Sep, 06, 2017 By Vikram Murarka 0 comments
Our note of caution on the Dow Jones (21988) and Sensex (31809) in our Aug ’17 report has stood us in good stead as both the indices saw a corrective dip in August. In contrast, the Shanghai (3372) has become more bullish, breaking above 3400 in line with our expectation. The Mexican and Turkish markets have consolidated sideways in August while the Kospi (2341) has come off from Resistance near 2500, exactly in line with expectation. US economic data (Retail Sales, GDP) have improved but US yields have dipped. The Euro, Gold and industrial metals have surged. Indian economic data continues to disappoint. Inflation has picked up a bit while IIP and GDP have fallen due to GST. On the positive side, the August Manufacturing PMI has shown a decent bounce to 51.2, from 47.9 earlier.
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