EGShares India Consumer ETF
 (INCO)

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  • Wed, Jan. 20, 3:49 AM
    • Just a few years ago, the so-called BRICS were taking the world by storm with surging economic growth, although it now looks like they risk capsizing it.
    • China was growing at an average rate of more than 10% a year, peaking at over 14% in 2007. India averaged 8%; Russia 5%; and Brazil and South Africa around 4%. To put that in perspective, the G-7 economies expanded at an average rate of less than 1.4% over the same time frame.
    • What happened? The commodity- and export-dependent emerging economies have long been prone to booms and busts, as their fate depends largely on the tide of global demand. They also face deep debt problems, political turmoil and major demographic challenges.
    • ETFs: EWZ, RSX, EPI, RUSL, INDY, SCIF, RUSS, BRF, INDL, PIN, INDA, ERUS, RSXJ, EZA, INP, IIF, INXX, BRZU, INCO, EWZS, SCIN, RBL, SMIN, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Wed, Jan. 20, 3:49 AM | 8 Comments
  • Dec. 27, 2015, 9:24 AM
    • Indian and Pakistani leaders pledged to accelerate peace talks on Friday after Narendra Modi made a surprise visit to Nawaz Sharif in Lahore.
    • "It was decided that dialogue will be increased," Pakistan Foreign Secretary Aizaz Chaudhry told reporters. The U.S. State Department also welcomed the encounter.
    • The meeting marks the first visit to Pakistan by an Indian premier in almost 12 years.
    • ETFs: EPI, INDY, SCIF, INDL, PIN, INDA, INP, IIF, INXX, INCO, SCIN, SMIN, PAK
    | Dec. 27, 2015, 9:24 AM | 3 Comments
  • Sep. 29, 2015, 3:28 AM
    • The Reserve Bank of India has reduced its policy interest rate by a greater-than-expected 50 basis points to a four-and-a-half-year low of 6.75%, citing low inflation as a main reason.
    • The reduction follows three cuts of 25 bps this year and record-low consumer inflation of 3.66% in August amid falling commodity prices, well under a target of 6% for January.
    • "The weakening of global activity since our last review suggests that commodity prices will remain contained for awhile," RBI Governor Raghuram Rajan forecast. Domestic demand needs to increase in order to make up for weaker global growth, Rajan said. "Monetary policy has to be accommodative to the extent possible" in current conditions.
    • The RBI's move also comes after Q2 GDP came in at a a slower-than-expected annualized rate of 7%; today, the bank cut its FY forecast to 7.4% from 7.6%.
    • The BSE Sensex is +0.3%, while the USD-INR is -0.5% at 65.99 rupees.
    • ETFs: EPI, INDY, SCIF, INDL, PIN, INDA, INP, IIF, INXX, INCO, SCIN, ICN, INR, SMIN, FNI
    | Sep. 29, 2015, 3:28 AM | 9 Comments
  • Aug. 31, 2015, 4:34 AM
    • For traders worried about the health of the emerging markets, India's growth data for April-June should supply some cheer today - the country is expected to remain the fastest growing major economy for a second straight quarter.
    • Economists put India's gross domestic product at 7.4% in Q2, just below 7.5% in January-March.
    • If the number is that high, it will be a boost for Prime Minister Narendra Modi, who has taken a beating after struggling to pass his legislative agenda.
    • The GDP data will be released at 9:30 a.m. ET.
    • Sensex -0.3% to 26,323.
    • ETFs: EPI, INDY, SCIF, INDL, PIN, INDA, INP, IIF, INXX, INCO, SCIN, SMIN
    | Aug. 31, 2015, 4:34 AM
  • Aug. 4, 2015, 3:52 AM
    • After three cuts this year, Indian central bank Governor Raghuram Rajan kept interest rates on hold at 7.25% today, rebuffing pressure from the Finance Ministry to reduce borrowing costs that are among the highest in Asia.
    • Earlier in the day, the Reserve Bank of Australia kept rates steady at 2.0%, leaving out a reference to the need for the local dollar to fall further.
    • ETFs: EPI, FXA, EWA, INDY, SCIF, INDL, PIN, INDA, INP, IAF, IIF, INXX, INCO, SCIN, ICN, INR, SMIN, AUSE, CROC, KROO, EWAS, FAUS, QAUS, HAUD
    | Aug. 4, 2015, 3:52 AM
  • May 7, 2015, 4:46 AM
    | May 7, 2015, 4:46 AM | 1 Comment
  • Apr. 7, 2015, 10:55 AM
    • As expected, the Reserve Bank of India held its benchmark interest rate at 7.5% overnight, but signaled its willingness cut further should inflation remain in check. "We feel buffered," says Governor Rajan, when asked whether higher U.S. rates would handcuff his policy. "That is not going to be key factor."
    • So far this year, the RBI has cut rate twice, totaling 50 basis points.
    • JPMorgan figures the RBI has modest room to ease later this year, and echoes Rajan's comments that India is more insulated than in the past from what the Fed might be doing with its policy, noting the country's reliance on capital inflows has declined dramatically.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Apr. 7, 2015, 10:55 AM
  • Mar. 16, 2015, 12:06 PM
    • "If the bond market were to lose confidence in the Central Bank of Turkey's independence, the downside for Turkish assets could be significant," say the managers of the JOHCM Emerging Market Opportunities Fund (MUTF:JOEAX), explaining why they don't own any Turkish stocks. "President Recep Tayyip Erdogan displays a lack of commitment to international norms of corporate governance, conventional monetary policy and central bank independence."
    • The fund is overweight India though, with the managers noting PM Modi's reforms - previously considered impossible - are being delivered. They also call Raghuram Rajan one of the world's best central bank governors.
