Economics Weekly
01 August – 05 August2022

Back to all Articles
  • 01 Aug 2022

    Euro Area GDP rose by 0.7% in Q2CY22 (QoQ) beating expectations of a 0.2% increase. US PCE price index, Fed’s preferred measure of inflation, rose to 6.8% in Jun’22 from 6.3% even as University of Michigan’s survey showed that consumers’ inflation expectations eased in Jul’22. Latest PMI readings from China suggested a moderation in activity due to recent Covid-19 outbreaks. While manufacturing PMI fell to 49 in Jul’22 (from 50.2), services PMI too edged down to 53.8 from 54.7 in Jun’22. In the current week, apart from manufacturing PMI of major economies, rate decisions of RBI, RBA and BoE will remain in focus.


    Global indices ended largely higher. Better than expected GDP data from the Euro Area lifted investor sentiments. US stocks surged higher tracking strong earnings report and positive forward guidance from major tech companies. Sensex too surged to a 3-month high supported by gains in metals and oil&gas stocks. It is trading higher today in line with other Asian stocks.

    Fig 1 – Stock markets

      28-07-2022 29-07-2022 % change
    Dow Jones 32,530 32,845 1.0
    S & P 500 4,072 4,130 1.4
    FTSE 7,345 7,423 1.1
    Nikkei 27,815 27,802 0
    Hang Seng 20,623 20,157 (2.3)
    Shanghai Comp 3,283 3,253 (0.9)
    Sensex 56,858 57,570 1.3
    Nifty 16,930 17,158 1.4

    Source: Bloomberg, Bank of Baroda Research


    Except GBP (lower) and CNY (flat), other global currencies closed higher against the dollar. DXY fell by 0.4% as University of Michigan survey showed that consumers’ inflation expectations moderated in Jul’22. EUR gained 0.2% as Euro Area’s GDP expanded more than expected in Q2CY22. INR appreciated by 0.6%-its largest single day gain since Oct’21, as FPI outflows reversed. It is trading further stronger today, in line with other Asian currencies.

    Fig 2 – Currencies

      28-07-2022 29-07-2022 % change
    EUR/USD 1.0197 1.0220 0.2
    GBP/USD 1.2180 1.2171 (0.1)
    USD/JPY 134.27 133.27 0.8
    USD/INR 79.76 79.27 0.6
    USD/CNY 6.7473 6.7445 0

    Source: Bloomberg, Bank of Baroda Research


    Except UK and China (flat), global yields closed lower. Elevated growth concerns increased appetite for sovereign securities. Further, stagnated growth in Q2CY22 of Germany, muted retail sales in Japan in Jun’22 and soaring PCE index in the US (fastest since CY05) added to further woes. Even China’s top policy makers hinted at missing the government’s 5.5% growth target in CY22. India’s 10Y yield fell a tad by 1bps (7.32%), taking global cues. It is trading lower at 7.3% today.

    Fig 3 – Bond 10Y yield

      28-07-2022 29-07-2022 change in bps
    US 2.68 2.65 (3)
    UK 1.87 1.86 0
    Germany 0.83 0.82 (1)
    Japan 0.21 0.19 (2)
    China 2.77 2.77 0
    India 7.33 7.32 (1)

    Source: Bloomberg, Bank of Baroda Research


    Fig 4 – Short term rates

      28-07-2022 29-07-2022 change in bps
    Tbill-91 days 5.60 5.56 (4)
    Tbill-182 days 5.93 5.89 (4)
    Tbill-364 days 6.28 6.25 (3)
    G-Sec 2Y 6.47 6.41 (6)
    SONIA int rate benchmark 1.19 1.19 0
    US SOFR 1.53 2.28 75

    Source: Bloomberg, Bank of Baroda Research


    Fig 5 – Liquidity

    Rs tn 28-07-2022 29-07-2022 change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (0.8) (0.6) 0.2
    Reverse repo 2.6 0.3 (1.3)
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research


    Fig 6 – Capital market flows

      27-07-2022 28-07-2022 change (US$ mn/Rs cr)
    FII (US$ mn) (79.2) 716.3 795.4
    Debt (67.4) (92.7) (25.3)
    Equity (11.8) 809.0 820.8
    Mutual funds (Rs cr) 122.3 (152.0) (274.2)
    Debt (1,036.6) (1,134.4) (97.8)
    Equity 1,158.8 982.4 (176.4)

    Source: Bloomberg, Bank of Baroda Research; Note-mutual fund data pertains to 16 and 17 May 2022


    Crude prices rose by 2.7% to US$ 110/bbl amidst speculation that OPEC+ might not boost supply in its upcoming meeting. Gold prices rose by 0.6%, as DXY weakened.

