Economic Weekly Wrap
29 July 2024 - 02 August 2024
-
29 Jul 2024
Prospects of a rate cut by Fed were further lifted given the recent PCE print, Fed’s preferred gauge to monitor inflation. It moderated to 2.5% in Jun’24 (in line with expectation) against a 2.6% increase in May’24. Prices of furnishing, durable household equipment along with gasoline and other energy goods dropped in Jun’24. Core inflation remained steady at 2.6%. This comes ahead of the Fed meeting scheduled later this week, where status quo is expected and easing cycle will possibly start in Sep’24 (90% chance of a cut). Post the inflation data, US treasury yields dropped. In the coming week, investors will closely monitor inflation data from Australia, Europe, China’s PMI and policy decision by Fed, BoJ and BoE. Additionally, US jobs report and GDP report from Eurozone will also be awaited.
Barring Nikkei, other major global indices ended higher. US stocks ended in green supported by stronger than expected GDP print and greater likelihood of rate cuts by Fed. Amongst other indices, Nifty was the biggest gainer, followed by Dow Jones. The gains in domestic market were led by metal, technology and auto stocks. It is trading higher today (scaling to an all-time high), in line with other Asian indices.
Fig 1 – Stock Markets
25-07-2024 26-07-2024 Change, % Dow Jones 39,935 40,589 1.6 S & P 500 5,399 5,459 1.1 FTSE 8,186 8,286 1.2 Nikkei 37,870 37,667 (0.5) Hang Seng 17,005 17,021 0.1 Shanghai Comp 2,887 2,891 0.1 Sensex 80,040 81,333 1.6 Nifty 24,406 24,835 1.8 Source: Bloomberg, Bank of Baroda Research
Except INR and CNY (flat), other global currencies closed higher against the dollar. DXY ended flat as Fed is expected to lower rates starting Sep’24. GBP was up as investors are split between BoE cutting rates this week or in Sep’24. JPY is being supported by hopes of rate hike by BoJ. INR ended flat, but is trading slightly stronger today, while other Asian currencies are trading lower
Fig 2 – Currencies
25-07-2024 26-07-2024 Change, % EUR/USD (1 EUR / USD) 1.0846 1.0856 0.1 GBP/USD (1 GBP / USD) 1.2851 1.2867 0.1 USD/JPY (JPY / 1 USD) 153.94 153.76 0.1 USD/INR (INR / 1 USD) 83.71 83.73 0 USD/CNY (CNY / 1 USD) 7.2469 7.2505 0 Source: Bloomberg, Bank of Baroda
Barring Japan (higher), other global 10Y yields closed lower. Yields in US and UK fell the most, as PCE price index moved in line with expectations and made further case for Fed cutting rates 2-3 times this year. Japan’s 10Y yield inched up, in anticipation of BoJ hiking rates this week. India’s 10Y yield was down by 1bps, as oil prices fell. It is trading even lower today, following global cues.
Fig 3 – Bond 10Y Yield
25-07-2024 26-07-2024 Change, bps US 4.24 4.19 (5) UK 4.13 4.10 (3) Germany 2.42 2.41 (1) Japan 1.06 1.07 1 China 2.21 2.19 (2) India 6.95 6.94 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short Term Rates
25-07-2024 26-07-2024 Change in bps Tbill-91 days 6.73 6.60 (13) Tbill-182 days 6.79 6.77 (2) Tbill-364 days 6.80 6.78 (2) G-Sec 2Y 6.83 6.76 (7) India OIS-2M 6.63 6.63 0 India OIS-9M 6.68 6.69 1 SONIA int rate benchmark 5.20 5.20 0 US SOFR 5.34 5.35 1 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
25-07-2024 26-07-2024 Change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.9) (1.5) (0.6) Reverse Repo 0.1 0 (0.1) Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital Market Flows
24-07-2024 25-07-2024 Change (US$ mn/Rs cr) FII (US$ mn) (397.2) (98.3) 298.8 Debt 22.0 164.2 142.3 Equity (419.1) (262.6) 156.6 Mutual funds (Rs cr) (2,252.3) 602.4 2,854.7 Debt (1,319.1) 60.4 1,379.5 Equity (933.1) 542.1 1,475.2 Source: Bloomberg, Bank of Baroda Research, Note: MF data as of 22nd and 23rd Jul
Oil prices fell, driven by weak demand outlook in China (drop in fuel imports).
