Special Report by www.epicresearch.co- 24th February 2014

Global markets at a glance

Japan’s Nikkei average jumped 2.9% on Friday as the weak yen lifted overall sentiment and after a reading on U.S. manufacturing hit its highest in nearly four years. The Nikkei ended 416.49 points higher at 14,865.67, the highest closing level since Jan. 31.

France’s CAC 40 index hit a 5-1/2-year peak to lead European shares higher on Friday, with an index of top shares in the region posting its third straight week of gains. The CAC up 2% so far this year, compared to a 1.1% rise on the German DAX. Last year, the DAX rose 25% to the CAC’s 17% gain. The FTSEurofirst 300 index of top European shares closed up 0.3% at 1,343.12 points, led by a 0.6% rise on the CAC which hit its highest level since 2008.

Wall Street Update

US stocks slipped on Friday on options-related trading, with the S&P 500 facing resistance as it flirts with its record high even as economic data continues to underwhelm. Shares declined late in the session due in part to trades related to options expiration. The Dow Jones industrial average fell 29.93 points or 0.19 percent, to end at 16,103.30. The S&P 500 lost 3.53 points or 0.19 percent, to finish at 1,836.25. The Nasdaq Composite dropped 4.13 points or 0.10 percent, to close at 4,263.41.

MACRO NEWS

• Milk prices rise but export subsidy on milk powder stays

• India doubles Iran oil imports in Jan from Dec.

• Coal Ministry received 32 applications from companies in response to notice inviting applications for allocation of 4 coal blocks on tariff-based bidding.

• Local drug firms beat MNCs in growth during 2013.

• World’s steel output drops, India’s unchanged in Jan: A marginal dip in Chinese output led to fall in world’s steel production by 0.4% to 129.78 million tonnes (MT) even as

• India maintained its volumes at 6.95 MT in January. India is “stuck in a rut” as weaker consumption and stalled investments prevent economy from building any sort of momentum, HSBC said in a report, adding “slow recovery” could start post elections. HSBC for now is ‘underweight’ on Indian equities but some of its preferred sectors include energy which is likely to gain from subsidy changes, power (stands to benefit from distribution reform), nonferrous metals (corporate restructuring) and telecoms (more clarity post the auctions).

STOCKS IN NEWS

• Punjab National Bank evinces interest in opening 2 branches in Pakistan.

• Tata Motors to cut vehicle prices by upto Rs 1.5 lakh.

• Renuka- Wilmar deal disappoints on low valuation, high equity dilution.

• HCL again denies talks of stake sale post WSJ report.

• IFC plans to invest $25 mn in Asia Environmental Partners.

• Cholamandalam to raise Rs 315 crore from IFC

   

COMMODITY ROUNDUP

Gold futures trespassed the $1300 an ounce gushing up to near 4 month highs on back to back weak economic data releases from US which bolstered the case for slow rollback

of the Fed’s bond buying program. The international gold futures for April delivery have gained by as much as $73 or nearly 6% at $ 1332.4 an ounce in the month of February

2014, rallying to the highest levels since November 2013. In the year so far the metal has rallied by more than $100 after ending 2013 with disastrous losses of 28%. MCX Gold futures for April edged up towards Rs 30000 per 10 grams mark before witnessing some resistance.

CURRENCY ROUNDUP

The rupee on Friday appreciated for first time in three sessions to end 11paise higher at 62.12 vs dollar on selling of American currency by banks and exporters, amid FII inflows fuelling a rebound in shares. After falling about 39paise in the previous two days, the rupee resumed higher at 62.19 per dollar as against the last closing level of 62.23 per dollar at the Interbank Forex. It firmed up further to 62.05 per dollar, before settling at 62.12, a daily gain of 11paise or 0.18%. Rupee edged up further to 103.60 against the pound sterling from 103.61 previously. It advanced further to 85.15 per euro from 85.21. The rupee recovered sharply against the 100 Japanese yen to 60.63 from 61.05 yesterday.

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