    Fig 7 – Commodities

      28-07-2022 29-07-2022 % change
    Brent crude (US$/bbl) 107.1 110.0 2.7
    Gold (US$/ Troy Ounce) 1,755.8 1,765.9 0.6
    Copper (US$/ MT) 7,765.8 7,931.3 2.1
    Zinc (US$/MT) 3,265.0 3,412.3 4.5
    Aluminium (US$/MT) 2,456.0 2,488.5 1.3

    Source: Bloomberg, Bank of Baroda Research

  • 02 Aug 2022

    Fears of a global recession surfaced again as PMIs showed moderation in manufacturing activity in Europe, US and China amidst muted demand and high inflation. Germany’s retail sales fell by a record 8.8% in Jun’22 (YoY) exacerbating these concerns. As a result, oil prices declined sharply by 9.1%. Further, expectations of a possible flare up in tensions between US and China ahead of US House of Representative Speaker’s visit to Taiwan kept investors on edge. In India, strong manufacturing PMI data and lower oil prices buoyed investor sentiments.


    Global indices ended mixed. While Asian stocks ended largely higher, stocks in US and UK edged down. Disappointing manufacturing PMI data from US, China and Europe impacted investor sentiments. Sensex consolidated its gains and rose by another 0.9%, led by gains in power and auto stocks. However it is trading lower today in line with other Asian stocks.

    Fig 1 – Stock markets

      29-07-2022 1-08-2022 % change
    Dow Jones 32,845 32,798 (0.1)
    S & P 500 4,130 4,119 (0.3)
    FTSE 7,423 7,413 (0.1)
    Nikkei 27,802 27,993 0.7
    Hang Seng 20,157 20,166 0
    Shanghai Comp 3,253 3,260 0.2
    Sensex 57,570 58,116 0.9
    Nifty 17,158 17,340 1.1

    Source: Bloomberg, Bank of Baroda Research


    Barring CNY (lower), other global currencies edged up. DXY declined by another 0.4% in line with a fall in US 10Y yield. Disappointing ISM manufacturing PMI also drove DXY lower. GBP rose by 0.6% ahead of BoE policy meet. INR appreciated by 0.3%, supported by lower oil prices and FPI inflows. It is trading further stronger today, in line with other Asian currencies.

    Fig 2 – Currencies

      29-07-2022 1-08-2022 % change
    EUR/USD 1.0220 1.0262 0.4
    GBP/USD 1.2171 1.2250 0.6
    USD/JPY 133.27 131.61 1.3
    USD/INR 79.27 79.03 0.3
    USD/CNY 6.7445 6.7688 (0.4)

    Source: Bloomberg, Bank of Baroda Research


    Except Japan (flat), other global yields closed lower. US 10Y yield fell the most by 8bps, followed by UK (6bps) and Germany (4bps). Muted manufacturing activity from Europe to Asia as seen in the PMI print for Jul’22, drop in retail sales in Germany and falling construction spending in the US added to woes. India’s 10Y yield fell by 8bps to 7.24% as crude prices dropped. Expectations that a new 10Y security may be issued also impacted market sentiments. It is trading at 7.2% today.

    Fig 3 – Bond 10Y yield

      29-07-2022 1-08-2022 change in bps
    US 2.65 2.57 (8)
    UK 1.86 1.81 (6)
    Germany 0.82 0.78 (4)
    Japan 0.19 0.19 0
    China 2.77 2.74 (2)
    India 7.32 7.24 (8)

    Source: Bloomberg, Bank of Baroda Research


    Fig 4 – Short term rates

      29-07-2022 1-08-2022 change in bps
    Tbill-91 days 5.56 5.52 (4)
    Tbill-182 days 5.89 5.75 (14)
    Tbill-364 days 6.25 6.22 (3)
    G-Sec 2Y 6.41 6.38 (3)
    SONIA int rate benchmark 1.19 1.19 0
    US SOFR 2.28 2.27 (1)

    Source: Bloomberg, Bank of Baroda Research


    Fig 5 – Liquidity

    Rs tn 29-07-2022 1-08-2022 change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (0.6) (1.3) (0.7)
    Reverse repo 0.3 0.4 0.1
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research