Fig 7 – Commodities
25-07-2024 26-07-2024 % Change Brent crude (US$/bbl) 82.4 81.1 (1.5) Gold (US$/Troy Ounce) 2,364.6 2,387.2 1.0 Copper (US$/MT) 9,003.5 8,995.5 (0.1) Zinc (US$/MT) 2,625.9 2,616.9 (0.3) Aluminium (US$/MT) 2,270.5 2,289.0 0.8 Source: Bloomberg, Bank of Baroda Research
-
30 Jul 2024
In a data jammed week, investors will closely look for signals or a dovish tone from the upcoming policy meet by Fed. Additionally, there is some uncertainty around policy decision by Bank of England with 50% chance of a 25bps rate cut. Inflation in UK has been near the target of 2% for both May’24 and Jun’24 but there some concerns around underlying price pressure including wage growth, labour market and service inflation. In a policy divergence, BoJ is expected to begin with the policy normalisation which is expected to be gradual. Investors are pricing, rate hike of 10 bps in the upcoming meet. This is expected to have an impact on the currency.
Major global indices ended mixed. Investors turned their focus towards the trio of central bank meeting, US jobs report and earnings report. S&P 500 ended in green with the biggest jump noted in the consumer discretionary index, amongst 11-sectoral indices. Nikkei surged by 2.1% amidst the news of alliance between automobile makers and was further supported by a rally in chip-related stocks. Sensex is trading flat today, while other Asian indices are trading lower.
Fig 1 – Stock Markets
26-07-2024 29-07-2024 Change, % Dow Jones 40,589 40,540 (0.1) S & P 500 5,459 5,464 0.1 FTSE 8,286 8,292 0.1 Nikkei 37,667 38,469 2.1 Hang Seng 17,021 17,238 1.3 Shanghai Comp 2,891 2,892 0 Sensex 81,333 81,356 0 Nifty 24,835 24,836 0 Source: Bloomberg, Bank of Baroda Research
Except INR and GBP (flat), other global currencies closed lower against the dollar. DXY was up by 0.2%, as investors remain on edge regarding rate decisions to be announced by BoJ (expected hike) and BoE (split between rate cut and rate on hold). Fed Chair remarks are also awaited. INR is trading a tad higher today, in line with other Asian currencies.
Fig 2 – Currencies
26-07-2024 29-07-2024 Change, % EUR/USD (1 EUR / USD) 1.0856 1.0821 (0.3) GBP/USD (1 GBP / USD) 1.2867 1.2862 0 USD/JPY (JPY / 1 USD) 153.76 154.02 (0.2) USD/INR (INR / 1 USD) 83.73 83.74 0 USD/CNY (CNY / 1 USD) 7.2505 7.2603 (0.1) Source: Bloomberg, Bank of Baroda
Global 10Y yields closed lower. Yields in UK, Germany and Japan fell the most. Investors keenly await Central Bank decisions of BoE, BoJ and Fed. More clarity on quantum and timing of Fed rate cuts is awaited. Following global cues and dip in oil prices, India’s 10Y yield was down by 2bps. It is trading even lower today at 7.91%.
Fig 3 – Bond 10Y Yield
26-07-2024 29-07-2024 Change, bps US 4.19 4.17 (2) UK 4.10 4.05 (5) Germany 2.41 2.36 (5) Japan 1.07 1.03 (4) China 2.19 2.16 (3) India 6.94 6.92 (2) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short Term Rates
26-07-2024 29-07-2024 Change in bps Tbill-91 days 6.60 6.62 2 Tbill-182 days 6.77 6.78 1 Tbill-364 days 6.78 6.79 1 G-Sec 2Y 6.76 6.82 6 India OIS-2M 6.63 6.62 (1) India OIS-9M 6.69 6.67 (1) SONIA int rate benchmark 5.20 5.20 0 US SOFR 5.35 5.35 0 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
26-07-2024 29-07-2024 Change (Rs tn) Net Liquidity (-Surplus/+deficit) (1.5) (1.1) 0.4 Reverse Repo 0 0.2 0.2 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital Market Flows
25-07-2024 26-07-2024 Change (US$ mn/Rs cr) FII (US$ mn) (98.3) 431.2 529.6 Debt 164.2 (78.7) (242.9) Equity (262.6) 509.9 772.5 Mutual Funds (Rs cr) 602.4 (327.7) (930.1) Debt 60.4 (2,235.7) (2,296.1) Equity 542.1 1,908.0 1,366.0 Source: Bloomberg, Bank of Baroda Research, Note: MF data as of 23rd and 24th Jul
Oil prices fell again, due to weak Chinese demand and relatively stable supply.
