Economic Weekly Wrap
05 August 2024 - 09 August 2024

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  • 05 Aug 2024

    A perceptible slowdown in US labour market spooked global investors and bolstered the case for the start of an aggressive policy easing cycle by the Fed. US non-farm payrolls eased to 114,000 in Jul’24 (est. 178,000). Unemployment rate inched up to 4.3% from 4.1%, the highest level since Sep’21. Wage growth eased to 0.2% from 0.3% in Jun’24 (MoM). The weak macro data has raised fears of a US recession leading to a sharp sell-off in global markets. Investors also rejigged expectations of the future course of Fed policy. While a Sep’24 rate cut has largely been priced in, there is a growing belief that the quantum could be higher at 50bps. Further, majority of market participants now see the Fed fund rate at 4.25-4.75% by Dec end, implying at least 3 rate cuts this year. This weighed on the dollar. In India, South-West monsoon is 4% above LPA which has helped Kharif sowing. RBI’s policy decision will be the key driver for markets.


    Global equity indices closed lower, as weak US data has led to fears of a recession in the US. Apart from this, other factors driving equity flows ranged from tensions in the Middle East, weak macro data in China and volatility in commodity prices. Asian stocks fell the most. Sensex fell by 1.1%. It is trading further lower today, in line with other Asian indices.

    Fig 1 – Stock Markets

      01-08-2024 02-08-2024 Change, %
    Dow Jones 40,348 39,737 (1.5)
    S & P 500 5,447 5,347 (1.8)
    FTSE 8,283 8,175 (1.3)
    Nikkei 38,126 35,910 (5.8)
    Hang Seng 17,305 16,946 (2.1)
    Shanghai Comp 2,932 2,905 (0.9)
    Sensex 81,868 80,982 (1.1)
    Nifty 25,011 24,718 (1.2)

    Source: Bloomberg, Bank of Baroda Research

    Except INR, other global currencies ended stronger against the dollar. DXY declined by 1.2% after US jobs report. JPY appreciated by 1.9%. INR depreciated to a fresh record-low of 83.75/$, despite lower oil prices. It is trading further weaker today, while other Asian currencies are trading mostly stronger.

    Fig 2 – Currencies

      01-08-2024 02-08-2024 Change, %
    EUR/USD (1 EUR / USD) 1.0791 1.0911 1.1
    GBP/USD (1 GBP / USD) 1.2739 1.2801 0.5
    USD/JPY (JPY / 1 USD) 149.36 146.53 1.9
    USD/INR (INR / 1 USD) 83.72 83.75 0
    USD/CNY (CNY / 1 USD) 7.2450 7.1722 1.0

    Source: Bloomberg, Bank of Baroda


    Global yields closed lower. US 10Y yield fell the most as reports suggested money market traders are pricing increased quantum of rate cuts by the Fed. Similar impact was felt in yields of other AEs which showed a softening bias. India’s 10Y yield fell by 2bps, monitoring auction results. It is trading further lower at a ~28-month low of 6.86% today.

    Fig 3 – Bond 10Y Yield

      01-08-2024 02-08-2024 Change, bps
    US 3.98 3.79 (19)
    UK 3.88 3.83 (5)
    Germany 2.24 2.17 (7)
    Japan 1.04 0.95 (9)
    China 2.13 2.12 0
    India 6.92 6.89 (2)

    Source: Bloomberg, Bank of Baroda Research

    Fig 4 – Short Term Rates

      01-08-2024 02-08-2024 Change in bps
    Tbill-91 days 6.63 6.61 (2)
    Tbill-182 days 6.76 6.74 (2)
    Tbill-364 days 6.77 6.76 (1)
    G-Sec 2Y 6.77 6.79 3
    India OIS-2M 6.61 6.61 0
    India OIS-9M 6.65 6.63 (2)
    SONIA Int Rate Benchmark 5.20 4.95 (25)
    US SOFR 5.38 5.35 (3)

