","description":" The minutes for the FOMC meeting (17-18 September 2024) showed that the decision to reduce the policy rate by 50bps was a close call. There was considerable debate on whether 25bps or 50bps should be delivered. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/fomc-minutes-october-2024.pdf","durl":"","murl":"","datetime":"10 Oct 24 01:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" According to October Monetary policy report FY26 growth is estimated at 7.1% and FY26 CPI at 4.1% (range of 3.7% - 4.3% in FY 26). Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms10oct2024.pdf","durl":"","murl":"","datetime":"10 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Review: Stance changed to neutral to support growth","description":" From being actively disinflationary, MPC unanimously changed stance to neutral. Stance change is supportive of growth going forward and shows MPC is confident of aligning inflation to target (4%) over the medium-term. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-review-october-2024.pdf","durl":"","murl":"","datetime":"09 Oct 24 06:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Oil prices sank sharply on Tuesday, falling by more than 5 per cent on worries over the Chinese economy and extending the recent series of wild swings to hit the market. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms9oct2024.pdf","durl":"","murl":"","datetime":"09 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of St. Louis President Alberto Musalem said he supported the US central bank’s decision last month to lower interest rates by a half point, but emphasized he’d prefer further reductions to be gradual. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms8oct2024.pdf","durl":"","murl":"","datetime":"08 Oct 24 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: MPC decision in focus","description":" Global yields moved sharply higher last week on the back of an escalation in geo-political tensions in the Middle East (oil prices up by ~8%). In addition, a strong US payrolls print drove UST yields higher. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixedincomeweekly7October2024.pdf","durl":"","murl":"","datetime":"07 Oct 24 04:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: US economy’s relative outperformance should drive markets","description":" The much better than expected labour market data worked to ease concerns about the possibility of a ‘sharp slow-down’ in the US economy. Instead, focus has shifted primarily to a ‘soft-landing’ outcome that might not require an aggressive front-loaded monetary easing that the market is adjusting to. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-07-october-2024.pdf","durl":"","murl":"","datetime":"07 Oct 24 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"China: Current stimulus to create a floor to slowdown; fiscal measures awaited","description":" In response to broad-based weakness in the real economy and build-up of deflationary risks over Q22024 and Q32024, Chinese policymakers announced a sizeable stimulus package to revive growth prospects. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20stimulus%20note%20October%202024.pdf","durl":"","murl":"","datetime":"07 Oct 24 09:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The US economy added far more jobs than expected in September by 254K, pointing to a vital employment picture as the unemployment rate edged lower to 4.1%, Labor Department reported.. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms07oct2024.pdf","durl":"","murl":"","datetime":"07 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: appears to be in better shape than expected!","description":" The labour market report for September printed much stronger across the board. For one, hiring pricked up to 254K (expectations: 130K-150K) in September, from 142K in the previous month. Upward revisions were made to the previous two months indicating that job additions are still holding up. However, the increase in hiring was not broad-based. It was led by leisure and hospitality, education and healthcare, government and construction. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/nfp-september-2024.pdf","durl":"","murl":"","datetime":"05 Oct 24 11:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MPC Preview: Seeking equilibrium between growth and inflation","description":" While maintaining status quo, MPC should use this policy to position itself to seek a balance between growth and inflation. By Dec it would have clarity on growth and inflation. If growth surprises on the downside due to weak global and urban demand, it should change stance and cut rates with inflation durably closer to target instead of now when next few prints are around 5%. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-preview-october-2024.pdf","durl":"","murl":"","datetime":"04 Oct 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The Bank of England could move more aggressively to cut interest rates if inflation pressures continue to weaken but conflict in the Middle East could push up oil prices, Governor Bailey said. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_4_Oct%202024.pdf","durl":"","murl":"","datetime":"04 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The JP Morgan Global PMI manufacturing fell further from 49.6 in August to 48.8 in September reflecting ongoing weakness in the sector. At the same time, India's manufacturing activity, given by S&P PMI Manufacturing index, fell to an eight-month low of 56.5 in September (57.5 in August), as output and new orders grew at a slower pace. Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms03october2024.pdf","durl":"","murl":"","datetime":"03 Oct 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Fed Chair Powell stated that the central bank will cut rates further, although the is not on any preset course. He said that the 50bps cut delivered in September should not be viewed as a sign that future moves will be as aggressive as the central bank will take decisions on a meeting-by-meeting basis responding to data and the balance of risks. . Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms01October24.pdf","durl":"","murl":"","datetime":"01 Oct 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Fed Chair Powell stated that the central bank will cut rates further, although the is not on any preset course. He said that the 50bps cut delivered in September should not be viewed as a sign that future moves will be as aggressive as the central bank will take decisions on a meeting-by-meeting basis responding to data and the balance of risks. . Read the report to know more about global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms01October24.pdf","durl":"","murl":"","datetime":"01 Oct 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India BoP: CAD widened; but services exports and remittances resilient","description":" \n Current account recorded a deficit at USD 9.8bn (1.1% of GDP) in Q1FY25 as against a surplus of USD 4.6bn (0.5% of GDP) in previous quarter and a deficit of USD 9.0bn (1.0% of GDP). Wider CAD is driven by higher trade deficit. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/bop-q1fy25.pdf","durl":"","murl":"","datetime":"30 Sep 24 09:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"The Weekly Update: Investor focus to remain on the US labour market! ","description":" Investor focus has shifted from US monetary easing to stimulus in China. In this regard, Chinese policymakers announced a coordinated monetary and fiscal response to slowing economic activity. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-30-september-2024.pdf","durl":"","murl":"","datetime":"30 Sep 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: US labour data in focus","description":" Given a light domestic calendar, domestic yields will take cues from global events. The major event is the US payrolls data due on Friday, which will provide clarity on the quantum of rate cuts by the Fed going forward. Other notable events include JOLTS job openings, monthly fiscal update for India and the appointment of new external MPC members. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-30-september-2024.pdf","durl":"","murl":"","datetime":"30 Sep 24 03:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monthly Update: Capex remains a worry, core sector growth lowest in 42 months","description":" In August 2024, Gross Tax Revenue contracted 16% YoY, primarily driven by lower income and corporate tax collection even as indirect taxes recorded robust growth. Although expenditure in August grew 21% YoY, in FYTD terms, expenditure is tracking sharply below long term average. Fiscal deficit in FY25 should come in significantly below the budget estimate of 4.9%. Read the report to know more ... \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20September%202024.pdf","durl":"","murl":"","datetime":"30 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Federal Reserve’s preferred measure of US inflation dropped more than expected to 2.2 % in the year to August, paving the way for it to cut interest rates again in November. Read the report to know more about the global and domestic developments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms30Sep2024.pdf","durl":"","murl":"","datetime":"30 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" China’s top leaders ramped up efforts to revive growth with pledges to support fiscal spending and stabilize the beleaguered property sector, giving new momentum to stimulus measures aimed at arresting a slowdown in the world’s second-largest economy. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms27Sep2024.pdf","durl":"","murl":"","datetime":"27 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank","icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Central Bank","Daily Reports"]},{"title":"H2FY25 calendar: FY25 dated borrowing as per Budget estimate","description":" Borrowing calendar for H2FY24 stands at INR 6.61tn (~47% of total issuance for FY25), higher than the previous year (43% in H2FY24) but in-line with Budget estimate. Net borrowing stands at INR 4.95tn versus INR 4.3tn last year. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/borrowing-calendar-h2fy25.pdf","durl":"","murl":"","datetime":"26 Sep 24 08:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India's external debt-to-GDP ratio is at 18.7%, with a debt service ratio of 6.7% and foreign exchange reserves-to-external debt ratio at 97.4%. Finance Minister Nirmala Sitharaman emphasized that India's external debt remains sustainable and prudently managed, highlighting the country's strong position compared to many middle-income countries. Read the report to know more about the global and domestic developments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms26Sep2024.pdf","durl":"","murl":"","datetime":"26 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil: getting weighed down by Chinese growth concerns","description":" Global crude oil prices fell sharply over the last month responding to a much more persistent build-up of concerns about demand from China. 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%20September%202024.pdf","durl":"","murl":"","datetime":"25 Sep 24 10:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Governor Michelle Bowman said Tuesday she thought her colleagues should have taken a more measured approach to last week’s half percentage point interest rate cut as she worries that inflation could reignite. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms25Sep2024.pdf","durl":"","murl":"","datetime":"25 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: Monsoon withdrawal started","description":" India’s cumulative rainfall is now +5% above long period average (LPA), with above average rains in South, Central and Northwest India. The surplus has narrowed to its lowest in the last 28 days due to below average rainfall in September . Download the report to know more . \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-24sep2024-weekly.pdf","durl":"","murl":"","datetime":"24 Sep 24 02:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Three FOMC officials—Kashkari, Goolsbee and Bostic—supported the decision to cut rates by 50bps while emphasizing that future significant easing will remain in place given that the prevailing policy rate is well above the neutral rate. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms24Sep%202024.pdf","durl":"","murl":"","datetime":"24 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Markets respond to FOMC’s ‘soft-landing’ guidance! ","description":" The FOMC cut rates at a much faster than expected pace of 50bps indicating that the decision was taken to ‘re-calibrate policy’ in response to labour market weakness and disinflation. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weelky-update-23-sep-2024.pdf","durl":"","murl":"","datetime":"23 Sep 24 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Borrowing calendar in focus","description":" G-sec borrowing calendar for H2FY25 to be announced this week along with Q3 calendar for SDLs and T-bills. On the global side, market focus will be on PCE data for the US, along with Fed Chair Powell’s comments. Other notable events include the preliminary PMI data for major economies. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-23-september-2024.pdf","durl":"","murl":"","datetime":"23 Sep 24 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"FOMC: Started easing with a bang of 50bps to address labour market risks.","description":" The FOMC commenced easing at faster pace of 50bps than our expectations of 25bps pushing the fed funds rate to 4.75%-5.00% range while it laid the foundation for continued easing over 2024 and 2025. Read the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC-review-September-2024.pdf","durl":"","murl":"","datetime":"23 Sep 24 10:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Key takeaways from RBI bulletin: The slippage ratio for credit cards increased from 2% in December 2022 to 2.5% in December 2023. Food price volatility could threaten India’s inflation stability; despite a projected average inflation of 4.5% in the second half of the fiscal year, food prices, which rose 5.66% in August remain a concern. The gap between credit and deposit growth is narrowing as banks offer high deposit rates.. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS-23-Sep-2024.pdf","durl":"","murl":"","datetime":"23 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Savings, Deposits and LCR: Connecting the Dots","description":" Indian households (HHs) prioritizing physical savings over financial savings. In FY20, gross financial and physical savings of HHs were INR 23.2tn and INR 22.5tn respectively. While financial savings have increased to INR 29.7tn, physical savings have seen a much bigger jump at INR 35.7tn. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/savings-deposits-and-lcr-connecting-the-dots.pdf","durl":"","murl":"","datetime":"20 Sep 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The Bank of England kept interest rates at 5.0% on Thursday, saying it would be careful about future cuts, and also held off from running down its bond holdings at a faster pace, avoiding extra budget strains for finance minister Rachel Reeves. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_Sep%202024.pdf","durl":"","murl":"","datetime":"20 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: Withdrawal likely by late september","description":" India’s cumulative rainfall is now +7% above long period average (LPA) and there is 60% probability of La-Nina conditions emerging towards year end, indicating delayed retreating monsoon and ‘severe’ winter conditions later in the year. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-19Sep2024-weekly.pdf","durl":"","murl":"","datetime":"19 Sep 24 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US central bank kicked off an anticipated series of interest rate cuts with a larger-than-usual half-percentage-point reduction that Federal Reserve Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased. Read the report to know more about the global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS-19-Sep-2024.pdf","durl":"","murl":"","datetime":"19 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit widens led by gold imports","description":" \n Merchandise exports fell by 9.3% YoY at USD 34.7bn in August led by lower oil exports (-38% YoY) even as non-oil exports were stable (+0.1% YoY). Net services exports rose by +10% YoY at USD 15bn. Download the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/trade-aug-2024.pdf","durl":"","murl":"","datetime":"17 Sep 24 08:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"WPI: Outlook favourable with lower commodity prices","description":" India’s wholesale inflation fell to 1.3% YoY in August 2024 from 2% YoY in the preceding month (- 0.5% YoY in Aug 2023). The deceleration in WPI from the last month is driven by deceleration in all three sub-components: food, fuel and power and manufacturing. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/wpi_september_2024.pdf","durl":"","murl":"","datetime":"17 Sep 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC: A dovish rate cut to prepare markets for substantial easing up ahead!","description":" At the conclusion of its policy meeting (17-18 September 2024), the FOMC is expected to commence easing by reducing the policy rate by 25bps and provide a dovish guidance . Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/fomc-preview-september-2024.pdf","durl":"","murl":"","datetime":"17 Sep 24 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das stated that decisions on interest rate moderation will be based on long-term inflation trends rather than monthly data. He also stated that India can achieve sustainable economic growth of up to 8% over the medium term. . Read the report to know more about the global and domestic developments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS-17-Sep2024.pdf","durl":"","murl":"","datetime":"17 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Stage set for investors to respond to FOMC easing","description":" Even as labour markets have deteriorated at a much faster pace and disinflation continues to unfold, the fact that the US economy is still ‘soft-landing’ should ensure that the FOMC delivers a 25bps cut. We assign lower odds of a 50bps cut. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/global-weekly-16-sept.pdf","durl":"","murl":"","datetime":"16 Sep 24 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC rate decision a major event","description":" Given a light domestic calendar this week, global events will determine domestic yield movements. The major event is the FOMC policy decision due on Wednesday night. We expect the Fed to undertake a 25bps rate cut, with a neutral tone of the policy statement. Other major events include policy rate decisions and CPI data for the UK and Japan, along with retail sales data for the US. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-16-september-2024.pdf","durl":"","murl":"","datetime":"16 Sep 24 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China's industrial output growth slowed to a five-month low in August, while retail sales and new home prices weakened further, bolstering the case for aggressive stimulus to shore up the economy and help it hit its annual growth target. Read the report to know more about global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS-16-Sep%202024.pdf","durl":"","murl":"","datetime":"16 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning market starter","description":" The ECB cut its policy rate by 25bps on expected lines while retaining its data-dependent guidance by stating that decisions will be taken on a meeting by meeting basis. Read the report to know more about the latest global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms13september2024.pdf","durl":"","murl":"","datetime":"13 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI September 2024: Lower global commodity prices a positive; veggie prices rising again","description":" CPI inflation inched up to 3.65% YoY in August (our est: 3.38%) from 3.6% in July (revised upwards from 3.54% earlier). Food and beverages inflation rose to +5.3% YoY (+5.1% in July), while core inflation remained steady at +3.4% YoY (same as July). Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/cpi-sep-2024.pdf","durl":"","murl":"","datetime":"12 Sep 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP: Manufacturing recovers led by uptick in capital goods and consumer durables","description":" Industrial production grew 4.8% YoY in July 2024 (est: 5.0%), slighty better than 4.7% YoY last month but slower than 6.2% a year ago. Manufacturing sector’s output grew 4.6% in July, recovering from the 7-month low growth of 3.2% in June. The growth in manufacturing was broad-based as only 5 out of the 23 manufacturing subcomponents recorded contraction. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/iip-july-2024.pdf","durl":"","murl":"","datetime":"12 Sep 24 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning market starter","description":" The US CPI inflation printed at 2.5% YoY in August declining from 2.9% YoY in the previous month and above our expectations of 2.4%. On a sequential basis, CPI inflation remained steady at 0.2% MoM on expected lines. Core CPI inflation picked up at the margin by 0.3% MoM in August printing slightly above our expectations (0.2%) from 0.2% in July. The mild upside surprise came from shelter inflation 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/mms12september2024.pdf","durl":"","murl":"","datetime":"12 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI: disinflation trend continued setting stage for a rate cut","description":" The US CPI inflation printed at 2.5% YoY in August declining from 2.9% YoY in the previous month and above our expectations of 2.4%. On a sequential basis, CPI inflation remained steady at 0.2% MoM on expected lines. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/us-cpi-inflation-september-2024.pdf","durl":"","murl":"","datetime":"11 Sep 24 08:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning market starter","description":" US inflation-adjusted household income increased but poverty rates showed only modest changes last year, the U.S. Census Bureau reported, offering a mixed snapshot of how American households fared as the economy returned to pre-coronavirus pandemic growth levels, job growth boomed and inflation eased. 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/mms11september2024.pdf","durl":"","murl":"","datetime":"11 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook September 2024: Global economy slowing; India to buck the trend with rural growth","description":" Slowdown or recession: The dent of weakening economic cycle is most visible in US labour demand. There are fewer job openings now than before (7.7mn vs 7.9mn last month). Job additions are also averaging 116K in the last three months as against 211K last year. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Chartbook%20September-%202024.pdf","durl":"","murl":"","datetime":"10 Sep 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Monsoon: Rainfall seen above normal in September as well","description":" India’s cumulative rainfall is now +8% above long period average (LPA). Agriculture Ministry has set a target of record food grain production of 160mn tonnes (MT) (+2.1% YoY). For AY25, the target is 340.4mn tonnes which is 3.5% higher over the previous year. Damage to standing crops due to excessive rains remains a concern as global weather forecasts suggest continuation of rainfall until mid-October due to La-Nina. The extended monsoon rains may lead to a delay in rabi crop sowing . Download the report to more.. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-10Sep2024-weekly.pdf","durl":"","murl":"","datetime":"10 Sep 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US House of Representatives passed legislation that would blacklist Chinese biotech companies and their subsidiaries in 306-81 vote. The bill will now pass to the Senate for approval. Read the report to know the lastest Global and Domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms10september2024.pdf","durl":"","murl":"","datetime":"10 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Focus could shift to the US Presidential race!","description":" With the US labour market report confirming that momentum is expected to continue to slow, markets believe that the Fed is behind the curve that has resulted in risk aversion. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-09-september-2024.pdf","durl":"","murl":"","datetime":"09 Sep 24 06:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India, US CPI in focus","description":" The main domestic event this week will be the CPI print (our estimate: 3.38%), which could result in the Q2 inflation estimate coming in significantly below the MPC’s projections. On the global side, US CPI is expected to remain steady on a sequential basis, ahead of the Fed policy decision next week. Market focus will also be on the ECB’s policy decision this week, where a 25bps rate cut is expected. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-9-september-2024.pdf","durl":"","murl":"","datetime":"09 Sep 24 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market starter","description":" US employment increased less than expected in August by 142K, but a drop in the jobless rate to 4.2% suggested the labor market was not falling off the cliff to warrant a half-point interest rate cut from the Federal Reserve this month. 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/mms09september2024.pdf","durl":"","murl":"","datetime":"09 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finance Monthly September 2024","description":" Tax revenue in FYTD25 grew 16% YoY (19.1% YoY in FYTD24) ; the decline in total receipts came from a steep contraction in grants-in-aid (-40% YoY in FYTD25 vs -24% YoY in FYTD24). Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/State%20Finances_September%202024.pdf","durl":"","murl":"","datetime":"06 Sep 24 05:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US labour market: weakening is becoming visible","description":" The monthly labour market report for August confirmed that a weakening trend is underway. However, concerns about a substantial non-linear deterioration that had built up post the July report eased at the margin. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/nfp-august-2024.pdf","durl":"","murl":"","datetime":"06 Sep 24 09:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Nirmala Sitharaman denied any friction between the Centre and States over GST. She highlighted that revenue generation is a secondary consideration in budget meetings, with the average GST rate now at 12.2%, below the originally suggested 15.3% revenue neutral rate Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms06september2024.pdf","durl":"","murl":"","datetime":"06 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: Plentiful rains continue in September","description":" \n India’s cumulative rainfall is now +8% above long period average (LPA), with above normal rains in South, Central and Northwest India. East and Northeast region still are in deficit. Download the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-05sep2024-weekly.pdf","durl":"","murl":"","datetime":"05 Sep 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Job Openings and Labour Market Turnover Survey (JOLTS) provided further indications that the US labour market was cooling. Job openings fell to 7.67mn (expectations: 8.1mn) from a downwardly revised from 8.18mn to 7.91mn in June, translating into a plummeting in the ratio of job openings per unemployed worker to 1.07 that is about half of its post-pandemic peak. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms5sep%202024.pdf","durl":"","murl":"","datetime":"05 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" US factories remained in slowdown mode as shown by ISM manufacturing PMI which slowed to 47.2 in August, fueling fears about where the economy is headed, according to separate manufacturing gauges. Download the report to know more about global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms04september2024.pdf","durl":"","murl":"","datetime":"04 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market starter","description":" China’s factory activity grew modestly among smaller manufacturers last month which came in at 50.4 as export orders offset weakening domestic consumption, according to a private survey. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_3_Sep%202024.pdf","durl":"","murl":"","datetime":"03 Sep 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Weekly Update September 2 2024","description":" The slew of economic indicators confirmed that the US economy is ‘soft-landing’ as growth slows towards trend pace and disinflation takes hold. Recent communication from the FOMC has shown that it could give greater weight to developments in the labour market. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2002%20September%202024.pdf","durl":"","murl":"","datetime":"02 Sep 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: US labour data in focus","description":" Given a light domestic calendar, the main event this week will be the labour market data for the US, notably the payrolls print. This will be important to assess probability of a recession in the US and quantum of rate cuts by Fed. Other major events include PMI data for major economies, GDP data for EU and wage data for Japan. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-2-september-2024.pdf","durl":"","murl":"","datetime":"02 Sep 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Core sector witnessed 6.1% YoY growth in July 2024 on the back of strong growth in Steel (7.2% YoY) and Petroleum refinery products (6.6% YoY). 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-02-september-2024.pdf","durl":"","murl":"","datetime":"02 Sep 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India's Q1 GDP: Consumption and Industry led Q1 Growth","description":" Q1 GDP growth at 6.7% YoY is below our estimate of 7.0% YoY. GVA growth at 6.8% is in line with our estimate. Private consumption has seen a turnaround along with private capex. Download the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q1FY25gdpreview.pdf","durl":"","murl":"","datetime":"31 Aug 24 11:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Economic Update","description":" In July 2024, Gross tax revenues grew by 14% YoY primarily driven by higher income tax collections even as corporate tax collection contracted sharply. Expenditure grew just 0.1% YoY. Interestingly, capex surged 108% YoY during the month while revex contracted 14%. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/monthly_economic_aug_2024.pdf","durl":"","murl":"","datetime":"30 Aug 24 09:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The ECB chief economist Lane stated that wages in the Euro-zone could slow sharply in 2025 and 2026 that could pave the way for monetary easing. However, Governing Council member Nagel stated that the central bank must not cut rates too quickly given that inflation remains above the 2% threshold. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms30august2024.pdf","durl":"","murl":"","datetime":"30 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: Steady rainfall progress bodes well for outlook","description":" India’s cumulative rainfall stood at +7% of LPA (as of 28 August 2024). After a brief break, the monsoon revived with ~44% surplus rains during last week led by Central and Northwest regions. Spatial distribution remains skewed with South and Central regions receiving excess rains while Eastern regions have seen a rainfall deficiency. Northwest region saw normal rains. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-29august2024-weekly-main.pdf","durl":"","murl":"","datetime":"29 Aug 24 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"China monthly August 2024","description":" Concerns about the growth prospects in China were further reinforced from the latest edition of the July high frequency indicators with slowing momentum visible across sectors—retail sales, industrial production, fixed asset investments, credit and trade. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20August%202024%20update.pdf","durl":"","murl":"","datetime":"29 Aug 24 01:07 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Crude oil report August 2024","description":" Even as physical markets remain tight on the back of a seasonal pick-up in mobility in the US and Euro-zone and as geo-political tensions remain in place, Brent crude oil prices have been trading with a downside bias over the last month responding to demand-side concerns \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/brent_crude_oil_aug_2024.pdf","durl":"","murl":"","datetime":"29 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MMS 29th August 2024","description":" The Union Cabinet led by PM Modi has approved the development of 12 Industrial Smart Cities under the National Industrial Corridor Development Program. The cabinet also allowed expansion of the Agricultural Infrastructure Fund, announced three new railway projects, and granted equity support for hydropower development in northeastern states, aimed at boosting infrastructure and employment opportunities. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms29august2024.pdf","durl":"","murl":"","datetime":"29 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" US consumer confidence rose to a six-month high in August amid optimism over the economic outlook, but Americans are becoming more anxious about the labor market after the unemployment rate jumped to near a three-year high of 4.3% last month. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms28august2024.pdf","durl":"","murl":"","datetime":"28 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global FX markets: The USD to remain vulnerable to reduced interest rate support ","description":" The global USD cycle appears to have reversed as markets prepare for monetary easing by the FOMC and a global ‘soft-landing’. We maintain our base-case of a continued weakening bias to sustain. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/global-fx-august-2024.pdf","durl":"","murl":"","datetime":"27 Aug 24 04:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Q1FY25 Corporate results: Profit margin declines amid higher raw material expenses","description":" Corporate India’s revenue growth remained in positive territory for the third consecutive quarter, albeit on a low base, driven by the services sector while manufacturing profitability declined. Expenditure growth again outpaced revenue growth, driven by an increase in commodity prices during the quarter, which impacted profitability. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/corporate-results-q1fy25.pdf","durl":"","murl":"","datetime":"27 Aug 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"India GDP Preview: Rural consumption to sustain growth","description":" An upturn in rural consumption along with higher demand in energy in Q1 should mitigate the muted govt. spending. Buoyant tax collections are a big positive for spending in coming quarters. Read the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q1FY25%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"27 Aug 24 11:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The Unified Pension Scheme (UPS) will provide assured pension to 2.3mn eligible central government employees. The UPS will put an additional burden of INR 62.5bn on the exchequer per year. Read the report to know more about the global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms27aug2024.pdf","durl":"","murl":"","datetime":"27 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: India GDP, US PCE in focus","description":" The major event from the domestic side is the Q1FY25 GDP print for India (our estimate 7%), with services and agriculture likely to support growth. From the global side, US PCE data will be closely watched, along with EU inflation and unemployment data. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-26-august-2024.pdf","durl":"","murl":"","datetime":"26 Aug 24 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: The US monetary policy ‘doves’ to drive markets!","description":" At the Jackson Hole symposium, the FOMC Chair emphasized that the central bank’s focus has shifted from upside risks to inflation to downside risks to the labour market. The message was also fairly explicitly emphasized in the FOMC minutes as well. The guidance provided confirms that the central bank could commence rate cuts in September. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-26-august-2024.pdf","durl":"","murl":"","datetime":"26 Aug 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Chair Jerome Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank's 2% target.Read the report to know more about the global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms26august2024.pdf","durl":"","murl":"","datetime":"26 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: MPC still cautious on food inflation","description":" MPC members are waiting for food inflation to decelerate so that headline inflation moves to target on a durable basis. We believe such an outcome is likely to be visible in FY26 with early signs seen from Q4FY25, which gives room for a change in stance in December policy. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-minutes-august-2024.pdf","durl":"","murl":"","datetime":"22 Aug 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"FOMC minutes: provides definitive guidance of easing on the way","description":" The main takeaway from the FOMC minutes for the meeting held over 30-31 July was a definitive guidance that the central bank is poised to ease policy in September. The minutes showed that ‘a vast majority of participants’ stating that if ‘if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting’. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20minutes%20August%202024.pdf","durl":"","murl":"","datetime":"22 Aug 24 03:58 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The Federal Reserve appears to be very much on track for an interest rate cut in September after a "vast majority" of officials said such an action was likely, according to the minutes of the US central bank's July 30-31 meeting. Read the report to know more about the global and domestic developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms22august2024.pdf","durl":"","murl":"","datetime":"22 Aug 24 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: Cumulative surplus reduces on weaker August precipitation","description":" Cumulative monsoon rainfall until 20 August stood at a surplus of 4%. Regional disparities remained. Rainfall is higher than average in South Peninsula (21%) and Central (9%) India, it is in-line with average in Northwest and below average in East and Northeast (-12%). Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-21august2024-weekly-main.pdf","durl":"","murl":"","datetime":"21 Aug 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The RBI Governor Shaktikanta Das stated that central bank’s focus will remain in price stability and ensuring a durable fall to the 4% threshold. He expressed concerns about food price inflation while stating that maintaining financial stability is imperative. He also talked about the need to ensure that credit and deposit growth to come in to better balance. 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/mms21august2024.pdf","durl":"","murl":"","datetime":"21 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" The RBI bulletin stated that persistent geopolitical tensions, rekindled fears of a potential recession in key economies and financial market volatility in response to monetary policy divergence cast a shadow on global economic prospects even as inflation moderated grudgingly across countries. Download the report to know more about the global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms20august2024.pdf","durl":"","murl":"","datetime":"20 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: MPC, FOMC minutes, Jackson Hole in focus","description":" Major domestic event this week are MPC August policy minutes, where the tone of a majority of members is likely to be cautious. From the global side, FOMC minutes and the Jackson Hole symposium will be closely tracked for cues on timing of rate cuts by the Fed. Other major events are minutes of ECB meeting, inflation (EU and Japan) and preliminary PMI data for major economies. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-19-august-2024.pdf","durl":"","murl":"","datetime":"19 Aug 24 04:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Democratic Party Presidential nominee Kamala Harris provided her first insights in to her proposed economic agenda. Her plans include a ban on price gouging for groceries and food, the cancellation of medical debt, a cap on prescription drug costs, a USD 25,000 subsidy for first-time home buyers and a child tax credit. Download the report to know more about domestic and global developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms19aug%202024.pdf","durl":"","murl":"","datetime":"19 Aug 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The primary theme of Prime Minister Narendra Modi’s Independence Day address was developed India or Viksit Bharat by 2047, when India completes 100 years of independence. He touched upon 150 issues during his speech, with focus on youth, education, women, farmers, reforms states, corruption, poor and skill development. Download the report to know more about domestic and global developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms16aug2024.pdf","durl":"","murl":"","datetime":"16 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit widens led by higher imports","description":" Merchandise exports fell by 1.5% YoY at USD 34bn in July led by lower oil exports (-22% YoY) even as non-oil exports were higher (+3.5% YoY). Net services exports rose by +11.2% YoY at USD 13.9bn. Imports rose by +7.5% YoY at USD 57.5bn led by higher oil (+17.3% YoY) and non-oil-non-gold imports (+6.1% YoY), while gold imports fell by 10.7% YoY at USD 3.1bn. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/trade_july_2024.pdf","durl":"","murl":"","datetime":"14 Aug 24 10:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI: Steady disinflation was visible","description":" The US CPI inflation report for July came broadly in line with expectations confirming that a steady and gradual disinflation trend is unfolding. CPI inflation increased by 0.2% MoM in line with expectations in July from -0.1% decline in June. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/us_cpi_Inflation_august_2024.pdf","durl":"","murl":"","datetime":"14 Aug 24 10:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: constructive outlook remains intact","description":" Gold prices rose by 1.6% in the last month on the back of investors positioning for a rate cut by the FOMC in the September policy meeting that worked to drive US real and nominal yields lower. Ongoing safe-haven demand on the back of geo-political tensions also supported gold prices. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/gold-report-august-2024.pdf","durl":"","murl":"","datetime":"14 Aug 24 08:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"WPI August 2024: Manufactured products inflation drives WPI higher","description":" India’s wholesale inflation fell to 2.04% in July 2024 from 3.4% in the preceding month and -1.23% twelve months ago. Average wholesale inflation in the first four months of FY25 now stands at 2.3% up from -2.45% during Apr-Jul FY24. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/wpi_august_2024.pdf","durl":"","murl":"","datetime":"14 Aug 24 05:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US producer prices rose in July by less than forecast at 0.1%, reflecting the first decline in services costs this year amid an ongoing moderation in inflationary pressures. Download the report to know more about global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-14-aug2024.pdf","durl":"","murl":"","datetime":"14 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: August rains 37% above normal","description":" Monsoon rainfall continued to be strong during August 2024 (37% above normal). This is compared with 12% above normal rainfall in July and a deficit of 11% in June. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-13august2024-weekly.pdf","durl":"","murl":"","datetime":"13 Aug 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India’s CPI inflation fell below 4% for the first time in since Sep 2019. It printed at a 59-month low of 3.45% vs 5.08 % in June. Food inflation moderated at 5.1% YoY, while core inflation inched up to 3.4% YoY. Download the report to know more about domestic and global developments \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_Aug%202024.pdf","durl":"","murl":"","datetime":"13 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP: Mfg growth falls to 7-month low, dragging headline IIP growth to 4.2%","description":" Industrial production grew 4.2% YoY in June 2024 (est: 4.6%), down from 6.2% YoY last month and 4.0% a year ago. Manufacturing growth falls to 7-month low of 2.6%. Average IIP growth during Q1FY25 now stands at 5.1% (4.7% in Q1FY24). Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/iip-june-2024.pdf","durl":"","murl":"","datetime":"12 Aug 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI August 2024: Base-effect drives inflation lower","description":" \n CPI inflation fell to a 59-month low of 3.54% (same as our estimate) vs. 5.08% in June. Food inflation moderated to 5.1% YoY (8.4% in June), while core inflation inched up to 3.4% YoY (+3.1% earlier). Download the report to know more \n \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/cpi_august_2024.pdf","durl":"","murl":"","datetime":"12 Aug 24 07:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: DM monetary easing expectations to remain intact!","description":" ISM services and initial jobless claims have eased recession concerns and provided stability to the global risk environment. However, markets continue to believe that the FOMC is behind the curve that will continue to shape price action as focus will be on US inflation in the week ahead. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-12-august-2024.pdf","durl":"","murl":"","datetime":"12 Aug 24 06:00 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":" The major domestic event is the CPI data due today (our estimate: 3.54%), followed by IIP and trade data. From the global side, US CPI and retail sales will be awaited, to assess the quantum of rate cuts by the US Fed. Other major events include GDP data for EU and UK, retail sales data for Japan and labour market data for the UK. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-12-august-2024.pdf","durl":"","murl":"","datetime":"12 Aug 24 04:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" US Vice President Kamala Harris fiercely disagreed with former President Donald Trump’s suggestion that U.S. presidents should have a say in the Federal Reserve’s interest rate decisions. Download the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms%2012aug%202024.pdf","durl":"","murl":"","datetime":"12 Aug 24 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook August 2024: Markets prep for global slowdown","description":" Tell-tale signs of slowing global economy have been visible in PMIs, build-up of inventories, slowing corporate earnings and slack in college hiring in US. India remains insulated to a large extent because domestic growth cycle is picking up. On the consumption front, rural India is reporting an improvement in demand as seen in higher two-wheeler sales. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/chartbook-august-2024.pdf","durl":"","murl":"","datetime":"09 Aug 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Monetary Policy Committee decided by a majority of 4 out of 6 members to keep policy rate unchanged at 6.5% and remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth. RBI maintained its GDP growth forecast at 7.2% in FY25, retail inflation forecast based on consumer price index at 4.5% during FY25. 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-august-2024.pdf","durl":"","murl":"","datetime":"09 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Review: Food inflation risks ensure status quo","description":" Given the emphasis on inflation (food) and bringing it down durably when growth outlook is favourable, we believe MPC would change stance in December and cut rates later. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-review-august-2024.pdf","durl":"","murl":"","datetime":"08 Aug 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" A summary from the BoJ’s 31 July 2024 board meeting showed that even with rate hike delivered, members believed that monetary policy would remain accommodative. Read the report to know the latest Gloabal and Domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-8-aug-2024.pdf","durl":"","murl":"","datetime":"08 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finances: States’ finances swing into surplus in June 2024","description":" Tax revenue in Q1FY25 grew 17% YoY (23% YoY in Q1FY24), the decline in total receipts came from a steep contraction in grants-in-aid (-66% YoY in Q1FY25 vs 14.4% YoY in Q1FY24). States’ Own Tax Revenue growth was broadly in line with last year Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/state-finances-august-2024.pdf","durl":"","murl":"","datetime":"07 Aug 24 04:07 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The US trade deficit narrowed in June for the first time in three months to USD 73.1bn as the value of exports of goods and services increased by the most since earlier this year. 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-7-aug-2024.pdf","durl":"","murl":"","datetime":"07 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MPC Preview: Status quo for now","description":" Fed is now looking at dual side of the mandate with inflation easing and unemployment rising. In India’s case robust growth outlook gives MPC time to bring inflation towards target on durable basis. Hence, we believe status quo to continue in this policy. October is when the new external members join. Hence, opportune time to change stance is December. If global environment deteriorates, October is on the cards with simultaneous rate cut/ stance change in December as an alternative. Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/mpc-preview-august-2024.pdf","durl":"","murl":"","datetime":"06 Aug 24 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The HSBC India Services Purchasing Managers’ Index (PMI) dove marginally to 60.3 in July 2024 from 60.5 from previous. It is above the neutral 50-mark for the 36th straight month. 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-6-aug-2024.pdf","durl":"","murl":"","datetime":"06 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: unexpected sharp deterioration raises concerns about the outlook","description":" While the FOMC laid the foundation for a rate cut for September, investors believe that the US central bank could be behind the curve given the much weaker than expected labour market report for July. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-05-august-2024.pdf","durl":"","murl":"","datetime":"05 Aug 24 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monsoon: First half records 6% surplus, 82% kharif sowing completed","description":" First half of the Southwest monsoon recorded rainfall surplus of 6% of LPA. IMD predicts rainfall in the second half to be above normal (>106% of LPA). The monthly rainfall over the entire country for August 2024 is likely to be within the normal range (94 to 106 % of LPA). Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-5august2024-weekly.pdf","durl":"","murl":"","datetime":"05 Aug 24 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: MPC in focus","description":" The major event is MPC policy decision due on Thursday, where we expect status-quo on both the policy rate and stance. While US Fed is likely to start its easing cycle from September, MPC will be focusing on domestic growth and inflation trajectory which gives it time to act. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-5-august-2024.pdf","durl":"","murl":"","datetime":"05 Aug 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US unemployment rate jumped to near a three-year high of 4.3% in July amid a significant slowdown in hiring, heightening fears the labor market was deteriorating and potentially making the economy vulnerable to a recession. Read the reoprt 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-5-aug-2024.pdf","durl":"","murl":"","datetime":"05 Aug 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"China: Growth outlook remains weak","description":" The Chinese economy slowed sharply in Q22024 with GDP printing below expectations at 4.7% reflecting softer than expected private consumption and as fiscal stimulus effects start to wane. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20July%202024%20update.pdf","durl":"","murl":"","datetime":"02 Aug 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The BoE reduced policy rates by 25bps in a split MPC vote of 5-4 and indicated that the decision to ease was ‘finely balanced’. The BoE maintained that future actions would remain data dependent and did not indicate that future rate cuts could be in the offing. 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-aug-2024.pdf","durl":"","murl":"","datetime":"02 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC: guidance of rate cut for September was provided","description":" The FOMC maintained status quo on expected lines. However, the policy statement and the FOMC Chair provided strong hints that the central bank could be poised to ease policy as early as September. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/fomc-review-july-2024.pdf","durl":"","murl":"","datetime":"01 Aug 24 11:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market starter","description":" The Bank of Japan raised interest rates to levels unseen in 15 years and unveiled a detailed plan to slow its massive bond buying, taking another step towards phasing out a decade of huge stimulus. 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-aug-2024.pdf","durl":"","murl":"","datetime":"01 Aug 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Economic Update ","description":" Gross tax revenues grew by 24% YoY primarily driven by higher direct tax collections in April- June 2024. Expenditure contracted 8% YoY in the same period because of elections. download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/monthly-economic-july-2024.pdf","durl":"","murl":"","datetime":"31 Jul 24 09:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC: Setting the stage for easing in September","description":" The FOMC is expected to maintain status quo on policy rates and its QT taper program. In terms of guidance it is likely to provide subtle hints that it could be poised to ease policy possibly in the next policy meeting in September. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/fomc-preview-july-2024.pdf","durl":"","murl":"","datetime":"31 Jul 24 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Chinese leaders signalled that the stimulus measures needed to reach this year's economic growth target will be directed at consumers, deviating from their usual playbook of pouring funds into infrastructure projects. 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-july-2024.pdf","durl":"","murl":"","datetime":"31 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The US Treasury announced that it will borrow USD 740bn over July-September period that would be less than previous guidance by USD 106bn that was provided back in April. Cash balances are projected to be around USD 850bn. The lower borrowings reflect lower redemption pressures from the Federal Reserve and a higher than previously assumed cash balances. 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-july-2024.pdf","durl":"","murl":"","datetime":"30 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Markets will respond to the FOMC’s guidance!","description":" Investor focus of prospective G-7 excluding Japan easing cycle kicking in remains in place. With the ECB and BoC having commenced easing, focus in the week ahead will be on the FOMC and BoE. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2029%20July%202024.pdf","durl":"","murl":"","datetime":"29 Jul 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC, US payrolls in focus","description":" Domestic yield curve saw a steepening bias led by lower T-bill borrowing by the Centre while 2Y and 5Y segment benefitted from draft liquidity guidelines for banks released by RBI. Downlaod the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-29-july-2024.pdf","durl":"","murl":"","datetime":"29 Jul 24 04:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Finance ministers and central bankers from the Group of 20 major economies agreed to reference fair taxation of "ultra-high-net-worth individuals" in both their joint communique and a separate declaration on international tax cooperation on Friday. Read the report for latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-29-july-2024.pdf","durl":"","murl":"","datetime":"29 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US growth picked up led by consumption, inventory build-up visible ","description":" The US economy grew by 2.8% QoQsaar in Q22024 above expectations of 2% and is much higher than 1.4% seen in Q12024. Both private consumption and government spending picked up on a sequential basis. Business investments continue to add to momentum. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/us-gdp-q2-2024.pdf","durl":"","murl":"","datetime":"26 Jul 24 01:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" US economic growth accelerated by more than forecast in the second quarter to 2.8% (exp: 2.0%), illustrating demand is holding up under the weight of higher borrowing costs. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-26-july2024.pdf","durl":"","murl":"","datetime":"26 Jul 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Bank of Canada on Wednesday trimmed its key interest rate by 25 basis points for the second month in a row, bringing it to 4.5%, and said more reductions in borrowing costs were likely if inflation continued to cool in line with forecasts. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-25-july%202024.pdf","durl":"","murl":"","datetime":"25 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Centre has lowered its gross fiscal deficit (GFD) to GDP ratio target for FY25 to 4.9% from the 5.1% target announced during the interim budget in February. This is also lower than the provisional actual estimate of 5.6% for FY24. Nirmala Sitharaman said that the government plans to bring the GFD to GDP ratio below 4.5% during FY26. Read the report for latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-24-jul-2024.pdf","durl":"","murl":"","datetime":"24 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Budget FY25: Job creation with faster fiscal consolidation","description":" The Budget lays focus on job creation over the next five years with commitment of creating and skilling 41mn jobs with an outlay of INR 2tn. This should take care of requirement of 8mn jobs a year from non\u0002agri sector. The Centre envisages building industrial parks to spur manufacturing growth when it is actively building physical infrastructure. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/budget%20fy25%20final.pdf","durl":"","murl":"","datetime":"23 Jul 24 10:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning market starter","description":" Bloomberg has reported that Kamala Harris, Vice President of the US, has more than enough pledged delegates to clinch the Democratic presidential nomination. Reports indicate that she could have got the backing of 1976 pledged delegates. Read the report for latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-23-july-2024.pdf","durl":"","murl":"","datetime":"23 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Economic survey FY25","description":" Economic Survey places emphasis on social and economic transformation seen in the country and steps to be taken to continue on the path to ensure 7% plus growth. Read the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Economic%20Survey_Final.pdf","durl":"","murl":"","datetime":"23 Jul 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"The Weekly Update: Investors are positioning for DM monetary easing","description":" With Biden dropping out of the US Presidential race, the bias towards ‘Trump trades’ should moderate. Hence, market focus should turn to the prevailing macroeconomic framework. In that regard, focus will shift back to the prospect of monetary accommodation that could unfold. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/the-weekly-update-22-july-2024.pdf","durl":"","murl":"","datetime":"22 Jul 24 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monsoon: Steady progress bodes well for sowing","description":" Monsoon has picked up significantly in July with monthly rainfall 12.0% above normal compared with below normal rains seen in June (-10.9% of LPA). While South India has seen much better rains, North-West and East India continues to see lower than average rainfall. Agri states such as Bihar, Punjab and Haryana are still lagging behind. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-22July2024.pdf","durl":"","murl":"","datetime":"22 Jul 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Union Budget in focus","description":" The main event this week will be the Union Budget due tomorrow. We expect the Centre to stick to the fiscal glide path of 5.1%. Buoyant tax revenue gives the government room to increase expenditure to boost consumption. Comfortable cash balances imply that T-bill borrowing is expected to be lower, which could drive T-bill yields lower but introduction of MSS bonds could be a negative. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-22-july-2024.pdf","durl":"","murl":"","datetime":"22 Jul 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market starter","description":" The US President Biden dropped out of the 2024 Presidential elections and endorsed Vice President Kamala Harris as the Democratic Party’s nominee. His announcement came after pressure from the Party for him to withdraw. Read the report for latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-22-july-2024.pdf","durl":"","murl":"","datetime":"22 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil: Range trading to continue","description":" Global crude oil prices have been stable with geo-political concerns easing even as physical markets tightened sharply in June in-line with seasonal trend given pick up in demand in US and Europe. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/global-crude-oil-monthly-july-2024.pdf","durl":"","murl":"","datetime":"19 Jul 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning market starter","description":" In its monthly bulletin, the RBI stated that the core estimates of the natural rate for Q4:2023-24 stand at 1.4-1.9 per cent, compared with earlier estimates of 0.8-1.0 per cent for Q3:2021-22 in the second year of the pandemic. RBI reported that consumer price inflation increased after three consecutive months of moderation, with a flare-up in vegetables prices halting the overall disinflation. Read the report for latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-19-july-2024.pdf","durl":"","murl":"","datetime":"19 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning market starter","description":" The Biden administration, facing pushback on its chip crackdown on China has told allies that it is considering using the most severe trade restrictions available if non-US companies continue giving the country access to advanced semiconductor technology. Read the report for latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-18-july-2024.pdf","durl":"","murl":"","datetime":"18 Jul 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Budget Preview FY25","description":" The Budget would focus on setting the vision for Viksit Bharat by focusing on infrastructure, consumption, job creation, manufacturing and enhacing productivity of public sector. Direct taxes running ahead of interim estimates. Hence, Centre is in a comfortable fiscal position. We expect some of tax buoyancy (INR 500bn) to be passed on to boost consumption. download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Budget%20Preview_FY25.pdf","durl":"","murl":"","datetime":"16 Jul 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning market starter","description":" Federal Reserve Chair Powell stated that second quarter economic data has provided policymakers greater confidence that inflation is heading down to the central bank’s 2% goal. His statements would suggest that a pivot towards cutting rates is possible later in 2024. However, the Fed Chair refrained from sending messages about the timing of rate reductions. Read the report to know more about the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-16-july-2024.pdf","durl":"","murl":"","datetime":"16 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: South India sees plenty rains","description":" Monsoon has picked up significantly in July with average rainfall 15.8% above normal in the month as against 10.9% below normal in June. East India continues to see lower than average rain in July. More than half of kharif sowing is completed. Sowing of paddy is up by 20.7% YoY and that of pulses is higher by 25.9% YoY. These segments should see dip in prices once harvesting is done. Read the read report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-16July2024.pdf","durl":"","murl":"","datetime":"16 Jul 24 04:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Trade: Trade deficit narrows, services exports steady","description":" \n Merchandise exports rose by +2.6% YoY at USD 35.2bn in June led by higher non-oil exports (+7.7% YoY), while oil exports fell (-18.2% YoY). Net services exports rose by +6.6% YoY at USD 13bn. 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-june-2024.pdf","durl":"","murl":"","datetime":"15 Jul 24 08:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: Domestic yields to take cues from global events","description":" Domestic yields inched marginally lower amid lower UST yields in response to soft US inflation data. However, hawkish comments from RBI Governor Das limited the downward bias in domestic yields. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-15-July-2024.pdf","durl":"","murl":"","datetime":"15 Jul 24 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI: Manufactured products inflation at a 16-month high","description":" India’s wholesale inflation rose to a 16-month high of +3.36% YoY (our est: 3.5%) in June, led by higher food and manufactured products inflation. Fuel and power index recorded second consecutive positive print. Fuel and power index came in at +1.0% YoY (+1.3% in May) albeit on a low base of -12.5%. On a MoM basis, it fell by 1.9% led by mineral oils at -2.4% MoM in June. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/wpi-july-2024.pdf","durl":"","murl":"","datetime":"15 Jul 24 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: US disinflation expectations could emerge as the dominant driver","description":" With US CPI printing much lower than expected across all major parameters, market pricing has shifted to the prospect of two rate cuts by the FOMC in 2024. Concerns about the sustainability of disinflation in the US reduced given the much softer profile in US CPI core services component. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/global-weekly-15-july-2024.pdf","durl":"","murl":"","datetime":"15 Jul 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market starter","description":" Net direct tax collection for FY25 spiked to INR 5.74tn till July 11, 2024, witnessing a 19.54% YoY growth, data released by the income tax department indicated. Personal income tax collection contributed INR 3.46tn, whereas corporate tax contributed INR 2.10tn. Read the report to know more about 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-2024.pdf","durl":"","murl":"","datetime":"15 Jul 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP: At a 7-month high of 5.9% in May 2024","description":" Industrial production grew 5.9% YoY in May 2024, up from 5.0% YoY last month and 5.7% a year ago. The pick-up is led by manufacturing at 4.6% and electricity at 13.7%. Mining output was stable at 6.6% led by higher coal production to meet rising power demand. Notably, in monsoon months power demand should ease and mining activity is muted. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/iip-may-2024.pdf","durl":"","murl":"","datetime":"12 Jul 24 09:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI July 2024: Veggies driving the uptick","description":" CPI inflation increased to +5.08% YoY (our est: 4.97%) vs. +4.80% in May. Food inflation inched up +8.4% YoY (+7.9% in May), while core inflation remain steady at 3.1% YoY. Downlaod the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/cpi-july-2024.pdf","durl":"","murl":"","datetime":"12 Jul 24 06:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI: broad-based softening in prices was visible ","description":" US CPI inflation softened across the board in June and subsequently continued its downward trend that was visible over April-May. It printed lower than expectations at 3.0% YoY in June vs 3.3% in May (expectations: 3.1%). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/us-cpi-inflation-july-2024.pdf","durl":"","murl":"","datetime":"12 Jul 24 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning market starter","description":" \n Reserve Bank of India Governor Shaktikanta Das on Thursday said that India’s retail inflation is expected to be close to 5% in June, in line with the surveys conducted by the apex bank. He further stated that any consideration of changing the interest rate stance is premature, emphasizing the significant gap between current inflation levels and the targeted 4% while emphasizing that growth remains fairly robust. Read the report to know more about global and domestic developments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_July%202024.pdf","durl":"","murl":"","datetime":"12 Jul 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning market starter","description":" Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will make interest rate decisions "when and as" they are needed, pushing back on a suggestion that a September rate cut could be seen as a political act ahead of the fall presidential election. Read the report to know latest news and developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/MMS_11_July%202024.pdf","durl":"","murl":"","datetime":"11 Jul 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning market starter","description":" \n In the first day of his semi-annual testimony to Congress, the FOMC Chairman emphasized that there were two-sided risks emerging: moving too soon or moving too late. He ruled out the possibility of a rate hike, although remained non-committal in terms of timing of a future cut as he emphasized that future actions would remain ‘data-dependent’. He said that recent inflation data showed that ‘modest progress’ was being made and that more good data could strengthen the case for easing. Read 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_10_July%202024.pdf","durl":"","murl":"","datetime":"10 Jul 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook July 2024: World slowing down, India's growth momentum steady","description":" India’s growth momentum continuing: This summer is characterized by record high temperatures in Indian sub-continent and general elections. The former had an impact on consumption activity with businesses reporting fewer footfalls. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/chartbook-july2024.pdf","durl":"","murl":"","datetime":"09 Jul 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" \n US consumers’ near-term inflation expectations declined for the second straight month in June as Americans lowered their outlook for how much they expect home prices and the cost of other goods to rise over the next year. The People’s Bank of China tightened its grip on interest rates, introducing a new mechanism to influence short-term borrowing costs as policymakers expand their toolkit to guide markets. Read the report to know latest news and developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS9July2024.pdf","durl":"","murl":"","datetime":"09 Jul 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Investor focus will be on US inflation!","description":" The global soft-landing outcome was supported further by the release of the PMI surveys that showed that growth was slowing at the margin while recession risks remain low given the reading of 52.9 in the global composite PMI. The slowing in US growth momentum that was visible in high frequency indicators raised the odds of the FOMC embarking on easing in September. In the week ahead, focus will be on the US CPI print for investors to assess the prospective monetary policy stance as the FOMC minutes had a less than expected hawkish tone. 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%20July%202024.pdf","durl":"","murl":"","datetime":"08 Jul 24 05:48 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Agriculture weekly: Heavy rainfall turns monsoon into surplus","description":" Monsoon covered the entire country on 2 July 2024, six days ahead the normal date of 8 July. Rainfall picked up strongly during the week. As of 7 Jul, cumulative rainfall stood at 226mm, up 153% over the preceding week. Resultantly, cumulative rainfall moved to a surplus of 1.8% of LPA from a deficit of 11% in the preceding week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-8July2024.pdf","durl":"","murl":"","datetime":"08 Jul 24 04:15 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":" Domestic yields inched marginally lower, tracking UST yields amid a light domestic calendar. Softer employment data for the US has increased bets of a rate cut in September. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/fixed-income-weekly-8-july-2024.pdf","durl":"","murl":"","datetime":"08 Jul 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market starter","description":" The US economy added slightly more jobs than expected in June at 206K though the unemployment rate increased from 4.0% to 4.1 and wage growth saw a marginal decline to 3.9% YoY as per the labour market data. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_July%202024.pdf","durl":"","murl":"","datetime":"08 Jul 24 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: appears to be cooling","description":" US non-farm payrolls, which is measured by the establishment survey, surprised to the upside for June printing in at 206K vs expectation of 190K with job additions in the less cyclical sectors—government, healthcare and education that contributed over 75% of the total hiring. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/nfp-june-2024.pdf","durl":"","murl":"","datetime":"06 Jul 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Despite a fiscal surplus of INR 1.6tn reported in May, the finance ministry sources said that the Budget would stick to the fiscal deficit projection of 5.1% of GDP for FY25 as was pegged in the interim Budget. The target of 4.5% for FY26 would also be retained. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-5july2025.pdf","durl":"","murl":"","datetime":"05 Jul 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes: Less hawkish than feared ","description":" The FOMC minutes showed that members were comfortable in maintaining status quo and keeping a restrictive policy framework in place. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/fomc-minutes-june%202024.pdf","durl":"","murl":"","datetime":"04 Jul 24 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Media reports indicates that the US President Biden is coming under extreme pressure to drop out of the US Presidential election race for 2024, although that has been denied by the President. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-4july2024.pdf","durl":"","murl":"","datetime":"04 Jul 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finances: States’ revenue growth slows during April-May 2024","description":" States’ total expenditure growth decelerated too, possibly due to the General Election. More worringly, the quality of expenditure worsened during the first two months. This could change in the coming months as states’ capex picks up post election Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/state-finances-july-2024.pdf","durl":"","murl":"","datetime":"03 Jul 24 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Government has raised the windfall tax on domestically produced crude oil from INR 3250 per ton to INR 6000 per ton with effect from 2nd July. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-3-july-2024.pdf","durl":"","murl":"","datetime":"03 Jul 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The gross GST collection increased 8% YoY to INR 1.74tn in June. The finance ministry has discontinued the official release of monthly GST collection data. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms-2-july-2024.pdf","durl":"","murl":"","datetime":"02 Jul 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon to cover entire country ahead of time","description":" Monsoon rainfall picked up during the last week of June. Cumulative rainfall deficiency reduced to 6.8% below LPA (as of 1 July 2024), down from 18.1% in the preceding week. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-1-july-2024.pdf","durl":"","murl":"","datetime":"01 Jul 24 07:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Investor focus is shifting to politics ","description":" Global investor focus has shifted to politics. In response to the first round of the US Presidential election debate between the two candidates, investors have raised the odds of a Trump victory. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/global-weekly-01-july-2024.pdf","durl":"","murl":"","datetime":"01 Jul 24 06:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: US payrolls in focus","description":" Given a light domestic calendar, domestic yields will largely be driven by global events. The major events include US payrolls and minutes of the FOMC meeting along with PMI data for major economies and CPI and retail sales data for EU. 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%201%20July%202024.pdf","durl":"","murl":"","datetime":"01 Jul 24 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The first round of a snap parliamentary election in France pointed to a victory of the anti-immigrant Far-Right (FR) National Rally Party. However, the margin of victory is estimated to be much lower than previously expected. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_1_July%202024.pdf","durl":"","murl":"","datetime":"01 Jul 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Fiscal surplus in May, core sector growth sustains","description":" Gross tax revenues grew by 15.8% YoY primarily driven by higher direct tax collections in April-May 2024. Expenditure contracted 14.4% YoY in the same period because of elections. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20June%202024.pdf","durl":"","murl":"","datetime":"28 Jun 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of Atlanta President Bostic stated that he continues to expect one interest rate cut in 2024 amid signs that inflation has resumed its decline over April and May. Download the report to know more about the domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_June%202024.pdf","durl":"","murl":"","datetime":"28 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The growth in remittances to India is likely to halve in 2024 to 3.7% from 7.5% in 2023, according to the World Bank. Download the report to know more about the domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_June%202024.pdf","durl":"","murl":"","datetime":"27 Jun 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"China recovery remains weak with downside risks remaining in place","description":" High frequency monthly indicators confirmed that the Chinese economy is slowing with underlying private demand remaining weak. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20June%202024%20update.pdf","durl":"","murl":"","datetime":"26 Jun 24 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Subdued China to aid in global goods disinflation","description":" Global goods disinflation that started in 2023 should continue in our view led by China’s excess capacity and rising goods exports. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Global%20goods%20disinflation.pdf","durl":"","murl":"","datetime":"26 Jun 24 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve officials once again reiterated that they want to see more evidence of easing inflation pressures before they can consider reducing policy rates. Download the report to know more about global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_June%202024.pdf","durl":"","murl":"","datetime":"26 Jun 24 09:04 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The RBI's gold reserves parked overseas have dropped to the lowest in six years as a percentage of total holdings at the end of March 2024 that stood at 47% resulting in a total quantum of 822.1 tons. Download the report to know more about the domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_June%202024.pdf","durl":"","murl":"","datetime":"25 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India BoP: CAD at eleven-quarter high","description":" Current account recorded a surplus at USD 5.7bn (0.6% of GDP) in Q4FY24 as against a deficit of USD 8.7bn (-1% of GDP) in previous quarter. The decline was led by lower trade deficit. For FY24, CAD narrowed to USD 23bn (0.7% of GDP) compared with USD 67bn (2% of GDP) in FY23. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_Q4FY24.pdf","durl":"","murl":"","datetime":"24 Jun 24 07:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"The Weekly Update: European political concerns to remain in focus!","description":" While US economy is slowing from the spectacular pace witnessed in 2H2023, it reflects a normalization back to around trend level of growth in 2024. However, the divergence between the US and non-US world appears to have returned that was visible in flash PMI readings for June. Besides, French political concerns have intensified and anxiety about Chinese growth has increased. 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%2024%20June%202024.pdf","durl":"","murl":"","datetime":"24 Jun 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: SDL & T-bill calendar, US PCE in focus","description":" While UST yields opened higher last week, weak retail sales and housing data for the US drove yields lower as the week progressed. Subsequently, domestic yields inched lower last 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%2024%20June%202024.pdf","durl":"","murl":"","datetime":"24 Jun 24 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Japanese officials provided strong signs of intervening in the FX markets as the Yen approached a critical level of 160 against the USD. Download the report to know more about the global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_June%202024.pdf","durl":"","murl":"","datetime":"24 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Focus on inflation when growth outlook is favourable","description":" Current rainfall trajectory wouldn’t give members confidence on food inflation with monsoon being 17% below LPA as of now. We believe MPC members would want to wait to see monsoon trajectory and impact on food inflation before deciding to change stance. This implies October is more opportune time to change stance. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_minutes_June_2024.pdf","durl":"","murl":"","datetime":"21 Jun 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Global crude oil: Prices to remain range-bound amidst tight physical markets ","description":" Even as physical crude oil markets have tightened by a degree reflecting a rise in demand, upside bias in Brent Crude oil prices has been curtailed by easing of geo-political tensions. 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%20June%202024.pdf","durl":"","murl":"","datetime":"21 Jun 24 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: ranged in the near term; bullish in the medium-term","description":" Gold prices have fallen by ~4% in the last month on the back of an easing in geo-political tensions and in response to the hawkish guidance provided 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%20Report%20May%202024.pdf","durl":"","murl":"","datetime":"21 Jun 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Monsoon: Early arrival but slow progress; MSP hikes non-inflationary","description":" India’s much awaited south-west monsoon arrived earlier than its normal onset date (on 29th May 2024) over Kerala and North-East. Monsoon is progressing steadily and has covered some of the southern and north-eastern parts of the country. Despite this, India’s rainfall has remained weak so far, with overall precipitation at 77.0mm (-17% of LPA). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India%20Agriculture_June-2024.pdf","durl":"","murl":"","datetime":"21 Jun 24 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The Swiss National Bank delivered an unexpected rate cut of 25bps that pushed the policy rate lower to 1.25% while it provided a relatively dovish guidance. Download the report to know more about the global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_June%202024.pdf","durl":"","murl":"","datetime":"21 Jun 24 08:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The RBI’s bulletin highlighted that domestic growth is expected to remain robust with the onset of monsoon brightening prospects of agriculture while inflation was expected to continue to soften led by core. Download the report to know more about the global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_June%202024.pdf","durl":"","murl":"","datetime":"20 Jun 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The US budget deficit will jump to USD 1.915tn for fiscal 2024, topping last year's USD 1.695tn gap as the largest outside the COVID-19 era, the Congressional Budget Office said on Tuesday, citing increased spending for a 27% increase over its previous forecast. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_June%202024.pdf","durl":"","murl":"","datetime":"19 Jun 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: MPC minutes, US retail sales in focus","description":" The key event for India this week would be the minutes of the MPC policy meeting, where markets will assess the tone of the members for cues on the timing of change in stance. From the global side, US retail sales, Bank of England policy decision and CPI prints for EU and UK will be watched. 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%2018%20June%202024.pdf","durl":"","murl":"","datetime":"18 Jun 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Bank of Japan kept its benchmark interest rate unchanged at 0.1% on Friday. However, in an 8-1 vote it indicated it’s considering the reduction of its purchase of Japanese government bonds with the formal details expected to get announced at the conclusion of the July policy meeting. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_June%202024.pdf","durl":"","murl":"","datetime":"18 Jun 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit widens with higher oil","description":" Trade deficit widened to a 7-month high of USD 23.8bn in May from USD 19.1bn in April led by higher oil imports at USD 19.9bn in May from USD 16.5bn in April. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_May_2024.pdf","durl":"","murl":"","datetime":"15 Jun 24 10:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"WPI June 2024: Inches up led by food and manufactured products","description":" India’s wholesale inflation rose to a 15-month high of +2.61% YoY (our est: 2.8%) in May, led by higher 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%20June%202024.pdf","durl":"","murl":"","datetime":"14 Jun 24 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter 14th June 24","description":" Taiwan’s central bank kept its benchmark interest rate unchanged as concern about inflation recedes, while boosting the amount of funds banks must hold in reserve by raising the RRR by 25bps. Download the report to know more about the global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_June%202024.pdf","durl":"","murl":"","datetime":"14 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The FOMC emphasizes that it will remain cautious","description":" The FOMC maintained status quo on expected lines while the policy statement was largely unchanged. Emphasis was placed on keeping monetary policy restrictive to facilitate the ongoing disinflation trend. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20June%202024.pdf","durl":"","murl":"","datetime":"13 Jun 24 01:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"US CPI: Disinflation was broad-based","description":" US CPI inflation printed lower than expected at 3.3% YoY in May (expectations: 3.4%) vs 3.4% in April. On a sequential basis, it printed flat (expectations: 0.1%) compared with 0.3% in April. The flat reading reflected lower energy prices and slowing pace of core inflation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20June%202024.pdf","durl":"","murl":"","datetime":"13 Jun 24 12:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The FOMC maintained status quo that was on expected lines keeping the policy rate unchanged in an unanimous decision at the 5.25%-5.50% range. Download the report to know more about domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_June%202024.pdf","durl":"","murl":"","datetime":"13 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP: Power and mining driving growth","description":" Industrial production grew 5% YoY in April 2024, up from 5.4% YoY last month. Both power sector and mining witnessed an acceleration. Power demand is elevated even in May and June which bodes well for near-term outlook. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20Apr%202024.pdf","durl":"","murl":"","datetime":"12 Jun 24 10:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI June 2024: Inflation surprises positively","description":" India’s retail inflation came in lower than ours and market expectations at 4.75% in May compared with 4.83% in April. The YoY easing in inflation print can be attributed to a favorable base as sequentially the index was up by 0.48% (same as last month). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20June%202024.pdf","durl":"","murl":"","datetime":"12 Jun 24 09:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Appointments Committee of the Cabinet has appointed Sanjay Malhotra, the current revenue secretary, as the new governor of the Reserve Bank of India for a three-year term. He will replace Shaktikanta Das who has served a six-year period as the Governor. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms10dec2024.pdf","durl":"","murl":"","datetime":"12 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The World Bank stated that following several years of overlapping negative shocks, the global economy is stabilizing. Global growth this year is envisaged to remain at 2.6% YoY—a slightly faster pace than previously expected, due mainly to the continued solid expansion of the U.S. economy. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_June%202024.pdf","durl":"","murl":"","datetime":"12 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Appointments Committee of the Cabinet has appointed Sanjay Malhotra, the current revenue secretary, as the new governor of the Reserve Bank of India for a three-year term. He will replace Shaktikanta Das who has served a six-year period as the Governor. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms10dec2024.pdf","durl":"","murl":"","datetime":"12 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Appointments Committee of the Cabinet has appointed Sanjay Malhotra, the current revenue secretary, as the new governor of the Reserve Bank of India for a three-year term. He will replace Shaktikanta Das who has served a six-year period as the Governor. Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/mms10dec2024.pdf","durl":"","murl":"","datetime":"12 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC: maintaining a hawkish message by revising the ‘dots’ higher","description":" Since the last FOMC policy meeting in May, there has still not been any concrete or definitive indications either that labour market re-balancing is unfolding or that disinflation is becoming entrenched . The upshot is that there is limited scope for the FOMC to pivot significantly from the messaging that it provided last time around. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20preview%20June%202024.pdf","durl":"","murl":"","datetime":"11 Jun 24 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Chartbook June 2024: India’s growth narrative unchanged","description":" World trade and manufacturing have emerged as two engines of growth. Manufacturing PMI is at a 22-month high and goods trade is expanding (7.6% YoY increase in China's exports in May 2024). India's GST collections crossed INR 2tn in April and continued to grow at 10% YoY in May. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Chartbook%20-%20June%202024.pdf","durl":"","murl":"","datetime":"11 Jun 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" The Indian Prime Minister Narendra Modi has allocated portfolios to his Cabinet colleagues who took oath on Sunday. He has preferred continuity and given the Home Ministry to Amit Shah, Defence Ministry to Rajnath Singh, Finance to Nirmala Sitharaman, External Affairs to Jaishankar, and the Road and Highways Ministry to Nitin Gadkari. Download the report to know more about domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_June%202024.pdf","durl":"","murl":"","datetime":"11 Jun 24 09:05 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: diverging trends visible between payrolls and unemployment rate","description":" US non-farm payrolls, which is measured by the establishment survey, surprised to the upside for May printing in at 272K vs expectation of 200K. However, the figures for the previous two months were revised lower by 15K showing that hiring is slowing at the margin. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-May%202024.pdf","durl":"","murl":"","datetime":"10 Jun 24 07:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: India & US CPI, FOMC in focus","description":" The key event for India this week would be the CPI data for India, which is expected to inch higher due to food inflation. From the global side, major lined up are US CPI, followed by the FOMC policy decision. While status-quo on the policy rate is expected, the policy statement is likely to be hawkish. 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%20June%202024.pdf","durl":"","murl":"","datetime":"10 Jun 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"S&P Sovereign Rating: Fiscal consolidation, policy continuity and reforms brighten rating outlook","description":" In this series, we analyze global rating agencies’ criteria for sovereign rating and assess how India performs on the same. This report focuses on S&P’s Global’s sovereign rating criteria. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Rating.pdf","durl":"","murl":"","datetime":"10 Jun 24 11:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" China's exports grew more quickly 7.6% YoY and for a second month in May, suggesting factory owners are managing to find buyers overseas and providing some relief to the economy as it battles to mount a durable recovery. Download the report to know more about the domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_June%202024.pdf","durl":"","murl":"","datetime":"10 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finances: Capex loans from Center surge 417% in April 2024","description":" We analysed finances of 19 states accounting for ~77% of the national GDP. Our analysis shows during April 2024, our sample states’ tax revenue grew 11.9% YoY to INR 1.9tn, mainly driven by SGST, excise duty and transfers from Center. Download the know report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/State%20Finances_June%202024.pdf","durl":"","murl":"","datetime":"07 Jun 24 07:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MPC Review: Status quo, but two members vote for rate cut and change in stance","description":" With a 4-2 vote, MPC kept repo rate unchanged and retained stance at ‘withdrawal of accommodation’. Now two instead of one external member voted for a cut and change in stance. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_review_June_2024.pdf","durl":"","murl":"","datetime":"07 Jun 24 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"ECB delivered the rate cut; indicated future actions will remain data-dependent","description":" The ECB delivered its well telegraphed policy rate cut of 25bps driven by the sharp fall witnessed in inflation over the last year that was on expected lines and maintained its QT schedule. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/ECB%20review%20June%202024.pdf","durl":"","murl":"","datetime":"07 Jun 24 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" India’s Monetary Policy Committee (MPC), which began its meeting on 5 June, is scheduled to announce its decision today. We expect the MPC to keep the stance and repo rate unchanged this time, given the expected inflation and growth trajectory. Download the report to know more about the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_7_June%202024.pdf","durl":"","murl":"","datetime":"07 Jun 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India's services sector output growth moderated in May, reaching its lowest level in five months as the HSBC India Services PMI slipped to 60.2 from 60.8 in April, indicating a softening in services activities due to factors like severe heat waves and price pressures. Download the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_Jun%202024.pdf","durl":"","murl":"","datetime":"06 Jun 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Status-quo, focus on Monsoon, Budget and US Fed","description":" MPC in best position to assess impact of global (US Fed) and domestic developments (India Budget in July and monsoon by August) in October policy. Best time to change stance in Oct or Dec. Shallow rate cut cycle to start post change in stance. Monetary stimulus to help in the wake of fiscal consolidation towards 4.5% even as Budget may have more tilt towards revex going forward. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Preview_June_2024.pdf","durl":"","murl":"","datetime":"05 Jun 24 02:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" India’s PM Narendra Modi is poised to form the government for a third consecutive term with the BJP-led National Democratic Alliance (NDA) getting a majority in the Lok Sabha, after the Election Commission of India declared the results for the Lok Sabha elections. PM Modi asserted that the NDA government in its third term would show added resolve and energy, and take major decisions that would pave the way for making India a developed nation (Viksit Bharat). \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_Jun%202024%20-%20Copy%20-%20Copy.pdf","durl":"","murl":"","datetime":"05 Jun 24 09:10 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 rose to a 22-month high of 50.9 in May, to remain above the neutral 50.0 mark for the fourth successive month. Three out of the five PMI sub-indices were at levels indicative of an improvement in operating conditions (output, new orders and employment). Download the report to know more about domestic and global developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_04_Jun%202024%20-%20Copy.pdf","durl":"","murl":"","datetime":"04 Jun 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Indian assets relative outperformance could continue! ","description":" With India’s GDP surprising to the upside for FY24 and Standard and Poor rating agency raising its sovereign outlook on India from ‘stable’ to ‘positive’, investor focus will be on the election outcome. 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%20June%202024.pdf","durl":"","murl":"","datetime":"03 Jun 24 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India elections, RBI policy in focus","description":" The yield on the domestic 10-year benchmark eased during the week aided by sovereign rating outlook upgrade by a major rating agency and higher FPI investments. 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%203%20June%202024.pdf","durl":"","murl":"","datetime":"03 Jun 24 04:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Q4 GDP: GDP growth higher than estimates, GVA in-line","description":" Q4 GDP is again higher than estimate at 7.8% YoY (est: 7.3% YoY) led by lower subsidy payout, while GVA is in-line at 6.3% YoY (est: 6.2% YoY). FY24 growth now at 8.2% YoY with GVA at 7.2% YoY. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q4FY24%20GDP%20Review.pdf","durl":"","murl":"","datetime":"01 Jun 24 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Update: Fiscal deficit falls to 5.6% of GDP, core sector grows 6.2%","description":" Stronger than budgeted revenue and lower than budgeted expenditure drove fiscal deficit lower by INR 811bn (from RE) to 5.6% of GDP. Core sector grew 6.2% YoY in April 2024 from 6.0% 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/Monthly%20Economic%20May%202024_V1.pdf","durl":"","murl":"","datetime":"31 May 24 10:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"RBI Annual Report: Higher dividend positive for fiscal outlook","description":" Higher dividend by RBI at INR 2.1tn is led by increase in interest earned on foreign assets (+71% YoY) when interest earned on domestic assets is stable and forex earnings are lower (-19% YoY). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/RBI_Annual%20report_FY24.pdf","durl":"","murl":"","datetime":"31 May 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The India Meteorological Department on Thursday announced the onset of the southwest monsoon simultaneously over Kerala and parts of north-east India, a day earlier than the predicted. Read the report to know more about global and domestic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_31_May%202024.pdf","durl":"","murl":"","datetime":"31 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global Trade: India in a strong position to benefit from China+1","description":" To assess which countries are likely to benefit from China+1 the most, we considered 12 competing emerging markets viz. Bangladesh, Brazil, India, Indonesia, Malaysia, Mexico, Philippines, Taiwan, Thailand, Turkiye and Vietnam. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Global%20Trade-%20India%20in%20a%20strong%20position%20to%20benefit%20from%20China%2b1.pdf","durl":"","murl":"","datetime":"30 May 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Rating firm S&P Global Ratings on Wednesday upgraded India’s sovereign rating outlook to positive from stable and affirmed the overall rating at ‘BBB-’, citing robust growth and improved quality of government expenditure. At the same time, it affirmed BBB- long-term and ‘A-3’ short-term unsolicited foreign and local currency sovereign credit ratings. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_May%202024_new.pdf","durl":"","murl":"","datetime":"30 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Q4FY24 Corporate results: Profit margin declines amid lower closing inventory","description":" Corporate India’s revenue growth was in positive territory for the second consecutive quarter, growing at 3.9% YoY in Q4FY24. Revenue growth was largely driven by services (7% YoY). Download the report to know more.. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Corporate%20Results%20Q4FY24.pdf","durl":"","murl":"","datetime":"29 May 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The ratio of cost overruns in central government projects hit a 12-month high of 20.09% in April, rising from 18.65% in the previous month, government data showed on Tuesday. The general election has been cited as a key reason for the current slowdown in infrastructure activity. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_May%202024new.pdf","durl":"","murl":"","datetime":"29 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Q4FY24 GDP Preview: Rural outlook improving, investment upcycle sustaining","description":" With lower subsidy payout, GDP growth for Q4FY24 has been revised higher to 7.3% (GVA: 6.2%) thus driving FY24 GDP growth to 8%. FY25 outlook is unchanged at 6.8% with structural tailwinds in place. Higher RBI dividend gives room to accelerate capex while continuing with fiscal consolidation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q4FY24%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"28 May 24 04:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" Indians have spent a record USD 31.7bn under the RBI’s Liberalised Remittance Scheme in FY24, an increase of 17% YoY. The bulk of the spending — USD 17bn or 53% of the total — was on account of foreign travel, followed by spending on maintenance of relatives at USD 4.6bn. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_May%202024.pdf","durl":"","murl":"","datetime":"28 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: The hawkish FOMC minutes has been the main market driver! ","description":" The FOMC minutes provided a much more hawkish guidance than expected. Contrary to the FOMC Chair’s post policy press conference comments, the minutes showed that ‘various members’ considered the possibility of having to raise rates if progress remained slow. 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%20May%202024.pdf","durl":"","murl":"","datetime":"27 May 24 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"China: Structural weakness is becoming more prominent!","description":" An uneven recovery forces policymakers to act: High frequency indicators released for April showed that momentum in the Chinese economy is slowing and an imbalanced recovery appears to have become even more pronounced. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20May%202024%20update.pdf","durl":"","murl":"","datetime":"27 May 24 04:19 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: India GDP, US PCE in focus","description":" The domestic yield curve closed lower across tenors, with the long-end driven by higher-than-expected RBI dividend. A downward revision of T-bill calendar for Q1 has driven T-bill yields lower. 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%20May%202024.pdf","durl":"","murl":"","datetime":"27 May 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The income tax department has notified the cost inflation index (CII) for FY25, relevant to assessment year 2025-26, at 363, which is higher than 348 for FY24, and 331 for FY23. The CII is used for computing long-term capital gains on the sale of assets, including immovable property, securities, and jewellery. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_May%202024.pdf","durl":"","murl":"","datetime":"27 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes confirmed inflation risks could keep policy restrictive","description":" The FOMC minutes showed that most members remained concerned about the lack of progress on inflation. The emphasis was to ensure that policy remains as restrictive as possible that could facilitate the disinflation process. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20minutes%20May%202024.pdf","durl":"","murl":"","datetime":"24 May 24 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" RBI's Central Board of Directors approved a record dividend transfer of INR 2.10tn for FY24. The amount is more than double of the budgeted INR 1.02tn, shoring up fiscal revenues. The higher-than-expected dividend of INR 2.11 tn from the RBI will let the Centre reduce its market borrowings in FY25 by over 0.37% of the GDP if other budget numbers hold. 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_May%202024.pdf","durl":"","murl":"","datetime":"24 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finances: Fiscal deficit stood at 3.1% of GSDP, in-line with the target","description":" Tax collection is increased by 14.7% YoY to reach at INR 26.9tn in FY24 led by higher own tax collection, while transfers are muted due to reduction in grant in aid and contribution \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/State%20Finances_May%202024.pdf","durl":"","murl":"","datetime":"24 May 24 04:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The government is planning to update the base year of the Consumer Price Index (CPI) to FY24 from FY12 at present, and that of other macro-indicators such as the GDP, IIP and WPI to FY23. For the CPI, the new base year is expected to come into effect from January 2026. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_May%202024.pdf","durl":"","murl":"","datetime":"22 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Iranian President Ebrahim Raisi died in a helicopter crash as questions remain on who will succeed him given the ongoing tussle with Israel. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_May%202024.pdf","durl":"","murl":"","datetime":"21 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Fed officials including the vice chair of the rate-setting FOMC and NY Fed President Williams, acknowledged the positive turn in data such as lower-than-expected CPI and no increase in the retail sales during the month however remain cautious on rate cuts. 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_May%202024.pdf","durl":"","murl":"","datetime":"17 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI: Goods deflation drives CPI inflation lower!","description":" US CPI inflation inched lower as it printed in at 3.4% YoY in April vs 3.5% in March in line with the expectations. However, sequential momentum printed in at 0.3% that was lower than expectation of 0.4%. Download the report know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20May%202024.pdf","durl":"","murl":"","datetime":"16 May 24 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US CPI inflation inched lower as it printed in at 3.4% YoY in April vs 3.5% in March in line with the expectations. However, sequential momentum printed in at 0.3% that was lower than expectation of 0.4%. Read the report to know about the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_May%202024.pdf","durl":"","murl":"","datetime":"16 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit widens with higher oil and gold imports","description":" Trade deficit widened to a 4-month high of 19.1bn in April from USD 15.6bn in March, mainly led by higher imports (gold). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_April_2024.pdf","durl":"","murl":"","datetime":"15 May 24 10:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Chair Jerome Powell gave an optimistic view on the economy and expressed confidence that inflation would keep falling, despite recent data. He stated that "it is more likely that we hold the policy rate where it is." It is unlikely, in his view, that the Fed would have to raise rates any further, even if the prospect for rate cuts has become less certain. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_May%202024.pdf","durl":"","murl":"","datetime":"15 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI May 2024: Higher food and fuel inflation drives the uptick","description":" Wholesale inflation rose to a 13-month high of +1.26% YoY (our est: +1.1%) in April, led by a pick-up in food and fuel inflation. Manufactured products witnessed a slower pace of deflation. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20May%202024.pdf","durl":"","murl":"","datetime":"14 May 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Consumers expect prices will climb at an annual rate of 3.3% over the next year after hovering around 3% for the past four months, a Federal Reserve Bank of New York survey showed. That marked the highest reading since November. Meantime, views of the labor market worsened, with earnings growth expectations decreasing and the probability of higher unemployment rising. 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_May%202024.pdf","durl":"","murl":"","datetime":"14 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI May 2024: Food inflation inches up, core remains steady","description":" PI inflation softened a tad to 4.83% YoY (same as our est.) vs. 4.85% in March. Food inflation inched up to 7.9% YoY, while core inflation remained steady at 3.2% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20May%202024.pdf","durl":"","murl":"","datetime":"13 May 24 09:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: US CPI inflation will set the tone!","description":" Investors remain focussed on guidance from central banks on the prospect of easing 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%2013%20May%202024.pdf","durl":"","murl":"","datetime":"13 May 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India, US CPI in focus","description":" Major events this week include the CPI prints for India and the US, where headline prints are expected to remain elevated. Other major events include comments from Fed Chair Powell, retail sales print for the US, CPI and GDP data for the EU, and labour market data for the UK. 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%20May%202024.pdf","durl":"","murl":"","datetime":"13 May 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India's industrial production (IIP) growth moderated to 4.9% YoY in March 2024 on a low base (1.9% YoY in March 2023). Read the report to know more about the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_May%202024.pdf","durl":"","murl":"","datetime":"13 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP: Manufacturing output grows at 5-month high","description":" Industrial production grew 4.9% YoY in March 2024 on a low base (1.9% YoY in March 2023). Sequentially, IIP growth came in at a 12-month high of 8.2%. Average IIP growth during FY24 stood at 5.8%, a tad higher than 5.2% growth recorded in FY23. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20mar%202024.pdf","durl":"","murl":"","datetime":"10 May 24 09:33 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: Despite a short-term correction, medium-term outlook is constructive","description":" Gold prices fell modestly on a sequential basis by ~1%, over the last month, from an all-time record high in response to an upward re-pricing of the US policy rate profile as well as reduced geo-political concerns. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20prices%20report%20April%202024.pdf","durl":"","murl":"","datetime":"10 May 24 12:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Centre’s fiscal deficit for FY24 may be slightly lower than the revised estimate (RE) of INR 17.3tn or 5.84% of GDP, aided by lower than budgeted revenue expenditure and higher revenue receipts than the RE, government officials said, as per FE. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_May%202024.pdf","durl":"","murl":"","datetime":"10 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Global markets: The realignment back to ‘US exceptionalism’! ","description":" Global growth projections have been revised higher from 2.8% YoY to 3.0% in 2024 reflecting upgrades to US and India while Europe, Japan and China projections of below trend growth have been retained. Risks to the global growth outlook remain to the downside. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Global%20economy%20and%20markets%20April%202024.pdf","durl":"","murl":"","datetime":"09 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Japan's inflation-adjusted real wages in March fell 2.5% from a year earlier, marking declines for two straight years. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_9_May%202024.pdf","durl":"","murl":"","datetime":"09 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartboook May 2024: Growth upturn delaying global monetary easing cycle","description":" A normal monsoon should drive rural recovery and consumption in FY25. Favorable weather forecast (La-Nina) implies.... 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/chartbook/Chartbook%20-%20May%202024.pdf","durl":"","murl":"","datetime":"08 May 24 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" India’s PM Narendra Modi is poised to form the government for a third consecutive term with the BJP-led National Democratic Alliance (NDA) getting a majority in the Lok Sabha, after the Election Commission of India declared the results for the Lok Sabha elections. PM Modi asserted that the NDA government in its third term would show added resolve and energy, and take major decisions that would pave the way for making India a developed nation (Viksit Bharat). \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_Jun%202024%20-%20Copy%20-%20Copy.pdf","durl":"","murl":"","datetime":"08 May 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Fed President Neel Kashkari stated that it is likely that the central bank will keep rates at current levels for an extended period of time until officials are certain that prices are on track to their target. He also questioned whether monetary policy is restrictive enough to return prices to the 2% target level.. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_May%202024.pdf","durl":"","murl":"","datetime":"08 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India's Services Purchasing Managers' Index fell to 60.8 in April from 61.2 in March, yet it maintained strength due to strong domestic and international demand. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_7_May%202024.pdf","durl":"","murl":"","datetime":"07 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: The global USD’s supports have reduced!","description":" Investors have responded favourably to the FOMC Chair’s guidance that further rate hikes are not in store and that the next action will be a cut whose timing will be data-dependent. In addition a softer profile of US labour market indicators has worked to weigh on US yields and the 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%2006%20May%202024.pdf","durl":"","murl":"","datetime":"06 May 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC, US payrolls drive domestic yields lower","description":" The domestic yield curve again saw a flattening bias last week, with the long-end yields closing lower in response to the FOMC policy decision and a decline in oil prices. 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%20May%202024.pdf","durl":"","murl":"","datetime":"06 May 24 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US economy added fewer jobs than expected in April at 175k while the unemployment rate rose by 3.9%, lifting hopes that the Fed will be able to cut interest rates in the coming months. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_6_May%202024.pdf","durl":"","murl":"","datetime":"06 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US Labour market: Confirmed that re-balancing is taking place!","description":" US non-farm payrolls surprised to the downside showing that hiring could be slowing for April printing in at 175K vs expectation of 200K. To add to this, the past two months’ net revision subtracted another 22K. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Apr%202024.pdf","durl":"","murl":"","datetime":"04 May 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India's services exports declined 1.3% in March to USD 30bn while imports fell by 2.1% to USD16.61bn, according to a report by the RBI released on Thursday. The trade surplus during March 2024 was USD 13.4bn. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_3_May%202024.pdf","durl":"","murl":"","datetime":"03 May 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC review: emphasis was placed on lack of progress on inflation","description":" The FOMC maintained status quo on expected lines. However, it announced a much faster pace of QT taper with the caps under treasury securities were reduced from USD 60bn to USD 25bn from June onwards. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20May%202024.pdf","durl":"","murl":"","datetime":"02 May 24 11:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"China April Update: cyclical stabilization visible but structural concerns remain","description":" The Q12024 GDP release showed that the Chinese economy has stabilized. However, growth drivers are uneven. Infrastructure and manufacturing sectors are doing better. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20April%202024%20update.pdf","durl":"","murl":"","datetime":"02 May 24 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The FOMC maintained status quo on expected lines. While it announced a QT taper to USD 25bn from USD 60bn for treasury securities that was much greater than our expectations of USD 30bn, the decision reflected more the need to minimize disruption to the money market from balance sheet reduction. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_2_May%202024.pdf","durl":"","murl":"","datetime":"02 May 24 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 gave an optimistic view on the economy and expressed confidence that inflation would keep falling, despite recent data. He stated that "it is more likely that we hold the policy rate where it is." It is unlikely, in his view, that the Fed would have to raise rates any further, even if the prospect for rate cuts has become less certain. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_May%202024.pdf","durl":"","murl":"","datetime":"01 May 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Core growth at 7.5% for FY24, credit off-take buoyant","description":" Core sector grew 5.2% YoY in March 2024 from 7.1% YoY in February. Fertilizers and petroleum refinery products dragged the index down while steel, electricity, and coal continued to drive core sector activity. 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%20April%202024.pdf","durl":"","murl":"","datetime":"30 Apr 24 08:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC: status quo with a hawkish message to indicate a delay in easing!","description":" At the conclusion of its meeting (30 April to 1 May), the FOMC is expected to maintain status quo while announcing plans to taper QT starting from June 2024 to December 2024. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20preview%20May%202024.pdf","durl":"","murl":"","datetime":"30 Apr 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The forecast of an above-normal monsoon, high-frequency indicators along with a more benign global outlook bode well for the Indian economy to grow by over 7% in FY25, according to the National Council of Applied Economic Research’s Monthly Economic Review for April. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_April%202024.pdf","durl":"","murl":"","datetime":"30 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil: raising our trading range over 2024","description":" The uptrend in global crude prices continued over the last month in\nresponse to persistence in geo-political tensions. However, some calm has\nreturned as the Israel-Iran conflict has not escalated further while the\nRussia-Ukraine conflict is not showing signs of easing. 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%202024.pdf","durl":"","murl":"","datetime":"29 Apr 24 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: FOMC, US payrolls in focus","description":" The domestic yield curve saw a flattening bias last week, with the short-end yields moving higher amid tighter liquidity conditions. The 10-year benchmark yield closed lower with improved buyer sentiment. Meanwhile, UST yields inched higher in response to higher-than-expected PCE print. 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%20April%202024.pdf","durl":"","murl":"","datetime":"29 Apr 24 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Bank of Japan maintained its overnight policy rate in the 0% to 0.1% band while kept the pace of its OMO purchases unchanged that would take place at a similar pace as that announced in the March policy meeting. Read the report to know more about domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_April%202024.pdf","durl":"","murl":"","datetime":"29 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" US GDP slowed from 3.3% QoQsaar in Q42023 to 1.6% in Q12024 that was below expectations of 2.5%. The source of downside came from a drag from inventoried that subtracted 0.4% from GDP and next exports that subtracted 0.9%. Read the report to know more about global and domestic updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_April%202024.pdf","durl":"","murl":"","datetime":"26 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Central Bank of Indonesia delivered a surprise rate hike of 25bps taking the policy rate higher to the 6.25% mark. The Governor explained that the steps taken as “anticipatory, forward-looking, and preemptive” policy response to the rise in global crude oil prices as well as the depreciation in the IDR. The central bank also did not provide any firm guidance of further tightening that could be in store. Read the report to know more about domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_April%202024.pdf","durl":"","murl":"","datetime":"25 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n US business activity cooled in April to a 4-month low due to weaker demand, while rates of inflation eased slightly even as input prices rose sharply, suggesting some possible relief ahead as the Federal Reserve looks for signs that the economy is ebbing enough to bring inflation down further. Read the report to know more about global and domestic developments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_April%202024.pdf","durl":"","murl":"","datetime":"24 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Shashanka Bhide, a member of the RBI Monetary Policy Committee, suggests that India's economic growth of 7% in 2024-25 and beyond is feasible due to favorable monsoon, higher farm productivity, and improved global trade. His colleague MPC member Ashima Goel said that India needs to cut interest rates to help its economy reach its potential growth in order to create employment and jobs for young people, for the investment cycle to take off, and so on. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_April%202024.pdf","durl":"","murl":"","datetime":"23 Apr 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Relative strength of the US economy to remain intact","description":" An ongoing development that has gained in importance has been the the growing divergence between US monetary policy and European monetary policy respectively. At the same time, geo-political concerns have eased on expectations that Israel-Iran conflict may not escalate further. 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%20April%202024.pdf","durl":"","murl":"","datetime":"22 Apr 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: US GDP and PCE data in focus","description":" Given a light domestic calendar, US data releases and geo-political developments in the Middle East will drive domestic yields this week. US GDP data for Q12024 and March PCE print will provide more cues on the rate outlook of the US Fed and BoJ policy decision is due on Friday. 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%20April%202024.pdf","durl":"","murl":"","datetime":"22 Apr 24 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Chinese banks in consultation with the PBoC kept the loan prime lending rates at the one year and five year tenors respectively unchanged at 3.45% and 3.95% respectively. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_April%202024.pdf","durl":"","murl":"","datetime":"22 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Liquidity: Whence it came, where it went","description":" India’s liquidity situation has seen a turnaround in the last financial year from record deficits to moderate surplus by the end of the financial year. After injecting only INR 3tn between Apr and mid-Dec, RBI has injected INR 23tn since then. How long will the cycle last? Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Liquidity%20whence%20it%20came%2c%20where%20it%20went.pdf","durl":"","murl":"","datetime":"20 Apr 24 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"MPC minutes: Changing dynamics to delay easing cycle","description":" Since the meeting, global factors have turned adverse while domestic factors are favourable (prediction of normal monsoon). However, higher global commodity prices should push core inflation higher. Delay in US easing cycle would also delay EM easing cycle including that of India since low yielding countries already facing depreciation pressure which in itself is inflationary. 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_2024.pdf","durl":"","murl":"","datetime":"19 Apr 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The US government has confirmed that Israeli missiles have struck Iran that would suggest a further escalation in the conflict that might result in risk aversion while pushing both gold and crude oil prices higher. Global crude oil prices have increased by 3% in a knee-jerk reaction to these developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_April%202024.pdf","durl":"","murl":"","datetime":"19 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The IMF raised its economic growth projections from 3% YoY to 3.2% for 2024 that would be unchanged from 2023. The source of the upward revisions came from better than expected growth in advanced economies in both the US and European regions. Read the report to know more about domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_April%202024.pdf","durl":"","murl":"","datetime":"18 Apr 24 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 San Francisco President Mary Daly reiterated there’s no urgency to adjust interest rates, pointing to solid economic growth, a strong labor market and still-elevated inflation. Read the report to more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_April%202024.pdf","durl":"","murl":"","datetime":"16 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit narrows, but rising oil prices a concern","description":" Trade deficit narrowed to 11-month low of USD 15.6bn in March from USD 18.7bn in Feb, mainly due to lower gold imports. Non-oil non-gold deficit narrowed due to higher non-oil exports. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_March_2024.pdf","durl":"","murl":"","datetime":"15 Apr 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update : Re-entering a stronger global USD regime!","description":" Two key developments are unfolding simultaneously. First, geo-political tensions have increased after a step-up in the conflict between Israel and Iran that has kept global crude oil prices elevated. We continue to monitor the situation to examine whether there could be a further escalation in the conflict that might raise the oil price profile and result in continued risk aversion. 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%20April%202024.pdf","durl":"","murl":"","datetime":"15 Apr 24 06:32 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI April 2024: WPI inched up led by higher food prices","description":" Wholesale inflation rose to a 3-month high of 0.53% YoY (our est: 0.52%) in March led by higher food inflation. Fuel and power and manufactured products witnessed lower deflation. Download the report to know more.. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20April%202024.pdf","durl":"","murl":"","datetime":"15 Apr 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: MPC minutes, geo-politics in focus","description":" The key domestic events this week are the minutes of the MPC meeting and trade data for March, with the former due post-market hours on Friday. On the global front, CPI data for UK, EU and Japan is awaited, along with US retail sales and China GDP. Geo-political risks to persist in the 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%2015%20April%202024.pdf","durl":"","murl":"","datetime":"15 Apr 24 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Iran unleashed a barrage of missiles and drones on Saturday and during the early hours of Sunday targeting Israel. Iran’s widely anticipated missile and drone attack was defeated with the orchestrated help of the US, UK and Jordan who, alongside the Israeli military, ensured that all but a handful of ballistic missiles were neutralised overnight. Read the report to know more about global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_April%202024.pdf","durl":"","murl":"","datetime":"15 Apr 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP: Growth accelerates to 4-month high; FMCG remains muted","description":" Industrial production accelerated by 5.7% YoY in February 2024 (our estimate: 6.2%) compared with 4.1% in January 2024. On a MoM basis, index is declined by -4.1%. Mining and electricity drove industrial activity higher followed by manufacturing. Manufacturing sector output was impacted by muted exports as well as lower FMCG output. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20Feb%202024.pdf","durl":"","murl":"","datetime":"12 Apr 24 09:16 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI April 2024: Core moves even lower, food is sticky","description":" \n CPI inflation eased to 4.85% YoY in March (ICICI: 4.8%) vs. 5.09% in February. Core inflation continues to move lower (3.2% YoY) even as food and beverages is still elevated at 7.7% YoY. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20April%202024.pdf","durl":"","murl":"","datetime":"12 Apr 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"ECB review: Preparing markets for a possible June rate cut!","description":" The ECB maintained status quo on expected lines, although it appeared to have laid the groundwork for rate cuts to commence from June 2024 onwards. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/ECB%20review%20April%202024.pdf","durl":"","murl":"","datetime":"12 Apr 24 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The FOMC minutes for the March policy meeting showed that all participants believed that ‘it would be appropriate to move policy to a less restrictive stance this year’, although that was qualified by stating that recent data ‘had not increased their confidence’ to move forward in this direction. Participants believed that there ‘would some unevenness in inflation readings’. Additionally, participants favoured tapering QT that could get announced in the next policy meeting in May. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_April%202024.pdf","durl":"","murl":"","datetime":"12 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI: surprised to the upside as core services inflation was elevated","description":" US CPI inflation picked up as it printed in at 3.5% YoY in March vs 3.2% in February printing above expectations of 3.4%. On a sequential basis, momentum remained elevated at 0.4% unchanged from the previous month. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20March%202024.pdf","durl":"","murl":"","datetime":"10 Apr 24 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Chartbook April 2024: Strong growth to delay global easing cycle","description":" Despite the pace and magnitude with which policy rates in US and Europe have gone up, global growth is surprising positively. 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/chartbook/Chartbook%20-%20April%202024.pdf","durl":"","murl":"","datetime":"10 Apr 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of Atlanta President Raphael Bostic reiterated his expectation for one interest-rate cut this year, but added he’s open to changing his view to later or additional rate reductions should the economic picture change. Download the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_April%202024.pdf","durl":"","murl":"","datetime":"10 Apr 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MoSPI infra tracker: Increasing thrust on road projects","description":" In the recent past, the infrastructure in India has witnessed rapid upgrade. MoSPI infra tracker shows that the number of major infra projects (above INR 1.5bn) in the country increased 168% during FY14 and FY24 (until Feb), up from 149% increase during FY04-FY14. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Mospi%20Infra%20Projects%20Tracker_Apr%202024.pdf","durl":"","murl":"","datetime":"08 Apr 24 05:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"The Weekly Update: Will US core services finally show signs of easing?","description":" The global economy continues to show resilience to elevated interest rates that was visible in the global PMIs rising further to a nine-month high of 52.3 in March up from 52.1 in February driven by an improvement in both manufacturing and services respectively. Overall, US growth remains robust that is being accompanied by signs of improving growth in the Euro-zone and China. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"","durl":"","murl":"","datetime":"08 Apr 24 04:30 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":" Domestic yields at the longer-end closed higher last week in response to higher UST yields and oil prices with MPC maintaining status quo. T-bill yields closed lower given easing liquidity conditions. 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%208%20April%202024.pdf","durl":"","murl":"","datetime":"08 Apr 24 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India’s Monetary Policy Committee unanimously decided to keep the key interest rates unchanged at 6.5%, with a 5:1 majority, while maintaining the policy stance at ‘withdrawal of accommodation’. Real GDP and inflation estimate for FY25 remain unchanged at 7% and 4.5% respectively, despite some revisions to the quarterly estimates. Download the report to know more about global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_April%202024.pdf","durl":"","murl":"","datetime":"08 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US NFP March 2024: robust hiring reinforces the need for a restrictive regime ","description":" US non-farm payrolls surprised to the upside for March printing in at 303K vs 270K. To add to this strength, the past two months’ net revision added another 22K, breaking the trend of downward revisions witnessed in previous months. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Mar%202024.pdf","durl":"","murl":"","datetime":"06 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MPC Review: Status quo on rates and stance","description":" MPC decided to keep repo rate unchanged at 6.5% and retained stance at ‘withdrawal of accommodation’ with one external member voting for 25bps rate cut and change in stance. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_review_April_2024.pdf","durl":"","murl":"","datetime":"05 Apr 24 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Several FOMC officials who spoke overnight provided a divergent view, although consensus appeared to suggest need to be cautious in embarking on rate cuts going forward. Download the report to more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_April%202024.pdf","durl":"","murl":"","datetime":"05 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: could continue to shine","description":" Gold prices rallied sharply over the last month by ~7% resulting in an increase of ~10% over 2024 so far. A key development has been the break-down in the inverse relationship between gold prices and US real yield movements. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20Report%20March%202024.pdf","durl":"","murl":"","datetime":"04 Apr 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"State Finances: States step up utilization of capex loans","description":" States’ Own Tax Revenue grows 12.4% as most components record double-digit growth: Our sample states’ Own Tax Revenue (OTR) grew 12.4% YoY to INR 16.4tn during Apr-Feb FY24. Most components of OTR viz. SGST, stamps and registration, excise duty, and land revenue recorded double-digit growth rate during FYTD24. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/State%20Finances_April%202024.pdf","durl":"","murl":"","datetime":"04 Apr 24 01:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Oil rose toward a five-month high after OPEC+ confirmed it would maintain its existing supply cuts through the end of June 2024 that will likely keep physical markets tight over Q22024. Download the report to know more about global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_04_April%202024.pdf","durl":"","murl":"","datetime":"04 Apr 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: No change given growth surprise","description":" The window for changing stance should open in June or August with Fed seen to be cutting rates in June and India’s inflation inching lower though it goes back again. This should open room for a rate cut in August or October (October more likely). Rate cut cycle is expected to be a shallow one (50bps) given neutral rates are higher than before. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Preview_April_2024.pdf","durl":"","murl":"","datetime":"03 Apr 24 11:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter:03-04-2024","description":" President Joe Biden and Chinese President Xi Jinping discussed Taiwan, artificial intelligence and security issues Tuesday in a call meant to demonstrate a return to regular leader-to-leader dialogue between the two powers. download the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_03_April%202024.pdf","durl":"","murl":"","datetime":"03 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The US ISM manufacturing index movined higher from 47.8 to 50.3 in March as the index in to expansionary territory for the first time since September 2022. The price paid component rose sharply indicating that input price inflation remains elevated. Download the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_02_April%202024.pdf","durl":"","murl":"","datetime":"02 Apr 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: MPC policy, US payrolls in focus","description":" Domestic yields closed lower last week in response to lower-than-expected calendar issuance amount for G-secs and T-bills (INR 7.5tn and INR 3.2tn 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%201%20April%202024.pdf","durl":"","murl":"","datetime":"01 Apr 24 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monthly Update: Capex surged during Feb ’24, core sector growth at 3-month high","description":" Center’s Gross Tax Revenue (GTR) collection grew 13.4% YoY during Apr-Feb FY24 to reach 84% of revised estimate. The growth in GTR was driven by strong direct tax collection (22% YoY) although indirect tax collection growth remained muted (5% YoY) during the first eleven months. 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%20March%202024.pdf","durl":"","murl":"","datetime":"28 Mar 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Food inflation: Cyclical and Structural tailwinds","description":" Global food supply dynamics should improve in 2024 led by waning El Niño conditions from April. Rainfall over India should be better compared with last year and boost domestic supply and incomes. Both cyclical and structural factors point towards lower inflation. We have revised inflation forecast lower to 4.5% for FY25 from 4.7% earlier on the back of favourable monsoon. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Food%20inflation-%20Cyclical%20and%20Structural%20tailwinds.pdf","durl":"","murl":"","datetime":"28 Mar 24 06:25 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Governor Waller stated that there is no rush to raise policy rates as he emphasized that recent economic data warrants either delaying or reducing the number of rate cuts for 2024. 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_28_March%202024.pdf","durl":"","murl":"","datetime":"28 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"China Report March 2024","description":" The Chinese government committed to ensuring that the economy grows by 5% supported by supply-side fiscal stimulus measures. High frequency indicators showed that the economy rebounded in January-February 2024 on the back of a seasonal festival related pick-up in activity and mobility. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20March%202024%20update.pdf","durl":"","murl":"","datetime":"28 Mar 24 08:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"H1FY25 borrowing calendar: Lower gross borrowing positive for yields","description":" Borrowing calendar for H1FY24 stands at INR 7.5tn (~53% of total issuance for FY25), lower than the previous year (57% in H1FY24). Net borrowing of INR 5.7tn is a positive for the bond markets. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Borrowing%20calendar%20H1FY25.pdf","durl":"","murl":"","datetime":"27 Mar 24 08:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India is set to replace its 'minimum wages' system with a 'living wage' by 2025, with the government seeking technical assistance from the International Labour Organisation to develop a framework for estimating and implementing 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_27_March%202024.pdf","durl":"","murl":"","datetime":"27 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India BoP: Resilient services exports and remittances drive CAD lower ","description":" \n Current account deficit (CAD) narrowed to USD 10.5bn (1.2% of GDP) in Q3FY24 compared with USD 11.4bn (1.3% of GDP) in Q2FY24 led by higher services exports and remittances. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_Q3FY24.pdf","durl":"","murl":"","datetime":"26 Mar 24 10:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"The Weekly Update: A stronger USD in store?","description":" Global central bank guidance was less hawkish than expected with the FOMC and BoE. Investors in particular responded to the comments made by the FOMC Chair during his press conference. The BoE provided a relatively neutral guidance as compared to its last policy meeting. 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%2026%20March%202024.pdf","durl":"","murl":"","datetime":"26 Mar 24 06:27 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: G-sec borrowing calendar, US PCE in focus","description":" Domestic yields inched up last on the back of higher than anticipated SDL borrowing along with FPI selling on Friday. In contrast, UST yields closed lower with FOMC holding on to its dot plot for 2024. 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%20March%202024.pdf","durl":"","murl":"","datetime":"26 Mar 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" RBI's central board on Friday reviewed the domestic economic situation and outlook, including the challenges posed by the global financial market volatility. The board also approved the bank’s budget for FY25, the central bank 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_26_March%202024.pdf","durl":"","murl":"","datetime":"26 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finances: States pencil in moderate consolidation in FY25","description":" We analysed budgets of 14 states for FY25, accouting for ~84% of the national GDP. Our analysis shows that our sample states have budgeted their nominal GSDP to grow 10.9% YoY in FY25, broadly in line with the 10.5% YoY nominal GDP growth assumed in the Interim Budget FY25. Read the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/State%20Budgets%20Consolidated%20FY25%20(1).pdf","durl":"","murl":"","datetime":"22 Mar 24 06:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Global crude oil: upside bias is emerging from geo-political tensions","description":" Global crude oil prices rose sharply over the last month responding to seasonal tightening in physical markets, OPEC+ members decision to extend production cuts and a pick-up in geo-political tensions. 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%20Mar-24.pdf","durl":"","murl":"","datetime":"22 Mar 24 12:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The Swiss National Bank surprised the market with a decision to lower its main policy rate by 0.25bps to 1.5%, saying national inflation is likely to stay below 2% for the foreseeable future. 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_March%202024.pdf","durl":"","murl":"","datetime":"22 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC signals unchanged guidance for 2024 with actions to be ‘data-dependent’","description":" FOMC maintained status quo and it retained its forward guidance in which it ruled out the need for an immediate pivot towards easing policy. In the press conference, the FOMC Chair emphasized that QT taper could commence shortly. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20March%202024.pdf","durl":"","murl":"","datetime":"21 Mar 24 11:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" European Central Bank chief Christine Lagarde on Wednesday reiterated that policymakers will consider bringing interest rates down in June, but sketched an uncertain path beyond that. 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_March%202024%20Copy.pdf","durl":"","murl":"","datetime":"21 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" At the conclusion of its policy meeting (19-20 March 2024), ICICI Bank expects the FOMC is expected to maintain status quo, provide some guidance on possible QT taper and emphasize the need to maintain a restrictive regime. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_March%202024.pdf","durl":"","murl":"","datetime":"20 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC could emphasize the need to maintain a restrictive regime!","description":" At the conclusion of its policy meeting (19-20 March 2024), the FOMC is expected to maintain status quo, provide some guidance on possible QT taper and emphasize the need to maintain a restrictive regime. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20preview%20March%202024.pdf","durl":"","murl":"","datetime":"19 Mar 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"India GDP: India on a new growth trajectory","description":" High frequency indicators show Indian economy is likely to grow around 6.7% in Q4FY24 thus implying upward revision to 7.6% growth for FY24. Upturn in economic momentum is visible in consumption as seen in pick-up in two and four-wheeler sales along with rural demand. Auto production and travel, financial services and real estate buoyant. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India%20FY25%20update.pdf","durl":"","murl":"","datetime":"19 Mar 24 01:36 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" A Russian company, Gunvor Group Ltd. Chief Executive Officer Torbjörn Törnqvist estimated that \n about 600,000 barrels of Russia’s daily oil-refining capacity has been knocked out by Ukrainian \n drone strikes. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_March%202024.pdf","durl":"","murl":"","datetime":"19 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Trading the hawkish central bank guidance? ","description":" With the preliminary rounds of Japanese wage inflation coming in higher than expected, we think that the upcoming BoJ meeting is a ‘live’ one with the prospect of normalization of policy remaining in place. However, we would not expect the BoJ to signal that it is moving towards a prolonged tightening campaign. 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%20March%202024.pdf","durl":"","murl":"","datetime":"18 Mar 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC policy decision in focus","description":" Domestic yield at the longer-end inched up last week in response to higher-than-expected inflation print seen in the US. Meanwhile, India’s CPI print was steady on the back of record-low core inflation even as food inflation was elevated. 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%2018%20March%202024.pdf","durl":"","murl":"","datetime":"18 Mar 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China's industrial output grew 7.0% year-on-year in the January-February period, data showed on Monday, accelerating from the 6.8% pace seen in December and beating expectations, marking a solid start for 2024 and offering tentative relief to policymakers. 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_18_March%202024.pdf","durl":"","murl":"","datetime":"18 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Higher gold imports drive trade deficit higher","description":" \n Merchandise exports rose by 11.9% YoY to USD 41.4bn (12.2% MoM), led by non-oil (+13.7% YoY) and oil exports (+5.0% YoY). Net services exports at USD 16.8bn (USD 16.2bn last month). 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_February_2024.pdf","durl":"","murl":"","datetime":"15 Mar 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US retail sales rebounded less than expected in February at 0.6% MoM from 0.8% MoM in January, suggesting a slowdown in consumer spending in the first quarter amid rising inflation and high borrowing costs. Additionally, producer prices showed a larger than expected increase at 0.6% MoM in February from 0.3% MoM in January. 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_15_March%202024.pdf","durl":"","murl":"","datetime":"15 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI March 2024: WPI softens led by energy and core","description":" Wholesale inflation eased to 0.20% YoY vs. 0.27% in January led by fuel and power and manufactured products. Food inflation inched up to 4.1% YoY (3.8% in Jan). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20March%202024.pdf","durl":"","murl":"","datetime":"14 Mar 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Donald Trump has clinched the Republican presidential nomination ensuring that a re-match between him and the US President Biden takes place in the Presidential elections that are due in November 2024. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_14_March%202024.pdf","durl":"","murl":"","datetime":"14 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI February 2024: Pace of disinflation is moderate","description":" US CPI, printed in at 3.2% YoY in February vs 3.1% YoY in the past month printing marginally above expectations at 3.1%. On a sequential basis, it remained elevated at 0.4% as core goods surprised marginally to the upside. Shelter and gasoline costs accounted for nearly 60% of the monthly rise. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20February%202024.pdf","durl":"","murl":"","datetime":"13 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s CPI inflation eased to 5.09% YoY in February vs. 5.1% YoY in January while core inflation continues to move lower at 3.3% YoY. Retail food inflation rose to 8.66% YoY in February from 8.3% YoY in the previous month due sequential rise in vegetable and meat prices. Read the report to know more about global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_March%202024.pdf","durl":"","murl":"","datetime":"13 Mar 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP: Growth slackens, but consumer durables outshines","description":" Industrial production increased by 3.8% YoY in January 2024 (our estimate: 5.1%) compared with 4.2% in December 2023. On a MoM basis, index is up by 0.6%. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20Jan%202024.pdf","durl":"","murl":"","datetime":"12 Mar 24 08:24 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI March 2024: Muted core, but food still elevated ","description":" CPI inflation eased to 5.09% YoY in February (same as our estimate) vs. 5.1% in January. Core inflation continues to move lower (3.3% YoY) even as food and beverages is sticky at 7.8% YoY. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20March%202024.pdf","durl":"","murl":"","datetime":"12 Mar 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The New York Federal Reserve survey of consumer inflation expectations showed that median inflation expectations remained unchanged at 3.0% at the one-year horizon, increased to 2.7% from 2.4% at the three-year ahead horizon, and increased to 2.9% from 2.5% at the five-year ahead horizon. Read the report to know more about global and domestic developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_March%202024.pdf","durl":"","murl":"","datetime":"12 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: India, US CPI in focus","description":" Domestic yields eased today led by announcement of LPG price cut by government which should push domestic inflation lower when global yields were also lower in the previous 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%2011%20March%202024.pdf","durl":"","murl":"","datetime":"11 Mar 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"US Labour Market: tentative signs of re-balancing were visible ","description":" US non-farm payrolls surprised to the upside for February printing in at 275K vs exp: 200K. However, downward revisions to the previous two months to the tune of 167K was a disappointment. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Feb%202024.pdf","durl":"","murl":"","datetime":"10 Mar 24 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Chartbook March 2024: India scaling new heights","description":" Global economy resilient for now: High frequency indicators show global economy is withstanding high real rates to an extent. An expansionary fiscal policy and strong balance sheets along with easing financial conditions explain this. 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/chartbook/Chartbook%20-%20March%202024.pdf","durl":"","murl":"","datetime":"07 Mar 24 10:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das, in an interview with ET, said the economic growth in the current fiscal year could be close to 8% in view of the Q3 GDP and the high frequency indictors reflecting strong economic 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_March%202024.pdf","durl":"","murl":"","datetime":"07 Mar 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India's services sector activity continued to remain robust in February, although the growth came at tad slower rate as reflected by HSBC India services business activity index which slipped to 60.6 from January's six month high of 61.8. 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_06_March%202024.pdf","durl":"","murl":"","datetime":"06 Mar 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"State Finances: States’ fiscal deficit reaches 2.3% of GSDP","description":" States’ Own Tax Revenue grows 11.6% driven by sharp jump in land revenue; and healthy growth in SGST, stamps and registration. Read the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/State%20Finances_March%202024.pdf","durl":"","murl":"","datetime":"05 Mar 24 05:00 PM","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 provided strong guidance that the easing cycle could be staggered. He stated that the first rate cut could come in Q32024 that would be followed by a pause in the following meeting to assess how the policy shift is affecting the 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_March%202024.pdf","durl":"","murl":"","datetime":"05 Mar 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Tight US labour markets could drive price action!","description":" Evidence that US momentum could be slowing worked to push sovereign yields lower and checking the USD’s rise. In the week ahead, the US labour market report will likely work as the main driving force while the FOMC’s commentary on policy rate guidance appears to be largely priced in. 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%2004%20March%202024.pdf","durl":"","murl":"","datetime":"04 Mar 24 06:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: US payrolls¸ ECB decision and Powell’s comments in focus","description":" Given a light domestic calendar this week, domestic yields will take cues from global events such as US payrolls (consensus: ~200k) and ECBs policy decision along with Fed Chair’s Congressional testimony which will change pricing of Fed’s rate trajectory by markets. 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%204%20March%202024.pdf","durl":"","murl":"","datetime":"04 Mar 24 03:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India's manufacturing industry enjoyed robust growth in February with activity expanding at its fastest pace in five months led by accelerated global demand and lower inflationary pressure, showed the HSBC Final India Manufacturing Purchasing Managers Index, which rose to 56.9 in February from 56.5 in January, beating a preliminary estimate of 56.7. 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_4_March%202024.pdf","durl":"","murl":"","datetime":"04 Mar 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Revenue expenditure sees an uptick, capex still weak","description":" In October 2024, Gross tax revenue sees marginal growth of 2% YoY, primarily driven by indirect tax collections in contrast with direct tax collections, which witnessed contraction. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20November%202024.pdf","durl":"","murl":"","datetime":"01 Mar 24 09:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s Q3 GDP was far higher than estimate at 8.4% YoY, while GVA is in-line at 6.5% YoY. India's fiscal deficit for April to January FY24 was at INR 11.03tn, equivalent to 63.6% of revised annual estimates, narrowing from FY23's 67.8%. 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_01_March%202024.pdf","durl":"","murl":"","datetime":"01 Mar 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Q3 GDP: Subsidies explain divergence between GDP and GVA growth","description":" Consumption demand remains weak at 3.5% YoY and so is the case with exports at 3.4% YoY. However, capital formation increased by 12.2% YoY with a broad-based increase seen in government, real estate and private corporate capex. 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/economic/India%20Q3FY24%20GDP%20review.pdf","durl":"","murl":"","datetime":"29 Feb 24 10:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Update: Direct Taxes robust, core sector growth at 16-month low","description":" In January 2023, gross tax collections surged 16.5% YoY to reach INR 2.2tn, mainly led by strong growth in corporate tax collection. During FYTD24, gross tax revenues are higher by 14.5% YoY. Read the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20February%202024.pdf","durl":"","murl":"","datetime":"29 Feb 24 09:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: bullish outlook as structural demand appears to be intact","description":" Gold prices dropped while continuing to move inversely with US real yields. However, the degree of correlation has reduced over the last month reflecting the strong structural demand for physical gold. On balance, gold prices dropped by 0.2% over February. 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%202024.pdf","durl":"","murl":"","datetime":"29 Feb 24 05:21 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Q3FY24 Corporate results: Profit margin declines sequentially on higher raw material costs","description":" Corporate India’s revenue grew 3.4% YoY in Q3FY24, on a high base, after contracting moderately in the preceding two quarters. Topline growth was led by services (7.1% YoY). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Corporate%20Results%20Q3FY24.pdf","durl":"","murl":"","datetime":"29 Feb 24 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" India on Wednesday made a strong pitch for immediate restoration of the appellate body of the World Trade Organization’s dispute settlement system. India has blamed the US for its role in making the appellate arm of dispute settlement system non-functional since 2019, by blocking the appointment of its members. 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_February%202024.pdf","durl":"","murl":"","datetime":"29 Feb 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India will conduct another survey of household consumption as well as of items and brands at retailers to obtain a comprehensive picture of domestic spending before revising the consumer price index (CPI). 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_February%202024.pdf","durl":"","murl":"","datetime":"28 Feb 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" MPC’s Ashima Goyal said that Indian policymakers can follow the US Federal Reserve's guidance on liquidity conditions to mitigate market shocks. 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_February%202024.pdf","durl":"","murl":"","datetime":"27 Feb 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"NSS Survey: Rural outgrowing urban, share of food decreasing ","description":" \n NSS survey shows rural consumption (9.2% p.a.) is growing faster than urban (8.5% p.a.). Rural consumption has grown faster in the last 10 years than it did in decade ending 2009-10 (8% p.a.). Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/NSS%20consumption%20survey.pdf","durl":"","murl":"","datetime":"26 Feb 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"The Weekly Update: Investors have adjusted to ‘patient’ central banks!","description":" The key development has been simultaneous guidance from central bank officials that ‘patience’ is warranted with regards to commencing easing as focus shifts to achieving the last mile of ‘disinflation’. 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%2026%20February%202024.pdf","durl":"","murl":"","datetime":"26 Feb 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India GDP and US PCE in focus","description":" Amid a data-heavy calendar this week, the main event will be India’s Q3 GDP print (our estimate: 6.7%) along with second advance estimate for FY24 GDP. From the global side, US PCE, and revised Q4 GDP numbers will be the main events along with CPI data for EU and Japan. 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%20February%202024.pdf","durl":"","murl":"","datetime":"26 Feb 24 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" MPC member Varma stated that with inflation forecast at 4.5% for FY25, a real rate of 2% was unwarranted and 1%-1.5% is sufficient, leaving a scope for 50-100 bps of repo rate cuts. He also sees space for easing due to the government’s aggressive fiscal consolidation and his view that the output gap is negative. 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_February%202024.pdf","durl":"","murl":"","datetime":"26 Feb 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"GDP Preview: Investment led growth, rural seeing revival","description":" High frequency indicators show India’s growth momentum has continued in Q3 led by services and industry with consumption and exports lagging. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q3FY24%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"23 Feb 24 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" India’s monetary policy minutes showed that committee members are optimistic about the growth momentum and some believe the economy’s potential growth rate may have increased. 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_February%202024.pdf","durl":"","murl":"","datetime":"23 Feb 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Positive on growth, food inflation a risk","description":" The minutes suggest that members would want to wait for more information on global monetary cycle and monsoon which should be available in June (change in stance) followed by a shallow rate cut cycle from August or October. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_minutes_February_2024.pdf","durl":"","murl":"","datetime":"22 Feb 24 08:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"FOMC minutes confirmed a patient approach to commencing easing! ","description":" The FOMC minutes confirmed that a pivot towards easing policy as early as March is unlikely and that future actions would remain data dependent. The minutes showed that members acknowledged that considerable progress that was being made to achieving both the employment and inflation goals respectively. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20minutes%20February%202024.pdf","durl":"","murl":"","datetime":"22 Feb 24 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" India must focus on exports to achieve 10% economic growth, said Arvind Panagariya. He also said that countries that have been open are the ones that have grown rapidly. 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_February%202024.pdf","durl":"","murl":"","datetime":"22 Feb 24 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil: geo-political tensions could keep prices elevated in the near-term!","description":" Global crude oil prices rallied over the past month with geopolitical tensions working as the main catalyst, even as physical markets remain oversupplied. 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%20Feb-24.pdf","durl":"","murl":"","datetime":"21 Feb 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The US is in danger of a fiscal crisis erupting after a ballooning in deficits in recent years, according to Olivier Blanchard, a former IMF chief economist who typically has a more relaxed fiscal 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_21_February%202024.pdf","durl":"","murl":"","datetime":"21 Feb 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Responding to inflation persistence!","description":" Investors have had to re-calibrate their policy rate projections in response to upside surprises in the US CPI and PPI releases respectively. The source of upside surprise was services inflation that is considered the more persistent source linked to the labour market developments. Central bank officials have also talked down the possibility of a possible pivot in Q12024. The fed funds futures market that had positioned for the commencement of easing in March 2024 has pushed it back to June 2024.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%202024.pdf","durl":"","murl":"","datetime":"20 Feb 24 08:00 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":" Amid a relatively light calendar, the main events this week will be the minutes of the FOMC and MPC meetings due on Thursday. This is expected to provide more clarity on the timing of rate cuts. Additionally, the MPC minutes are also expected to provide more clarity on the policy stance. 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%202024.pdf","durl":"","murl":"","datetime":"20 Feb 24 03:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The government has increased the authorized capital of the Food Corporation of India (FCI) by 110% to INR 210bn from INR 100bn. The move has been taken to minimize the borrowings of the FCI and enhance its operational capabilities. 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_February%202024.pdf","durl":"","murl":"","datetime":"20 Feb 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India's merchandise exports rose by 3.1% YoY to USD 36.9bn, led by both oil and non-oil exports. Imports too rose by 3% YoY to USD 54.4bn led by oil and gold imports, while non-oil non-gold imports were marginally lower. Merchandise trade deficit narrowed to a 9-month low of USD 17.5bn. Net Services exports rose to USD 16.8bn. 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%202024.pdf","durl":"","murl":"","datetime":"16 Feb 24 09:12 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit narrows and net services exports move higher","description":" \n Merchandise exports rose by 3.1% YoY to USD 36.9bn (-4% MoM), led by both oil (+6.6% YoY) and non-oil exports (+2.2% YoY). Net services exports rose to USD 16.8bn. 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_January_2024.pdf","durl":"","murl":"","datetime":"15 Feb 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India's wholesale inflation softened to 0.27% YoY in January from 0.73% in December, led by moderation in food and core inflation. While manufactured products and fuel and power groups witnessed a deflation at -1.1% YoY and -0.5% YoY respectively, primary articles group witnessed a moderation at 3.8% 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_15_February%202024.pdf","durl":"","murl":"","datetime":"15 Feb 24 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI: WPI softens led by food and core inflation","description":" India’s wholesale inflation eased to 0.27% YoY in January (our est.: 0.3%) from a 9- month high of 0.73% in December. The deceleration in wholesale prices is attributable to a moderation in food inflation at 3.8% YoY (5.4% in Dec) along with deflation in manufactured products at -1.1% YoY (-0.7% in Dec). 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/monthly-reports/WPI%20February%202024.pdf","durl":"","murl":"","datetime":"14 Feb 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US CPI, printed in at 3.1% YoY (expectations: 3%) in January vs 3.4% YoY in the past month reflecting 0.3% MoM increase vs 0.2% MoM in the previous 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_14_February%202024.pdf","durl":"","murl":"","datetime":"14 Feb 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI: surprises to the upside reflecting firm core services momentum","description":" US CPI, printed in at 3.1% YoY (expectations: 3%) in January vs 3.4% YoY in the past month reflecting 0.3% MoM increase vs 0.2% MoM in the previous month. Services categories such as shelter, motor vehicle insurance and medical care were the leading drivers that pushed inflation higher. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20January%202024.pdf","durl":"","murl":"","datetime":"13 Feb 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India's retail inflation softened to a 3-month low of 5.1% YoY in January from 5.7% YoY in December, led by a moderation in both food and core 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_13_February%202024.pdf","durl":"","murl":"","datetime":"13 Feb 24 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI February 2024: Broad-based easing visible ","description":" CPI inflation eased to 5.1% YoY in January (our est. 4.82%) vs. 5.69% in December. Both food and core inflation softened compared to last month. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20February%202024.pdf","durl":"","murl":"","datetime":"12 Feb 24 09:46 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP: Consumption improves but capital goods lag","description":" Industrial production increased by 3.8% YoY in December 2023 (ICICI Bank est. 2.0% YoY) compared with 2.4% YoY in November 2023 led by uptick in manufacturing while electricity output inched lower. 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/monthly-reports/IIP%20December.pdf","durl":"","murl":"","datetime":"12 Feb 24 09:11 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: The USD is likely to hold its ground!","description":" The Market’s rate cut expectations for 2024 have reduced in response to commentary from central bank officials. The global economy is also showing considerable resilience to tighter policy that is feeding in to the market’s revised expectations as well. 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%20February%202024.pdf","durl":"","murl":"","datetime":"12 Feb 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India, US CPI in focus","description":" The key data event this week is inflation for both India and US which will provide clarity on future rate cut trajectory. Other major events include IIP data for India and GDP prints for EU, UK and Japan. 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%20February%202024.pdf","durl":"","murl":"","datetime":"12 Feb 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Centre is mulling expanding the INR 106.83bn PLI scheme for textiles to include more items of manmade fibre garments and fabrics. It would make it simpler for investors to meet the turnover and investment requirements, according to sources. 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_February%202024.pdf","durl":"","murl":"","datetime":"12 Feb 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook February 2024: Will growth delay easing cycle?","description":" Global growth is looking better by the day led by US. Manufacturing PMIs are slightly higher than last month, but in contraction. ICICI Bank’s economic activity index for India continues to move up led by services activity. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Chartbook%20-%20February%202024.pdf","durl":"","murl":"","datetime":"09 Feb 24 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" The MPC decided to keep the repo rate steady at 6.5% with one external member voting for 25bps rate cut and change in stance signaling stability, creating an environment that supports economic growth and investment. It has also decided to remain focused on the withdrawal of the accommodative stance, by a majority (5 out of 6 members).. 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%202024.pdf","durl":"","murl":"","datetime":"09 Feb 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Review: Status quo on rates and stance, but a step forward for liquidity","description":" We believe US Fed policy and domestic food prices become crucial determinants of change in stance. While our base case is for change in stance to happen in April, incoming data may push it forward towards June by when there will be more clarity from US Fed and monsoon. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_review_February_2024.pdf","durl":"","murl":"","datetime":"08 Feb 24 05:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"State Finances: Lower grants keep states’ revenue receipts growth muted","description":" States’ receipts grow 12% YoY during Apr-Dec 2023: We analyzed finances of 24 states governments (our sample states) for the first nine months of FY23. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/State%20Finances%20Monthly%20_Feb%202024.pdf","durl":"","murl":"","datetime":"08 Feb 24 11:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Businesses have committed about INR 1.07tn of investments under the government’s production linked incentive (PLI) scheme to scale up domestic manufacturing, helping create job opportunities for over 700,000 people, finance minister Nirmala 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_08_February%202024.pdf","durl":"","murl":"","datetime":"08 Feb 24 09:05 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Agriculture minister Arjun Munda said that there is no proposal to hike PM-KISAN amount from INR 6,000/yr, not for women farmers either. He further added that that 23.38 lakh farmers have been enrolled under the farmers' pension scheme PMKMY so far. 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_February%202024.pdf","durl":"","murl":"","datetime":"07 Feb 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Should the MPC change stance?","description":" Significant part of easing of liquidity conditions should happen in last week of March before which there can be built-up of government balances in advance tax collections. Hence, neutral liquidity conditions should prevail in end-March or early April and would also be the best time for MPC to change stance to neutral. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Preview_February_2024.pdf","durl":"","murl":"","datetime":"06 Feb 24 06:25 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Finance Minister Nirmala Sitharaman sought parliament approval for spending a net additional amount of INR 787bn in the current financial year to meet the funding requirements for income support to farmers, crop insurance, fertilizer subsidy and rural jobs. 