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INDIA: Country Wrap:  PMI Manufacturing Up; Services Down. 

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • Investors are growing increasingly selective with Indian shadow lenders’ debt, spelling trouble for smaller players in the market after the sector’s multi-year high foreign debt sales in 2024.
  • Indian insurers have held talks with the regulator to propose the introduction of equity options as a hedging tool to boost their risk-management strategies, according to people involved in the discussions. (source: BBG)
  • India’s economy remains in very good shape with January’s preliminary PMI Manufacturing at +58 from +56.4 prior.
  • Services declined marginally but remained in strong expansion at +56.8 from +59.3 prior.
  • The composite declined modestly to +57.9 from +59.2.
  • India’s NIFTY 50 is opening down -0.25% and on track for a weekly decline.
  • INR: is up +0.20% today at 86.288 and on track for a 0.37% gain for the week.
  • Bonds:  India’s 10YR IGB is down 1.5bp in yield today at 6.71%
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  • Investors are growing increasingly selective with Indian shadow lenders’ debt, spelling trouble for smaller players in the market after the sector’s multi-year high foreign debt sales in 2024.
  • Indian insurers have held talks with the regulator to propose the introduction of equity options as a hedging tool to boost their risk-management strategies, according to people involved in the discussions. (source: BBG)
  • India’s economy remains in very good shape with January’s preliminary PMI Manufacturing at +58 from +56.4 prior.
  • Services declined marginally but remained in strong expansion at +56.8 from +59.3 prior.
  • The composite declined modestly to +57.9 from +59.2.
  • India’s NIFTY 50 is opening down -0.25% and on track for a weekly decline.
  • INR: is up +0.20% today at 86.288 and on track for a 0.37% gain for the week.
  • Bonds:  India’s 10YR IGB is down 1.5bp in yield today at 6.71%