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INDIA: Country Wrap:  CPI Declines More than Expected in January.

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • India’s Commerce and Industry minister Goyal suggests that India’s economic growth can be significantly increased by a combination of investment growth and consumption policies to act as ‘twin pillars’ for India’s economic advancement at the Invest Karnataka event (source: Times of India)
  • India’s CPI for January came in much lower than expected, vindicating the Central Bank’s cut in rates last week.  Having suffered a significant rise in inflation in October last year (driven by food prices) inflation had shown signs of moderating.  Following December’s +5.22% print, market expectations were for January prices to decline to +4.50%.  The CPI print of +4.31% vindicates the RBI rate cut as prices slowed by the most since August 2024. (source: MNI – Market News).
  • India’s NIFTY 50 has finally rallied after six days straight of losses, rising +.68% in morning trade.
  • INR:  with regional peers performing well today, early indications for the rupee are for a positive day with early gains of +0.05% to 86.84.
  • Bonds:  India’s IGB 10YR is taking the lead from US moves overnight, opening weaker at 6.70% (+0.5bps) 
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  • India’s Commerce and Industry minister Goyal suggests that India’s economic growth can be significantly increased by a combination of investment growth and consumption policies to act as ‘twin pillars’ for India’s economic advancement at the Invest Karnataka event (source: Times of India)
  • India’s CPI for January came in much lower than expected, vindicating the Central Bank’s cut in rates last week.  Having suffered a significant rise in inflation in October last year (driven by food prices) inflation had shown signs of moderating.  Following December’s +5.22% print, market expectations were for January prices to decline to +4.50%.  The CPI print of +4.31% vindicates the RBI rate cut as prices slowed by the most since August 2024. (source: MNI – Market News).
  • India’s NIFTY 50 has finally rallied after six days straight of losses, rising +.68% in morning trade.
  • INR:  with regional peers performing well today, early indications for the rupee are for a positive day with early gains of +0.05% to 86.84.
  • Bonds:  India’s IGB 10YR is taking the lead from US moves overnight, opening weaker at 6.70% (+0.5bps)