The latest performance report highlights significant variances across sectors, with PCB leading at 11.39% and consumer goods at 7.78%. In contrast, the automotive sector and telecoms show declines of -1.97% and -2.22%, respectively, while pharmaceuticals and energy face steep drops of -14.46% and -32.22%. In the banking sector, Commerzbank is rated positively, while Deutsche Bank is under observation due to high volatility. Year-to-date, Erste Group has surged by 60.3%, contrasting sharply with Sberbank's staggering -72.73% decline.
Das leaves a significant legacy, having adeptly navigated the economy during the COVID-19 crisis by providing essential liquidity to banks and markets. Under his leadership, the RBI implemented targeted liquidity measures and skillfully managed inflation, questioning data collection methods as CPI approached critical levels. His bold interventions helped maintain market stability, emphasizing the yield curve as a "public good."
Speculation regarding the future of RBI Governor Shaktikanta Das intensifies following one of India's most significant GDP growth misses in recent history. With his term set to expire next week and no extension confirmed, the pressure on Das is mounting as economic concerns grow.
The Reserve Bank of India has maintained a pause on interest rates amid strong growth conditions, but a disappointing Q2 GDP growth of 5.4% raises concerns. The slowdown is attributed to declining corporate profits and weak urban consumption, despite some support expected from rural demand post-harvest. Full-year GDP growth is projected at 6.3%, falling short of the RBI's 7.2% estimate.
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