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%202024.pdf","durl":"","murl":"","datetime":"06 Feb 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Firmer US yields amidst stronger data","description":" While both the FOMC and BoE removed their implicit tightening bias pivoting towards a neutral data-dependent regime, neither indicated that a pivot to a rate cut in March was likely. 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%20February%202024.pdf","durl":"","murl":"","datetime":"05 Feb 24 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: From fiscal to monetary policy","description":" A fiscally prudent Union budget was a big positive for domestic yields last week. The government reduced fiscal deficit to 5.8% for FY24 and 5.1% for FY25, below market expectations. 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%205%20February%202024.pdf","durl":"","murl":"","datetime":"05 Feb 24 02:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The income tax department has garnered about INR 46bn in taxes from 56mn updated I-T returns filed by taxpayers in the past two years. 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_05_February%202024.pdf","durl":"","murl":"","datetime":"05 Feb 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: strong data pushes March rate-cut off the table!","description":" US non-farm payrolls surprised to the upside for January printing in at 353K nearly double the quantum expected. Adding to the surprise, figures for the previous two months were revised higher. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Jan%202024.pdf","durl":"","murl":"","datetime":"03 Feb 24 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Despite nominal GDP increasing by 8.9% YoY in FY24, the Centre has managed to reduce fiscal deficit to 5.8% of GDP as against 5.9% laid out in the Budget. Notably, for FY25, the Centre is now projecting a fiscal deficit of 5.1%. 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_02_February%202024.pdf","durl":"","murl":"","datetime":"02 Feb 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Interim Budget FY25: Faster fiscal consolidation, lower gross borrowings big positive","description":" Budget surprised positively with fiscal deficit for FY24 reduced to 5.8% of GDP and 5.1% of GDP in FY25 (lower than our est of 5.3%). An even bigger positive was gross borrowing at INR 14.1tn. Read the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Intermin%20Budget__FY25..pdf","durl":"","murl":"","datetime":"01 Feb 24 10:28 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"FOMC removed its tightening bias, in no hurry to ease policy","description":" The FOMC maintained status quo while it tweaked its policy statement to remove its tightening bias. While FOMC gave strong indications that it is poised to ease policy, it ruled out a pivot in March. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20February%202024.pdf","durl":"","murl":"","datetime":"01 Feb 24 10:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning market starter","description":" Finance Minister Nirmala Sitharaman will present the Interim Budget for FY25 today. We expect the government to comfortably achieve the fiscal deficit target of 5.9% of GDP for FY24 and aim to reduce the deficit to 5.3% in FY25. Fiscal deficit during April-December 2023 stands at INR 9.8tn or 55% of full-year target. Both revenue expenditure and capital expenditure are ~68% of BE. 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_February_2024.pdf","durl":"","murl":"","datetime":"01 Feb 24 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Economic Update ","description":" In December 2023, gross tax collections surged 13% YoY to reach INR 4.4tn, mainly led by strong growth in income tax collection. Expenditure, on the other hand, grew 7% reaching 68% of full\u0002year estimate. Notably, capex surged 105% YoY during the month led by higher spending on roads and highways, railway and defence. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Jan%202024.pdf","durl":"","murl":"","datetime":"31 Jan 24 09:35 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Gold prices: medium-term bullish bias remains intact","description":" After the strong rise witnessed over 2H2023, gold prices have corrected lower in January 2024 responding primarily to the uptrend in US yields as markets have lowered the odds of a rate cut in the March 2024 FOMC policy meeting. 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%202024.pdf","durl":"","murl":"","datetime":"31 Jan 24 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning market starter","description":" At the conclusion of its policy meeting (30-31 January 2024), ICICI Bank expects the FOMC is expected to maintain status quo. However, the committee is likely to remove its ‘tightening bias’ from its policy statement while providing a more neutral data-dependent guidance preparing the market for rate cuts later in 2024. 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_January%202024.pdf","durl":"","murl":"","datetime":"31 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC is poised to remove its tightening bias to signal rate cuts in 2024","description":" At the conclusion of its policy meeting (30-31 January 2024), the FOMC is expected to maintain status quo. However, the committee is likely to remove its ‘tightening bias’ from its policy statement while providing a more neutral data-dependent guidance preparing the market for rate cuts later in 2024. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20preview%20January%202024.pdf","durl":"","murl":"","datetime":"30 Jan 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning market starter","description":" The US Treasury announced a lower than expected borrowing program for the January 2024 to March 2024 quarter of USD 760bn against expectations of USD 816bn that it had provided 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_30_January%202024.pdf","durl":"","murl":"","datetime":"30 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Trading the guidance from the FOMC!","description":" Investor focus will likely remain on guidance from central banks. In the week ahead, investor focus will be on whether the FOMC and BoE remove their guidance of prospect of further monetary tightening to a more neutral data-dependent 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/weekly-reports/The%20Weekly%20Update%2029%20January%202024.pdf","durl":"","murl":"","datetime":"29 Jan 24 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India budget, FOMC in focus","description":" Amid a data-heavy calendar this week, the main events in focus will be the Centre’s interim budget, where Centre is likely to stick on the fiscal glide path (FD estimated at 5.3% of GDP in FY25). From the global side, the main event will be the FOMC policy decision and US payrolls 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%20January%202024.pdf","durl":"","murl":"","datetime":"29 Jan 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US economy grew at a much faster than expected pace of 3.3% saar supported by an upside surprise in private consumption growth and lower than expected drawdown in inventories. For 2023 as a whole on Q4/Q4 basis, the US economy grew by 3.1%. At the same time, US core PCE inflation printed at 2.6% YoY and 0.2% MoM while core PCE inflation slipped from 3.2% YoY in November to 2.9% in December. 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_January%202024.pdf","durl":"","murl":"","datetime":"29 Jan 24 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 its ultra-easy monetary settings on Tuesday but signalled its growing conviction that conditions for phasing out its huge stimulus were falling into place, suggesting that an end to negative interest rates was nearing. 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_January%202024.pdf","durl":"","murl":"","datetime":"24 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Global central banks not poised to pivot in Q12024!","description":" Over the last week, central bank officials- Fed, ECB and BoE- provided a hawkish message to the market playing down the need to pivot as early as Q12024 that has worked to pull yields higher in the process. However, the BoJ remains the outlier given that it has retained its accommodative regime and has not changed its forward guidance either. 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%2023%20January%202024.pdf","durl":"","murl":"","datetime":"23 Jan 24 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market starter","description":" Amid concerns over wheat stocks plummeting to a seven-year-low, the government expects the current rabi crop to be robust, and yield and all-time output of 114mn tonnes. This allays fears about shortage of the grain pushing the retail prices higher. 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_January%202024%20final.pdf","durl":"","murl":"","datetime":"23 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"China Update: Below trend pace of growth to continue","description":" China’s growth was confirmed at 5.2% YoY for 2023 reflecting an uneven growth profile supported by pent-up demand in consumption and stable industrial growth . Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20January%202024%20update.pdf","durl":"","murl":"","datetime":"21 Jan 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Budget Preview: Growth to give room for fiscal consolidation ","description":" Despite thrust on capital spending and lower than projected nominal GDP in FY24, buoyant tax collections allow the government to restrict fiscal deficit to 5.9% of GDP in FY24. Non-tax revenues have also surprised led by improved profitability of public sector. Read the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Budget%20Preview_FY25.pdf","durl":"","murl":"","datetime":"20 Jan 24 05:25 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das said he does not see any risks to the banking system from the sharper rise in loan portfolios of lenders and the slower increase in the liability franchises. 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_January%202024.pdf","durl":"","murl":"","datetime":"19 Jan 24 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Amidst a challenging global macroeconomic environment, India presents a picture of growth and stability, RBI Governor Shaktikanta Das said while speaking at a CII session on 'High growth, low risk: India story' during the World Economic Forum Annual meeting. He also showed optimism on India recording a growth of 7% in next fiscal, with inflation easing to 4.5%. 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/central-bank/MMS_18_January%202024.pdf","durl":"","murl":"","datetime":"18 Jan 24 09:46 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: range trading could continue to remain in place","description":" Global crude oil prices stabilized moving marginally higher in January 2024 in response to geo-political tensions in Red Sea. Investors largely ignored the seasonal tightening that took place in December with ongoing expectations of an over-supplied physical market expected in 2024. 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%20January%202024.pdf","durl":"","murl":"","datetime":"18 Jan 24 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" \n Federal Reserve Governor Christopher Waller said the US central bank should take a cautious and systematic approach when it begins cutting interest rates, a process that can start this year absent a rebound in inflation. 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_17_January%202024.pdf","durl":"","murl":"","datetime":"17 Jan 24 08:46 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Global FX markets: Entering a softer USD regime in 2024!","description":" The USD is expected to weaken over 2024 and 2025 driven by: (a) convergence of US growth to global growth, (b) monetary accommodation by the FOMC over 2024 to 2026 and (c) a soft-landing outcome led by simultaneous easing by both DM and EM central banks from H22024 onwards. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/The%20Global%20FX%20markets%20monthly%20January%202024.pdf","durl":"","murl":"","datetime":"16 Jan 24 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Trade: Trade deficit narrows led by higher exports","description":" Merchandise exports rose to a 9-month high of USD 38.5bn (+1% YoY), led by non-oil exports (+6.2% YoY) even as oil imports fell sharply (-17.6% YoY). Net services exports were steady at USD 14.6bn. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_December_2023.pdf","durl":"","murl":"","datetime":"16 Jan 24 09:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s merchandise exports rose to a 9-month high of USD 38.5bn (+1% YoY), while led by higher non-oil exports. Imports witnessed a dip by 4.9% YoY at USD 58.3bn due to lower oil and non-oil non-gold imports even as gold imports were higher. 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%202024.pdf","durl":"","murl":"","datetime":"16 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Markets are positioning for rate cuts sooner rather than later","description":" Disinflation is visible across the globe with rate cuts getting priced in aggressively as early as March 2024. However, the disinflation process in DM economies relative to target levels may not be complete to warrant such a pivot. 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%20January%202024.pdf","durl":"","murl":"","datetime":"15 Jan 24 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Global Macro Note","description":" 2024 is likely to be lot different than 2023. First, US economy should grow at a far lower rate than 2023 on the back of monetary tightening and a slowdown seen in real estate sector—residential and commercial. Second, while European growth should improve from 2023 on the back of lower energy prices, structurally Europe is weaker after the war. Third, within Asia, India would continue to see higher growth trajectory while China is expected to see a 5% growth in 2024 on the back of fiscal stimulus even as property sector downturn continues. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Global%20Macro%20Note.pdf","durl":"","murl":"","datetime":"15 Jan 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Fixed income weekly: Lower CPI to push domestic yields lower","description":" Domestic yields closed lower last week in response to Bloomberg’s proposal to add India G-secs in the EM local currency index. With CPI data too coming lower than expected, the decline has continued in this week as well. 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%2015%20January%202024.pdf","durl":"","murl":"","datetime":"15 Jan 24 03:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India's retail inflation surprised at 5.69% YoY in December, lower than market estinates. The sequential decline in headline and food inflation was mainly driven by deceleration in veggies inflation. Core inflation stayed on its declining trajectory in December, coming in at a 48-month low of 3.9%. download the report to know the global and domestic updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_January%202024.pdf","durl":"","murl":"","datetime":"15 Jan 24 09:12 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI January 2024: WPI too surprises positively ","description":" \n Wholesale inflation came in at +0.73% YoY (our est 1.24%) vs. 0.26% YoY in November. The increase is driven by higher food inflation as well as lower deflation in energy prices. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20January%202024.pdf","durl":"","murl":"","datetime":"15 Jan 24 06:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"IIP: Capex and consumption slowdown drags IIP to 8-month low","description":" Industrial production increased by 2.4% YoY in November 2023 (ICICI Bank est. 3.4% YoY), sharply down from 11.6% YoY in October 2023 and 7.6% YoY a year ago. All three components of IIP recorded deceleration in Nov 2023 with manufacturing playing the biggest drag on 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/monthly-reports/IIP%20November%202023.pdf","durl":"","murl":"","datetime":"12 Jan 24 09:46 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"News Feed","description":"","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20November%202023.pdf","durl":"","murl":"","datetime":"12 Jan 24 09:46 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI January 2024: Inflation surprised led by veggies and core","description":" \n CPI inflation surprised positively at 5.69% YoY in December (our est. 6.03%) vs. 5.55% in November led by lower veggie inflation with core inflation too remaining soft. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20January%202024.pdf","durl":"","murl":"","datetime":"12 Jan 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI: surprises marginally to the upside!","description":" US CPI, printed in at 3.4% YoY in December vs 3.1% YoY in the past month reflecting 0.3% MoM increased vs 0.1% MoM in the previous month. Energy prices and core services were the main drivers pushing the inflation high. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20December%202023.pdf","durl":"","murl":"","datetime":"12 Jan 24 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" US CPI inflation, printed in at 3.4% YoY (expectations: 3.2%) in December vs 3.1% YoY in the past month reflecting 0.3% MoM increased vs 0.1% MoM in the previous month. The upside surprise came from a firmer energy price trend as well as core goods inflation. Core services inflation remained elevated increasing by 0.4% MoM and by 5.3% YoY in December. Read the report for latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_January%202024.pdf","durl":"","murl":"","datetime":"12 Jan 24 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 monetary policy is now tight enough to guide inflation back to the Fed's target, although he suggested that policymakers need more evidence of cooling inflation before cutting 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_11_January%202024.pdf","durl":"","murl":"","datetime":"11 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook January 2024: Global growth to ease in 2024, India in a different orbit","description":" Despite a steep 525bps increase in interest rate by US Fed, US economy is anticipated to grow by 2.5% in 2023. Fiscal largesse, locked-in lower mortgage rates and pent up savings explains why US has continued to outgrow the rosiest of forecasts placed in the beginning of 2023. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Chartbook%20-%20January%202024.pdf","durl":"","murl":"","datetime":"10 Jan 24 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" The global economy is on track for its worst half-decade of growth in 30 years, the World Bank has warned in its latest projections for 2024, as higher borrowing costs and geopolitical tensions weigh on output.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_10_January%202024.pdf","durl":"","murl":"","datetime":"10 Jan 24 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 Atlanta President Raphael Bostic said inflation has come down more than he expected and is on a path today to reaching the Fed’s 2% goal, though it’s too early to declare victory. He also stated that there is conflict between the inflation and labour market mandate of the FOMC implying that the need to cut rates in the immediate future remains limited. Read the report to know the latest news and developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_09_January%202024.pdf","durl":"","murl":"","datetime":"09 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Rate cut expectations in Q12024 to get challenged! ","description":" Market pricing of rate cuts by DM central banks in Q12024 is not consistent with on the ground developments in the real economy. In this regard, the robust US labour market report worked as an important reality check. 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%20January%202024.pdf","durl":"","murl":"","datetime":"08 Jan 24 07:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India, US CPI in focus","description":" Domestic yields closed higher last week on account of higher-than-expected SDL borrowing calendar, along with comments from the Union petroleum minister, who dismissed media reports of oil price cuts. From the global side, the minutes of the FOMC meeting led to an uptick in 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%208%20January%202024.pdf","durl":"","murl":"","datetime":"08 Jan 24 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Saudi Arabia will cut key crude prices for buyers in all regions, including its main Asia market, for February amid persistent weakness in the market.. 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_08_January%202024.pdf","durl":"","murl":"","datetime":"08 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: hiring continues to remain solid!","description":" US non-farm payrolls surprised to the upside for December printing in at 216K vs expectations of 170K. Significant downward revision to the tune of 71K were made in past two months. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Dec%202023.pdf","durl":"","murl":"","datetime":"08 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India GDP: FY24 growth on the higher side led by investment and industrial activity","description":" GDP growth for FY24 pegged at 7.3% by NSO with GVA projected to increase by 6.9%. Investment spending to continue to be the driver of growth in FY24 at 10.3% while consumption is expected to be muted at 4.4%. Exports too are projected to remain soft (+1.4%). 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/economic/GDP%20FY24%20FAE.pdf","durl":"","murl":"","datetime":"05 Jan 24 10:16 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The central government is likely to exceed the budget estimate for dividends from state-run companies by at least INR 120bn. The dividend receipts may position itself in a range of INR 550-600bn compared to the target of INR 430bn. 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%202024.pdf","durl":"","murl":"","datetime":"05 Jan 24 08:57 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes signals a ‘data-dependent’ monetary cycle is on the cards","description":" The FOMC minutes showed that members were encouraged by the progress made towards achieving the dual mandate—both labour market and inflation-- over 2023. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20minutes%20December%202023.pdf","durl":"","murl":"","datetime":"04 Jan 24 01:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" China's services activity expanded at the fastest pace in five months to 52.9, thanks to a solid rise in new business, a private-sector survey showed on Thursday, lifting the degree of optimism in the sector to a three-month high. 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%202024.pdf","durl":"","murl":"","datetime":"04 Jan 24 09:02 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" With buoyant revenues likely ensuring that the 5.9% fiscal deficit target is met in the current financial year, the Centre may target to bring it down to 5.2% in FY25, while sticking with the medium-term glide path for 4.5% deficit by FY26. 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/MMS_03_January%202024.pdf","durl":"","murl":"","datetime":"03 Jan 24 09:04 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Chinese President Xi pledged to strengthen economic momentum and job creation while he acknowledged that some companies and citizens had endured a difficult 2023. However, there was no clear guidance on the prospect of demand-side fiscal stimulus. 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_January%202024.pdf","durl":"","murl":"","datetime":"02 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: FOMC minutes and US payrolls in focus","description":" Amid a light calendar last week, global short-end yields closed lower on the back of building expectations of rate cuts in 2024. In contrast, domestic short-end yields inched up moderately given higher T-bill issuance last 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%201%20January%202024.pdf","durl":"","murl":"","datetime":"01 Jan 24 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India’s gross tax collections reach INR 2.1tn in November 2023, surging by 21.3% YoY, while government expenditure saw a monthly dip. During April-November 2023, total expenditure recorded a YoY increase of 8.6%. Fiscal Gap for April-November stands at INR 9.1tn, lower than last year’s 58.9% of BE. Both revenue expenditure and capital expenditure stood at 59% of BE. 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_January%202024.pdf","durl":"","murl":"","datetime":"01 Jan 24 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: Uptrend remains intact!","description":" Gold prices have risen sharply in the past month supported primarily by a fall in US real and nominal yields as investors position for rate cuts by the FOMC in 2024. 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%202023.pdf","durl":"","murl":"","datetime":"30 Dec 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Global crude oil prices: range trading could persist","description":" Global crude oil prices have fallen by ~7% over the last month resulting largely from the ongoing concerns around global oil demand growth and evidence of an over-supplied market 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%202023.pdf","durl":"","murl":"","datetime":"30 Dec 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Monthly Economic Update: Core sector slows, Tax collection buoyant","description":" November 2023 gross tax collections reach INR 2.1tn, surging by 21.3% YoY, while government expenditure saw a monthly dip. During April-November 2023, total expenditure recorded a YoY increase of 8.6%. 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%2029%20December%202023.pdf","durl":"","murl":"","datetime":"29 Dec 23 09:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" New US state unemployment benefit claims rose by 12,000 last week to 218,000, according to the Labor Department. Continued unemployment claims, a measure for hiring has shown an increase since mid-September, indicating slower job growth in the US 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_29_December%202023.pdf","durl":"","murl":"","datetime":"29 Dec 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI Report on Trend and Progress of Banking in India: 1) 12.2% expansion in the consolidated balance sheet of scheduled commercial banks (SCBs), driven by credit to retail and services sectors; 2). deposit growth increased but lagged behind credit 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_28_December%202023.pdf","durl":"","murl":"","datetime":"28 Dec 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India BoP: CAD narrows with higher services exports and remittances","description":" \n Current account deficit (CAD) narrowed to USD 8.3bn (1% of GDP) in Q2FY24 compared with USD 9.2bn (1.1% of GDP) in Q1FY24 led by higher services exports and remittances. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_Q2FY24.pdf","durl":"","murl":"","datetime":"27 Dec 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" US annual home prices in October rose again, pointing toward continued recovery of the housing market. A Federal Housing Finance Agency (FHFA) report showed home prices grew 6.3% YoY and 0.3% MoM. Inventory shortage has led to competition among the homebuyers and reduced the effects of higher mortgage rates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_December%202023.pdf","durl":"","murl":"","datetime":"27 Dec 23 09:08 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Peak liquidity deficits seem to be behind","description":" US 2-year yields dipped after lower-than-expected PCE print. However, long-end US yields were range-bound. Longer-end domestic yields closed with an upside bias amid a light calendar.. 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/weekly-reports/Fixed%20income%20weekly%2026%20December%202023.pdf","durl":"","murl":"","datetime":"26 Dec 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Reserve Bank of India (RBI) should reduce nominal interest rates soon to prevent an excessive rise in real interest rates, says monetary policy committee’s external member Jayanth Varma. He further showed optimism on inflation trajectory and added that expect inflation to trend downward towards the target (apart from transient food price spikes. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_December%202023.pdf","durl":"","murl":"","datetime":"26 Dec 23 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Bank of Japan board members were divided on how to communicate a tweak to yield curve control, minutes of their October meeting showed. The nine-member board agreed to keep policy ultra-loose for now, but was split on how much progress Japan was seeing toward sustainably achieving the BOJ's 2% target. 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%202023.pdf","durl":"","murl":"","datetime":"22 Dec 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI told IMF that the objective of frequent interventions in the forex market is to curb excessive volatility, dismissing the fund’s rationale for reclassifying India’s exchange rate regime. 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%202023.pdf","durl":"","murl":"","datetime":"21 Dec 23 09:05 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The centre has permitted 22 states an additional borrowing limit of INR 608bn to ensure they are not disadvantaged by adopting fiscal reforms under the National Pension System (NPS). 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%202023.pdf","durl":"","murl":"","datetime":"20 Dec 23 09:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Chicago Fed President Austan Goolsbee said that the market may have misunderstood the central bank’s intended message last week after stocks and bonds rallied sharply. 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%202023.pdf","durl":"","murl":"","datetime":"19 Dec 23 09:03 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Dovish FOMC drives global yields lower","description":" Global yields fell sharply last week in response to a dovish pause by the FOMC. Domestically, a lower-than-expected inflation print further aided the sentiment, pushing bond yields lower across the curve. 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%2018%20December%202023.pdf","durl":"","murl":"","datetime":"18 Dec 23 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Trade: Trade deficit narrows, services exports continue to inch up","description":" Merchandise exports dipped by 2.8% YoY to USD 33.9bn, led a decline in both oil (-7.4% YoY) and non-oil exports (-1.5% YoY). Services exports moved higher (+6.5% YoY). Downlaod the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_November_2023.pdf","durl":"","murl":"","datetime":"15 Dec 23 08:06 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Tightening bias in European monetary policy remained in place","description":" The ECB maintained status quo while providing a hawkish guidance on two fronts. It announced a faster pace of balance sheet normalization and raised its core inflation forecasts for 2024. The ECB President also stated that the prospect of rate cuts were not discussed in the policy meeting. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/European%20monetary%20policy%20December%202023.pdf","durl":"","murl":"","datetime":"15 Dec 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" Wholesale inflation turns positive at +0.26% YoY in November 2023 vs. -0.52% in October led by a sharp jump in food inflation. Food inflation rose by 4.7% YoY (1.1% in October), led by veggie prices which rose by 10.4% YoY (+16.5% MoM). Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_15_December%202023.pdf","durl":"","murl":"","datetime":"15 Dec 23 09:25 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI turns positive led by food inflation ","description":" Wholesale inflation turns positive at +0.26% YoY in November (our est. 0.04%) vs. -0.52% in October led by a sharp jump in food inflation (veggies). On the other hand, WPI (ex. veggies) is contracting at -0.04% YoY because of lower commodity and energy prices. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20December%202023.pdf","durl":"","murl":"","datetime":"14 Dec 23 05:06 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC provides a dovish guidance","description":" The FOMC maintained status quo while it provided a dovish guidance on several fronts. In the policy statement, there was an acknowledgement of slowing growth and easing inflation with a subtle tweak in its forward guidance that suggests policy rate is at or close to peak levels. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20December%202023.pdf","durl":"","murl":"","datetime":"14 Dec 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The FOMC maintained status quo on policy rates and QT on expected lines. However, the post policy statement made several changes that would suggest a mild dovish tilt in terms of guidance. The most significant development was on the policy rate guidance that was provided by the FOMC via its ‘dot plot’. 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_14_December_2023.pdf","durl":"","murl":"","datetime":"14 Dec 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI November 2023: Core services continue to block the path to 2% target!","description":" US CPI, printed in at 3.1% YoY in November vs 3.2% YoY in the past month reflecting 0.1% MoM increased vs 0.0% MoM in the previous month. Food, energy and core goods were the main factors behind the ongoing modest disinflation trend. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20November%202023.pdf","durl":"","murl":"","datetime":"13 Dec 23 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" CPI inflation came in at 5.55% YoY in November vs. 4.87% YoY in October led by deceleration in core even as food inflation rose again. Core inflation eased further to 4.1% YoY with broad-based deceleration visible across items. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_December_2023.pdf","durl":"","murl":"","datetime":"13 Dec 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Index of Industrial Production: IIP sees a strong recovery","description":" Industrial production increased 11.7% YoY in October 2023 (ICICI Bank est. 11.5% YoY), up from 6.2% YoY in September and -4.1% YoY a year ago. All three subcomponents of IIP viz. mining, manufacturing and electricity recorded double-digit growth. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20December%202023.pdf","durl":"","murl":"","datetime":"12 Dec 23 09:12 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India CPI: Food inflation inches up, but core inflation eases","description":" CPI inflation came in at 5.55% YoY in November (our est. 5.78%) vs. 4.9% in October led by deceleration in core inflation even as food inflation rose again. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20December%202023.pdf","durl":"","murl":"","datetime":"12 Dec 23 08:42 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC is expected to temper down rate cut expectations for 2024!","description":" The FOMC is expected to maintain status quo on policy rates and the QT program while playing down the prospect of an aggressive pivot towards reducing rates. The post policy statement is likely to retain its ‘data-dependent tightening bias’. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20preview%20December%202023.pdf","durl":"","murl":"","datetime":"12 Dec 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"The Weekly Update: Will markets respond to guidance from G-3 central banks?","description":" Given the fairly aggressive pricing in of rate cuts over 2024, the key focus area will be on G-3 central banks—Fed, ECB and BoE. We expect a hawkish message, although investors could respond more to data with the US CPI release working as the pivotal driver in the week ahead. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2011%20December%202023.pdf","durl":"","murl":"","datetime":"11 Dec 23 09:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India and US CPI, FOMC in focus","description":" UST yields closed higher last week in response to US payrolls. However, domestic yields closed lower on the back of a less hawkish MPC policy and lower oil prices. 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%2011%20December%202023.pdf","durl":"","murl":"","datetime":"11 Dec 23 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Chartbook December 2023: India growth shoots up while inflation takes a backseat","description":" Global inflationary pressures are moderating with both headline and core inflation easing. What is driving inflation lower? Foremost, demand is easing at a much faster pace than anticipated. It is most visible in oil markets wherein inventories are building up. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Chartbook%20-%20December%202023.pdf","durl":"","murl":"","datetime":"11 Dec 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" US job growth accelerated in November adding 199k jobs while the unemployment rate fell to 3.7%, signs of underlying labor market strength that suggested financial market expectations of an interest rate cut early next year were probably premature. Read 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/daily-reports/MMS_11_December_2023.pdf","durl":"","murl":"","datetime":"11 Dec 23 09:01 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: remained fairly solid in November","description":" US non-farm payrolls surprised to the upside for November printing in at 199K vs expectations of 180K. Modest downward revision to the tune of 35K were made in past two months. The upside surprise came from the unemployment rate moving lower from 3.9% in October to 3.7% in November. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Nov%202023.pdf","durl":"","murl":"","datetime":"10 Dec 23 05:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"MPC Review: Less hawkish at the margin","description":" MPC unanimously decided to keep the repo rate unchanged at 6.5% and retained stance at ‘withdrawal of accommodation’ with a 5:1 vote. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_review_December_2023.pdf","durl":"","murl":"","datetime":"08 Dec 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter: 07 Dec 2023","description":" The Bank of England warned that although household finances are faring better than expected, higher borrowing costs have yet to fully feed through to the economy. Read the report to know more about domestic and global updates. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_December_2023.pdf","durl":"","murl":"","datetime":"07 Dec 23 09:09 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 rose to 50.4, up from 50.0 in October, to signal expansion for the ninth time in the past ten 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_2023.pdf","durl":"","murl":"","datetime":"06 Dec 23 08:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Status quo policy with focus on liquidity","description":" With India outshining global slowdown, MPC should maintain status quo on rates and stance. Emphasis would be on durable liquidity, which continues to be in surplus despite the volatility seen in system liqudity. Notably, system liquidity should be in surplus from January. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Preview_December_2023.pdf","durl":"","murl":"","datetime":"05 Dec 23 03:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter: 05th Dec 2023","description":" India’s overall unemployment rate in November fell to 9.16% from a 29-month high of 10.05% 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_05_December_2023.pdf","durl":"","murl":"","datetime":"05 Dec 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: MPC, US payrolls in focus","description":" Dovish commentary by global central bankers last week raised bets of accelerated rate cuts in 2024, thereby pushing global bond yields sharply lower. Domestic yields, on the other hand, ended broadly flat due to expectations of elevated inflation in the short term. 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%204%20December%202023.pdf","durl":"","murl":"","datetime":"04 Dec 23 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Investors are positioning for DM monetary easing","description":" Over the last week, market pricing for rate cuts in 2024 has increased by a substantial degree in response to visible signs of disinflation in DM economies that has pushed yields lower and kept currencies in a tight range. 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%2004%20December%202023.pdf","durl":"","murl":"","datetime":"04 Dec 23 10:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter: 04th Dec 2023","description":" The J.P.Morgan Global Manufacturing PMI rose to a six-month high of 49.3 in November, up from 48.8 in October, although it remained below the neutral 50.0 mark for the fifteenth month in a row. 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_04_December_2023.pdf","durl":"","murl":"","datetime":"04 Dec 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s Q2FY24 GDP surprised positively at 7.6% YoY, led by investment even as consumption is relatively muted at 3.1% YoY (weak rural demand). GVA growth too was much higher at 7.4% YoY (7.8% YoY in Q1) led by industry at 13.2% YoY even as agriculture at 1.2% YoY and services at 5.8% YoY showed a dip. Nominal GDP growth in Q2 is only marginally higher than real GDP growth at 9.1% as against 8.0% in Q1. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_01_December_2023.pdf","durl":"","murl":"","datetime":"01 Dec 23 09:18 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India GDP: Investments and industry drive positive surprise ","description":" Q2 GDP and GVA growth at 7.6% YoY and 7.4% YoY is much ahead of estimates. Investment spending is driving growth higher while consumption is relatively muted at 3.1% YoY (weak rural demand). Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q2FY24%20GDP_review.pdf","durl":"","murl":"","datetime":"30 Nov 23 09:57 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Economic Update: Core and credit growth strong, Govt spending dipped","description":" Gross Tax Revenue (GTR) during Apr-Oct 2023 grew 14% YoY to INR 18.3tn. However, the pace accretion has slowed somewhat, with Oct 2023 GTR growth coming in at -1.2% YoY. Direct taxes (particularly income tax) continued to grow robustly while indirect taxes recorded slowdown. 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%2030%20November%202023.pdf","durl":"","murl":"","datetime":"30 Nov 23 09:55 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The US GDP growth for Q32023 was revised higher from 4.9% to 5.2% reflecting a much more robust increase in private business investments and stronger than expected government spending while private consumption was revised marginally lower. Read 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_30_November_2023.pdf","durl":"","murl":"","datetime":"30 Nov 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s Monetary Policy Committee is scheduled to announce its policy decision today. ICICI Bank expects the committee to keep the repo rate and stance unchanged in this 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_08_December_2023.pdf","durl":"","murl":"","datetime":"30 Nov 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Q2FY24 Corporate Results: Lower commodity prices drive profitability; to boost GDP growth","description":" Revenue growth for corporate India (~2700 companies) is still muted led by decline in commodity prices even as volume growth is positive. Lower revenue accretion is led by sectors such as refineries, fertilizers, chemicals and textiles. In volume terms (as indicated by IIP), production of these sectors was robust, implying decline is price-driven. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Corporate%20Results%20Q2FY24.pdf","durl":"","murl":"","datetime":"29 Nov 23 03:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Gold prices: set for a bull-run in 2024!","description":" Gold prices have rallied over the last month surging by ~2% driven by the sharp fall of 20bps witnessed in US 10 year real yield over the past month and continued safe-haven buying as geo-political tensions remained in place. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20November%202023.pdf","durl":"","murl":"","datetime":"29 Nov 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"China: An uneven below trend pace of recovery is taking hold!","description":" The Chinese economy is showing signs of a very uneven recovery that was visible in the slew of high frequency indicators that were released for October. On the one hand, the cyclical rebound remains intact from continued evidence of pent-up demand in consumption, rise in imports and stability in the industrial sector. 