    Source: Bloomberg, Bank of Baroda Research

    Fig 5 – Liquidity

      01-08-2024 02-08-2024 Change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (2.0) (2.6) (0.6)
    Reverse Repo 1.0 0.2 (0.8)
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research

    Fig 6 – Capital Market Flows

      31-07-2024 01-08-2024 Change (US$ mn/Rs cr)
    FII (US$ mn) (136.9) 449.0 585.9
    Debt 203.9 230.9 27.0
    Equity (340.8) 218.1 558.9
    Mutual Funds (Rs cr) 4,446.9 837.3 (3,609.6)
    Debt 195.1 (1,269.9) (1,465.0)
    Equity 4,251.8 2,107.2 (2,144.6)

    Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 30 Jul and 31 Jul 2024

    Oil prices fell to an 8-month low on expectations of weak US demand.

    Fig 7 – Commodities

      01-08-2024 02-08-2024 % Change
    Brent Crude (US$/bbl) 79.5 76.8 (3.4)
    Gold (US$/Troy Ounce) 2,446.3 2,443.2 (0.1)
    Copper (US$/MT) 8,923.9 8,933.9 0.1
    Zinc (US$/MT) 2,648.1 2,597.5 (1.9)
    Aluminium (US$/MT) 2,296.0 2,263.5 (1.4)

    Source: Bloomberg, Bank of Baroda Research

  • 06 Aug 2024

    The sell-off in global markets continued as investors assessed the possible impact of a US recession. Stocks worldwide witnessed steep declines, while commodity prices also inched down. However, a Fed officials including San Francisco Fed President and Chicago Fed President played down the possibility of the US economy slipping into a recession. This was reinforced by macro data signalling an uptick in US services activity. US ISM services index returned to the expansionary zone at 51.4 in Jul’24 from 48.8 last month. There was a similar rebound in services activity in Japan (53.7 vs. 49.4). Services PMI in China (52.1 vs. 51.2) and UK (52.5 vs. 52.1) also picked up. In the Eurozone however, services PMI declined for the 3rd straight month to 51.9. On the domestic front, India’s services PMI was broadly steady at 60.3 in Jul’24 from 60.5 in Jun’24, amid continued momentum in new export orders.


    Global indices ended lower, led by a sharp free fall in Nikkei. Unwinding of the carry trade contributed to the steep fall in Nikkei, which dropped to its lowest since Jan’24. Volatility in global currencies on the back of weak demand outlook in US and China, coupled with policy divergence, dampened investor sentiments. Sensex fell by 2.7%, tracking global cues. It is however trading higher today, in line with Asian stocks.

    Fig 1 – Stock Markets

      02-08-2024 05-08-2024 Change, %
    Dow Jones 39,737 38,703 (2.6)
    S & P 500 5,347 5,186 (3.0)
    FTSE 8,175 8,008 (2.0)
    Nikkei 35,910 31,458 (12.4)
    Hang Seng 16,946 16,698 (1.5)
    Shanghai Comp 2,905 2,861 (1.5)
    Sensex 80,982 78,759 (2.7)
    Nifty 24,718 24,056 (2.7)

    Source: Bloomberg, Bank of Baroda Research

    Except INR and GBP, other global currencies appreciated. DXY fell by 0.5% despite a rebound in US services sector activity. JPY appreciated by 1.6%. INR closed at a fresh record low amid heavy losses in domestic equities. It is trading further weaker today, while other Asian currencies are trading mostly stronger.

    Fig 2 – Currencies

      02-08-2024 05-08-2024 Change, %
    EUR/USD (1 EUR / USD) 1.0911 1.0952 0.4
    GBP/USD (1 GBP / USD) 1.2801 1.2776 (0.2)
    USD/JPY (JPY / 1 USD) 146.53 144.18 1.6
    USD/INR (INR / 1 USD) 83.75 83.84 (0.1)
    USD/CNY (CNY / 1 USD) 7.1722 7.1396 0.5

    Source: Bloomberg, Bank of Baroda


     US 10Y yield closed flat tracking comments of Fed officials who reiterated the need of not allowing labour market to cool off substantially. Thus, signalling easing monetary policy conditions. Japan’s 10Y yield fell at the sharpest pace by 16bps amidst asset allocation readjustment. India’s 10Y yield maintained its downward momentum supported by anticipation of softening of global yields.