Fig 7 – Commodities
26-07-2024 29-07-2024 Change, % Brent crude (US$/bbl) 81.1 79.8 (1.7) Gold (US$/ Troy Ounce) 2,387.2 2,384.2 (0.1) Copper (US$/ MT) 8,995.5 8,893.7 (1.1) Zinc (US$/MT) 2,616.9 2,583.0 (1.3) Aluminium (US$/MT) 2,289.0 2,250.5 (1.7) Source: Bloomberg, Bank of Baroda Research
-
31 Jul 2024
In line with expectations, BoJ raised the policy rates to 0.25% from 0.1% earlier and also shared the plan to taper its bond purchasing programme. In Asia, China’s official manufacturing PMI slipped into contraction to 49.4 in Jul’24 from 49.5 in Jun’24. There was a moderation in production, new order and export index in Jul’24. The non-manufacturing PMI which takes in to account services and construction moderated down to 50.2 in Jul’24 (50.5 in Jun’24). Separately, inflation in Australia eased to 3.8% in Jun’24 from 4% in May’24 in line with expectations and making a stronger case of rate cut by RBA. Key decisions by Global Central Banks are expected to impact the market trajectory. On domestic front, kharif sowing has been satisfactory (2.3% higher than last year) with rainfall 2% above LPA.
Major global indices ended mixed. Investors braced for rate decisions by global central banks. Dow Jones rebounded and ended in green monitoring the earnings report. Amongst other indices, Hang Seng declined the most. Sensex edged up by 0.1% supported by gains in power and consumer durable stocks. It is trading flat today, while other Asian indices are trading higher
Fig 1 – Stock Markets
29-07-2024 30-07-2024 Change, % Dow Jones 40,540 40,743 0.5 S & P 500 5,464 5,436 (0.5) FTSE 8,292 8,274 (0.2) Nikkei 38,469 38,526 0.1 Hang Seng 17,238 17,003 (1.4) Shanghai Comp 2,892 2,879 (0.4) Sensex 81,356 81,455 0.1 Nifty 24,836 24,857 0.1 Source: Bloomberg, Bank of Baroda Research
Global currencies closed mixed against the dollar. DXY ended flat, as investors monitored incoming macro data from the US (JOLTS and cof board consumer confidence index), Germany (GDP, CPI) and Eurozone (GDP). Central Bank decisions are awaited. INR ended flat, but is trading slightly stronger today, supported by weak oil prices. Other Asian currencies are also trading higher.
Fig 2 – Currencies
29-07-2024 30-07-2024 Change, % EUR/USD (1 EUR / USD) 1.0821 1.0815 (0.1) GBP/USD (1 GBP / USD) 1.2862 1.2836 (0.2) USD/JPY (JPY / 1 USD) 154.02 152.77 0.8 USD/INR (INR / 1 USD) 83.74 83.73 0 USD/CNY (CNY / 1 USD) 7.2603 7.2410 0.3 Source: Bloomberg, Bank of Baroda
Barring India, other major global 10Y yields closed lower. US 10Y yield fell the most by 4bps. Steady decline in job openings in the US, survey results showing consumer concerns about prices and interest rates, and weaker than expected Germany’s Q2 GDP print, impacted investor sentiments. India’s 10Y yield rose by 2bps, even as oil prices fell further. It is trading slightly lower today at 6.92%.