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%202023.pdf","durl":"","murl":"","datetime":"29 Nov 23 09:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Governor Michelle Bowman said she expects to support additional tightening of monetary policy to return inflation to the central bank’s goal. Download the report to know the latest news and developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_29_November_2023.pdf","durl":"","murl":"","datetime":"29 Nov 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Investor focus to remain on the US economy","description":" As investor focus shifts to pricing in of US convergence with the rest of the world, market is pricing in a much higher probability of rate cuts in 2024 that is driving price action that could continue 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%2028%20November%202023.pdf","durl":"","murl":"","datetime":"28 Nov 23 06:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Macro update: Investments driven growth","description":" India’s growth is surprising positively led by government capex, real estate upcycle, private sector capex and urban consumption because of which GDP growth has been revised upwards to 6.3% in FY24 (6.2% earlier) and sustain even in FY25. Maximum upward revision is seen in Q2FY24 to 6.8%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q2FY24%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"28 Nov 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Fixed income weekly: India GDP, US PCE in focus","description":" Domestic yields closed higher last week taking cues from UST yields. Moreover, elevated near-term inflation prints and no fresh update on Indian bonds inclusion in the Bloomberg Index along with higher than calendar SDL issuance this week further dampened the sentiment. 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%202023.pdf","durl":"","murl":"","datetime":"28 Nov 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" FM Nirmala Sitharaman urged tax officers to maintain the growth in direct tax collections at least 17% in FY24, the level achieved in the previous financial year. Download the report to know the latest news and developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_28_November_2023.pdf","durl":"","murl":"","datetime":"28 Nov 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s crude oil output is up 1.3% to 2.5MMT in October 2023, according to Petroleum Planning & Analysis Cell (PPAC). Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_24_November_2023.pdf","durl":"","murl":"","datetime":"24 Nov 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI Governor Shaktikanta Das highlighted the following in the inaugural address at FIBAC 2023: a) Headline inflation remains vulnerable to recurring and overlapping shocks due to overseas plus domestic factors b) India’s real GDP is expected to grow by 6.5% in both FY24 and FY25. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_23_November_2023.pdf","durl":"","murl":"","datetime":"23 Nov 23 09:17 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" U.S. Federal Reserve officials agreed at their last policy meeting that they would proceed "carefully" and only raise interest rates if progress in controlling inflation faltered, the minutes of the Oct. 31-Nov. 1 gathering showed. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_22_November_2023.pdf","durl":"","murl":"","datetime":"22 Nov 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: demand side concerns emerge","description":" Global crude oil prices have fallen by 11% in the month on the back of lower than anticipated demand from China and reduction in geo-political uncertainty. 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%20November%202023.pdf","durl":"","murl":"","datetime":"21 Nov 23 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" States are likely to be able to utilise around INR 1tn from the Centre’s INR 1.3tn interest-free capex loans facility for FY25, as stated in Financial Express. Notably till November 7, the Centre had sanctioned INR 1.1tn or 85% of the capex loans facility, more than half of which was already disbursed. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_21_November_2023.pdf","durl":"","murl":"","datetime":"21 Nov 23 09:03 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Global yields move sharply lower","description":" Given a light domestic calendar, we expect domestic yields to take cues from UST yields and oil prices. Market focus will be on the minutes of the FOMC meeting, along with the OPEC meeting on Sunday, where the OPEC is likely to announce supply cuts. 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%20November%202023.pdf","durl":"","murl":"","datetime":"20 Nov 23 04:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Trading US convergence with the rest of the world!","description":" A key evolving theme is the aggressive pricing in of US growth and rate convergence with the rest of the world that is expected to take place in 2024. Even as the outlook in the non-US world remains soft, investor focus remains on fading of relative outperformance of the US 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%2020%20November%202023.pdf","durl":"","murl":"","datetime":"20 Nov 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve officials continue to provide guidance that the central bank will remain on a prolonged pause. Fed Vice Chairman of supervision Michael Barr stated that the central bank is close to the end of its tightening campaign. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_20_November_2023.pdf","durl":"","murl":"","datetime":"20 Nov 23 08:57 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI in its monthly bulletin stated that retail inflation has moderated due to monetary policy action and supply side interventions, although the Indian economy is still ‘not out of the woods yet and have miles to go”. Read the report to know the leatest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_17_November_2023.pdf","durl":"","murl":"","datetime":"17 Nov 23 08:43 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Inflation in the UK dropped sharply in October to its lowest level in two years, largely because last year’s steep rise in domestic energy bills following Russia's invasion of Ukraine dropped out of the annual comparison, official figures showed Wednesday. 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_2023.pdf","durl":"","murl":"","datetime":"16 Nov 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit at a record high","description":" India's merchandise trade deficit widened to USD 31.5bn in October from USD 19.4bn in September. Out of this, oil deficit and non-oil deficit accounted for USD 11.7bn and USD 19.8bn respectively. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_October_2023.pdf","durl":"","murl":"","datetime":"15 Nov 23 08:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI October 2023: disinflation pressures were confirmed","description":" US CPI came softer than expected, printing in at 3.2% YoY vs 3.7% YoY in the past month, while it remained unchanged on sequential basis against expectations of 0.2% increase. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20October%202023.pdf","durl":"","murl":"","datetime":"15 Nov 23 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" \n US CPI inflation increased 3.2% in October 2023, down from 3.7% in the previous month. Core inflation too eased to an over two-year low of 4% from 4.1% in the preceding month. Read the report to know the latest global and domestic developments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"","durl":"","murl":"","datetime":"15 Nov 23 08:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India WPI: WPI prints -0.52% in October 2023; records 7th consecutive negative print","description":" Wholesale inflation printed in at -0.52% YoY in October 2023 (our estimate: -0.50%). Notably, it continues to be in the deflationary territory for the seventh consecutive month. However, in sequential terms, WPI index rose by 40bps. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20November%202023.pdf","durl":"","murl":"","datetime":"14 Nov 23 06:03 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: Focus to remain on US economic indicators","description":" In a data light week, the main highlight was the FOMC Chairman emphasizing that the central bank’s tightening bias remains intact, even as it is likely to pause to continue monitor economic indicators. 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%20November%202023.pdf","durl":"","murl":"","datetime":"13 Nov 23 09:00 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":" US yields opened lower and went up later in the week after Powell’s hawkish comments even as economic data supported lower yields emphasizing Fed’s focus on financial conditions. 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%20November%202023.pdf","durl":"","murl":"","datetime":"13 Nov 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The risk of a US government shutdown on Nov. 18 eased as House Speaker Mike Johnson proposed a compromise temporary funding plan without insisting on deep spending cuts that ultraconservatives have sought. 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_November_2023.pdf","durl":"","murl":"","datetime":"13 Nov 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"IIP September: Industrial activity decelerates led by consumption","description":" Industrial production increased by 5.8% YoY in September 2023 (est. 6.6% YoY) compared with 10.3% YoY in August. Capital goods, infra and construction and electricity are driving industrial activity while consumption is lagging . Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20September%202023.pdf","durl":"","murl":"","datetime":"10 Nov 23 09:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Chartbook November 2023: Global economy decelerating, India’s domestic demand holding-up","description":" World economy slowing down: High frequency indicators show world economy is slowing down. China’s exports slid by 6.4% in October 2023 (-6.2% in September)-indicating weak global goods demand. Freight costs are falling (-16% YoY). US inventory of crude oil and derivatives inched up. Demand in Europe is weak. Even so, South Korean semi-conductor exports are showing a cyclical rebound. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20November%202023.pdf","durl":"","murl":"","datetime":"10 Nov 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" The FOMC Chairman provided a hawkish guidance to the market by stating that the central bank will not hesitate to tighten policy if conditions turn appropriate for such an action. Read more to know the latest news and developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_November_2023.pdf","durl":"","murl":"","datetime":"10 Nov 23 09:12 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Vice Chair Philip Jefferson suggested policymakers would need to respond forcefully if inflation expectations begin to rise, despite high uncertainty around the economic outlook. Read the report for 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_2023.pdf","durl":"","murl":"","datetime":"09 Nov 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Centre’s dividend receipts from the CPSEs will likely exceed the budget estimate (BE) of INR 430bn for FY24 by close to INR 200bn according to Financial express. CPSEs dividend receipts in FY23 were around INR 590bn. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_08_November_2023.pdf","durl":"","murl":"","datetime":"08 Nov 23 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The JP Morgan Global PMI composite index printed in at the break-even level of 50 in October from 50.5 in September reflecting in both manufacturing and service sector respectively. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_07_November_2023.pdf","durl":"","murl":"","datetime":"07 Nov 23 09:12 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Is US exceptionalism fading quickly?","description":" The key development has been growing indications that the exceptionalism of the US economy could be fading more from local developments than from developments in the non-US world. The guidance provided by the FOMC Chairman and softer US economic indicators have been the main contributors to the turn in sentiment. The net result has been a sharp fall in yields and the USD coming under pressure with both the EUR and CNY rallying 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%2006%20November%202023.pdf","durl":"","murl":"","datetime":"06 Nov 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Monsoon: Spatial variations persist","description":" Monsoon rainfall recovered strongly during July 2024, coming in at a surplus of 15% of LPA during the month. Cumulative rainfall for the June-July period too was in surplus of 3% of LPA. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/india-agriculture-29July2024.pdf","durl":"","murl":"","datetime":"06 Nov 23 05:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Capex by 18 state governments surged by 56% YoY in H1FY24 to INR 2.57tn. Excluding loans from the center, capex increased 26% YoY. States’ revenue expenditure, on the other hand, was contained at 10% YoY in H1FY24 down from 15% in corresponding period last year. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_06_November_2023.pdf","durl":"","murl":"","datetime":"06 Nov 23 09:18 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: Re-balancing is becoming more prominent!","description":" US non-farm payrolls surprised to the downside, printing in at 150K in October lower than the expectations of 180K and significantly below the average run rate of 258K witnessed over the past twelve months. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Oct-2023.pdf","durl":"","murl":"","datetime":"04 Nov 23 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" The BoE’s MPC maintained status quo in a split 6-3 vote with the dissenters preferring a rate hike. The central bank retained its tightening bias by stating that ‘rates should be sufficiently restrictive for sufficiently long’ and that ‘policy would likely need to be restrictive for an extended period of time’. 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_2023.pdf","durl":"","murl":"","datetime":"03 Nov 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC maintained status quo while retaining a tightening bias","description":" The FOMC maintained status quo on expected lines while it retained its tightening bias. A key change since the last policy meeting was on the acknowledgement of the role that financial conditions are likely to play in restraining activity and inflation that was mentioned in the post policy statement and by Fed Chair in the press conference. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20November%202023.pdf","durl":"","murl":"","datetime":"02 Nov 23 11:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" India’s manufacturing PMI slowed for the second consecutive month and slipped to 55.5 in October as compared to 57.5 in September. The readings point to a deceleration of hiring activity and business confidence slipped to a 5-month low. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_02_November_2023.pdf","durl":"","murl":"","datetime":"02 Nov 23 08:57 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The Bank of Japan further loosened its grip on long-term interest rates by tweaking its bond yield control policy again on Tuesday, taking another small step towards dismantling its controversial monetary stimulus of the past decade. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_1_November_2023.pdf","durl":"","murl":"","datetime":"01 Nov 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Economic Update: Strong growth in taxes, capex front loading on track","description":" September tax revenues increased by 15.9% YoY compared with 16.3% YoY increase seen In H1FY24 led by direct tax, GST and customs. Income tax collections are seeing maximum buoyancy. 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%202023.pdf","durl":"","murl":"","datetime":"31 Oct 23 09:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC is expected to provide a hawkish message to keep financial conditions tight!","description":" We expect the FOMC to maintain status quo on both policy rates and QT. However, the policy statement could retain a tightening bias reflecting concerns about a still tight labour market and elevated inflation levels relative to target levels. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20preview%20November%202023.pdf","durl":"","murl":"","datetime":"31 Oct 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The US Treasury reduced its estimate for federal borrowing for the current quarter thanks to stronger- than-expected revenues. 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_2023.pdf","durl":"","murl":"","datetime":"31 Oct 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Geo-political tensions and BoJ to drive markets","description":" The US economy grew at a much robust than expected pace in Q32023 with private consumption showing continued strength. The ECB maintained status quo while providing a data-dependent guidance as PMI surveys showed that underlying demand remains fragile. 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%2030%20October%202023.pdf","durl":"","murl":"","datetime":"30 Oct 23 05:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC, US payrolls in focus","description":" This week is the Fed meeting along with BoE and BoJ. US Fed is likely to maintain a pause with hawkish guidance. US payrolls will give an indication of labour market. Domestic calendar is light apart from month end data and PMIs implying range-bound move in 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%2030%20October%202023.pdf","durl":"","murl":"","datetime":"30 Oct 23 02:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" President Xi Jinping is set to further tighten his control of China’s USD 61tn financial industry as he gathers state leaders and top bankers to set the direction over the next five years. Read the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_October_2023.pdf","durl":"","murl":"","datetime":"30 Oct 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"ECB maintained status quo and guided towards a prolonged pause","description":" The ECB maintained status quo on expected lines on policy rates and its QT framework while providing a ‘data-dependent’ guidance. However, the ECB provided strong indications that the economy was evolving on expected lines not requiring further tightening. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/ECB%20review%20October%202023.pdf","durl":"","murl":"","datetime":"27 Oct 23 02:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The US economy grew by its fastest pace in over two and half years as GDP accelerated by 4.9% QoQsaar in Q32023 compared to 2.1% in Q22023 reflecting a sharp pick-up in private consumption, positive contribution made by inventories, continued strength in government consumption and improvement in export performance. Read the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_27_October_2023.pdf","durl":"","murl":"","datetime":"27 Oct 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: upside bias reflecting the geo-political uncertainty premium!","description":" Global crude oil prices have been volatile in response to Israel-Hamas conflict. Notably, there has been no change in production so far. With conflict remaining centered around Israel and Palestine, supply projections should not be revised. 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%20-%20October%202023.pdf","durl":"","murl":"","datetime":"26 Oct 23 01:30 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 the Central Bank Digital Currency (CBDC) can play an important role in cross-border payments. He added that the pilot project introduced by RBI in the wholesale and retail segments has given excellent results and will now be extended to overnight money markets. read the report to know more about domestic and global developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_26_October_2023.pdf","durl":"","murl":"","datetime":"26 Oct 23 09:06 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"China: Outlook has improved considerably","description":" The Chinese economy rebounded from 0.8% QoQ to 1.3% in Q32023 reflecting an increase in pent-up demand in high contact services as well as fiscal support bringing stability to the industrial sector. Overall, the economy is showing signs of stabilizing. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20update%20October%202023.pdf","durl":"","murl":"","datetime":"25 Oct 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Currency Internationalisation: India better placed among EMs","description":" In this note, we assess INR’s comparative standing wrt competing EM currencies on several parameters that can influence currency internationalization. Parameters that can accelerate currency internationalization are share in global economy and trade, large trade surplus, low and stable inflation and sovereign rating. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/INR%20Internationalisation_25%20Oct%202023.pdf","durl":"","murl":"","datetime":"25 Oct 23 11:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The government’s direct tax collections (net of refunds) are seen “comfortably” crossing INR 19tn in FY24, as per a finance ministry official. Also, the number of income tax returns filed in FY24 would be close to 81.5mn, which would be 4.8% higher than 77.8mn returns filed in FY23. read the report to know latest global and domestic development . \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_October_2023.pdf","durl":"","murl":"","datetime":"25 Oct 23 09:25 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Is the USD set for a period of consolidation?","description":" Even as US longer-end yields have risen sharply over the last week to multi-decade highs with the UST 10yr trading in the 5% mark, the USD uptrend has been modest reflecting: (a) no visible signs of the Israel crisis spreading in to other parts of the Middle-East that has limited further upside potential in global crude oil prices, (b) improving Chinese economic indicators and (c) the FOMC Chairman confirming status quo in the November policy meeting. 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%2023%20October%202023.pdf","durl":"","murl":"","datetime":"23 Oct 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: UST 10-year yield at 16-year high","description":" While UST 10Y yield increased by 30bps and reached a 16-year high, briefly crossing the 5% mark, domestic 10Y yield was up by only 5bps given divergence in macro backdrop for India and US. 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%20October%202023.pdf","durl":"","murl":"","datetime":"23 Oct 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The latest Financial Stability Report from the Federal Reserve has revealed that survey respondents have raised concerns about persistent inflation and potential losses in the commercial real estate market as key risks to financial stability. 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_October_2023.pdf","durl":"","murl":"","datetime":"23 Oct 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Easing inflation a positive, but risks lurk","description":" Members exuded optimism on recent inflation prints led by declining vegetable prices and easing core inflation (sa.). However, uneven monsoon and rising energy prices remain a concern. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Minutes_October_2023.pdf","durl":"","murl":"","datetime":"20 Oct 23 09:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" India is gaining momentum amid global uncertainty with easing inflation and less volatile rupee, the Reserve Bank of India said its October bulletin. The 'State of the Economy' article highlights India's positive performance in high-frequency indicators, particularly in capital-heavy industries. 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_2023.pdf","durl":"","murl":"","datetime":"20 Oct 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" The union cabinet approved a 4% increase in dearness allowance and dearness relief to 46% from 42% respectively and this cost the exchequer INR 128bn. In addition, cabinet approved productivity linked bonus for about 1.1mn railways employees. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_19_October_2023.pdf","durl":"","murl":"","datetime":"19 Oct 23 09:09 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Collection under the small saving scheme for senior citizens have surged after the government doubled the limit in the budget, crossing INR 1tn in H1FY24. A new small saving scheme for women have gathered INR 135bn until 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_18_October_2023.pdf","durl":"","murl":"","datetime":"18 Oct 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" President Joe Biden will travel to Israel Wednesday, in a visit designed to signal US solidarity with its closest Middle East ally and help prevent the conflict from engulfing the 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_17_October_2023.pdf","durl":"","murl":"","datetime":"17 Oct 23 09:08 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Powell and crude prices to remain focus points!","description":" Two key developments have stabilized global risk sentiment. First, the war in Israel has remained confined locally and not spread to other parts of the Middle-East. Although the crisis is ongoing and the risk of other countries getting involved remains in place, the hit so far to both oil production and the global economy remains modest that has limited market response. 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%20October%202023.pdf","durl":"","murl":"","datetime":"16 Oct 23 05:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India WPI: Core and veggies drive contraction in WPI","description":" Wholesale inflation contracted again, sixth consecutive month, printing at -0.26% YoY in September 2023 (our estimate: -0.1%) vs -0.52% in August. Sequentially, index fell by 0.6%. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20October%202023.pdf","durl":"","murl":"","datetime":"16 Oct 23 05:02 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: Middle East conflict takes centre-stage","description":" This week’s domestic calendar is relatively light apart from MPC minutes, due on Friday. But oil prices have again increased on Friday which are likely to put upward pressure on global and domestic yields. With the Middle East conflict continuing, oil prices and yields can go higher. 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%20October%202023.pdf","durl":"","murl":"","datetime":"16 Oct 23 04:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Philadelphia Fed President Harker who is a voting member of the FOMC advocated holding interest rates ‘where they are’, although he ruled out the prospect of an immediate move for a rate cut. Read the report for the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_16_October_2023.pdf","durl":"","murl":"","datetime":"16 Oct 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit narrowed ","description":" Merchandise exports contracted by 2.6% YoY to USD 34.5bn in September, led by oil exports (-10.4% YoY). Non-oil exports (-0.5% YoY) are stable. Services exports rose by +0.5% YoY to USD 29.4bn. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_September_2023.pdf","durl":"","murl":"","datetime":"13 Oct 23 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US CPI: surprised to the upside in September","description":" US CPI inflation remained unchanged from the previous month at 3.7% YoY in September 2023 against expectations of 3.6%. On a MoM basis, it rose by 0.4% MoM higher than 0.3% expected. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20September%202023.pdf","durl":"","murl":"","datetime":"13 Oct 23 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s CPI fell to a 3-month low of 5.02% YoY in September (vs. 6.8% in August) led by sharp decline in veggie prices. Core inflation too fell to 4.5% YoY (vs 4.8% YoY in August) with deceleration being visible in both goods and services.. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_13_October_2023.pdf","durl":"","murl":"","datetime":"13 Oct 23 09:02 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India CPI: CPI inflation eases with lower veggie prices and core inflation","description":" CPI inflation surprised positively at 5.02% YoY in September (our est. 5.19%) vs. 6.8% in August led by sharp decline in veggie prices. Core inflation too fell to 4.5% YoY (vs 4.8% YoY in August). Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20October%202023.pdf","durl":"","murl":"","datetime":"12 Oct 23 08:21 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Index of Industrial Production: Broad-based acceleration","description":" Industrial production rose to a 14-month high of 10.3% YoY in August 2023 (est. 8.7% YoY) compared with 6% YoY with a broad-based acceleration seen across segments . Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20August%202023.pdf","durl":"","murl":"","datetime":"12 Oct 23 07:57 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC minutes: emphasis was placed on need for restrictive policy for longer","description":" The FOMC minutes emphasized that the committee will keep policy in as restrictive territory for as long as required to ensure rebalancing of the labour market and to facilitate disinflationary pressures. However, the minutes stated that members believe that the level of policy rate remains close to peak level, although the possibility of an additional 25bps rate hike still remains in place. Risks to the inflation outlook were described as being to the upside Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20minutes%20September%202023.pdf","durl":"","murl":"","datetime":"12 Oct 23 11:11 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The key take-away from the FOMC minutes for the policy meeting that was held over 19-20 September was the emphasis on the need for a restrictive regime and the future actions would remain data-dependent. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_12_October_2023.pdf","durl":"","murl":"","datetime":"12 Oct 23 09:03 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: downside bias to persist in 2023!","description":" Gold prices continued downward trend over the last month primarily reflecting the uptrend in US real yields. However, sharp downside was capped by a pick-up in geo-political uncertainty that resulted in safe-haven buying in gold. 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%202023.pdf","durl":"","murl":"","datetime":"11 Oct 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Global Rates: Higher for longer!","description":" Global yields are positioned for higher for longer given the underlying resilience of economic activity. US economy continues to see a strong services sector driving upward projections to growth by US Fed to 2.1% in 2023 from 1% earlier. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Rates%20market%20update%20October%202023.pdf","durl":"","murl":"","datetime":"11 Oct 23 02:21 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" The IMF lifted its global inflation forecast for next year and called for central banks to keep policy tight until there’s a durable easing in price pressures. The fund also raised its US growth projection for this year by 0.3 percentage points compared with its July update, to 2.1%. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_11_October_2023.pdf","durl":"","murl":"","datetime":"11 Oct 23 09:03 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Israel-Palestine conflict: No significant impact on India","description":" Israel-Palestine conflict has escalated again. It is difficult to predict how long the conflict could last and how many countiries could be eventually involve. We do not see any escalation emanating from the conflict and expect oil prices to trade between USD 85 and USD 90/barrel thus limiting the impact of war on India. 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/Israel-Palestine%20conflict-%20No%20significant%20impact%20on%20India.pdf","durl":"","murl":"","datetime":"10 Oct 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Chartbook October 2023 : Defying Gravity","description":" US economy continues to surprise positively. Be it PMI or payroll, activity is higher than what is estimated. It also implies aggregate demand has to be lower than where it is now or in other words there is more work to be done for monetary policy. 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%202023.pdf","durl":"","murl":"","datetime":"10 Oct 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" FOMC officials stated that they would take in to account the tightening in financial conditions in its monetary policy setting. Fed Vice Chair Philip Jefferson said officials could proceed carefully following the recent rise in Treasury yields, and Fed Bank of Dallas President Lorie Logan said the surge in long-term rates may mean less need for further tightening. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_10_October_2023.pdf","durl":"","murl":"","datetime":"10 Oct 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Risk aversion could intensify!","description":" Over the weekend, geo-political tensions have escalated in the Middle-East. Israel has declared a state of emergency that could raise risks of instability in the region contingent on how the crisis unfolds. Until markets get some clarity, we expect risk aversion to remain in place and markets to ignore economic releases supporting safe-haven assets such as the USD and gold respectively. Global crude prices could also rise raising near-term inflation risks. 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%20October%202023.pdf","durl":"","murl":"","datetime":"09 Oct 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Hawkish RBI policy to keep bond yields elevated","description":" While RBI kept repo rate and stance unchanged, it surprised the market by announcing OMO sales to reduce the magnitude of durable liquidity. Governor also emphasized on 4% inflation target. 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%209%20October%202023.pdf","durl":"","murl":"","datetime":"09 Oct 23 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Highlights of the latest MPC meeting in October: a)The members voted unanimously to keep repo rate unchanged at 6.5% b) retail inflation projection for FY24 was unchanged at 5.4%, while Q2FY24 estimates revised higher at 6.4% (up from 6.2% in August) c) growth forecast for FY24 has been retained at 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_October_2023.pdf","durl":"","murl":"","datetime":"09 Oct 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: Hiring was surprisingly strong!","description":" US non-farm payrolls surprised significantly to the upside printing in at 336K in September double expectations of 170K while upward revisions were made to the previous two months to the tune of 119K. Hiring was fairly broad-based across both the private and public sectors respectively. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Sep%202023.pdf","durl":"","murl":"","datetime":"07 Oct 23 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Federal Reserve Bank of San Francisco President Mary Daly said policymakers can hold interest rates steady if the labor market and inflation continue to cool or financial conditions remain tight. Read the report for 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_2023.pdf","durl":"","murl":"","datetime":"06 Oct 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Agriculture 2023 - Monsoon: An erratic journey","description":" After four consecutive good monsoons, 2023 saw lower than normal rainfall with a deficit of 6%. Spatially, Northwest and Central received normal rainfall while South (8% below normal) and East and North East (18% below normal) India received lower rainfall. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture%20-%202023.pdf","durl":"","murl":"","datetime":"05 Oct 23 11:24 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market Starter","description":" The J.P.Morgan Global Composite PMI composite Index fell to 50.5 in September, down from 50.6 in August and its lowest reading during the current eight month sequence of expansion. 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_October_2023.pdf","durl":"","murl":"","datetime":"05 Oct 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Hawkish undertone in times of global volatility","description":" Given fiscal measures to bring inflation down, MPC to keep repo rate and stance unchanged. But monetary easing in India to happen later than earlier depending upon inflation and US Fed . Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Preview_October_2023.pdf","durl":"","murl":"","datetime":"04 Oct 23 06:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning market Starter","description":" India’s manufacturing PMI rose at the slowest pace in five months in September at 57.5 compared with 58.6 in August. However, the index remains in the expansion zone, with strong demand driving business confidence to its highest level this year, according to the S&P Global Purchasing Managers’ Index (PMI). It stated goods producers saw a mild slowdown during September, nevertheless, a sharp rise in new orders underpinned sustained expansions in output, input purchasing and employmen. Read the report for 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_2023.pdf","durl":"","murl":"","datetime":"04 Oct 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: MPC and payrolls in focus","description":" The positive sentiment from India’s inclusion in the global bond index was short-lived with rising UST yields putting upward pressure on domestic bond 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%203%20October%202023.pdf","durl":"","murl":"","datetime":"03 Oct 23 04:55 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market Starter","description":" Cumulative Gross Tax Revenue during Apr-Aug FY23 increased 17% YoY led by higher income tax collection. However, expenditure grew at a faster pace at 20% YoY, taking fiscal deficit to 36% of budget estimate for FY24 up from 32.6% during Apr-Aug last year. Read the report for the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_3_October_2023.pdf","durl":"","murl":"","datetime":"03 Oct 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Tax collections see a sharp rebound giving fiscal space to spend","description":" Sharp rebound is seen in India’s tax collections mirroring the underlying strength of the economy with tax revenues increasing by 95.2% YoY in August taking FYTD24 tax revenue to INR 11.9tn, 16.5% YoY led by income and corporate taxes. 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%2029%20September%202023.pdf","durl":"","murl":"","datetime":"29 Sep 23 09:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning market Starter","description":" Core inflation in Japan's capital slowed to 2.5% in September (2.8% in August) mainly on falling fuel costs, suggesting that cost-push pressures are starting to peak in a relief for the fragile economic recovery. Read the report for 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_2023.pdf","durl":"","murl":"","datetime":"29 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India BoP: BoP surplus rises to 7-quarter high led by FPI inflows","description":" Current account deficit (CAD) widened to USD 9.2bn (1.1% of GDP) in Q1FY24 compared with USD 1.4bn in Q4FY23 (0.2% of GDP) led by higher trade deficit and lower invisible receipts. We expect CAD at 1.6% of GDP in FY24 from 2% in FY23 given oil prices are rising and India continues to import more of gold. But resilient services exports as well as foreign portfolio inflows imply stable external account. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_Q1FY24.pdf","durl":"","murl":"","datetime":"28 Sep 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"China: Cyclically bottoming out, structural weakness to persist","description":" High frequency indicators suggest that China’s economy is bottoming out with pick-up in retail sales, external trade and industrial production. However, property sector downturn continues. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20Monthly%20Update%20September%202023.pdf","durl":"","murl":"","datetime":"28 Sep 23 04:02 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning market Starter","description":" Oil prices surged nearly 3% to 10-month high, at USD 95/barrel, as lower than expected US stockpiles added to concerns about the impact of tighter global supplies. Additionally, some of the world’s biggest producers have announced a series of supply cuts that are to last until the end of this year. Read the report for 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_2023.pdf","durl":"","murl":"","datetime":"28 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India savings: Balancing domestic and foreign savings","description":" Net financial assets of Indian households rose by INR 13.8tn in FY23 (5.1% of GDP) as against INR 17tn in FY22 (7.2% of GDP) since financial liabilities rose at a faster pace than assets. While financial liabilities rose by INR 15.8tn or 18.3% YoY in FY23, financial assets rose by INR 29.6tn or 11.4% YoY. Higher financial liabilities are driven by underlying demand for vehicles, houses and unsecured credit \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/HH%20Savings%20and%20bond%20index.pdf","durl":"","murl":"","datetime":"27 Sep 23 01:32 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"H2FY24 borrowing calendar: Centre sticks to budgeted borrowing","description":" Borrowing calendar for H2FY24 is in-line with Budget at INR 6.55tn (~42% of gross issuances for FY24) compared with INR 5.9tn last year (41% of borrowings), 10.6% 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%20H2FY24.pdf","durl":"","murl":"","datetime":"27 Sep 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" BoJ policymakers agreed on the need to maintain ultra-loose monetary settings but were divided on how soon the central bank could end negative interest rates, according to the minutes of the July meeting. Many members agreed that the sustainable achievement of its 2% target was not yet in sight. Read the report for 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_2023.pdf","durl":"","murl":"","datetime":"27 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: Tight physical markets could keep prices higher!","description":" Global crude oil prices have moved sharply higher over the last month responding to visible tightening in physical markets that has taken place and the expectations that the net supply of crude records a deficit in Q42023 from the surplus witnessed over January 2023 to July 2023. 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%202023.pdf","durl":"","murl":"","datetime":"26 Sep 23 11:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" ECB President Christine Lagarde reiterated that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary to tame consumer prices. She added, ‘We remain determined to ensure that inflation returns to our 2% medium-term target in a timely manner.’ Read the report for 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_2023.pdf","durl":"","murl":"","datetime":"26 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Global FX markets: A higher USD for longer! ","description":" We have revised our DXY projections higher for 2023 and 2024 reflecting a relatively stronger growth and interest rate profile than we previously assumed. A mild trend reversal in the DXY could take place once the FOMC embarks on an easing cycle that is likely in H22024. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/The%20Global%20FX%20markets%20monthly%20September%202023.pdf","durl":"","murl":"","datetime":"25 Sep 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Agriculture: Monsoon revival continues in September","description":" Rainfall has picked up in September led by Central India (at 51% above normal in Sep) and South India (26% above normal). On the other hand, East and North East India (21% below normal) and North West India (5% below normal) continue to receive subdued 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_25SEP2023.pdf","durl":"","murl":"","datetime":"25 Sep 23 05:08 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Bond index inclusion to be long-term positive","description":" The biggest positive news for India was inclusion in JP Morgan Emerging Market Global Bond Index. However, higher US yields and rising oil prices ensured Indian long-end yields didn’t rally. 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%20September%202023.pdf","durl":"","murl":"","datetime":"25 Sep 23 04:55 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" ECB member Francois Villeroy de Galhau said the spike in oil and fuel prices does not change the ECB's objective to bring inflation back towards 2% by 2025. Read the report for the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_25_September_2023.pdf","durl":"","murl":"","datetime":"25 Sep 23 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index. The index provider will add Indian securities to the JPMorgan Government Bond Index-Emerging Markets starting June 28, 2024. 