S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
Societe Generale strategists notes that the Indian Rupee (INR) traded broadly flat over the week but outperformed regional peers thanks to debt portfolio inflows. They highlight that broad US Dollar (USD) strength overshadowed moves in Gold and Brent. Domestic bonds rallied as Reserve Bank of India (RBI) Governor Malhotra pushed back on tighter policy speculation, while the composite PMI eased, signaling softer momentum in manufacturing and services.
INR steady as bonds extend gains
“The INR traded broadly flat over the week, outperforming regional peers on debt portfolio inflows.”
“IGBs extended gains with 10y yields retracing to 6.75% after RBI Governor Malhotra pushed back on speculation of tighter policy.”
“The dovish repricing pulled the 1y OIS down to 5.75% from 6.38% a month ago. “
“On the data front, the composite PMI eased to 57.4 in June from 59.3 in May, reflecting softer momentum in manufacturing and services.”
“However, broad dollar strength trumped the breakdown in gold prices below $4,000/oz and Brent to pre-war levels.”
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