    Fig 3 – Bond 10Y Yield

      02-08-2024 05-08-2024 Change, bps
    US 3.79 3.79 0
    UK 3.83 3.87 4
    Germany 2.17 2.19 2
    Japan 0.95 0.79 (16)
    China 2.12 2.15 2
    India 6.89 6.86 (3)

    Source: Bloomberg, Bank of Baroda Research

    Fig 4 – Short Term Rates

      02-08-2024 05-08-2024 Change, bps
    Tbill-91 days 6.61 6.62 1
    Tbill-182 days 6.74 6.72 (2)
    Tbill-364 days 6.76 6.74 (2)
    G-Sec 2Y 6.79 6.75 (5)
    India OIS-2M 6.61 6.54 (7)
    India OIS-9M 6.63 6.53 (10)
    SONIA int rate benchmark 4.95 4.95 0
    US SOFR 5.35 5.35 0

    Source: Bloomberg, Bank of Baroda Research

    Fig 5 – Liquidity

      03-08-2024 05-08-2024 Change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (2.6) (2.9) (0.3)
    Reverse Repo 0.2 0.8 0.6
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research

    Fig 6 – Capital Market Flows

      01-08-2024 02-08-2024 Change (US$ mn/Rs cr)
    FII (US$ mn) 449.0 (171.7) (620.7)
    Debt 230.9 230.4 (0.5)
    Equity 218.1 (402.1) (620.3)
    Mutual Funds (Rs cr) 837.3 (2,991.8) (3,829.1)
    Debt (1,269.9) (2,943.3) (1,673.4)
    Equity 2,107.2 (48.5) (2,155.7)

    Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 31 Jul and 01 Aug 2024

    Global commodity prices declined amid muted demand outlook.

    Fig 7 – Commodities

      02-08-2024 05-08-2024 % Change
    Brent Crude (US$/bbl) 76.8 76.3 (0.7)
    Gold (US$/Troy Ounce) 2,443.2 2,410.8 (1.3)
    Copper (US$/MT) 8,933.9 8,765.3 (1.9)
    Zinc (US$/MT) 2,597.5 2,576.7 (0.8)
    Aluminium (US$/MT) 2,263.5 2,250.0 (0.6)

    Source: Bloomberg, Bank of Baroda Research

  • 07 Aug 2024

    Global markets recovered after a sharp sell-off at the start of the week as investors assessed the global economic outlook and monetary policy. Investors sought comfort from dovish statements from Fed officials who insisted that the weakening momentum in US labour market is not necessarily a harbinger of a recession. Volatility in the markets is likely to remain high amid an unwinding of the yen carry trade post the BoJ rate hike and hawkish comments from BoJ Governor. However, recent comments from BoJ Deputy Governor downplaying future rate hikes in times of market volatility should help ease some nerves. In India, INR continues to slump to fresh record lows amid persistent equity outflows. RBI is likely to keep a steady watch on the market developments while focusing on the inflation mandate. We expect status quo in policy rate and stance in the RBI meeting.


    Global indices recovered, supported by Nikkei which rose by 10.2%. Some realignment of expectations took place amidst anticipation of intervention by central bank officials in the wake of financial market volatility. Hang Seng moderated. Sensex also fell by 0.2%, led by consumer durables stocks. It is trading higher today, in line with Asian stocks.