    Fig 6 – Capital market flows

      28-07-2022 29-07-2022 change (US$ mn/Rs cr)
    FII (US$ mn) 716.3 128.8 (587.5)
    Debt (92.7) (56.4) 36.4
    Equity 809.0 185.1 (623.9)
    Mutual funds (Rs cr) 122.3 (152.0) (274.2)
    Debt (1,036.6) (1,134.4) (97.8)
    Equity 1,158.8 982.4 (176.4)

    Source: Bloomberg, Bank of Baroda Research; Note-mutual fund data pertains to 16 and 17 May 2022


    Crude prices fell by 9.1% to US$ 100/bbl as macro prints globally hinted at muted demand. Gold prices also inched up by 0.4% on safe haven demand.

    Fig 7 – Commodities

      29-07-2022 1-08-2022 % change
    Brent crude (US$/bbl) 110.0 100.0 (9.1)
    Gold (US$/ Troy Ounce) 1,765.9 1,772.2 0.4
    Copper (US$/ MT) 7,931.3 7,821.3 (1.4)
    Zinc (US$/MT) 3,412.3 3,441.0 0.8
    Aluminium (US$/MT) 2,488.5 2,430.5 (2.3)

    Source: Bloomberg, Bank of Baroda Research

  • 03 Aug 2022

    Possibility of an escalation in US-China conflict amidst US House of Representative Speaker’s visit to Taiwan, impacted investor sentiments. Further, three senior Fed officials suggested that the Fed is unlikely to taper from its policy tightening path raising expectations of further rate hikes. Thus, DXY and US 10Y yield rose. On the other hand, RBA while increasing rates by an expected 50bps, hinted that further rate action is not a “pre-set path”. In India, trade deficit surged to a further record- high of US$ 31bn in Jul’22 as exports decelerated while imports increased unabated.


    Except Sensex, other global indices ended lower. Investors monitored flaring up of the geopolitical tensions between US and China, after US House representative visited Taiwan. Dow fell by 1.2% with US JOLTS jobs opening dropping to 9-month low, signalling softer labour demand. Amongst other indices, Hang Seng (2.4%) declined the most. Sensex ended flat. It is trading higher today in line with other Asian stocks.

    Fig 1 – Stock markets

      1-08-2022 2-08-2022 % change
    Dow Jones 32,798 32,396 (1.2)
    S & P 500 4,119 4,091 (0.7)
    FTSE 7,413 7,409 (0.1)
    Nikkei 27,993 27,595 (1.4)
    Hang Seng 20,166 19,689 (2.4)
    Shanghai Comp 3,260 3,186 (2.3)
    Sensex 58,116 58,136 0
    Nifty 17,340 17,345 0

    Source: Bloomberg, Bank of Baroda Research


    Barring INR and CNY (higher), other global currencies declined. After falling for last four trading sessions, DXY edged up by 0.8% amidst hawkish comments from Fed officials. JPY declined the most by 1.2%, followed by EUR which fell by 0.9%. INR appreciated by 0.4% to a 1-month high supported by FPI inflows. However, it is trading weaker today, in line with other Asian currencies.

    Fig 2 – Currencies

      1-08-2022 2-08-2022 % change
    EUR/USD 1.0262 1.0166 (0.9)
    GBP/USD 1.2250 1.2170 (0.7)
    USD/JPY 131.61 133.17 (1.2)
    USD/INR 79.03 78.71 0.4
    USD/CNY 6.7688 6.7525 0.2

    Source: Bloomberg, Bank of Baroda Research


    Global yields closed mixed. US 10Y yield jumped up sharply by 18bps as hawkish comments from several Fed officials led to expectations that the Fed will continue with its aggressive rate hikes. Concerns over US-China relations too impacted sentiments. 10Y yields in UK (6bps) and Germany (4bps) also inched up. India’s 10Y yield fell by 4bps to a 2-month low of 7.2% awaiting RBI’s policy meet. However, it is trading higher at 7.23% today.

