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iPath MSCI India Index ETN (INP)

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  • Feb. 17, 2014, 4:12 AM
    • India intends to raise 569.25B rupees ($9.17B) from the sales of holdings in state-run firms in 2014-2015.
    • The plan is part of an interim budget that the government introduced today ahead of elections, which are due to take place by May.
    • The government intends to limit the budget deficit to 4.6% of GDP in 2013-14 and believes that it needs to be lowered to 3% by 2016-17.
    • The government also predicted FY 2014 growth of 4.9%.
    • The Sensex is +0.4% and the USD-INR is +0.2% at 61.981 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | 1 Comment
  • Feb. 14, 2014, 2:52 AM
    • India's wholesale-price index slowed to +5.05% on year in January from +6.2% in December and was below forecasts of 5.6%.
    • The WPI data adds to a reading which showed that CPI eased to +8.8% last month from +9.9% in December.
    • The falling inflation comes as the Reserve Bank of India focuses on reducing consumer prices, with the RBI hiking interest rates three times since September.
    • However, economist Suvodeep Rakshit says that with inflation softening, "there is no case for raising rates" at this time. "At the same time, given that core inflation is still high, the central bank won't have room to cut rates."
    • The Sensex is +0.2% and the USD-INR is +0.2% 62.285 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Feb. 13, 2014, 3:06 AM
    • Indian CPI eased to the lowest level in two years in January, falling to +8.79% on year from +9.87% in December and coming in below consensus of +9.2%.
    • The drop comes amid a concerted effort by the Reserve Bank of India to fight inflation, with the RBI surprisingly raising its key repo rate by 25 bps to 8% at the end of last month.
    • The Sensex is -0.7%, while the USD-INR is +0.6% at 62.22 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Feb. 7, 2014, 7:07 AM
    | 2 Comments
  • Jan. 30, 2014, 1:17 PM
    | 1 Comment
  • Jan. 28, 2014, 11:44 AM
    • The MSCI Emerging Markets Index (ETF: EEM) is off 22% from a peak set about three years ago, with the most recent slide coming as currencies tumble. Central banks have begun hiking rates to combat, with India overnight boosting its benchmark for the third time in six months and Turkey expected to take action today (an announcement is due at 5 ET). The South African central bank meets tomorrow, but a rate hike is not necessarily on the table.
    • As usual, the unwinding of an epic credit bubble in China and the effect on growth tops the list of fears. One trust product - the China Credit Trust - narrowly avoided default this week thanks to a mystery third-party rescue.
    • Buy the dip, says Ashmore head of research Jan Dehn. “There is some serious dumbing down going on in financial markets right now when it comes to EM. EM debt levels (especially external debt), EM’s general reliance on external markets, and EM’s reserve holdings have all improved beyond all recognition over the past 10 years.”
    • Loomis Sayles' Peter Marber: “Compared to 1998, emerging markets hold over $7T more in hard currency reserves to cushion themselves from market volatility. For most emerging markets, the problems today are nothing like the problems of the mid-1990s. Very few countries are near default, and those that may be are relatively small.”
    • Turkey and India ETFs: TUR, EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    • EM ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, EEMV, EEB, SCHE, EDIV, IEMG, DVYE, EEV, BIK, EWX, BKF, CEW, PIE, ADRE, HILO, EUM, FNI, EET, GMM, PXH, EEMS, BBRC, EELV, FEMS, EEME, EMDD, BICK, DBEM, EMCR, FEM, EWEM, EVAL, EMBB, JEM, EMLB, EEHB, TLTE, EGRW, FNDE, EMHD, EMSA, EMFT, EMDR, QEM, QDEM
    | 3 Comments
  • Jan. 28, 2014, 1:54 AM
    • The Reserve Bank of India has unexpectedly increased its key policy repo rate by 25 bps to 8%, citing projections that CPI will remain high. Inflation was 9.9% in December.
    • However, the RBI said that if inflation eases as expected, it doesn't believe it will need to tighten further.
    • The focus on CPI indicates that the RBI could adopt a proposal to set an inflation target.
    • The Sensex is -0.4%, while the USD-INR is -0.8% at 62.92 rupees. (PR)
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Jan. 3, 2014, 3:02 AM
    • Indian Prime Minister Manmohan Singh will retire at the country's next general election, which is scheduled for the summer.
    • Singh, who has been in the job for a decade, said party ally Rahul Gandhi has has outstanding credentials to replace him. Gandhi is the son of assassinated PM Rajiv Gandhi and the Vice President of the Indian National Congress Party.
    • The Sensex is -0.5% while the USD-INR is +0.35% at 62.49 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • Dec. 19, 2013, 9:23 AM
    • India had a relief rally on Wednesday after the RBi surprised by not hiking rates, but fell anew last night dropping 0.7% for its 7th decline in 8 sessions.
    • Leading among the blue chips were the rate-sensitive stocks, with ICICI (IBN) Bank off 3% and HDFC (HDB) Bank down 2.1%.
    • "One of the big questions post Fed's move is whether liquidity will continue flowing to emerging markets like India or not. If rates go up in U.S. then it will be risk for EMs," says Aneesh Srivastava, CIO at IDBI Federal Life Insurance.
    • IBN -5.4%, HDB -5.6% premarket
    • India ETFs: EPI, INDY, SCIF, INP, PIN, INDL, ICN, INR, INXX, INDA, SCIN, INCO, SMIN
    | Comment!