    Fig 1 – Stock Markets

      05-08-2024 06-08-2024 Change, %
    Dow Jones 38,703 38,998 0.8
    S & P 500 5,186 5,240 1.0
    FTSE 8,008 8,027 0.2
    Nikkei 31,458 34,675 10.2
    Hang Seng 16,698 16,647 (0.3)
    Shanghai Comp 2,861 2,867 0.2
    Sensex 78,759 78,593 (0.2)
    Nifty 24,056 23,993 (0.3)

    Source: Bloomberg, Bank of Baroda Research

    Fig 2 – Currencies

      05-08-2024 06-08-2024 Change, %
    EUR/USD (1 EUR / USD) 1.0952 1.0931 (0.2)
    GBP/USD (1 GBP / USD) 1.2776 1.2691 (0.7)
    USD/JPY (JPY / 1 USD) 144.18 144.34 (0.1)
    USD/INR (INR / 1 USD) 83.84 83.96 0.1
    USD/CNY (CNY / 1 USD) 7.1396 7.1558 (0.2)

    Source: Bloomberg, Bank of Baroda


     Global yields closed higher as risk-on sentiment improved after a buying spree in the last couple of trading sessions. Japan’s 10Y yield rose the most by 11bps followed by US 10Y yield due to realignment of portfolio. India’s 10Y yield rose by 2bps, in line with global cues. It is trading at the same level today, ahead of RBI’s policy.

    Fig 3 – Bond 10Y Yield

      05-08-2024 06-08-2024 Change, bps
    US 3.79 3.89 10
    UK 3.87 3.92 5
    Germany 2.19 2.20 1
    Japan 0.79 0.90 11
    China 2.15 2.15 0
    India 6.86 6.88 2

    Source: Bloomberg, Bank of Baroda Research

    Fig 4 – Short Term Rates

      05-08-2024 06-08-2024 Change in bps
    Tbill-91 days 6.62 6.60 (2)
    Tbill-182 days 6.72 6.72 0
    Tbill-364 days 6.74 6.73 (1)
    G-Sec 2Y 6.75 6.75 0
    India OIS-2M 6.54 6.56 2
    India OIS-9M 6.53 6.54 1
    SONIA int rate benchmark 4.95 4.95 0
    US SOFR 5.35 5.32 (3)

    Source: Bloomberg, Bank of Baroda Research

    Fig 5 – Liquidity

      05-08-2024 06-08-2024 Change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (2.9) (2.8) 0.1
    Reverse Repo 0.8 1.6 0.8
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research

    Fig 6 – Capital Market Flows

      02-08-2024 05-08-2024 Change (US$ mn/Rs cr)
    FII (US$ mn) (171.7) (400.8) (229.1)
    Debt 230.4 39.6 (190.9)
    Equity (402.1) (440.4) (38.3)
    Mutual funds (Rs cr) (2,991.8) 131.5 3,123.3
    Debt (2,943.3) (1,501.8) 1,441.5
    Equity (48.5) 1,633.3 1,681.8

    Source: Bloomberg, Bank of Baroda Research │ Note: Data for Mutual Funds as of 1 Aug and 2 Aug 2024

    Fig 7 – Commodities

      05-08-2024 06-08-2024 % Change
    Brent crude (US$/bbl) 76.3 76.5 0.2
    Gold (US$/ Troy Ounce) 2,410.8 2,390.8 (0.8)
    Copper (US$/ MT) 8,765.3 8,804.0 0.4
    Zinc (US$/MT) 2,576.7 2,540.4 (1.4)
    Aluminium (US$/MT) 2,250.0 2,296.0 2.0

    Source: Bloomberg, Bank of Baroda Research

  • 08 Aug 2024

    Calm returned to the global markets after comments from BoJ Deputy Governor who pushed back against the possibility of rate hikes at a time when the markets are unstable. His comments were in sharp contrast to the BoJ Governor who indicated that more rate hikes are imminent, a statement which contributed significantly to the upheaval in global financial markets due to the unwinding of the so-called carry trade. In other news, China’s export growth moderated to 7% in Jul’24 (8.6% in Jun’24), missing estimates of a 9.7% increase. However, imports increased at a much faster pace of 7.2% (est. 3.5%) after declining by 2.3% in Jun’24. Separately, industrial production in Germany increased by 1.4% in Jun’24 (YoY), beating estimates of a 1% increase. In India, RBI meeting remains key, with investors focusing specifically on RBI’s assessment of the inflation trajectory.


