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MARKET COMMENTARY

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Monetary Policy Update

Mar 27, 2020

8:34 am

RBI Unveils Many Arms from Its Arsenal ‘Whatever it takes’ was given a whole new meaning today by the Reserve Bank of India (RBI). It fired from every barrel to support the economy in its fight against slowdown triggered by the Covid19 pandemic. Interest Rates: The repo rate was slashed by 75 bps to 4.40%…

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Broad Panic – But Finally Meaningful Policy Action

Mar 23, 2020

10:21 am

• Market panic in full flow • However, policymakers are well engaged and starting to deliver scale intervention • Economists at a loss to understand the true scale of the likely recession • Fear of massive deleveraging particularly amongst corporates • Policymakers need to work hard to mitigate mass unemployment • Bonds are better supported…

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Panic has no bounds

Mar 16, 2020

9:45 am

• Panic in the financial markets prompts policymakers to accelerate their efforts to support the global economy • Fed cuts rates to near zero and provides $700bn of further liquidity – but equities are limit down • Governments will need to expand fiscal policy substantially to replace the collapse in economic activity • Global growth…

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Event Update

Mar 9, 2020

4:08 am

Global equity markets including India, have taken further deep cuts today as a confluence of factors play out – Crude oil price war, spread of coronavirus and domestically the Yes Bank cookie crumbling. As we write this note, US S&P 500 is cooling at a circuit breaker down 7% today and down 17% from its…

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