Fig 3 – Bond 10Y Yield
29-07-2024 30-07-2024 Change, bps US 4.17 4.14 (4) UK 4.05 4.04 (1) Germany 2.36 2.34 (2) Japan 1.03 1.00 (2) China 2.16 2.14 (1) India 6.92 6.93 2 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short Term Rates
29-07-2024 30-07-2024 Change in bps Tbill-91 days 6.62 6.61 (1) Tbill-182 days 6.78 6.77 (1) Tbill-364 days 6.79 6.78 (1) G-Sec 2Y 6.82 6.80 (2) India OIS-2M 6.62 6.63 0 India OIS-9M 6.67 6.68 1 SONIA int rate benchmark 5.20 5.20 0 US SOFR 5.35 5.33 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
29-07-2024 30-07-2024 Change (Rs tn) Net Liquidity (-Surplus/+deficit) (1.1) (1.3) (0.2) Reverse Repo 0.2 0.7 0.5 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital Market Flows
26-07-2024 29-07-2024 Change (US$ mn/Rs cr) FII (US$ mn) 431.2 (40.2) (471.4) Debt (78.7) 285.4 364.1 Equity 509.9 (325.6) (835.5) Mutual funds (Rs cr) 816.6 3,321.9 2,505.2 Debt (2,184.4) 295.1 2,479.5 Equity 3,001.0 3,026.8 25.8 Source: Bloomberg, Bank of Baroda Research, Note: MF data as of 25th and 26th Jul
Oil prices declined, awaiting more clarity on truce talks in Middle East region
Fig 7 – Commodities
29-07-2024 30-07-2024 % Change Brent crude (US$/bbl) 79.8 78.6 (1.4) Gold (US$/Troy Ounce) 2,384.2 2,410.8 1.1 Copper (US$/MT) 8,893.7 8,842.9 (0.6) Zinc (US$/MT) 2,583.0 2,571.2 (0.5) Aluminium (US$/MT) 2,250.5 2,224.5 (1.2) Source: Bloomberg, Bank of Baroda Research
-
01 Aug 2024
US Fed opted to keep the benchmark rate unchanged at 5.25-5% (23-year high) mark for the 8th meeting in a row. The committee unanimously agreed to hold rates and stated that they see the economy moving towards the point wherein ‘it will be appropriate to reduce rate’. US Fed chair was dovish in his commentary. Separately, US private payrolls rose at a much slower pace than anticipated adding 122k jobs (155k in Jun’24). This comes ahead of the jobs report wherein total payrolls are expected to be lower in Jul’24 than last month, and no change is expected in unemployment rate (4.1%). In china, Caixin manufacturing PMI slipped in to contraction to 49.8 in Jul’24 from 51.8 in Jun’24, signalling manufacturing sector deteriorated for first time in 9-months
Global indices ended higher. S&P 500 surged by 1.6% amidst signals of a rate cut by Fed in Sep’24 given a cool-off in inflation. Out of 11 sectors, 7 advanced higher led by a rally in technology and consumer discretionary stocks. Nikkei rose by 1.5% given the rise in retail sales and despite a rate hike by BoJ. Sensex climbed up by 0.4% with power and metal stocks gaining the most. It is trading higher today, in line with other Asian indices.
Fig 1 – Stock Markets
30-07-2024 31-07-2024 Change, % Dow Jones 40,743 40,843 0.2 S & P 500 5,436 5,522 1.6 FTSE 8,274 8,368 1.1 Nikkei 38,526 39,102 1.5 Hang Seng 17,003 17,345 2.0 Shanghai Comp 2,879 2,939 2.1 Sensex 81,455 81,741 0.4 Nifty 24,857 24,951 0.4 Source: Bloomberg, Bank of Baroda Research
Except INR (flat), other global currencies ended higher against the dollar. DXY fell by (-) 0.4%, following dovish commentary in the FOMC statement and tracking dip in US sovereign yields. JPY made significant gains (4-month high), supported by BoJ action. INR ended flat, but is trading much stronger today, in line with other Asian currencies.