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_2023.pdf","durl":"","murl":"","datetime":"22 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC provided a hawkish guidance!","description":" The FOMC maintained status quo on both policy rates and QT, although it provided a much more hawkish guidance than we expected to take in to account the fact that the economy is moving in sync with a ‘soft-landing’ scenario. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20September%202023.pdf","durl":"","murl":"","datetime":"21 Sep 23 10:35 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The Federal Open Market Committee (FOMC) kept rates steady at 5.25%-5.50%, while providing a hawkish guidance. It warned that sticky inflation could warrant at least one more rate hike this year. GDP growth projections were raised from 1% to 2% for 2023 and from 1.1% to 1.5% for 2024. Inflation projections were largely left unchanged. 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_2023.pdf","durl":"","murl":"","datetime":"21 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC preview: Pause is priced in; focus is all on the guidance","description":" At the conclusion of its policy meeting (19-20 September 2023), we expect the FOMC to maintain status quo in response to the softer relative inflation profile over 2023 as well as the evidence of re-balancing in the labour market that is taking place. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20preview%20September%202023.pdf","durl":"","murl":"","datetime":"20 Sep 23 10:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" ICICI Bank expects the FOMC to: (a) maintain status quo while providing a hawkish guidance, (b) ‘dot-plot’ to show that the median of FOMC members keep the terminal rate unchanged at 5.5%-5.75% while increasing the terminal rate to 4.75%-5.00%, (c) raise growth projections for 2023 from 1% to 2%, (d) lower unemployment rate projections and (e) keep inflation projections above the 2% threshold for 2023-2025. Read the report to know about 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_2023.pdf","durl":"","murl":"","datetime":"20 Sep 23 09:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Trading the hawkish FOMC","description":" After the ECB delivered a dovish rate hike and the PBoC cut the reserve requirement ratio to support the economy, focus will remain on global central banks with: (a) FOMC is expected to deliver a hawkish pause, (b) BoE is poised to deliver a dovish rate hike and (c) BoJ will likely provide a neutral pause. 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%20September%202023.pdf","durl":"","murl":"","datetime":"18 Sep 23 08:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Uneven rains and low reservoir levels likely to pose a challenge ahead","description":" All-India monsoon deficit is now at 8% (1 June to 17 September) compared with a deficit of 10% (end-August). Only North West has seen a surplus (+1% above normal), while rainfall is deficient in East and North East India at (-21%), South India (-10%) and less so in Central India (-4%). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_18SEP2023.pdf","durl":"","murl":"","datetime":"18 Sep 23 04:58 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Global Central Banks in focus","description":" Domestic yields which were trading with a downside bias early in the week which reversed towards the end of the week. While lower than estimated CPI inflation and possibility of index inclusion drove long-end yields lower earlier, higher US yields, tepid demand and oil prices swung the yields higher. 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%2018%20September%202023.pdf","durl":"","murl":"","datetime":"18 Sep 23 03:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Gold prices: outlook looks constructive!","description":" Gold prices have moved marginally lower over the last month primarily reflecting the uptrend in US real yields, although it remains ~6% higher over 2023 reflecting a structural pick-up in demand from global central bank purchases as part of their foreign exchange reserve diversification. 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%202023.pdf","durl":"","murl":"","datetime":"18 Sep 23 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"US economy: making a case for a ‘Soft-Landing’","description":" We retain our view that the US economy is poised to ‘soft-land’ rather than ‘hard-land’. In ‘soft-landing’ scenarios a sharp fall in trend level of US inflation tends to be rare that will be a key input that the FOMC will likely remain mindful of in setting its policy. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/US%20economy%20soft%20landing%20September%202023.pdf","durl":"","murl":"","datetime":"18 Sep 23 12:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" The Centre’s advance direct tax receipts for Q2FY24 from companies, LLPs and individuals rose by a robust 24% YoY to INR 2.4tn. This was aided by a sharp increase in income tax receipts and a rebound in corporate tax collections. Read the report to know the latest global and market developments \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_18_September_2023.pdf","durl":"","murl":"","datetime":"18 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit expands led by gold and oil imports","description":" Merchandise exports contracted by 6.9% YoY to USD 34.5bn in August, mainly due to lower oil exports (-30.7% YoY), even as non-oil exports remain stable (0.2% YoY). Services exports rose by +3.8% YoY to USD 26.4bn. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_August_2023.pdf","durl":"","murl":"","datetime":"16 Sep 23 11:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"ECB delivers a dovish rate hike","description":" The ECB raised rates by 25bps that was contrary to our expectations of status quo, although the decision to hike was not unanimous. The rate hike was accompanied by a dovish forward guidance. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/ECB%20review%20September%202023.pdf","durl":"","murl":"","datetime":"15 Sep 23 04:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" China home prices dropped at a faster pace in August and new-home prices in 70 cities declined 0.29% last month from July. Existing home prices slid 0.48% from a month earlier, the most since 2014. 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_2023.pdf","durl":"","murl":"","datetime":"15 Sep 23 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI September 2023: Rising energy and food prices to drive WPI inflation higher","description":" Wholesale inflation came in at -0.52% YoY in Aug 2023 (our estimate: -0.82%), recording its fifth consecutive negative print. However, in sequential terms, WPI inched up by 30bps (200bps increase in the preceding month). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20September%202023.pdf","durl":"","murl":"","datetime":"14 Sep 23 04:39 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India’s services exports could be ~20% higher than BOP data suggests","description":" \n In the recent past, India’s services exports have been performing quite well. In FY23, services exports grew 27% YoY to USD 322bn. However, we believe India’s total services exports are likely to be ~20% higher than what BOP statistics suggests. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India’s%20services%20exports%20could%20be%20higher.pdf","durl":"","murl":"","datetime":"14 Sep 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" US CPI rose 3.7% in August (vs 3.2% in July) led by a spike in energy prices. CPI rose 0.6% MoM in August (vs 0.2% in July) and core CPI (excl. food and energy costs) rose by 0.3% MoM in August (vs 0.2% MoM in July). 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_2023.pdf","durl":"","murl":"","datetime":"14 Sep 23 08:41 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India’s retail inflation in August slowed to 6.83% YoY, 61 bps lower in comparison to the 15-month high of 7.44% YoY in July, driven by food 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_13_September_2023.pdf","durl":"","murl":"","datetime":"13 Sep 23 08:41 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI September 2023: CPI surprises positively as veggie prices moderate","description":" CPI inflation surprised positively at 6.83% YoY in August (our est. 7.06%) vs. 7.44% in July led by moderation in food inflation to 9.9% YoY. Core inflation too fell to 4.8% YoY (vs 4.9% YoY 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%202023.pdf","durl":"","murl":"","datetime":"12 Sep 23 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Index of Industrial Production: Infra and FMCG goods driven boost ","description":" Industrial production rose to 4-month high of 5.7% YoY in July 2023 (est. 5.5% YoY) compared with 3.8% YoY in June led by broad-based acceleration. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20July%202023.pdf","durl":"","murl":"","datetime":"12 Sep 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" New York Fed Survey highlights that inflation expectations have been well behaved and are moving in the right direction. 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_2023.pdf","durl":"","murl":"","datetime":"12 Sep 23 08:41 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Agriculture: Monsoon revives but is still skewed","description":" September rainfall is much better than August. Spatially, in Sept, rainfall is in surplus in South (72%) and Central (11%), while it is deficient in North West (-52%) and East and North East (-40%). Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_11SEP2023.pdf","durl":"","murl":"","datetime":"11 Sep 23 04:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India CPI in focus amidst tighter liquidity","description":" Domestic yields inched up during the week tracking US treasuries, rising oil prices and lower than expected release of liquidity under I-CRR framework. Money market rates rose as liquidity tightened 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/weekly-reports/Fixed%20income%20weekly%2011%20September%202023.pdf","durl":"","murl":"","datetime":"11 Sep 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Key takeaways from the G20 summit in New Delhi: a) The 55-member African Union was formally made permanent member of the G20, on par with the EU b) US, India and Saudi Arabia announced plans to set up rail and ports links between the Middle East and South Asia and eventually to Europe c) To pursue tripling renewable energy capacity globally by 2030 and the need to phase down unabated coal power. 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_September_2023.pdf","durl":"","murl":"","datetime":"11 Sep 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook September 2023; Rising energy prices can push inflation higher","description":" After seeing lowest rainfall in 122 years in August, some visible improvement in rainfall activity is seen in last few days. Given the spatial and inter-temporal variation of the rainfall, there will be an impact on yields and prices and thus purchasing power. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20September%202023.pdf","durl":"","murl":"","datetime":"08 Sep 23 04:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" Japan's economy grew an annualised 4.8% in April-June, the revised data showed, down from a preliminary estimate of 6.0% growth. Capital expenditure and private consumption both fell in the April-June period, underscoring the fragile state of Japan's economy, which is already facing headwinds from weakening Chinese and US 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_08_September_2023.pdf","durl":"","murl":"","datetime":"08 Sep 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" ECB policymakers said September rate decision was still up in the air and a rise in borrowing costs was among the options on the table. 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_2023.pdf","durl":"","murl":"","datetime":"07 Sep 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" RBI governor Shaktikanta Das on Monday said that cross-border payments can be made more efficient through adoption of digital currencies, central bank digital currencies can play an important role in making cross-border payments cheaper, faster, and more secure.. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_05_September_2023.pdf","durl":"","murl":"","datetime":"05 Sep 23 09:02 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Agriculture: Low and uneven monsoon rains pose a risk to crop yield","description":" Poor August rains has led to the driest and warmest August since 1901, with a rainfall deficit of 36%. Spatially, only East and North East India showed an improvement in rainfall (2% surplus), while all other regions witnessed deficient rainfall in August. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_4SEP2023.pdf","durl":"","murl":"","datetime":"04 Sep 23 05:58 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Markets are poised for some consolidation!","description":" Global PMI manufacturing surveys across DMs and EMs showed signs of stabilizing limiting global recession concerns. However, the US economy continues to be on a stronger footing than Europe and China that was visible in the acceleration in US real spending in July. 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%2004%20September%202023.pdf","durl":"","murl":"","datetime":"04 Sep 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Markets await review on ICRR","description":" Domestic yields saw a marginal drop in-line with global yields in response to downward revision in US GDP. and job openings data. However, higher-than-expected US payrolls data has led to domestic yields opening higher today. 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%204%20September%202023.pdf","durl":"","murl":"","datetime":"04 Sep 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" Reserve Bank governor Shaktikanta Das said the central bank expects retail inflation to start declining from this month, while referring to the central government's steps to check prices of vegetables like tomatoes, restrictions on export of non-basmati rice and reduction in prices of household LPG cylinders. 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_September_2023.pdf","durl":"","murl":"","datetime":"04 Sep 23 09:08 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: Further signs that re-balancing is taking hold!","description":" US non-farm payrolls surprised marginally to the upside printing in at 187K (expectations: 170K), although downward revisions to the tune of 110K were made in the previous two months indicating that hiring was weaker than previously expected. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-Aug%202023.pdf","durl":"","murl":"","datetime":"02 Sep 23 09:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" India's chief economic advisor V. Anantha Nageswaran termed the first quarter GDP growth of 7.8% as a "good number" and said that the government is comfortable maintaining GDP growth target of 6.5% for FY24. BoJ member Toyoaki Nakamura said it was premature to tighten monetary policy, as recent increases in inflation were driven by higher import costs rather than wage 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_1_September_2023.pdf","durl":"","murl":"","datetime":"01 Sep 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India GDP: Nominal and real growth converge; capex continues to outshine","description":" Q1 GDP and GVA growth at 7.8% YoY in-line with estimate of 7.8% YoY for both. Investment spending driving growth even as consumption improving. Download the report know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/India%20Q1FY24%20GDP%20review.pdf","durl":"","murl":"","datetime":"31 Aug 23 10:10 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Monthly Economic Update ","description":" During July 2023, Gross Tax Revenue grew 1.5% YoY on the back of higher indirect tax collection while direct tax collection remained flat. Net tax collection, on the other hand, declined as the center stepped up devolution to states. Download the report to know more... \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Monthly%20Economic%20Update%2031%20August%202023.pdf","durl":"","murl":"","datetime":"31 Aug 23 09:35 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India employment: Where will the next 100mn jobs come from?","description":" Given growth and employment elasticity along with pick-up in pace of job addition, India has the potential to add more than 100mn jobs in the next decade. India’s integration into global value chains (GVCs) in manufacturing and market share gain in services (GCCs) should aid in adding jobs faster than historical pace. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India%20Employment%20-%2031AUG23.pdf","durl":"","murl":"","datetime":"31 Aug 23 11:23 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter ","description":" The Fed can end its interest rate hiking cycle if the labor market and economic growth continue to slow at the current gradual pace, said Eric Rosengren, the former president of the Boston Fed. He expects auto prices to decline and banks to keep slowing their lending, which will continue to put the brakes on economic growth and inflation through the end of the year. He added that interest rate cuts are unlikely to be on the table until core PCE falls "closer to 3% than 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_31_August_2023.pdf","durl":"","murl":"","datetime":"31 Aug 23 08:47 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" China vowed to strengthen policy support and speed up government spending as the economy’s recovery comes under strain. The aim is to ensure local governments use up this year's quota of new special bonds, which are mainly used to finance infrastructure investment, by the end of September. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS_30_August_2023.pdf","durl":"","murl":"","datetime":"30 Aug 23 08:54 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Q1FY24 Corporate Results: Rising profitability to drive GVA growth","description":" We analyzed corporate performance of over ~2600 companies across manufacturing and service sectors for Q1FY24. Our analysis shows that listed firms’ revenue growth came in at -2.4% YoY in Q1FY24, driven by lower commodity prices and high base. However, the fall in their expenditure was steeper at -8.4% YoY, leading to a strong growth in profitability Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Corporate%20Results%20Q1FY24.pdf","durl":"","murl":"","datetime":"29 Aug 23 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter ","description":" RBI Governor Shaktikanta Das-headed Sub-Committee of the Financial Stability and Development Council on Monday resolved to remain vigilant against any build-up in vulnerabilities in the financial system as well as in the broader economy amid uncertain global environment.. 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_2023.pdf","durl":"","murl":"","datetime":"29 Aug 23 08:35 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India GDP Preview: Investments, rural recovery and margins driving growth","description":" For Q1FY24, GDP growth is estimated at 7.8% YoY compared with 6.1% YoY in Q4FY23 and 13.1% YoY in Q1FY23. Real GVA is estimated to grow at 7.8% YoY as well. Manufacturing sector is expected to be a key driver of growth in Q1FY24 at 6.3% YoY (4.5% YoY in Q4FY23). Construction is also expected to do well as is the case for services at 13.9% YoY (10.4% YoY in Q4FY23). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Q1FY24%20GDP%20Preview.pdf","durl":"","murl":"","datetime":"28 Aug 23 06:51 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"India Agriculture: Prolonged dry spell in August can add to upward pressure on food prices","description":" Monsoon has entered an extended dry phase with a rainfall deficit of 32% in August. Cumulative rainfall is now in deficit of 8% (27 August 2023) compared with a surplus of 7% (27 July 2023). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_28AUG2023.pdf","durl":"","murl":"","datetime":"28 Aug 23 05:32 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: India GDP, US payrolls in focus","description":" Domestic long-end yields saw a marginal drop in line with global yields amid weaker-than-expected PMI data. Less hawkish MPC minutes also aided the downside. 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%20August%202023.pdf","durl":"","murl":"","datetime":"28 Aug 23 04:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"The Weekly Update: Focus shifts to the US labour market report ","description":" At the Jackson Hole symposium, the FOMC Chair emphasized that the central bank was pivoting to a ‘data-dependent’ approach, although the bias remains to tighten policy. We maintain our view of the FOMC maintaining status quo in September. 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%2028%20August%202023.pdf","durl":"","murl":"","datetime":"28 Aug 23 04:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Central banks need to be cognizant of growth and growth-related priorities even while equally looking at curbing inflation, FM Nirmala Sitharaman said on Friday, while highlighting the unnecessary priority given to interest rates as a policy tool 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_28_August_2023.pdf","durl":"","murl":"","datetime":"28 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" The minutes of the MPC meeting earlier in the month showed that members were of the opinion that the recent spike in headline inflation was led by a sharp spike in vegetable prices, and can be looked though if it does not becomes generalized. 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_2023.pdf","durl":"","murl":"","datetime":"25 Aug 23 09:05 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC minutes: Willing to look-through veggie spike","description":" Members willing to look past the short-term spike in vegetable prices, unless it gets entrenched. As of now, we see no signs of inflation getting generalized with seasonally adjusted core inflation easing. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Minutes_August_2023.pdf","durl":"","murl":"","datetime":"24 Aug 23 08:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter ","description":" RBI Governor Shaktikanta Das said that price stability is essential for maintaining the economic growth of the country. He added that while core inflation is still elevated at 4.9%, a steady decline in core inflation over the last five months is indicative of ongoing transmission of monetary 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_24_August_2023.pdf","durl":"","murl":"","datetime":"24 Aug 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: vulnerable to more downside potential in 2023!","description":" Gold prices have moved sharply lower over the last month primarily reflecting the uptrend in US real yields. With markets pricing in a ‘soft-landing’ scenario for the US economy along with visible indications of a resilient US private sector demand, we see limited downside in US yields that will ensure that gold prices trade with a downside bias in 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%20Aug%202023.pdf","durl":"","murl":"","datetime":"23 Aug 23 04:50 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" The Fed must be open to the possibility that the economy will begin to reaccelerate rather than slow, with potential implications for the U.S. central bank's inflation fight, said Fed President Thomas Barkin. 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_2023.pdf","durl":"","murl":"","datetime":"23 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" China is extending two lines of currency defense to support the yuan, pushing up funding costs in the offshore market and battling back once more with a stronger than expected reference rate for the managed currency. Read 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_22_August_2023.pdf","durl":"","murl":"","datetime":"22 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Trading the great US and China divide!","description":" Global investors had to respond to contrasting developments. A hawkish FOMC minutes worked to pull US yields higher while Chinese growth concerns intensified that was accompanied by monetary easing by the PBOC that worked to push USD/CNY pair to a record high. 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%20August%202023.pdf","durl":"","murl":"","datetime":"21 Aug 23 05:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Record low rainfall in August poses a risk to agri output","description":" August is turning out to be a dry month with rainfall deficit of 35%. Hence, cumulative rainfall now is in deficit of 7% compared with a surplus of 5% towards end-July. Download to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_21AUG2023.pdf","durl":"","murl":"","datetime":"21 Aug 23 04:32 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: MPC minutes in focus","description":" Domestic yields inched up across the curve during the week on the back of rising UST yields, FOMC minutes and a sharp uptick in domestic inflation. Yields at the short end increased more than the long end, lowering the 1x30 spread to 35bps from 40bps at the end of last 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%2021%20August%202023.pdf","durl":"","murl":"","datetime":"21 Aug 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" PBOC cut its one-year loan prime rate (3.45% from 3.55%) by a smaller-than-expected margin, while five-year rates were left unchanged at 4.20% as the country grapples with slowing economic activity. The PBOC has repeatedly vowed to keep releasing more liquidity for the economy, as it struggles with slowing business activity and an increasingly deflationary outlook. 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_August_2023.pdf","durl":"","murl":"","datetime":"21 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" China’s state-owned property developers are warning of widespread losses, fuelling concerns that the housing crisis is expanding from the private sector to companies with government backing. New home prices fell for a second month in July. The warnings signal state builders are no longer immune to the two-year housing slump that has weakened the 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_18_August_2023.pdf","durl":"","murl":"","datetime":"18 Aug 23 09:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" India's retail inflation spiked to a 15-month high of 7.44% YoY in July, surpassing the upper limit of RBI’s tolerance band of 2-6%, compared with 4.87% in June primarily driven by a sharp increase in food inflation to 11.5% YoY while core inflation nudged lower to 4.9% 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__17_August_2023.pdf","durl":"","murl":"","datetime":"17 Aug 23 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Services trade holding up, goods trade decelerating","description":" \n Merchandise exports dipped further to USD 32.3bn in July (-15.9% YoY) led by both oil (-43.8% YoY) and non-oil exports (-8.3% YoY). Services exports remain stable at USD 27.2bn. 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_July_2023.pdf","durl":"","murl":"","datetime":"14 Aug 23 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI August 2023: Veggie driven negative surprise makes MPC’s task difficult","description":" \n CPI inflation rose to 7.44% in July (our est. 6.69%) vs. 4.87% in June led by sharp increase in food inflation to 11.5% YoY while core inflation nudged lower to 4.9% YoY. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20August%202023.pdf","durl":"","murl":"","datetime":"14 Aug 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: China concerns not the FOMC minutes to drive markets!","description":" With US CPI inflation printing flat, investor attention could turn to China. High frequency indicators are expected to highlight that underlying demand remains weak while the optimism about a substantial fiscal policy support is also fading. 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%2014%20August%202023.pdf","durl":"","murl":"","datetime":"14 Aug 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"WPI:Food prices rise, metals muted","description":" WPI index came in at -1.36% YoY in July (our est: -2.5%) vs. a 92-month low of -4.1% in June. On a MoM basis, WPI index increased by 1.9% led by 7.1% MoM increase in food prices. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20Inflation%20August%202023.pdf","durl":"","murl":"","datetime":"14 Aug 23 05:22 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: India CPI in focus","description":" While domestic long-end yields reacted positively to RBI’s policy decision, they did go up towards the end of the week because of global factors. Short-end yields also ended higher. 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%20August%202023.pdf","durl":"","murl":"","datetime":"14 Aug 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Indian Agriculture: Rains again turning elusive","description":" August is witnessing much lower monsoon rainfall (32% below normal) because of which cumulative monsoon which was at +5% as of end-July now stands in deficit (-3% of LPA). \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_14_Aug_2023.pdf","durl":"","murl":"","datetime":"14 Aug 23 03:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" Industrial production fell to a three-month low of 3.7% YoY in June 2023 from 5.3%YoY in the preceding month and 12.6%YoY a year ago, driven by a slowdown in manufacturing activity. 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_August_2023.pdf","durl":"","murl":"","datetime":"14 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Index of Industrial Production: Industrial activity slowed down","description":" Industrial production fell to 3-month low of 3.7% YoY in June 2023 (est. 4.6% YoY) down from 5.3% YoY in the preceding month and 12.6% YoY a year ago. Download to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20June%202023.pdf","durl":"","murl":"","datetime":"11 Aug 23 09:57 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" RBI MPC voted unanimously to keep repo rate unchanged at 6.5% and retained stance of withdrawal of accommodation with 5:1 vote even as FY24 CPI inflation was revised higher to 5.4% from 5.1%. 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_11_August_2023.pdf","durl":"","murl":"","datetime":"11 Aug 23 09:10 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI printed flat; allowing the FOMC to pause in September","description":" US CPI inflation printed in at 3.2% YoY in July 2023 marginally lower than expectations of 3.3%. On a monthly basis, headline inflation came in at 0.2% in July that was a similar pace of increase as that witnessed in June. Read the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20July%202023.pdf","durl":"","murl":"","datetime":"11 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":" MPC Review: MPC looks-through spike in inflation, but liquidity to be tighter","description":" MPC voted unanimously to keep repo rate unchanged at 6.5% and retained stance of ‘withdrawal of accommodation’ with 5:1 vote even as FY24 CPI inflation revised higher to 5.4% (5.1% earlier). Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_review_August_2023.pdf","durl":"","murl":"","datetime":"10 Aug 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter ","description":" President Joe Biden signed an order that will prohibit some new US investment in China in sensitive technologies and require government notification in other tech sectors. The restriction would apply to narrow subsets of three main sectors: semiconductors and microelectronics, quantum information technologies and artificial intelligence systems. 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__10_August_2023.pdf","durl":"","murl":"","datetime":"10 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Chartbook August 2023: Chances of soft landing increasing, policy rates near peak","description":" Odds of a recession in US are receding and probability of soft landing increasing. Labour market is gradually rebalancing. US added 187k jobs in July compared with an average of 270k in 2023 and pre-pandemic five-year average of 190k. Download the chartbook to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20August%202023.pdf","durl":"","murl":"","datetime":"09 Aug 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter ","description":" China’s consumer and producer prices both declined in July from a year ago, a sign of deflation pressure as demand in the world’s second-largest economy weakens. CPI dropped 0.3% last month from a year earlier, marking its first decline since February 2021. 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__09_August_2023.pdf","durl":"","murl":"","datetime":"09 Aug 23 08:42 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Sound hawkish, but see-through the inflation blip","description":" Global economy has been resilient to monetary tightening though divergence is visible with manufacturing and commercial real estate slowing down. US labour market is rebalancing increasing odds of soft landing but also implying US Fed will have to maintain restrictive monetary policy for longer. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/MPC_Preview_August_2023.pdf","durl":"","murl":"","datetime":"08 Aug 23 05:11 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" UK food price inflation is likely to fall to around 10% later this year, but will need to drop further for overall CPI to return to its 2% target, said BoE Chief Economist Huw Pill. 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_2023.pdf","durl":"","murl":"","datetime":"08 Aug 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Will US CPI confirm status quo in September? ","description":" The impact of Fitch ratings downgrading the US sovereign rating on the overall market sentiment was modest as anticipated. The main development has been the pricing out of the hard-landing scenario and pricing-in of a soft-landing scenario in the US economy that was visible in the sharp rise in US longer-end yields that provided renewed support for the 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%2007%20August%202023.pdf","durl":"","murl":"","datetime":"07 Aug 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Monsoon rainfall slows down; pulses sowing continues to lag behind","description":" Monsoon rainfall slowed down in the first week of August, reducing the countrywide rainfall surplus to 3% from 6% last week. However, the spatial distribution of monsoon continues to be skewed. Precipitation in North-West and Central regions is 22% and 13% above Long Period Average (LPA). On the other hand, in East & Northeast India and South Peninsula, it is 23% and 3% below LPA. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_07AUG2023.pdf","durl":"","murl":"","datetime":"07 Aug 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: MPC in focus","description":" \n Domestic long-end bond yields closed higher last week, in sync-with higher long-end UST yields. Higher US yields was driven by sovereign downgrade and Treasury’s higher borrowing plan. 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%207%20August%202023.pdf","durl":"","murl":"","datetime":"07 Aug 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter ","description":" \n China posted a current account surplus of USD 65.3bn in Q22023, smaller by USD 81.5bn in previous quarter. It was the smallest current account surplus since the second quarter of 2021. Read 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__07_August_2023.pdf","durl":"","murl":"","datetime":"07 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US Labour Market: Slow rebalancing is taking place","description":" US non-farm payrolls slowed in July printing in below expectations while downward revisions to the figures were made for May-June, although the level of payrolls is still above the pre-pandemic monthly average. However, labour market conditions still remain tight that was visible in the unemployment rate moving lower, participation rate remaining flat and the pick-up in sequential momentum in average hourly earnings. Downlaod the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-July%202023.pdf","durl":"","murl":"","datetime":"06 Aug 23 05:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter ","description":" \n India's services sector continued its robust performance with S&P Services PMI for India rising to a 13 year high of 62.3 in July from 58.5 in June on the back of strong demand. Read 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__04_August_2023.pdf","durl":"","murl":"","datetime":"04 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter ","description":" \n US Treasury Secretary Janet Yellen slammed the move by Fitch Ratings to strip the US of its top-tier credit rating to AA+, calling it “flawed” and “entirely unwarranted.” She stated, “The Fitch’s decision is puzzling in light of the economic strength we see in the US. Read 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__03_August_2023.pdf","durl":"","murl":"","datetime":"03 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Global crude oil prices: Tight physical markets could keep prices higher!","description":" Brent crude oil prices have rebounded by ~15% over the last month responding to the seasonal pick-up in demand and simultaneous tightening of supply from OPEC+ members. Download to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20crude%20oil%20monthly%20August%202023.pdf","durl":"","murl":"","datetime":"02 Aug 23 12:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fitch ratings downgraded the US sovereign rate: assessing the impact","description":" Fitch ratings downgraded the US sovereign rating from AAA to AA+ reflecting the erosion of the public finances that is expected to take place over the medium-term. As Fitch explained, it forecasts US general government debt to GDP ratio to rise to 118.4% of GDP by 2025 that compares to 39.3% level of GDP for the median of AAA rated sovereigns and 44.7% of GDP for AA rated sovereigns. Hence, the decision to downgrade was taken . Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/Fitch%20ratings%20downgrade%20impact%20report%20July%202023.pdf","durl":"","murl":"","datetime":"02 Aug 23 11:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter ","description":" US Fed officials see pathway to soft landing, after raising interest rates for an 11th time last week. Atlanta Fed President Raphael Bostic said, “The PCE index has more than halved from last summer's peak to 3% in the most recent month, marking promising progress toward the Fed's 2% goal. As inflation falls further, he said, unemployment, now at 3.6%, may end up rising no further than to 4%.” He added that the Fed is on the "golden path" of disinflation without a recession. 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_2023.pdf","durl":"","murl":"","datetime":"02 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n The Centre’s fiscal deficit during Q1FY24 stood at INR 4.51tn, or 25.3% of FY24 BE vs 21.2% during Q1 FY23, according to the data released by the Controller General of Accounts. Revenue receipts for Q1FY24 grew by a modest 3.6% YoY led by robust income tax and GST collections while expenditure grew by 10.8% YoY. Read 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__01_August_2023.pdf","durl":"","murl":"","datetime":"01 Aug 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Capex front loading visible, core sector growth picks up","description":" June 2023 saw gross tax revenue rise by 11% YoY led by an increase in income tax and GST collections despite a contraction in corporate tax. Expenditure grew by 17.3% YoY, led by capex. 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%20July%202023.pdf","durl":"","murl":"","datetime":"31 Jul 23 07:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Agriculture: Rainfall picks pace in South India","description":" Northwest, South and Central India saw surplus rainfall in July. Overall surplus for Northwest is now at 33% followed by Central India at 14% and South India at 6%. Notably, East is still deficient in 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_31July2023.pdf","durl":"","murl":"","datetime":"31 Jul 23 06:28 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Higher domestic inflation, US payrolls in focus","description":" Domestic bond yields closed higher last week on the back of changing domestic inflation trajectory because of higher vegetable prices as also uptick seen in oil prices. Global yields too rose. 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%20July%202023.pdf","durl":"","murl":"","datetime":"31 Jul 23 03:20 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" \n China issued more measures to bolster economic growth, including a plan to boost consumer industries and steps to grow an exchange dedicated to helping small firms get access to funds. Read the report to know the latest global and domestic developments. \n \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__31_July_2023.pdf","durl":"","murl":"","datetime":"31 Jul 23 09:05 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" ECB raised its key deposit rate by 25bps (from 3.50% to 3.75%), its ninth increase in a row, as it continued to battle persistent inflation. Core inflation in Japan's capital slowed in July (3.0% in July vs 3.2% in June) but remained well above the central bank's 2% target. Download to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__28_July_2023.pdf","durl":"","murl":"","datetime":"28 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Uneven rains drive upward revision to food inflation","description":" \n Uneven monsoon and sowing along with global developments have made us revise our inflation trajectory. Near-term inflation shoots up, but Q4 decelerates with peak and trough in tomato prices. 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/Uneven%20rains%20drive%20upward%20revision%20to%20food%20inflation.pdf","durl":"","murl":"","datetime":"27 Jul 23 11:54 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"FOMC: Shifting to a data-dependent approach!","description":" The FOMC raised the policy rate by 25bps and kept its QT framework in place on expected lines. While the post policy statement was largely unchanged, the FOMC Chair’s tone in the post policy press conference was less hawkish than expected. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20review%20July%202023.pdf","durl":"","murl":"","datetime":"27 Jul 23 11:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The IMF said it would “encourage” India to remove restrictions on export of a certain category of rice, which, it said, would have an impact on global inflation. The FOMC raised rates by 25bps on expected lines taking the fed funds rate to the 5.25%-5.50% range that would imply a cumulative 525bps increase since March 2022. Read 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__27_July_2023.pdf","durl":"","murl":"","datetime":"27 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The IMF raised its 2023 global growth estimates to 3.0% in 2023, up 0.2 percentage point from its April forecast, although it left its outlook for 2024 unchanged, also at 3.0%. the upgraded reflected resilient economic activity in Q1 while maintaining that there are downside risks to the outlook. Read 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__26_July_2023.pdf","durl":"","murl":"","datetime":"26 Jul 23 09:15 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC preview: The insurance rate hike with a hawkish guidance!","description":" We maintain our view of the FOMC delivering a 25bps hike pushing the fed funds rate to the 5.25%- 5.50% range in its upcoming policy meeting that will conclude on 26 July 2023 that will be accompanied by a hawkish guidance. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/FOMC%20preview%20July%202023.pdf","durl":"","murl":"","datetime":"25 Jul 23 03:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"FX markets: The USD’s non-linear cyclical downtrend has commenced!","description":" We see the downtrend in the USD accelerating in 2024 as the US economy shows signs of weakening, labour market re-balancing takes hold and inflation moves lower. Our projections also assume a ‘soft-landing’ scenario for the global economy limiting USD support from a ‘safe-haven’ perspective. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Global%20FX%20report%20July%202023.pdf","durl":"","murl":"","datetime":"25 Jul 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" China’s top leaders signaled more support for the troubled real estate sector alongside pledges to boost consumption and resolve local government debt, though fell short of announcing large-scale stimulus to support the slowing economic recovery. 