Global Covid vaccination rate continues to progress well, with 150mn doses during last week. Key market trends for the week. (1) Govt interest rates were mixed with long term (10y) rates rising but short-to-medium rates falling. (2) Foreign investor flows into the the debt market remained marginally -ve. (3) Corporate/ Credit effective interest rates rose moderately in Sep21, largely led by base Govt rates. Corporate/ Credit spreads have been largely flattish so far in Oct21. (4) Global interest rates were also mixed last week with US/ EU falling and China surprisingly rising. (5) Gold, the risk off commodity, gained moderately last week. (6) The Indian/ US market volatility rose but remains well within normal levels. (7) The Indian equity market reported robust gains during the week, Nifty50 index crossing the psychological 18K mark. (8) Yet foreign investor flows into the Indian equity market remain mixed at best. (9) The US/ EU markets also reported robust gains during the week, recovering fully from past losses. (10) Energy markets were mixed – strong Crude Oil, weak NatGas (but also look at the sharp increase ytd/ yoy). (11) USDollar index weakened a bit, Yuan strengthened a bit and the Rupee was largely range-bound last week.
References (writeups during past few weeks) :
The track of Global covid cases (weekly) can be picked up from the following link…