  • Dec. 16, 2013, 3:20 AM
    • India's wholesale price index, one of the country's main inflation gauges, accelerated to a 14-month high of 7.52% on year in November from 7% in October and topped estimates that were also 7%.
    • The growth adds to CPI of 11% and will strengthen the case of those who argue that the Reserve Bank of India should again increase interest rates when it meets on Wednesday despite stuttering growth.
    • The RBI's key repurchase rate is at 7.75% after being raised in September and October.
    • The Sensex is -0.1% and the USD-INR is -0.25% at 61.96 rupees.
    • ETFs: EPI, INDY, INP, SCIF, PIN, INDL, ICN, INR, INXX, SCIN, INDA, INCO, SMIN
    | Comment!
  • Dec. 7, 2013, 6:43 PM
    • A multitude of factors — including a delay in the Fed taper and the appointment of new RBI governor Raghuram Rajan — have conspired to spark a 20% rally in Indian stocks since September, but "despite the recent gains, the country's equities still offer value," Barron's says.
    • Shares trade at just 13 times 2014 EPS estimates, that's below the long-term average.
    • With earnings growth seen at 8-10% going forward, analysts like Credit Suisse's Neelkanth Mishra say shares aren't generally expensive and may be worth a look.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INXX, SCIN, INDA, INCO, SMIN
    | 3 Comments
  • Nov. 29, 2013, 10:24 AM
    • Q3 GDP grew 4.8% Y/Y vs. consensus 4.6% and Q2's 4.4%. Part of the improvement was better weather, with Barclays noting good monsoons and better sowing helping to boost the agriculture sector. Manufacturing remains weak, rising just 1% Y/Y and services growth of 6% is significantly lower than the 5-year average of 8.6%. Exports rose 2.6% from a year ago amid a sharply weaker rupee.
    • Monetary policy - more focused on inflation and the rupee - is likely to remain on the tight side, says the team.
    • Investors seem to feel differently, and the bidding up of Indian stocks - which began in September after an ugly bear market - continues today. EPI +2.1%.
    • Indian ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INR, INXX, SCIN, INDA, INCO, SMIN
    | Comment!
  • Oct. 29, 2013, 2:31 AM
    • As expected, the Reserve Bank of India has increased its key lending rate to 7.75% from 7.5%, having raised the rate in September by a quarter-percentage point also.
    • However, the RBI reduced the marginal standing facility rate to 8.75% from 9%.
    • Prior to the decision, data showed that wholesale inflation climbed to 6.46% in September, above the bank's target of 5%. The RBI warned that inflation will remain high in the coming months.
    • India's Sensex index is +0.3%, while the USD-INR is -0.1% to 61.465 rupees. (PR)
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Comment!
  • Oct. 16, 2013, 4:12 AM
    • Raghuram Rajan, the head of the Reserve Bank of India, believes that his country's stuttering economy will pick up in Q4, due to the resumption of stalled projects and a good monsoon season.
    • Around $115B worth of resource projects were halted due to a review of transparency and environmental policy, but about half of these have now been re-authorized.
    • The monsoon will lead to a "bountiful harvest," Rajan told the Harvard Business School, with activities such as animal husbandry and poultry also picking up.
    • However, Rajan warned observers not to pay too much attention to India's economic temperament. "If you are an outsider looking at India, learn to filter out both the irrational exuberance and the excessive pessimism. We're subject to both. You will become manic-depressive if you follow our moods."
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Comment!
  • Oct. 15, 2013, 3:10 PM
    • In a bid to lure more investors into its government debt, India is lobbying JPMorgan to include its paper in the bank's Government Bond Emerging Markets Global Diversified Index, which is tracked by funds with more than $200B in AUM.
    • "A game changer" if it happens says Standard Chartered, noting a weighting of 10% could lead foreign investors to buy $20B-$40B worth of government bonds. First, however, the country would need to remove a $30B cap on foreign investment in Indian debt. Foreign holdings of Indian government bonds make up just 2% of the $150B outstanding, according to Morgan Stanley.
    • Inclusion in the index isn't likely for another few months, says Morgan, and it would be a gradual process drawing out over nearly another year and a half.
    • India ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    | Comment!
  • Oct. 14, 2013, 3:15 AM
    • India's wholesale price index, one of the country's main inflation gauges, accelerated to +6.5% on year in September from +6.1% in August and came in above expectations for +6%.
    • The increase in WPI comes amid stuttering economic growth, the weak rupee, which makes imports more expensive, and high food prices. With CPI inflation at 9.5%, the Reserve Bank of India raised interest rates to 7.5% last month.
    • "Given the RBI's hawkish stance despite slowing growth, we expect the repurchase rate to remain high for now," says strategist Tirthankar Patnaik.
    • The Sensex is flat; the USD-INR is +0.3% to 61.24 rupees.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | 2 Comments
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INP Description
The iPath® MSCI India IndexService Mark ETNs are linked to the MSCI India Total Return IndexService Mark (the "Index"). The Index is a free-float-adjusted market capitalization index designed to measure the market performance, including price performance and income from dividend payments, of Indian equity securities. The Index seeks to represent approximately 85% of the free-float-adjusted market capitalization of equity securities by industry group within India. As of September 30, 2009, the Index was comprised of 60 companies listed on the National Stock Exchange of India (the "NSE").
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