In this briefing:
1. ECB, BoJ Suck Wind – EA Threatened with Japanisation
By Charles Dumas, Chief Economist
- Monetary stimulus fails export-dependent savings glut countries
- Japan now accepts huge budget deficits and negative interest rates
- EA needs broad structural reform to avoid Japan’s deep malaise
2. India Monthly Report: Jan’19 – Feb’19
Indian indices were the least performing among the select global indices with S&P BSE Sensex and Nifty 50 generating returns of 0.01% and negative 0.73% in domestic terms respectively. In Dollar terms they fell by 2.18% and 2.89% respectively. Indian Rupee witnessed deprecation of 2.18% during the period and fell from 69.40 USD/ INR to 70.95 USD/ INR. Among the select indices, Hang Seng was the best performer with dollar returns of 10.89% and among the select currencies, South African Rand was the best performing with an appreciation of 7.88%.
| Performance of Select Indices during Jan’19 | ||
| Index | Returns in Domestic Currency | Returns in USD |
| S&P BSE SENSEX | 0.01% | -2.18% |
| NIFTY 50 | -0.73% | -2.89% |
| Nikkei 225 | 6.19% | 6.84% |
| Dow Jones Industrial Average | 7.08% | 7.08% |
| HANG SENG | 11.19% | 10.89% |
| FTSE 100 | 3.49% | 7.06% |
Among the Sectoral indices, Nifty Pharma was the best performing with returns of 4.91% in dollar terms and Nifty Realty was the worst performing with falling by 17.41%
Performance of Indian Sectoral Indices during Jan’19 | INR Returns | USD Returns |
NIFTY PHARMA | 7.25% | 4.91% |
NIFTY IT | 0.67% | -1.52% |
NIFTY FMCG | -0.35% | -2.53% |
NIFTY FIN SERVICE | -0.64% | -2.81% |
NIFTY PVT BANK | -1.97% | -4.11% |
NIFTY BANK | -2.10% | -4.24% |
NIFTY AUTO | -3.55% | -5.66% |
NIFTY METAL | -3.77% | -5.87% |
NIFTY MEDIA | -7.00% | -9.03% |
NIFTY PSU BANK | -10.50% | -12.45% |
NIFTY REALTY | -15.57% | -17.41% |
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