    Fig 3 – Bond 10Y yield

      1-08-2022 2-08-2022 change in bps
    US 2.57 2.75 18
    UK 1.81 1.87 6
    Germany 0.78 0.82 4
    Japan 0.19 0.18 (1)
    China 2.74 2.74 (1)
    India 7.24 7.20 (4)

    Source: Bloomberg, Bank of Baroda Research


    Fig 4 – Short term rates

      1-08-2022 2-08-2022 change in bps
    Tbill-91 days 5.52 5.53 1
    Tbill-182 days 5.75 5.73 (2)
    Tbill-364 days 6.22 6.16 (6)
    G-Sec 2Y 6.38 6.35 (3)
    SONIA int rate benchmark 1.19 1.19 0
    US SOFR 2.28 2.28 0

    Source: Bloomberg, Bank of Baroda Research


    Fig 5 – Liquidity

    Rs tn 1-08-2022 2-08-2022 change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (1.3) (2.0) (0.7)
    Reverse repo 0.4 0.4 0
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research


    Fig 6 – Capital market flows

        29-07-2022     1-08-2022   change (US$ mn/Rs
      FII (US$ mn)   128.8   724.5 cr) 595.7
    Debt (56.4) 49.1 105.5
    Equity 185.1 675.4 490.3
    Mutual funds (Rs cr) 122.3 (152.0) (274.2)
    Debt (1,036.6) (1,134.4) (97.8)
    Equity 1,158.8 982.4 (176.4)

    Source: Bloomberg, Bank of Baroda Research; Note-mutual fund data pertains to 16 and 17 May 2022


    Oil prices rose by 0.5% ahead of the OPEC+ meet. It is expected that producers may not increase supply amidst concerns over global recession. Gold prices slipped as USD rose.

    Fig 7 – Commodities

      1-08-2022 2-08-2022 % change
    Brent crude (US$/bbl) 100.0 100.5 0.5
    Gold (US$/ Troy Ounce) 1,772.2 1,760.4 (0.7)
    Copper (US$/ MT) 7,821.3 7,808.8 (0.2)
    Zinc (US$/MT) 3,441.0 3,412.0 (0.8)
    Aluminium (US$/MT) 2,430.5 2,414.5 (0.7)

    Source: Bloomberg, Bank of Baroda Research

  • 04 Aug 2022

    Strong macro data from the US lifted market sentiments globally. US ISM services PMI edged up to 56.7 in Jul’22 (est. 53.5) from 55.3 in Jun’22 led by a pickup in new orders. Factory orders also rose by 2% in Jun’22 (MoM) beating expectations (+1.1%). Fed officials also reiterated their commitment to bringing inflation back on track, keeping door open for further rate hikes. On the other hand, data from Europe remained concerning as both service PMI (Jul’22) and retail sales (Jun’22) declined. In India, services PMI fell to a 4-month low of 55.5 in Jul’22 from 59.2 in Jun’22.


    Except Shanghai Comp, other global indices ended higher led by strong corporate earning reports. US stocks rose the most amidst strong macro data (US ISM services PMI and factory orders). Sensex too rose by 0.4% led by gains in technology stocks. It is trading further higher today, in line with other Asian stocks.

    Fig 1 – Stock markets

      2-08-2022 3-08-2022 % change
    Dow Jones 32,396 32,813 1.3
    S & P 500 4,091 4,155 1.6
    FTSE 7,409 7,446 0.5
    Nikkei 27,595 27,742 0.5
    Hang Seng 19,689 19,767 0.4
    Shanghai Comp 3,186 3,164 (0.7)
    Sensex 58,136 58,351 0.4
    Nifty 17,345 17,388 0.2

    Source: Bloomberg, Bank of Baroda Research


    Except EUR (flat), other global currencies declined. DXY rose by 0.2% led by a surprise uptick in US ISM services PMI. JPY fell by 0.5% as Japan’s services PMI fell in Jul’22. INR depreciated by 0.6% led by concerns over elevated trade deficit. It is trading further weaker today, in line with other Asian currencies.

    Fig 2 – Currencies

      2-08-2022 3-08-2022 % change
    EUR/USD 1.0166 1.0166 0
    GBP/USD 1.2170 1.2149 (0.2)
    USD/JPY 133.17 133.86 (0.5)
    USD/INR 78.71 79.16 (0.6)
    USD/CNY 6.7525 6.7580 (0.1)

    Source: Bloomberg, Bank of Baroda Research


    Global yields closed mixed. A host of macro prints such as better US durable goods orders, better exports in Germany and muted services activity in UK, impacted investors’ sentiments. Further, concerns over US-China relations and comments from Fed officials also kept investors on edge. US 10Y yield fell by 4bps, while Germany’s 10Y yield rose by 5bps. India’s 10Y yield rose by 4bps. It is trading lower at 7.22% today, ahead of RBI’s policy meet.

