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UBS Group AG advises shorting India's rupee and reducing stock exposure due to a structural economic slowdown, exacerbated by potential challenges from a higher US yield environment. The Indian economy faces long-term issues like declining credit growth and export competitiveness, contributing to significant stock market losses and a depreciating rupee. Recent trends show Indian stocks have lost nearly $500 billion in value, marking the worst start to a year since 2016, while bond outflows are at their fastest since 2020.
Goswami Infratech, part of the Shapoorji Pallonji Group, has secured agreement from global private credit lenders to defer part of a Rs 14,300 crore ($1.7 billion) bond repayment. This move, facilitated by high-yield investors like Cerberus and Varde Partners, aims to support the company's expansion plans while allowing investors to continue earning interest on the remaining amount.
India is emerging as Abrdn Plc’s top investment choice in Asia, driven by the Reserve Bank of India's confidence in easing inflation and its commitment to defend the rupee. This environment is expected to enhance carry trade opportunities, with attractive bond valuations positioning India favorably against other emerging markets.
Asia-Pacific markets are expected to decline as investors react to Nvidia's strong but slowing quarterly results, with a 94% revenue increase to $35.08 billion. Meanwhile, Indian stocks are under scrutiny following the indictment of Adani Group's chairman for bribery and fraud. In the U.S., Federal Reserve officials express mixed views on inflation and interest rates, with some advocating for further rate cuts while acknowledging ongoing inflationary pressures.
Domestic share sales in India are witnessing unprecedented interest from global funds, with primary market purchases, including IPOs, reaching $11.5 billion this year, surpassing the previous record set in 2021. In contrast, foreign investors have withdrawn over $13 billion from the secondary market, driven by high valuations. India has emerged as a significant hub for dealmaking, raising a record $28.4 billion from IPOs and primary offerings in 2023, more than double the capital raised the previous year.
Dhiraj Singh
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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