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_2023.pdf","durl":"","murl":"","datetime":"25 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Trading hawkish central banks?","description":" With labour markets still fairly tight and core inflation remaining elevated, we expect both the FOMC and the ECB to raise rates by 25bps while providing a hawkish message in terms of guidance. Indications of a prolonged restrictive monetary regime could continue to keep risk sentiment challenged in the near-term. 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%2024%20July%202023.pdf","durl":"","murl":"","datetime":"24 Jul 23 06:35 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Rainfall surplus of 5%; sowing picks up pace","description":" Monsoon now in surplus (5% above LPA) with significant rainfall during the week in Central (now 15% above LPA) and South India (now -10% of LPA). Rainfall activity disappointing over East India \n Northwest India continues to see excess rainfall at 40% above LPA, though lower than 47% above LPA last week. Forecast is for monsoon rain to pick up from tomorrow over North India. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_24July2023.pdf","durl":"","murl":"","datetime":"24 Jul 23 05:54 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: FOMC in focus","description":" Domestic bond markets were supported by steady demand in auction. Notably, SDL yields were lower by 7bps in primary auction. In the Gsec market, apart from 30-year, yields were largely lower. 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%2024%20July%202023.pdf","durl":"","murl":"","datetime":"24 Jul 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" China has approved guidelines on transforming ‘urban villages’ or ‘underdeveloped areas’ in megacities, in the government's latest move to support the economy. It added that such transformation is important to improve people's livelihoods, expand domestic demand, and promote high-quality urban development. 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__24_July_2023.pdf","durl":"","murl":"","datetime":"24 Jul 23 09:19 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" US Leading Economic Index, a measure that anticipates future economic activity, declined by 0.7% in June to 106.1 following a revised decrease of 0.6% in May. This was dragged down by a weakening consumer outlook and increased unemployment claims, marking the longest streak of decreases since the lead-up to the 2007-2009 recession. Read 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__21_July_2023.pdf","durl":"","murl":"","datetime":"21 Jul 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Emerging market economies bore the brunt of the strongest U.S. dollar in two decades in 2022, a rise that battered them with capital outflows, higher import prices and tighter financial conditions, said the IMF. 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__20_July_2023.pdf","durl":"","murl":"","datetime":"20 Jul 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Treasury Secretary Janet Yellen said a cooling but not faltering labor market is playing a leading role in helping slow US inflation, among a raft of factors imposing disinflationary pressures. Read 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__19_July_2023.pdf","durl":"","murl":"","datetime":"19 Jul 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" With downside risks to global growth still persisting, FM Nirmala Sitharaman on Monday urged her G20 counterparts and central bank governors to coordinate to work on an international approach to navigate this challenging period. Treasury Secretary Janet Yellen said China’s economic slowdown risks causing ripple effects across the global economy, though she doesn’t expect a recession in the US. Read 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__18_July_2023.pdf","durl":"","murl":"","datetime":"18 Jul 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Investors are positioning for a US policy rate peak!","description":" Downside surprises in both US CPI and PPI inflation has resulted in investors pricing in a high probability of the last rate hike in July followed by a pause over the remainder of 2023 and rate cuts over 2024. US yields have softened and the USD has come under broad-based pressure. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2017%20July%202023.pdf","durl":"","murl":"","datetime":"17 Jul 23 05:53 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Monsoon distribution remains skewed across India","description":" Overall monsoon rainfall deviation is now nil as against +2% last week as rainfall over North India receding in the last week. Rains yet to catch up in parts of South and East India. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_17July2023.pdf","durl":"","murl":"","datetime":"17 Jul 23 04:44 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: Domestic inflation worries amidst rising net supply","description":" Indian bond yields closed lower last week in line with UST yields, as US CPI growth came below estimates. However, higher-than-expected CPI in India limited downtick in particular in short-end yields, leading to bullish flattening of yield curve. Download to know more \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2017%20July%202023.pdf","durl":"","murl":"","datetime":"17 Jul 23 02:55 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India’s wholesale price-based inflation deflated for the third straight month as it contracted to 4.12% YoY in June vs. a contraction of 3.48% YoY seen in May, the Commerce Ministry data showed. In June last year, it was 16.23% YoY. Read the report to the latest global and domestic developments. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__17_July_2023.pdf","durl":"","murl":"","datetime":"17 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Broad-based deceleration","description":" \n \n \n \n Merchandise exports witnessed a sharp contraction at USD 33bn in June (-22% YoY), led by both oil (-47.5% YoY) and non-oil exports (-13.5% YoY). Services exports remain stable at USD 27.1bn. Download the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Trade_June_2023.pdf","durl":"","murl":"","datetime":"14 Jul 23 08:14 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"WPI deflation deepens","description":" WPI index fell by 4.12% YoY in June (vs -3.48% YoY in May) led by continued deceleration in energy prices. While manufactured products and food products continued to see deflation, the pace did ease. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20July%2023.pdf","durl":"","murl":"","datetime":"14 Jul 23 05:29 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" Even as there are growing signs of disinflation pressures building, FOMC officials continue to indicate that more monetary tightening could be in store. 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_2023.pdf","durl":"","murl":"","datetime":"14 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: more weakness in store over 2023?","description":" Over the last month, the downtrend in gold prices has extended further. The upward re-pricing of the US terminal rate that has pushed US real yields higher has worked as the primary catalyst weighing on gold prices. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20July%202023.pdf","durl":"","murl":"","datetime":"13 Jul 23 03:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" India’s retail inflation increased to 4.81% YoY in June from an upwardly revised 4.31% YoY in May, led by a spike in food inflation (at 4.5% YoY) even as core inflation remain stable (at 5.1% YoY). Read the report to know the latest global and domestic investments. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__13_July_2023.pdf","durl":"","murl":"","datetime":"13 Jul 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US CPI June 2023: US consumer prices are shows signs of moderating","description":" US CPI inflation printed in at 3% YoY in June 2023 the lowest since March 2021 and well below previous month’s rate of 4%, as high base-effect came into play reflecting high base of energy prices last year. On a monthly basis, headline inflation came marginally higher 0.2% vs 0.1% earlier (expected: 0.3%). However, sequential momentum remains much lower in 2023 than that witnessed in 2022. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20June%202023.pdf","durl":"","murl":"","datetime":"12 Jul 23 11:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"CPI: Tomato prices push food inflation higher ","description":" CPI inflation rose to 4.81% in June (our est. 4.63%) vs. 4.31% in May led by sharp increase in food inflation to 4.63% YoY while core inflation remained stable at 5.12% YoY. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20July%202023.pdf","durl":"","murl":"","datetime":"12 Jul 23 09:18 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" IMF Managing Director Kristalina Georgieva said the IMF expects global growth around 3% annually for the next five years, well below historical averages of about 3.8%, which may pressure capital flows. Read 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__12_July_2023.pdf","durl":"","murl":"","datetime":"12 Jul 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Three Federal Reserve officials—Michael Barr, Mester and Daly-- said policymakers will need to raise interest rates further this year to bring inflation back to the central bank’s goal. The guidance of two further rate hikes continued to get provided. 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__11_July_2023.pdf","durl":"","murl":"","datetime":"11 Jul 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Index of Industrial Production: Accelerating with resilient domestic demand","description":" \n Industrial production increased by 5.2% YoY in May 2023 (est. 5.3% YoY) led by mining at 6.4% YoY and manufacturing at 5.7% YoY. Electricity output was relatively tepid. Even April number revised higher. Download the report to know more. \n \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20May%202023.pdf","durl":"","murl":"","datetime":"10 Jul 23 07:26 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: India and US CPI in focus","description":" Indian bond yields closed higher last week in line with UST yields, after hawkish minutes of the FOMC meeting. In addition, rising vegetable prices led by heavy rainfall added to upward pressure. 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%20July%202023.pdf","durl":"","murl":"","datetime":"10 Jul 23 05:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Monsoon now in surplus, but spatial variations persist","description":" Monsoon rainfall showed a sharp improvement by heavy rainfall in parts of Northwest India. Cumulative rainfall now stands at a surplus of 2% as against deficit of 8% last week. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_10July2023.pdf","durl":"","murl":"","datetime":"10 Jul 23 04:19 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Bank of England Governor Andrew Bailey rejected the need for an inflation target higher than 2%, warning that changing the goal could damage the bank’s credibility and unpick expectations. 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_July_2023.pdf","durl":"","murl":"","datetime":"10 Jul 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: Job growth slowed; although the labour market is still tight","description":" US non-farm payrolls disappointed to the downside printing in 209K in June (expectations: 230K) while figures for the previous two months were revised lower. The unemployment rate drifted lower to 3.6%, participation rate remained unchanged at 62.6% and wage inflation remained elevated showing that on aggregate labour markets remain tight. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-June%202023.pdf","durl":"","murl":"","datetime":"09 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Chartbook July 2023: Yields moved higher even as domestic liquidity improved","description":" Global manufacturing activity is sputtering with contraction visible in PMIs and trade volumes. Demand for semi-conductor chips is falling and technology decoupling between China and US is adding to uncertainty. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20July%202023.pdf","durl":"","murl":"","datetime":"07 Jul 23 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter","description":" The J.P.Morgan Global Services PMI Index posted 54.0 in June, down from 55.5 in May and its lowest reading since February. The J.P.Morgan Global PMI Composite Index posted 52.7 in June, a four-month low and down from May's one-and-a-half year high of 54.4. 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__07_July_2023.pdf","durl":"","murl":"","datetime":"07 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"FOMC minutes: case for further tightening was provided","description":" The FOMC minutes showed that the decision to pause in June was undertaken to take in to account the lagged effect of tightening and to assess the state of the economy. The FOMC minutes also showed that all members believed that further tightening would be required over 2023 to address inflation risks and ensure demand-supply imbalances correct further. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/FOMC%20minutes%20June%202023.pdf","durl":"","murl":"","datetime":"06 Jul 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" FOMC minutes highlight that ‘almost all participants noted in their economic projections that they judged that additional increases in the target federal funds rate during 2023 would be appropriate.’ The need to tighten policy further will need to be done to take into account the tight labour market and inflation outlook. 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__06_July_2023.pdf","durl":"","murl":"","datetime":"06 Jul 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" Chinese President Xi Jinping called on nations to spurn decoupling and the cutting of supply chains, one day after his nation imposed limits on exports of two key metals used to make chips to counter Western restrictions on Beijing. 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__05_July_2023.pdf","durl":"","murl":"","datetime":"05 Jul 23 08:58 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" India's services exports in May climbed 7.7% YoY to USD 27.06bn, while imports rose by 2% to USD 15.5bn, as per the provisional data by RBI released on Monday. 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_2023.pdf","durl":"","murl":"","datetime":"04 Jul 23 09:08 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Update: Focus to be on the US labour market!","description":" Headline inflation in the US and Euro-zone softened in June that has helped in lending some stability to the market. However, tight labour markets will imply that policy rates will be raised further by the G-3 central banks that was the main message that was provided at the ECB’s annual policy meeting in Sintra from the heads of the FOMC, ECB and BoE respectively. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2003%20July%202023.pdf","durl":"","murl":"","datetime":"03 Jul 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: As monsoon picks up pace, global data in focus","description":" Indian bond yields closed higher last week on the back of stronger than expected US GDP growth despite weaker economic momentum visible in Europe. Markets are pricing-in a rate hike by Fed. Download the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%203%20July%202023.pdf","durl":"","murl":"","datetime":"03 Jul 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Monsoon shows remarkable progress, sowing should catch-up","description":" Monsoon progresses across most parts of India and cumulative rainfall till 2 July is 8% below long period average (LPA) compared with 23% last week \n Rainfall in South India witnessed maximum deviation from normal (46% below LPA), while Northwest India is in surplus (45% above 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_3July2023.pdf","durl":"","murl":"","datetime":"03 Jul 23 03:41 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"India Agriculture: Monsoon shows remarkable progress, sowing should catch-up","description":" Monsoon progresses across most parts of India and cumulative rainfall till 2 July is 8% below long period average (LPA) compared with 23% last week \n Rainfall in South India witnessed maximum deviation from normal (46% below LPA), while Northwest India is in surplus (45% above 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_3July2023.pdf","durl":"","murl":"","datetime":"03 Jul 23 03:17 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Reserve Bank of India may take more than a year to bring inflation down to the 4% target, said monetary policy committee’s external member Jayanth Varma, while adding that a faster glidepath will come at the cost of growth \n US Treasury Secretary Janet Yellen will travel to Beijing on July 6-9, becoming the second member of Joe Biden’s cabinet to head to the Chinese capital in recent weeks. 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__03_July_2023.pdf","durl":"","murl":"","datetime":"03 Jul 23 09:05 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monthly Update: Capex acceleration visible in May, Core sector stable","description":" May 2023 saw gross tax revenue rise by 4% YoY led by an increase in income tax collections despite a contraction in corporate tax & excise duty collections while expenditure grew by 3.5% 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%20June%202023.pdf","durl":"","murl":"","datetime":"30 Jun 23 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"China: Broad-based slow-down is becoming more visible!","description":" China’s growth momentum remains fairly weak that was yet again reinforced by the slew of high frequency indicators in May 2023. Weakness appeared to be broad-based that was visible in consumption, property sector, investments and trade. Hence, the economy is expected to slow sharply in Q22023. Dowload the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/China%20update%20June%202023.pdf","durl":"","murl":"","datetime":"30 Jun 23 02:40 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 the Indian economy has made a solid recovery and is among the fastest-growing large economies despite heightened uncertainties and formidable headwinds. 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_2023.pdf","durl":"","murl":"","datetime":"30 Jun 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India's Missing Women Workers","description":" India’s FWPR is amongst the lowest in the world. The only two regions in the world to have lower FWPR than India are Middle East and North Africa (15.6%) and the Arab World (15.7%). The FWPR for lower-middle income countries (to grouping to which India belongs) is 32.9% while the global average FWPR is 44.5%. Download to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/India%27s%20female%20labour%20force%20participation%20rate_28%20June%202023.pdf","durl":"","murl":"","datetime":"28 Jun 23 04:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Global crude oil prices: An over-supplied market to limit upside potential!","description":" Global crude oil prices have continued to drift lower reflecting an over-supplied physical market. Although we have kept our demand-side projections unchanged, we see downside risks if Chinese growth momentum falters while demand from the US and Europe is poised to remain weak. Dowload 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%20June%202023.pdf","durl":"","murl":"","datetime":"28 Jun 23 01:35 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" ECB President Christine Lagarde said, Eurozone inflation has entered a new phase which could linger for some time. She highlighted, "It is unlikely that in the near future the central bank will be able to state with full confidence that the peak rates have been reached. What seemed transitory, energy-shock driven inflation has now seeped into the broader economy.” Download the report to know more \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__28_June_2023.pdf","durl":"","murl":"","datetime":"28 Jun 23 08:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India BoP: CAD at six-quarter low","description":" \n Current account deficit narrowed in Q4FY23 to USD 1.4bn (0.2% of GDP) from USD 16.8bn in Q3 (2.0% of GDP) led by lower trade deficit. During FY23, CAD is now at USD 67bn (2.0% of GDP) from USD 39bn (1.2% of GDP) in FY22. Download the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/BoP_Q4FY23.pdf","durl":"","murl":"","datetime":"27 Jun 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" US Treasury Secretary Janet Yellen plans to visit Beijing in early July for the first high-level economic talks with her new Chinese counterpart. The Federal Reserve Bank of New York President Williams stated that ‘restoring price stability is of a paramount importance because it is the foundation of sustained economic and financial stability’. 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__27_June_2023.pdf","durl":"","murl":"","datetime":"27 Jun 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: Monsoon and US PCE in focus","description":" Indian money market yields rose on the back of tighter liquidity. Infact, hawkish comments from Fed Chairman Powell and surprise 50bps hike by BoE drove global yields higher. Dowload the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/Fixed%20income%20weekly%2026%20June%202023.pdf","durl":"","murl":"","datetime":"26 Jun 23 06:15 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning market starter","description":" Governor Shaktikanta Das has said the Reserve Bank will strive to get headline inflation to its 4% target but flagged El Nino as a challenge to its efforts. He also exuded confidence that the economy will grow at 6.5% in FY24, as estimated by the RBI earlier. Read the report to know the latest global and economic developments. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__26_June_2023.pdf","durl":"","murl":"","datetime":"26 Jun 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Agriculture: Monsoon progresses into most parts of India","description":" Cumulative rainfall till 25 June is 28% below long period average (LPA) compared with 37% last week. Considerable improvement in rainfall is visible in the week with monsoon reaching North India \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_26June2023.pdf","durl":"","murl":"","datetime":"26 Jun 23 04:27 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The US President Joe Biden and Indian Prime Minister Narendra Modi announced a series of defence and commercial deals designed to improve military and economic ties between their nations. 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__23_June_2023.pdf","durl":"","murl":"","datetime":"23 Jun 23 08:45 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Monsoon: Elusive, but what’s in store?","description":" \n Monsoon is running behind schedule, which raises the risk of higher food prices. Already, cereals (12.7% YoY), milk (8.9% YoY) and spices (18% YoY) are showing elevated price pressures. Download the report to know more. \n \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Monsoon-%20Elusive%2c%20but%20what’s%20in%20store.pdf","durl":"","murl":"","datetime":"23 Jun 23 06:40 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"MPC minutes: Focus on 4% inflation target","description":" With global central banks stepping up rate hikes, a delayed monsoon and easing financial conditions, MPC is on an extended pause with no change in stance in the next policy. Dowload the report to know more. \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Minutes_June_2023.pdf","durl":"","murl":"","datetime":"22 Jun 23 07:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":" Assessing states’ fiscal health: Western and southern states outperform","description":" We analyzed state budgets for FY24 in our earlier reports FY24 State Budgets: Capex expected to grow 18.3%, fiscal deficit to fall to 3% of GSDP & FY24 State Budgets: States moving towards fiscal consolidation. In this report, we assess states’ fiscal health based on seven parameters for viz. outstanding liabilities, primary deficit, fiscal deficit, quality of expenditure, states’ own tax revenue, committed expenditure and per capita GSDP. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/Assessing%20states%20fiscal%20health%20-%20Western%20and%20southern%20states%20outperform.pdf","durl":"","murl":"","datetime":"22 Jun 23 04:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"Morning Market Starter","description":" \n In the semi-annual testimony to Congress, Fed Chair Powell clarified that higher interest rates would be required given the inflation outlook and tight labour market conditions. He re-affirmed the guidance that a further 50bps increase cumulatively could be possible while the timing of the rate hikes could be contingent on the manner in which the economy evolves. Read 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__22_June_2023.pdf","durl":"","murl":"","datetime":"22 Jun 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" \n The India Meteorological Department said that India’s stalled monsoon is likely to gain momentum in the next 3-4 days and could cover key rice, soybean, cotton and sugarcane growing regions in the southern, central and western states. Read 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__21_June_2023.pdf","durl":"","murl":"","datetime":"21 Jun 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" The US President Joe Biden stated that there was progress made in restoring US-China ties after Secretary of State Antony Blinken wrapped up two days of meetings in Beijing, including talks with Chinese President Xi Jinping. 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_2023.pdf","durl":"","murl":"","datetime":"20 Jun 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Fixed income weekly: MPC minutes, Fedspeak in focus","description":" \n Indian bond yields at the shorter end moved higher last week in response to a more hawkish outlook by FOMC, reflected in the upward revision to the dot plot as well as delayed monsoon. 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%2019%20June%202023.pdf","durl":"","murl":"","datetime":"19 Jun 23 05:40 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India’s net direct tax collection till June 17, 2023 rose by 11.18% YoY to INR 3.8tn on higher advance tax mop up, the Finance Ministry said on Sunday. 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_June_2023.pdf","durl":"","murl":"","datetime":"19 Jun 23 08:55 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Agriculture: Rainfall progress slow, should pick up","description":" Cumulative rainfall till 18 June is 37% below long period average (LPA) compared with 14% below long period average last year. However, it is better than 2019 when rainfall was 44% below normal \n While overall sowing at 9.70mn ha is marginally lower than last year, that for key crops such rice, pulses and oilseeds is lagging behind. Reservoir levels are better than long-period average \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/India%20Agriculture_19%20June%202023.pdf","durl":"","murl":"","datetime":"19 Jun 23 04:20 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" The Bank of Japan maintained ultra-easy monetary policy despite stronger-than-expected inflation, as it focuses on supporting a fragile economic recovery amid a sharp slowdown in global growth. It also kept intact a pledge to "patiently" sustain massive stimulus to ensure Japan sustainably achieves its 2% inflation target accompanied by wage hikes. \n ECB increased its key interest rate for the eighth consecutive time, by 25 bps to 22 year-high of 3.5%. President Christine Lagarde said "Inflation has been coming down but is projected to be too high, for too long. The key ECB interest rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to the 2% medium-term target and will be kept at those levels for as long as necessary.” \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__16_June_2023.pdf","durl":"","murl":"","datetime":"16 Jun 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"India Trade: Trade deficit shoots as exports moderate","description":" \n Merchandise exports contracted by 10.3% YoY in May to USD 35bn (vs. USD 34.7bn in April) led by oil (-29.9% YoY). Services exports held-up at USD 25.3bn, flat on YoY basis. 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_May_2023.pdf","durl":"","murl":"","datetime":"15 Jun 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC Review: FOMC prepares markets for more tightening in 2023","description":" The FOMC maintained status quo on expected lines while providing a much more hawkish guidance than expected to take in to account reduced downside risks to the economy and upside risks to inflation. \n The central bank raised dot plot guidance by 50bps for 2023 with the FOMC Chair describing the July policy meeting as a ‘live one’ . \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20review%20June%202023.pdf","durl":"","murl":"","datetime":"15 Jun 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter ","description":" The FOMC maintained status quo on expected lines, although it provided a much more hawkish message than expected. The ‘dot plot’ was revised higher with the terminal rate of 5.6% expected for 2023 as against previous guidance of 5.1%. \n WPI index contracted by 3.48% YoY in May 2023, remaining in the negative territory for the second consecutive month, witnessing the maximum fall since December 2015. All three sub-components viz. food, fuel and power and manufactured items witnessed deflation. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__15_June_2023.pdf","durl":"","murl":"","datetime":"15 Jun 23 08:54 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"WPI June 2023: WPI contracts the fastest pace since December 2015","description":" WPI index contracted by 3.48% YoY in May 2023, maximum fall since December 2015. All three subcomponents: food, fuel and power and manufactured items witnessed deflation \n Within food, the deceleration is led by vegetable and edible oil. Notably, cereal inflation is moderating along with stability in milk. However, protein based items are seeing an acceleration \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/WPI%20June%202023.pdf","durl":"","murl":"","datetime":"14 Jun 23 05:28 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"India Agriculture: Delayed start to monsoon, overall sowing similar to last year","description":" The south-west monsoon arrived on 8 June, 2023, delayed by a week. Cumulative rainfall till 13 June is 55% below long period average (LPA) because of delay in arrival. 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%20June%202023.pdf","durl":"","murl":"","datetime":"14 Jun 23 01:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"US CPI inflation drops further; although core services remains a concern","description":" US CPI inflation printed in at 4% YoY in May 2023 the lowest since March 2021 and well below previous month’s rate of 4.9%, as high base-effect came into play. On a monthly basis, headline inflation came reasonably below, 0.1% vs 0.4% earlier (expected: 0.2%). \n Core inflation rose by 5.3% YoY a marginal downside from the previous rise of 5.5% in April. On a sequential basis, it remained unchanged at 0.4% that will continue to work as a source of concern for the FOMC. Shelter inflation rates continue to be elevated not showing indications of softening sharply. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/US%20CPI%20Inflation%20May%202023.pdf","durl":"","murl":"","datetime":"14 Jun 23 11:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"FOMC preview: Set to deliver a hawkish pause","description":" We expect the FOMC (13-14 June 2023) to pause in line with the guidance provided as it takes in to account the lagged effect of monetary tightening \n Markets have largely priced in a hawkish pause. Yields could drift marginally higher responding more to data while the USD supportive environment could remain in place \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/FOMC%20preview%20June%202023.pdf","durl":"","murl":"","datetime":"14 Jun 23 09:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/economic-reports"],"chartLink":null,"tagTitle":["Economic Reports"]},{"title":"Morning Market Starter","description":" BoE Governor Andrew Bailey said official data published earlier in the day showed the labour market was "very tight", and that inflation had been slower to fall than the central bank had hoped. Basic wages in the three months to April were 7.2% higher than a year earlier. \n Pace of US inflation slowed down in May. CPI in the US declined to 4.0% in May 2023, the lowest since March 2021 and slightly below market expectations of 4.1%. On MoM basis, it edged up 0.1% in May 2023, easing from a 0.4% increase, slightly below market consensus of 0.2%. Core inflation eased to a 1-1/2 year low of 5.3% in May 2023, as expected, from 5.5% in the previous month. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__14_June_2023.pdf","durl":"","murl":"","datetime":"14 Jun 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Gold prices: More downside potential is possible in the near-term","description":" Over the last month, the downtrend in gold prices has extended further. The upward re-pricing of US monetary policy expectations that has pushed US real yields higher has worked as the primary catalyst weighing on gold prices. \n We would not rule out a further downtrend in gold prices in Q32023 in response to the FOMC’s ‘hawkish pause’. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/Gold%20monthly%20June%202023.pdf","durl":"","murl":"","datetime":"13 Jun 23 10:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Morning Market Starter","description":" CPI inflation eased to 25-month low of 4.25% in May vs. 4.70% YoY in April led by lower food inflation at 3.3% YoY and core at 5% YoY as base effect as well as lower momentum in core played a role. \n Industrial production accelerated to 4.2% YoY in April 2023 compared with 1.7% YoY in March 2023 vs. 6.7% YoY in April 2022, led by sharp uptick in manufacturing and mining while electricity output was relatively muted \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__13_June_2023.pdf","durl":"","murl":"","datetime":"13 Jun 23 09:21 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"CPI June 2023: CPI inflation moderates, but delayed monsoon a risk","description":" CPI inflation eased to 4.25% in May (our est. 4.36%) vs. 4.70% YoY in April led by lower food inflation at 3.3% YoY and core at 5% YoY. Base effect as well as lower momentum in core played a role \n Moderation in food inflation is led by cereals, fruits and edible oils. On the other hand, sequential uptick is seen in vegetables, spices, protein items and sugar \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20June%2023.pdf","durl":"","murl":"","datetime":"12 Jun 23 08:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"The Weekly Update: Focus to remain on central banks ","description":" With the Reserve Bank of Australian (RBA) and the Bank of Canada (BoC) delivering a surprise rate hike last week, focus in the week ahead will shift to the big three central banks-FOMC, ECB and BoJ \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2012%20June%202023.pdf","durl":"","murl":"","datetime":"12 Jun 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"CPI June 2023: CPI inflation moderates, but delayed monsoon a risk","description":" CPI inflation eased to 4.25% in May (our est. 4.36%) vs. 4.70% YoY in April led by lower food inflation at 3.3% YoY and core at 5% YoY. Base effect as well as lower momentum in core played a role \n Moderation in food inflation is led by cereals, fruits and edible oils. On the other hand, sequential uptick is seen in vegetables, spices, protein items and sugar \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/CPI%20(June%202023).pdf","durl":"","murl":"","datetime":"12 Jun 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Index of Industrial Production: Stellar start to the year","description":" \n Industrial production increased by 4.2% YoY in April 2023, ahead of our and consensus estimate led by sharp uptick in manufacturing and mining. Electricity output was relatively muted. Download the report to know more. \n \n \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/IIP%20April%202023.pdf","durl":"","murl":"","datetime":"12 Jun 23 07:34 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"title":"Fixed income weekly: India CPI, FOMC in focus","description":" Long-end yield moved higher in the week after MPC maintained status-quo on rates and stance. Governor’s emphasis on 4% inflation target also drove yields higher as did delayed monsoon. 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%20June%202023.pdf","durl":"","murl":"","datetime":"12 Jun 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" India’s Chief economic adviser V Anantha Nageswaran said India could grow 6.5-7% annually through 2030 sans any additional reforms or the risk of overheating. With more reforms, growth could accelerate to 7.5%-8%, he added. \n The unemployment rate in India fell to 7.7% in May due to a decline in the labour participation at 441.9mn, according to a data released by CMIE.. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__12_June_2023.pdf","durl":"","murl":"","datetime":"12 Jun 23 09:11 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Chartbook June 2023: India’s goldilocks moment","description":" India’s growth driven by investments and services exports: India’s Q4 growth surprised positively at 6.1% YoY, led by investments and services exports. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/chartbook/Monthly%20Chartbook%20June%202023.pdf","durl":"","murl":"","datetime":"09 Jun 23 06:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/chart-book"],"chartLink":null,"tagTitle":["Chart Book"]},{"title":"Morning Market Starter: 9th June 2023","description":" The MPC voted unanimously to keep repo rate unchanged at 6.5% and retained stance as withdrawal of accommodation with 5:1 vote. Governor reiterated that MPC decision was a pause, not a pivot and emphasized on reaching the 4% inflation target. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__09_June_2023.pdf","durl":"","murl":"","datetime":"09 Jun 23 08:53 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Review: Status quo, but emphasis on 4% inflation target","description":" MPC voted unanimously to keep repo rate unchanged at 6.5% and retained stance as withdrawal of accommodation with 5:1 vote. Governor emphasized on reaching 4% inflation target. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_review_June_2023.pdf","durl":"","murl":"","datetime":"08 Jun 23 04:45 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter: 8th June 2023","description":" The Bank of Canada defied expectations by restarting its interest-rate tightening campaign by raising the policy rate by 25bps to the 4.75% that would be the highest since 2001 in response to a build-up of inflation risks. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__08_June_2023.pdf","durl":"","murl":"","datetime":"08 Jun 23 09:12 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"Morning Market Starter","description":" World Bank said real global GDP is set to climb 2.1% this year, up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%. World Bank retains its April forecasts for India, projecting India's growth for FY24 at 6.3%, increasing to 6.4% in FY25 and pegs it to remain the fastest growing major economy in the world. 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_2023.pdf","durl":"","murl":"","datetime":"07 Jun 23 09:00 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"MPC Preview: Status quo on rates, but why not change stance?","description":" India’s growth and inflation have surprised positively—goldilocks. With inflation undershooting RBI’s trajectory in Q1, RBI has room to be more comfortable on liquidity and thus stance going forward. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/central-bank/MPC_Preview_June_2023.pdf","durl":"","murl":"","datetime":"06 Jun 23 10:30 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/central-bank"],"chartLink":null,"tagTitle":["Central Bank"]},{"title":"Morning Market Starter","description":" The Global Services PMI moved higher from 55.4 in April to 55.5 in May signalling that the rate of expansion reached a one and a half year high. Strength in services was seen in expansion in output and new orders that both gathered pace. India’s services activity expands at the second highest pace in 13-years as indicated by S&P Global India Services PMI Business Activity Index which eased to 61.2 last month from 62.0 in April. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/daily-reports/MMS__06_June_2023.pdf","durl":"","murl":"","datetime":"06 Jun 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"The Weekly Report: Will rising US yields continue to support the USD?","description":" A deal to raise the debt ceiling has worked to avert the risk of an immediate default allowing investors to focus back on the real economy. \n Continued evidence of a robust private demand in US economy has meant that investors have raised US policy rate expectations for the duration of 2023. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/weekly-reports/The%20Weekly%20Update%2005%20June%202023.pdf","durl":"","murl":"","datetime":"05 Jun 23 08:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Fixed income weekly: MPC in focus","description":" \n Bond yields are expected to remain largely range-bound this week ahead of the MPC meeting on June 8. While we expect MPC to keep the policy rate unchanged, a change in stance to data dependent or tweak in language will be viewed favourably by markets. 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%205%20June%202023.pdf","durl":"","murl":"","datetime":"05 Jun 23 07:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/weekly-reports"],"chartLink":null,"tagTitle":["Weekly Reports"]},{"title":"Morning Market Starter","description":" Saudi Arabia announced an additional voluntary oil production cut by 1mn barrels a day from July onwards in a bid to prop up oil prices, which might extent into 2024. 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__05_June_2023.pdf","durl":"","murl":"","datetime":"05 Jun 23 08:50 AM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/daily-reports"],"chartLink":null,"tagTitle":["Daily Reports"]},{"title":"US labour market: Hiring remains robust!","description":" US non-farm payrolls yet again surprised to the upside increasing by 339K while upward revisions were made to the previous two months readings. Hiring was fairly broad-based. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/NFP-May%202023.pdf","durl":"","murl":"","datetime":"03 Jun 23 02:00 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/monthly-reports"],"chartLink":null,"tagTitle":["Monthly Reports"]},{"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":"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":"Morning Market Starter","description":" We analysed finances of 19 states accounting for ~77% of the national GDP. Our analysis shows during April 2024, our sample states’ tax revenue grew 11.9% YoY to INR 1.9tn, mainly driven by SGST, excise duty and transfers from Center. Download the report to know more \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/monthly-reports/State%20Finances_June%202024.pdf","durl":"","murl":"","datetime":"13 Apr 23 07:15 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":"India savings: Balancing domestic and foreign savings","description":" Net financial assets of Indian households rose by INR 13.8tn in FY23 (5.1% of GDP) as against INR 17tn in FY22 (7.2% of GDP) since financial liabilities rose at a faster pace than assets. When domestic saving are moderating, India’s inclusion in global bond index is a positive since it fills the gap. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/thematic/HH%20Savings%20and%20bond%20index.pdf","durl":"","murl":"","datetime":"23 Sep 22 06:30 PM","youtubeUrl":"","categoryTag":["icicibank:erg/research-reports/thematic-reports"],"chartLink":null,"tagTitle":["Thematic Reports"]},{"title":"India savings: Balancing domestic and foreign savings","description":" Net financial assets of Indian households rose by INR 13.8tn in FY23 (5.1% of GDP) as against INR 17tn in FY22 (7.2% of GDP) since financial liabilities rose at a faster pace than assets. While financial liabilities rose by INR 15.8tn or 18.3% YoY in FY23, financial assets rose by INR 29.6tn or 11.4% YoY. Higher financial liabilities are driven by underlying demand for vehicles, houses and unsecured credit. Download the report to know more. \n","type":"article","sharewa":"","sharetw":"","shareli":"","sharefb":"","emailLink":"","pdfLink":"/content/dam/icicibank/india/erg/economic/HH%20Savings%20and%20bond%20index.pdf","durl":"","murl":"","datetime":"23 Sep 22 03:30 PM","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":"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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