    • The fund is ahead 1.8% to date, while the iShares Turkey ETF (NYSEARCA:TUR) is down 19%, and the iShares India ETF (BATS:INDA) is up 7.2%.
    • India ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Mar. 16, 2015, 12:06 PM | 1 Comment
  • Mar. 12, 2015, 11:05 AM
    • Growth in the coming fiscal year (starts April 1) is now seen at 7.5% vs. the previous prediction of 6.3%. That would also be an acceleration from the current fiscal year's (ends March 31) growth of 7.2%.
    • The change comes after the Indian government revised its methodology for calculating GDP, and the adjusted data has surprised many be showing far faster growth in recent years than originally estimated.
    • For its part, the India's Ministry of Finance sees GDP growth of 8.1-8.5% in the coming fiscal year.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Mar. 12, 2015, 11:05 AM | 2 Comments
  • Mar. 5, 2015, 2:48 PM
    • "Ultimately, the bullish case for India rests on two pillars: its favorable demographics and the scope for catch-up from a very low base in investment, infrastructure and productivity," says the team from Goldman, not concerned with that country's lofty stock valuations.
    • Reasons for optimism over the next two years: A cyclical recovery has begun, macro imbalances have been reduced, the external environment - particularly low oil prices - is benign, and structural reforms are underway in the government.
    • The key risk, says Goldman, is a loss of reform momentum, or that weak job growth leads to more populist policies.
    • Expecting earnings growth of 15% for MSCI India over the next two years, the team wants to be overweight the country, and continues to recommend a basket of India, Taiwan, and Turkey as one of its best trades.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    • Previously: India cuts rates; stocks hit record highs (March 4)
    | Mar. 5, 2015, 2:48 PM | 2 Comments
  • Mar. 4, 2015, 1:58 AM
    • The Reserve Bank of India surprised markets on Wednesday by cutting rates for the second time this year, joining a world-wide trend of monetary easing that is driving global interest rates to multi-year lows.
    • Citing easing inflation and weakness in parts of the economy, the central bank lowered its benchmark rate by 25 basis points to 7.5%.
    • The move sent India's Sensex index to an all-time high of 30,024.74, breaking the key 30,000-level for the first time.
    • Sensex +0.6% at 29,768.77.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Mar. 4, 2015, 1:58 AM | 14 Comments
  • Mar. 2, 2015, 2:19 AM
    • In the biggest change to its monetary policy since opening up its economy more than two decades ago, India's central bank and finance ministry have agreed to introduce inflation targeting to rein in a long history of volatile price rises.
    • The 4% inflation target for the 2016/17 fiscal year will be symmetrical, seeking to keep consumer price growth within two percentage points on either side of the central target.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Mar. 2, 2015, 2:19 AM
  • Feb. 27, 2015, 4:40 AM
    • India’s Finance Ministry has projected the country's economic growth to accelerate to a four-year high of between 8.1%-8.5% in the fiscal year starting April, making the South Asian nation one of the fastest-growing economies.
    • The latest projection is much higher than the 7.4% growth the ministry forecast for this fiscal year, as falling oil prices and the government’s commitment to implementing economic reforms have improved the country's outlook.
    • Sensex +1.3% to 29,129.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Feb. 27, 2015, 4:40 AM
  • Feb. 3, 2015, 8:54 AM
    • As expected, the Reserve Bank of India held ints benchmark repo rate steady at 6.5% overnight, but Governor Raghuram Rajan has bubbles on his mind as he notes "boosted stock markets across the world," thanks to the ECB's QE program.
    • Year-to-date, the Sensex is higher by 6.3% and the rupee is ahead 2% vs. the dollar.
    • And what might prompt more rate cuts? "Key to further easing are data that confirm continuing disinflationary pressures," says the bank. "Also critical would be sustained high quality fiscal consolidation."
    • The Sensex slipped 0.4% overnight.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Feb. 3, 2015, 8:54 AM
  • Jan. 30, 2015, 2:41 PM
    • India's largest private-bank ICICI Bank (IBN -4.5%) reported FQ3 profit short of expectations after gross non-performing assets rose 35 basis points from a year ago to 3.4%. Net non-performing assets rose 18 bps from last quarter and 33 bps from a year ago to 1.27%.
    • The country's 2nd largest bank by assets, Bank of Baroda (OTC:BBKQYfell 11% in Mumbai after Q3 profit slumped 68% to 3.34B rupees vs. analyst estimates of 12.5B.
    • The S&P BSE Bankex Index fell 3.1%, it's worst performance in a year, and the Sensex fell 1.7%.
    • HDFC Bank (HDB -3.8%)
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Jan. 30, 2015, 2:41 PM | 3 Comments
  • Jan. 15, 2015, 4:02 AM
    • India’s central bank surprised the market with an early-morning rate cut today in a move to help improve growth in Asia’s third-largest economy.
    • Stocks, bonds and the rupee surged after Governor Raghuram Rajan lowered the repurchase rate to 7.75% from 8%, the first rate reduction in nearly two years, as lower food and oil prices cooled inflationary pressures.
    • India's NSE index is up 2.7%.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, ICN, INR, SMIN, INCO
    | Jan. 15, 2015, 4:02 AM | 4 Comments
INCO Description
The EGShares India consumer exchange-traded fund (ETF) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Consumer Index, a 30 stock free-float adjusted market capitalization index designed to measure the market performance of companies in the consumer sector of India. The index consists of common stocks that are listed on National Stock Exchange and Bombay Stock Exchange. This index was incorporated on April 1, 2007.
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Country: India
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