    Barring US stocks, global indices recovered. Some comfort was provided by commentaries of BoJ officials, which pacified volatility in the financial market. FTSE rose the most followed by Hang Seng and Nikkei. Fears of recession and a drag in technology stocks, have led to moderation of Dow Jones and S&P 500. Sensex rose by 1.1%, led by oil and gas and metal stocks. It is trading lower today, while Asian stocks are trading mixed.

    Fig 1 – Stock Markets

      06-08-2024 07-08-2024 Change, %
    Dow Jones 38,998 38,763 (0.6)
    S & P 500 5,240 5,200 (0.8)
    FTSE 8,027 8,167 1.7
    Nikkei 34,675 35,090 1.2
    Hang Seng 16,647 16,878 1.4
    Shanghai Comp 2,867 2,870 0.1
    Sensex 78,593 79,468 1.1
    Nifty 23,993 24,298 1.3

    Source: Bloomberg, Bank of Baroda Research

    Fig 2 – Currencies

      06-08-2024 07-08-2024 Change, %
    EUR/USD (1 EUR / USD) 1.0931 1.0922 (0.1)
    GBP/USD (1 GBP / USD) 1.2691 1.2692 0
    USD/JPY (JPY / 1 USD) 144.34 146.68 (1.6)
    USD/INR (INR / 1 USD) 83.96 83.95 0
    USD/CNY (CNY / 1 USD) 7.1558 7.1766 (0.3)

    Source: Bloomberg, Bank of Baroda


    Global yields closed mixed. Germany’s 10Y yield rose the most followed by US. In Germany, better industrial production data comforted yields. In US, fragilities concerning financial market drove the selling spree in treasuries. China’s 10Y yield inched down amidst expectation of monetary easing. India’s 10Y yield fell a tad and is trading at the same level today.

    Fig 3 – Bond 10Y Yield

      06-08-2024 07-08-2024 Change, bps
    US 3.89 3.94 5
    UK 3.92 3.95 3
    Germany 2.20 2.27 7
    Japan 0.90 0.90 0
    China 2.15 2.14 (1)
    India 6.88 6.86 (1)

    Source: Bloomberg, Bank of Baroda Research

    Fig 4 – Short Term Rates

      06-08-2024 07-08-2024 Change in bps
    Tbill-91 days 6.60 6.62 2
    Tbill-182 days 6.72 6.72 0
    Tbill-364 days 6.73 6.73 0
    G-Sec 2Y 6.75 6.74 (1)
    India OIS-2M 6.56 6.54 (2)
    India OIS-9M 6.54 6.51 (3)
    SONIA int rate benchmark 4.95 4.95 0
    US SOFR 5.32 5.33 1

    Source: Bloomberg, Bank of Baroda Research

    Fig 5 – Liquidity

      06-08-2024 07-08-2024 Change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (2.8) (1.9) 0.8
    Reverse Repo 1.6 0.8 (0.8)
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research

    Fig 6 – Capital Market Flows

      05-08-2024 06-08-2024 Change (US$ mn/Rs cr)
    FII (US$ mn) (400.8) (600.0) (199.2)
    Debt 39.6 (239.5) (279.1)
    Equity (440.4) (360.5) 79.9
    Mutual funds (Rs cr) (1,194.3) 5,494.8 6,689.1
    Debt (2,587.3) (353.2) 2,234.1
    Equity 1,393.0 5,848.0 4,455.0

    Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 2 Aug and 5 Aug 2024

    Fig 7 – Commodities

      06-08-2024 07-08-2024 % Change
    Brent crude (US$/bbl) 76.5 78.3 2.4
    Gold (US$/ Troy Ounce) 2,390.8 2,382.9 (0.3)
    Copper (US$/ MT) 8,804.0 8,640.9 (1.9)
    Zinc (US$/MT) 2,540.4 2,526.7 (0.5)
    Aluminium (US$/MT) 2,296.0 2,288.0 (0.3)

    Source: Bloomberg, Bank of Baroda Research

  • 09 Aug 2024

    US jobless claims declined more than expected last week, suggesting that bets of an imminent recession in the world’s largest economy might be unfounded. Weekly jobless claims declined by 17,000 to 233,000 (est. 240,000). This comes on the heels of US jobs report last week which showed a significant slowdown in US labour market. Separately, CPI inflation in China inched up to 0.5% in Jul’24 (est. 0.3%) from 0.2% in Jun’24 on the back of higher food prices. Underlying price pressures however remained contained, as core inflation eased to 0.4% from 0.6% in Jun’24. Deflation in PPI was steady at 0.8% in Jul’24. In India, RBI maintained a status quo, but flagged risks due to high food inflation. Risks to financial stability due to high growth in credit card spends and deposit mobilisation were also highlighted.


    Global indices closed mixed amid a confluence of mixed factors at play. On one hand, US jobless claims softened, hinting at tight labour market. On other hand, commentary of Kansas Fed official reflected some bit of cautiousness on rate cuts. US stocks edged higher. Nikkei fell, as anticipation of policy divergence persisted. Sensex fell by 0.7%, as RBI flagged some liquidity risks in the banking sector. It is trading higher today, while Asian stocks are trading mixed.

    Fig 1 – Stock Markets

      07-08-2024 08-08-2024 Change, %
    Dow Jones 38,763 39,446 1.8
    S & P 500 5,200 5,319 2.3
    FTSE 8,167 8,145 (0.3)
    Nikkei 35,090 34,831 (0.7)
    Hang Seng 16,878 16,892 0.1
    Shanghai Comp 2,870 2,870 0
    Sensex 79,468 78,886 (0.7)
    Nifty 24,298 24,117 (0.7)

    Source: Bloomberg, Bank of Baroda Research

    Fig 2 – Currencies

      07-08-2024 08-08-2024 Change, %
    EUR/USD (1 EUR / USD) 1.0922 1.0919 0
    GBP/USD (1 GBP / USD) 1.2692 1.2748 0.4
    USD/JPY (JPY / 1 USD) 146.68 147.23 (0.4)
    USD/INR (INR / 1 USD) 83.95 83.96 0
    USD/CNY (CNY / 1 USD) 7.1766 7.1763 0

    Source: Bloomberg, Bank of Baroda


    US 10Y yield rose by 4bps as rebalancing of portfolio continued amidst mixed macro-economic data. Japan’s 10Y yield fell by 5bps as expectations centred on future course of action by BoJ, amid conflicting comments from BoJ Governor and Deputy Governor. India’s 10Y yield rose a tad. It is trading at the same level today, as no new guidance on liquidity was provided by RBI.

    Fig 3 – Bond 10Y Yield

      07-08-2024 08-08-2024 Change, bps
    US 3.94 3.99 4
    UK 3.95 3.98 3
    Germany 2.27 2.27 0
    Japan 0.90 0.85 (5)
    China 2.14 2.17 3
    India 6.86 6.88 1

    Source: Bloomberg, Bank of Baroda Research

    Fig 4 – Short Term Rates

      07-08-2024 08-08-2024 Change in bps
    Tbill-91 days 6.62 6.62 0
    Tbill-182 days 6.72 6.71 (1)
    Tbill-364 days 6.73 6.73 0
    G-Sec 2Y 6.75 6.74 (1)
    India OIS-2M 6.54 6.57 3
    India OIS-9M 6.51 6.54 3
    SONIA int rate benchmark 4.95 4.95 0
    US SOFR 5.33 5.33 0

