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iPath MSCI India Index ETN (INP)

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  • Oct. 7, 2013, 12:22 PM
    • Indian banks get a lift after the central bank moves to roll back at least one emergency move taken to halt the sliding currency - cutting the marginal standing facility rate 50 basis points to 9%. The benchmark repurchase rate is held at 7.5%.
    • The rupee is up about 11% vs. the greenback after hitting a record low in late August, but weakened somewhat today.
    • ICICI Bank (IBN +2.4%), HDFC Bank (HDB +1.1%).
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    • Rupee ETFs: ICN, INR.
    | 1 Comment
  • Oct. 2, 2013, 9:18 AM
    • The Asian Development Bank revises down its growth forecast for developing Asia to 6% in 2013 (from 6.6%) and 6.2% in 2014 (from 6.7%).
    • India suffers the largest downward revision, with the ADB now predicting economic growth of 4.7% this year versus its previous estimate of 6%. China's forecast is haircut slightly, to 7.6% from 7.4%, although the country's slowdown is described as "healthy" and "intentional," and the bank's chief economist still expects China's economy to grow at a 7% clip over the next 10 years. Chinese and Indian markets are closed for holidays.
    • Meanwhile, economists' rosy outlook for the Philippine economic machine is intact, as the ADB now sees the country's economy growing at a 7% pace in 2013 (from a previous forecast of 6%) and 6.1% in 2014 (from a previous forecast of 5.9%). The Philippine economy has expanded at a 7% pace for four-straight quarters. The PSEi rallied on the news, rising 2.7% in Manila.
    • China ETFs - Stocks: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP, HAO, ECNS. Bonds: DSUM, CHLC. Currency: CNY, CYB, FXCH
    • India ETFs - INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN
    | Comment!
  • Sep. 26, 2013, 10:36 AM
    • News that ONGC Videsh, India’s flagship oil and gas explorer, would raise $4B to buy stakes in two Mozambique energy assets shows India is stepping up its game to fix its energy-deficient economy.
    • India imports ~75% of its energy needs and has been working to build a diversified portfolio of foreign assets to minimize its dependency on the Middle East.
    • ONGC had agreed in August to pay $2.6B for a 10% stake in an oil field owned by Anadarko (APC), and last week ONGC and Shell (RDS.A, RDS.B) said they would increase their stakes in a Brazilian field.
    • ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    | Comment!
  • Sep. 20, 2013, 2:40 AM
    • In its first decision under new governor Raghuram Rajan, the Reserve Bank of India has surprisingly increased its benchmark lending rate to 7.5% from 7.25%, saying that "bringing down inflation to more tolerable levels" warranted increasing the LAF repo rate.
    • Analysts had expected the RBI to leave the rate as it was.
    • The central bank also started to reverse recent measures it took to calm volatility in the forex market, lowering the marginal standing facility rate by 75 bps to 9.5%.
    • The RBI's actions rocks shares, with the Sensex -2.5% after being -0.2% prior to the decision. The rupee plunges briefly before stabilizing somewhat and the USD-INR is now +0.3% at 62.38 (PR)
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | 1 Comment
  • Sep. 19, 2013, 3:50 AM
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  • Sep. 15, 2013, 6:43 PM
    • News that Larry Summers will not be the next Fed Chairman makes the coming week even more interesting for emerging markets, which were already on watch pending the Fed's taper decision.
    • With Summers out of the hunt, markets hit hard recently by fears of capital outflows could catch a bid Monday and Tuesday as the prospect of a Yellen-led Fed and the long-term continuation of ultra-dovish policy could make investors think twice about abandoning the quest for yield just yet.
    • Throw in a possible taper-induced sell-off in the back half of the week and it could be a roller coaster.
    • Notable ETFs to watch - Indonesia: IDX, IDXJ, EIDO; India: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN; Thailand: THD, TTF, TF
    | 2 Comments
  • Sep. 13, 2013, 3:19 AM
    • Indian industrial output surprisingly rose 2.6% on year in July, rebounding from a fall of 1.8% in June and beating forecasts for a contraction of 0.9%.
    • Output was boosted by an 11.6% rise in exports, while manufacturing rose 3% and electricity output 5.2%, but mining fell 2.3%.
    • Consumer inflation edged down to 9.52% in August from 9.64% in July.
    • While the data may have provided some hope that India's slumping economy could be starting to stabilize, the prime minister's economic advisory panel has cut its FY growth estimates to 5.3% from a previous forecast of 6.4%. The committee also said that meeting India's budget deficit target of 4.8% will be challenging.
    • Shares -0.05%, USD/INR +0.2% to 63.74 rupees.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | 1 Comment
  • Sep. 5, 2013, 12:49 PM
    • For a second straight day, Indian stocks rise sharply — Sensex +2.2% — with banks leading the way, as new RBI governor Raghuram Rajan has apparently managed to instill some confidence in the market. (previous)
    • In addition to the creation of inflation indexed savings certificates and the issuance of long-awaited new banking licenses, Rajan will open FX swap lines between banks and the RBI (see diagram) a move BofA says may boost the country's flagging reserves by $10B.
