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INDIA: Bond Wrap.

INDIA
  • HSBC India PMI Services softened for September, falling to 57.7 from 58.9.
  • Whilst firmly in expansion territory, it is the lowest reading since November 2023.
  • Ahead of the Central Bank decision next week, the downward trend is modest and unlikely to dramatically alter the course for monetary policy.
  • Equity markets were down again today with the NIFTY off 0.25% and the 10-year bond up 2bp in yield. 

 

2yr 6.663%        5yr 6.693%         10yr 6.796% (+2bp)        30yr 6.918%   

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  • HSBC India PMI Services softened for September, falling to 57.7 from 58.9.
  • Whilst firmly in expansion territory, it is the lowest reading since November 2023.
  • Ahead of the Central Bank decision next week, the downward trend is modest and unlikely to dramatically alter the course for monetary policy.
  • Equity markets were down again today with the NIFTY off 0.25% and the 10-year bond up 2bp in yield. 

 

2yr 6.663%        5yr 6.693%         10yr 6.796% (+2bp)        30yr 6.918%