    Source: Bloomberg, Bank of Baroda Research

    Fig 5 – Liquidity

      07-08-2024 08-08-2024 Change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (1.9) (1.7) 0.2
    Reverse Repo 0.8 1.6 0.8
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research

    Fig 6 – Capital Market Flows

      06-08-2024 07-08-2024 Change (US$ mn/Rs cr)
    FII (US$ mn) (600.0) (102.7) 497.3
    Debt (239.5) 235.8 475.3
    Equity (360.5) (338.5) 22.0
    Mutual funds (Rs cr) 5,494.8 (5,240.8) (10,735.6)
    Debt (353.2) (7,241.1) (6,887.8)
    Equity 5,848.0 2,000.3 (3,847.7)

    Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 5 Aug and 6 Aug 2024


    Oil prices increased as geo-political tensions outweighed demand concerns.

    Fig 7 – Commodities

      07-08-2024 08-08-2024 % Change
    Brent crude (US$/bbl) 78.3 79.2 1.1
    Gold (US$/ Troy Ounce) 2,382.9 2,427.5 1.9
    Copper (US$/ MT) 8,640.9 8,670.9 0.3
    Zinc (US$/MT) 2,526.7 2,601.3 3.0
    Aluminium (US$/MT) 2,288.0 2,274.0 (0.6)

    Source: Bloomberg, Bank of Baroda Research

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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

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    इस लेख/इन्फोग्राफिक/चित्र/वीडियो की सामग्री का उद्देश्य केवल सूचना से है और जरूरी नहीं कि यह बैंक ऑफ बड़ौदा के विचारों को प्रतिबिंबित करे। सामग्री प्रकृति में सामान्य हैं और यह केवल सूचना मात्र है। यह आपकी विशेष परिस्थितियों में विशिष्ट सलाह का विकल्प नहीं होगा । बैंक ऑफ बड़ौदा और/या इसके सहयोगी और इसकी सहायक कंपनियां सटीकता के संबंध में कोई प्रतिनिधित्व नहीं करती हैं; यहां निहित या अन्यथा प्रदान की गई किसी भी जानकारी की पूर्णता या विश्वसनीयता और इसके द्वारा उसी के संबंध में किसी भी दायित्व को अस्वीकार करें। जानकारी अद्यतन, पूर्णता, संशोधन, सत्यापन और संशोधन के अधीन है और यह भौतिक रूप से बदल सकती है। इसकी सूचना किसी भी क्षेत्राधिकार में किसी भी व्यक्ति द्वारा वितरण या उपयोग के लिए अभिप्रेत नहीं है, जहां ऐसा वितरण या उपयोग कानून या विनियमन के विपरीत होगा या बैंक ऑफ बड़ौदा या उसके सहयोगियों को किसी भी लाइसेंसिंग या पंजीकरण आवश्यकताओं के अधीन करेगा । उल्लिखित सामग्री और सूचना के आधार पर किसी भी वित्तीय निर्णय लेने के लिए पाठक द्वारा किए गए किसी भी प्रत्यक्ष/अप्रत्यक्ष नुकसान या देयता के लिए बैंक ऑफ बड़ौदा जिम्मेदार नहीं होगा । कोई भी वित्तीय निर्णय लेने से पहले अपने वित्तीय सलाहकार से सलाह जरूर लें।

Economic Weekly Wrap
12 August 2024 - 16 August 2024

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हम अपनी वेबसाइट पर आपके अनुभव को बढ़ाने के लिए कुकीज़ (और इसी प्रकार के उपकरण) का उपयोग करते हैं। हमारी कुकी नीति, गोपनीयता नीति और नियम एवं शर्तों के बारे में अधिक जानने के लिए, कृपया यहां क्लिक करें। इस वेबसाइट को ब्राउज़ करना जारी रखते हुए, आप कुकीज़ के उपयोग हेतु सहमति देते हैं और गोपनीयता नीति एवं नियम और शर्तों से सहमत होते हैं।