    • "This is exactly what the market wanted to hear," one Mumbai-based banker says. Apparently so — shares of India's largest lender HDFC Bank (HDB +7.1%) rose 8% Thursday, fueling what Bloomberg says was the largest rally in the S&P BSE India Bankex index in four years.
    • The WisdomTree India Earnings Fund (EPI +1.8%), ICICI Bank (IBN +12.3%), The WisdomTree Indian Rupee Fund (ICN +0.3%).
    • Other ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, INR.
    | Comment!
  • Sep. 4, 2013, 11:49 AM
    • Among the promised reforms from new RBI head Raghuram Rajan will be allowing banks to open new domestic branches without central bank permission and the issuance of long-awaited new banking licenses by January.
    • The RBI will also soon issue inflation-indexed savings certificates and take steps to encourage financial services for the poor.
    • He plans his first monetary policy address on September 20.
    • "Some of the actions I will take will not be popular ... The governorship of the central bank is not meant to win one votes of Facebook 'likes.'"
    • The WisdomTree India Earnings Fund (EPI +4.5%), ICICI Bank (IBN +3.2%), HDFC Bank (HDB +2.9%). The WisdomTree Indian Rupee Fund (ICN +2.6%).
    • Other ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, INR.
    | Comment!
  • Sep. 3, 2013, 8:50 AM
    • The Sensex broke a 3-day winning streak, tumbling 3.5% as the rupee fell as much as 2% amid worries India is set to be downgraded. An S&P report says the chances of an Indian downgraded are higher than those for Indonesia.
    • Goldman cuts its fiscal year GDP growth forecast to 4% from 6%, and now expects the rupee to fall as low as 72 to the dollar in the next 6 months. It takes just more than 67 rupees to buy a greenback at the moment.
    • EPI -3.4% premarket.
    • ICICI Bank (IBN) -3.5%, HDFC Bank (HDB) -3.8% premarket.
    • Equity ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    • Rupee: ICN, INR.
    | 2 Comments
  • Aug. 30, 2013, 10:52 AM
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  • Aug. 30, 2013, 8:38 AM
    • Q2 GDP rose 4.4%, shy of expectations for 4.7% and below Q1's 4.8%.
    • "Clearly we need to reduce our appetite for gold, economize (on) the use of petroleum products, and take steps to increase our exports," said PM Manmohan Singh in a statement to parliament overnight.
    • "In a more equitable world order, it is only appropriate that the developed countries - in pursuing their fiscal and monetary policies - should take into account the repercussions on the economy of emerging markets," says Singh. ... "Shove off," is essentially the Fed response.
    • The Sensex gained another 1.2% overnight. EPI +2% premarket.
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    | 1 Comment
  • Aug. 29, 2013, 7:57 AM
    | 14 Comments
  • Aug. 29, 2013, 7:10 AM
    • The sale of 5% of its stake in state-owned miner Coal India should raise about $1.16B for the government amid budget pressure, a record current account deficit, and a slowing economy.
    • Seven banks, including Goldman and Deutsche, have been selected to manage the sale which could take place in October, reports Reuters, citing sources.
    • The Sensex rose for a 2nd straight day overnight, +2.3% as the central bank promised to sell dollars to the country's oil importers.
    • EPI +2.3% premarket.
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    | Comment!
  • Aug. 28, 2013, 7:58 AM
    • IBN's 2.8% premarket decline comes on the heels of yesterday's 5.7% dive and a 41% fall YTD. The rupee is having its worst session in decades, off nearly 4% vs. the greenback. The Sensex however, managed to reverse a sizable early loss to close slightly in the green.
    • The WisdomTree India Earnings Fund (EPI) - not currency-hedged like WisdomTree's popular Japan Hedged Equity Fund - is off 3.2% premarket.
    • Another Indian bank traded with reasonable volume here, HDFC Bank Limited (HDB) is off 1.4% premarket.
    • Other India equity ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    • The Indian Rupee Fund (ICN) is off 15% YTD with all of the loss coming since May (about the time the U.S. Treasury market cracked).
    | Comment!
  • Aug. 28, 2013, 3:29 AM
    • The rupee's collapse shows no sign of abating, with India's currency hitting yet another record low of 68.71 to the dollar. The USD-INR is now +2.9% at 68.225, while shares are down again, dropping 1.1%.
    • "It is just impossible to put any realistic value to the rupee any more," says forex dealer Uday Bhatt.
    • Foreign investors are fleeing the country, selling almost $1B of shares in the eight session through yesterday, although net purchases for 2013 are $12B. Bond outflows this year are $4.5B.
    • Complicating matters for India is that the prices of gold and oil, its biggest imports, are surging this week due to the tension with Syria.
    • The rupee's slide comes despite the government taking measures to try to stem the tide. The latest proposal is to create swap agreements with other countries to reduce demand for foreign currencies.
    • The collapse in the rupee is causing havoc with companies such as Whirlpool of India (WHR), as the trend is boosting import costs at the same time that consumer spending is falling.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | 3 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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