Fig 2 – Currencies
30-07-2024 31-07-2024 Change, % EUR/USD (1 EUR / USD) 1.0815 1.0826 0.1 GBP/USD (1 GBP / USD) 1.2836 1.2856 0.2 USD/JPY (JPY / 1 USD) 152.77 149.98 1.9 USD/INR (INR / 1 USD) 83.73 83.73 0 USD/CNY (CNY / 1 USD) 7.2410 7.2267 0.2 Source: Bloomberg, Bank of Baroda
Barring Japan and China (higher), other major global 10Y yields closed sharply lower. US 10Y yield fell the most by 11bps, as Fed Chair Powell confirmed that there is a possibility of a rate cut in Sep’24. Japan’s 10Y yield reacted to rate hike by BoJ and its more than expected hawkish tone. Following global cues, India’s 10Y yield also fell, by 1bps. It is trading further lower today at 6.91%.
Fig 3 – Bond 10Y Yield
30-07-2024 31-07-2024 Change, bps US 4.14 4.03 (11) UK 4.04 3.97 (7) Germany 2.34 2.30 (4) Japan 1.00 1.06 5 China 2.14 2.15 1 India 6.93 6.93 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short Term Rates
30-07-2024 31-07-2024 Change in bps Tbill-91 days 6.62 6.61 (1) Tbill-182 days 6.78 6.77 (1) Tbill-364 days 6.79 6.78 (1) G-Sec 2Y 6.82 6.80 (2) India OIS-2M 6.62 6.63 0 India OIS-9M 6.67 6.68 1 SONIA int rate benchmark 5.20 5.20 0 US SOFR 5.35 5.33 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
30-07-2024 31-07-2024 Change (Rs tn) Net Liquidity (-Surplus/+deficit) (1.3) (1.6) (0.3) Reverse Repo 0.7 0.9 0.2 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital Market Flows
29-07-2024 30-07-2024 Change (US$ mn/Rs cr) FII (US$ mn) (40.2) (174.0) (133.8) Debt 285.4 168.3 (117.1) Equity (325.6) (342.3) (16.7) Mutual funds (Rs cr) 816.6 3,321.9 2,505.2 Debt (2,184.4) 295.1 2,479.5 Equity 3,001.0 3,026.8 25.8 Source: Bloomberg, Bank of Baroda Research, Note: MF data as of 25th and 26th Jul
Oil prices inched up, given increased geopolitical tensions in Middle East
Fig 7 – Commodities
30-07-2024 31-07-2024 % change Brent crude (US$/bbl) 78.6 80.7 2.7 Gold (US$/Troy Ounce) 2,410.8 2,447.6 1.5 Copper (US$/MT) 8,842.9 9,102.3 2.9 Zinc (US$/MT) 2,571.2 2,615.6 1.7 Aluminium (US$/MT) 2,224.5 2,290.5 3.0 Source: Bloomberg, Bank of Baroda Research
-
02 Aug 2024
Global markets remained on vigil tracking host of macro releases. In the US, growth indicators pointed towards resilience with annualised GDP QoQ rising more than expected by 2.8% (est.: 2%) in Q2. This was supported by buoyant recovery in consumption demand. To supplement, even jobless claims especially the continuing claims moderated. Traders are likely to balance these events against the anticipation of rate cut by Fed. Elsewhere, in Germany, IFO business climate index softened indicating a bleak economic recovery. In Japan, core Tokyo CPI remained sticky, thus rate hike expectations for BoJ still reigned in. On domestic front, short end part of India’s yield curve is showing some downward momentum. Government’s move to pay off its short-term debt has acted as a positive market signal.
Barring FTSE and Dow Jones, other major global indices ended lower. US stocks were mixed as investors assessed varied macro prints such as higher GDP growth, decline in durable goods orders and lower jobless claims. In Asia, Nikkei saw a sharp sell-off, as a rally in Yen weighed on investor sentiments. Sensex declined by 0.1%, led by losses in real estate and banking stocks. It is however trading higher today, in line with other Asian indices.
Fig 1 – Stock Markets
31-07-2024 1-08-2024 Change, % Dow Jones 40,843 40,348 (1.2) S & P 500 5,522 5,447 (1.4) FTSE 8,368 8,283 (1.0) Nikkei 39,102 38,126 (2.5) Hang Seng 17,345 17,305 (0.2) Shanghai Comp 2,939 2,932 (0.2) Sensex 81,741 81,868 0.2 Nifty 24,951 25,011 0.2 Source: Bloomberg, Bank of Baroda Research
Except JPY and INR, other global currencies ended weaker against the dollar. DXY strengthened awaiting payrolls report. JPY surged by 0.4% as the interest rate differential between US and Japan is expected to narrow in coming days. INR ended steady and is trading near its historic record-low today, due to strong dollar demand. Other Asian currencies are trading mixed.