    Fig 3 – Bond 10Y yield

      2-08-2022 3-08-2022 change in bps
    US 2.75 2.70 (4)
    UK 1.87 1.91 4
    Germany 0.82 0.87 5
    Japan 0.18 0.19 1
    China 2.74 2.73 (1)
    India 7.20 7.24 4

    Source: Bloomberg, Bank of Baroda Research


    Cut off yield fell across the board (91-days:-6bps, 182-days: -9bps and 364- days: -10bps) in the current auction of Rs 210bn. Notably, 1Y OIS swap rate also fell, as markets are anticipating cautious move from RBI.

    Fig 4 – Short term rates

      2-08-2022 3-08-2022 change in bps
    Tbill-91 days 5.53 5.55 2
    Tbill-182 days 5.73 5.88 15
    Tbill-364 days 6.16 6.21 5
    G-Sec 2Y 6.35 6.35 0
    SONIA int rate benchmark 1.19 1.19 0
    US SOFR 2.28 2.30 2

    Source: Bloomberg, Bank of Baroda Research


    Fig 5 – Liquidity

    Rs tn 2-08-2022 3-08-2022 change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (2.0) (1.9) 0.1
    Reverse repo 0.4 0.4 0
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research


    Fig 6 – Capital market flows

      1-08-2022 2-08-2022 change (US$ mn/Rs cr)
    FII (US$ mn) 724.5 193.8 (530.7)
    Debt 49.1 (17.7) (66.8)
    Equity 675.4 211.5 (463.9)
    Mutual funds (Rs cr) 122.3 (152.0) (274.2)
    Debt (1,036.6) (1,134.4) (97.8)
    Equity 1,158.8 982.4 (176.4)

    Source: Bloomberg, Bank of Baroda Research; Note-mutual fund data pertains to 16 and 17 May 2022


    Crude prices fell by 3.7%, as OPEC+ agreed to increase their output quota from Sep’22. Further, build up in US oil inventories also supported prices.

    Fig 7 – Commodities

      2-08-2022 3-08-2022 % change
    Brent crude (US$/bbl) 100.5 96.8 (3.7)
    Gold (US$/ Troy Ounce) 1,760.4 1,765.3 0.3
    Copper (US$/ MT) 7,808.8 7,671.8 (1.8)
    Zinc (US$/MT) 3,412.0 3,389.0 (0.7)
    Aluminium (US$/MT) 2,414.5 2,378.0 (1.5)

    Source: Bloomberg, Bank of Baroda Research

  • 05 Aug 2022

    Bank of England (BoE) raised policy rates by an expected 50bps (biggest rate hike since CY95), as it attempts to tame skyrocketing inflation. It said that CPI inflation is likely to peak at 13% in Oct’22. It further noted that UK is likely to slip into recession in Q4CY22 and emerge from it only in early CY24. Elsewhere in US, labour market conditions softened as jobless claims rose its highest since Nov’21. Oil prices crashed and yield curve inversion in US and UK deepened amidst fears of a looming recession. US jobs report due later today will be keenly awaited. In India, markets await the monetary policy decision of RBI.


    Global indices ended mixed. Equity indices in US ended lower led by losses in energy stocks as oil prices crashed to a 6-month low. FTSE ended flat as BoE warned of the possibility of a prolonged recession in UK. Sensex declined by 0.1% as real estate and banking stocks slipped. However, it is trading higher today, in line with other Asian stocks.

    Fig 1 – Stock markets

      3-08-2022 4-08-2022 % change
    Dow Jones 32,813 32,727 (0.3)
    S & P 500 4,155 4,152 (0.1)
    FTSE 7,446 7,448 0
    Nikkei 27,742 27,932 0.7
    Hang Seng 19,767 20,174 2.1
    Shanghai Comp 3,164 3,189 0.8
    Sensex 58,351 58,299 (0.1)
    Nifty 17,388 17,382 0)

    Source: Bloomberg, Bank of Baroda Research


    Except INR (lower), other global currencies strengthened. DXY fell by 0.8% as US jobless claims rose last week. EUR rose the most by 0.8% as Germany’s factory orders declined less than expected in Jun’22. GBP rose by 0.1% as BoE raised rate by 50bps. INR depreciated by 0.4% on concerns over widening trade deficit. It is trading stronger today, in line with other Asian currencies.