Fig 2 – Currencies
31-07-2024 1-08-2024 Change, % EUR/USD (1 EUR / USD) 1.0826 1.0791 (0.3) GBP/USD (1 GBP / USD) 1.2856 1.2739 (0.9) USD/JPY (JPY / 1 USD) 149.98 149.36 0.4 USD/INR (INR / 1 USD) 83.73 83.73 0 USD/CNY (CNY / 1 USD) 7.2267 7.2450 (0.3) Source: Bloomberg, Bank of Baroda
Global 10Y yields continued to register steep declines. Yield in UK fell the most (-9bps), as BoE delivered its first rate cut since Mar’20 (-25bps). Yield in Germany also eased on account of continuously weakening economic scenario. Dovish FOMC statement helped cool US 10Y yield. Following global cues, India’s 10Y yield also fell, by 1bps. It is trading flat today at 6.91%.
Fig 3 – Bond 10Y Yield
31-07-2024 1-08-2024 Change, bps US 4.03 3.99 (4) UK 3.97 3.88 (9) Germany 2.30 2.25 (5) Japan 1.06 1.04 (2) China 2.15 2.11 (3) India 6.93 6.92 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short Term Rates
30-07-2024 31-07-2024 Change in bps Tbill-91 days 6.62 6.61 (1) Tbill-182 days 6.78 6.77 (1) Tbill-364 days 6.79 6.78 (1) G-Sec 2Y 6.82 6.80 (2) India OIS-2M 6.62 6.63 0 India OIS-9M 6.67 6.68 1 SONIA int rate benchmark 5.20 5.20 0 US SOFR 5.35 5.33 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
31-07-2024 1-08-2024 Change (Rs tn) Net Liquidity (-Surplus/+deficit) (1.6) (2.0) (0.4) Reverse Repo 0.9 1.0 0.1 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital Market Flows
30-07-2024 1-08-2024 Change (US$ mn/Rs cr) FII (US$ mn) (174.0) (160.7) 13.3 Debt 168.3 203.9 35.6 Equity (342.3) (340.8) 1.5 Mutual funds (Rs cr) 816.6 3,321.9 2,505.2 Debt (2,184.4) 295.1 2,479.5 Equity 3,001.0 3,026.8 25.8 Source: Bloomberg, Bank of Baroda Research, Note: MF data as of 25th and 26th Jul
Oil prices fell on demand concerns, tracking weak global manufacturing data.
Fig 7 – Commodities
31-07-2024 1-08-2024 % Change Brent crude (US$/bbl) 80.7 79.5 (1.5) Gold (US$/ Troy Ounce) 2,447.6 2,450.6 0.1 Copper (US$/ MT) 9,102.3 9,052.5 (0.5) Zinc (US$/MT) 2,615.6 2,707.0 3.5 Aluminium (US$/MT) 2,290.5 2,296.0 0.2 Source: Bloomberg, Bank of Baroda Research
@2024 Bank of Baroda. All rights reserved
Important disclosures are provided at the end of this report.
Disclaimer
The views expressed in this research note are personal views of the author(s) and do not necessarily reflect the views of Bank of Baroda. Nothing contained in this publication shall constitute or be deemed to constitute an offer to sell/ purchase or as an invitation or solicitation to do so for any securities of any entity. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. Bank of Baroda Group or its officers, employees, personnel, directors may be associated in a commercial or personal capacity or may have a commercial interest including as proprietary traders in or with the securities and/ or companies or issues or matters as contained in this publication and such commercial capacity or interest whether or not differing with or conflicting with this publication, shall not make or render Bank of Baroda Group liable in any manner whatsoever & Bank of Baroda Group or any of its officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time
Connect with Us
For further details about this publication, please contact:
Economics Research Department
Bank of Baroda
+91 22 6698 5794
chief.economist@bankofbaroda.com
Popular Articles
Related Articles
-
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