    Fig 2 – Currencies

      3-08-2022 4-08-2022 % change
    EUR/USD 1.0166 1.0246 0.8
    GBP/USD 1.2149 1.2160 0.1
    USD/JPY 133.86 132.89 0.7
    USD/INR 79.16 79.47 (0.4)
    USD/CNY 6.7580 6.7493 0.1

    Source: Bloomberg, Bank of Baroda Research


    Except China (stable), global yields closed lower amidst tensions surrounding Taiwan. Further recession risk along with central banks’ aggressive approach for price stability also added to woes. Notably in US, inversion between 2Y and 10Y paper was the sharpest since CY00. For UK as well, this similar inversion happened for the first time since CY19. India’s 10Y yield fell sharply by 8bps (7.16%) as declining yields on short term papers and OIS curve indicates a cautious move by RBI. It is trading further lower 7.11% today.

    Fig 3 – Bond 10Y yield

      3-08-2022 4-08-2022 change in bps
    US 2.70 2.69 (2)
    UK 1.91 1.89 (2)
    Germany 0.87 0.80 (7)
    Japan 0.19 0.18 (1)
    China 2.73 2.73 0
    India 7.24 7.16 (8)

    Source: Bloomberg, Bank of Baroda Research


    Fig 4 – Short term rates

      3-08-2022 4-08-2022 change in bps
    Tbill-91 days 5.55 5.50 (5)
    Tbill-182 days 5.88 5.68 (20)
    Tbill-364 days 6.21 6.15 (6)
    G-Sec 2Y 6.35 6.35 0
    SONIA int rate benchmark 1.19 1.19 0
    US SOFR 2.30 2.29 (1)

    Source: Bloomberg, Bank of Baroda Research


    Fig 5 – Liquidity

    Rs tn 3-08-2022 4-08-2022 change (Rs tn)
    Net Liquidity (-Surplus/+deficit) (1.9) (1.9) 0
    Reverse repo 0.4 0.4 0
    Repo 0 0 0

    Source: RBI, Bank of Baroda Research


    Fig 6 – Capital market flows

      2-08-2022 3-08-2022 change (US$ mn/Rs cr)
    FII (US$ mn) 193.8 508.2 314.4
    Debt (17.7) 5.0 22.6
    Equity 211.5 503.2 291.7
    Mutual funds (Rs cr) 122.3 (152.0) (274.2)
    Debt (1,036.6) (1,134.4) (97.8)
    Equity 1,158.8 982.4 (176.4)

    Source: Bloomberg, Bank of Baroda Research; Note-mutual fund data pertains to 16 and 17 May 2022


    Crude prices fell by 2.7% to US$ 94/bbl amidst concerns of muted demand. Gold prices rose by 1.5% as recession fears increased demand for safe haven.

    Fig 7 – Commodities

      3-08-2022 4-08-2022 % change
    Brent crude (US$/bbl) 96.8 94.1 (2.7)
    Gold (US$/ Troy Ounce) 1,765.3 1,791.3 1.5
    Copper (US$/ MT) 7,671.8 7,720.2 0.6
    Zinc (US$/MT) 3,389.0 3,576.5 5.5
    Aluminium (US$/MT) 2,378.0 2,403.0 1.1

    Source: Bloomberg, Bank of Baroda Research

@2022 Bank of Baroda. All rights reserved

Important disclosures are provided at the end of this report.

Disclaimer

The views expressed in this research note are personal views of the author(s) and do not necessarily reflect the views of Bank of Baroda. Nothing contained in this publication shall constitute or be deemed to constitute an offer to sell/ purchase or as an invitation or solicitation to do so for any securities of any entity. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. Bank of Baroda Group or its officers, employees, personnel, directors may be associated in a commercial or personal capacity or may have a commercial interest including as proprietary traders in or with the securities and/ or companies or issues or matters as contained in this publication and such commercial capacity or interest whether or not differing with or conflicting with this publication, shall not make or render Bank of Baroda Group liable in any manner whatsoever & Bank of Baroda Group or any of its officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time

Connect with Us

For further details about this publication, please contact:
Economics Research Department
Bank of Baroda
+91 22 6698 5794
chief.economist@bankofbaroda.com

Popular Articles

Related Articles

Leave a Comment

Thanks for submitting your details.

Economics Weekly Wrap
08 August - 12 August 2022

Economics Weekly
Wrap 25 July - 29 July 2022

Add this website to home screen

Are you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.


The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.


Proceed to the website


Thank you for visiting www.bankofbaroda.in

X
We use cookies (and similar tools) to enhance your experience on our website. To learn more on our cookie policy, Privacy Policy and Terms & Conditions please click here. By continuing to browse this website, you consent to our use of cookies and agree to the Privacy Policy and Terms & Conditions.