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EGShares India Infrastructure ETF (INXX)

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  • Jul. 31, 2014, 4:38 AM
    • U.S. officials are continuing talks in India and are hoping that the new government will drop its objections for the WTO trade-facilitation deal (which must be approved by all 160 member governments to take effect) before tonight's deadline.
    • Newly elected Prime Minister Narendra Modi has been looking to open up India's closed economy, but states that he won't sign off on the deal unless the concerns on the restrictions of farmers subsidies and food stockpiles for the poor are addressed.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • Jul. 25, 2014, 4:02 AM
    • India has opposed the World Trade Organization's new global customs agreement, infuriating fellow member countries which have tried to seal India's trade facilitation deal since it was agreed to at talks in Bali last December.
    • Despite demanding global trade reform, India says it will veto the deal until it secures rights linked to its system of subsidizing and stockpiling crops.
    • WTO members state that Delhi's veto will be costly, economically and politically.
    • The deadline for the deal is July 31 and any suggestion to postpone it is likely to be rejected.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, ICN, SCIN, INR, SMIN, INCO
    | Comment!
  • Jul. 17, 2014, 3:27 AM
    • The IMF praised the formation of the New Development Bank and reserves fund launched by BRICS countries (Brazil, Russia, India, China and South Africa) yesterday, and announced that it would like to work together with the monumental project.
    • So far the new fund has pooled together $100B in reserves from the five countries with the intention of reshaping the Western-dominated international financial system.
    • ETFs: EWZ, RSX, EPI, INDY, RUSL, PIN, EZA, INP, INDL, RSXJ, ERUS, RUSS, DSUM, CHIX, INXX, INDA, RBL, BRZU, BZQ, UBR, BRZS, DBBR, CHLC, FBZ, RUDR
    | 1 Comment
  • Jul. 16, 2014, 3:58 AM
    • The long-awaited New Development Bank has been launched after BRICS (Brazil, Russia, India, China and South Africa) leaders put their finishing touches on the $100B bank and currency reserve pool aimed at reshaping the Western-dominated international financial system centered around the IMF and World Bank.
    • The launch marks the first big accomplishment by BRICS countries, which account for almost half the world's population.
    • The bank is scheduled to start lending in 2016. Membership is open to other countries but the capital share of the BRICS cannot fall under 55%.
    • ETFs: EWZ, RSX, EPI, INDY, RUSL, PIN, EZA, INP, INDL, RSXJ, ERUS, RUSS, DSUM, CHIX, INXX, INDA, RBL, BRZU, BZQ, UBR, BRZS, DBBR, CHLC, FBZ, RUDR
    | 4 Comments
  • Jul. 10, 2014, 11:41 AM
    • India's new government has pledged to bring back economic growth to 7-8% within the next three years - improving living standards and boosting job growth. Last year's economic growth was about 4.6%.
    • The new administration is not planning any serious overhauls or structural reforms, but rather is looking to "tinker" with existing policies by enhancing its foreign investment, reducing subsidies and improving the country's tax system.
    • ETFs: EPI, SCIF, INDY, PIN, INP, INDL, INXX, INDA, SCIN, SMIN, INCO
    | 1 Comment
  • May. 21, 2014, 9:12 AM
    • Picking up on the India/Reagan theme, Morgan Stanley calls the recent election results there "an inflection point for India's story," and believes the country is set to move from years of stagflation to high growth and low inflation.
    • Economic development was Narendra Modi's message during the campaign, and Morgan believes he can deliver. One concern - that Modi's BJP does not control the upper house of Parliament - is overblown, says Morgan, and the President can call for a joint session and simple majority vote to pass legislation as necessary.
    • The team ups its GDP growth forecast for India to 5.4% from 5.3% this year, and to 6.5% from 6.2% in 2015.
    • Previously: Is India on the cusp of a Reagan-style boom?
    • India ETFs YTD: EPI +27%, INDY +21%, INDA +18%.
    • Related ETFs: SCIF, PIN, INP, INDL, INXX, SCIN, INCO, SMIN
    | Comment!
  • May. 20, 2014, 8:59 AM
    • After years of slow growth amid the Gandhi family dynasty's socialism, last week's election brings to power the reform-minded and pro-business government of Narendra Modi. Some, writes Eric Balchunas, are comparing the election to the one in the U.S. which showed Jimmy Carter the door and ushered in Ronald Reagan. What followed (after a brutal recession) was one of the greatest economic expansions in U.S. history.
    • Investors seem to be betting on just that, bidding up Indian shares ahead of the election, and continuing to buy since the results.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, INCO, SMIN
    • Previously: India markets soar as BJP heads for landslide victory
    | 3 Comments
  • May. 16, 2014, 9:57 AM
    • A volatile session in India saw the Sensex close up 0.9% to an all-time high following the election victory by the opposition Bharatiya Janata Party and its prime minster candidate Narendra Modi. Stocks initially rose more than 6% as results came in, but "sell the news" action took over, given the Sensex's already big run in the weeks leading up to the election.
    • In ETF action action in the States, EPI +4.6%, PIN +3.5%.
    • Banks: ICICI Bank (IBN +6.7%), HDFC Bank (HDB +3.3%).
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • May. 16, 2014, 2:21 AM
    • Narendra Modi's opposition Bharatiya Janata Party is on course for India's biggest election victory in thirty years, with counting showing that the BJP and its allies are ahead in 324 out of 542 seats in the lower house of parliament, well above the 272 seats needed for a majority. The BJP might even win over half the seats on its own.
    • The ruling Congress Party has apparently conceded defeat and is headed for its worst loss ever, leading in just 75 seats.
    • Indian markets are partying at the prospect of a stable government that's perceived as business friendly and committed to economic reform. The Sensex is +4.2% and the USD-INR is -1.15% at 58.766 rupees.
    • Live election blogs: Indiatoday, Guardian, BBC
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | 3 Comments
  • May. 13, 2014, 3:09 AM
    • India's Bharatiya Janata Party appears to have won the country's general election, with exit polls showing that the BJP and its allies have racked up anything from 249 to 340 seats in the lower house of parliament.
    • The ruling Congress Party may have slumped to just 97-150 seats - anything under 114 would represent its worst showing ever.
    • With the chamber comprising 545 seats, 273 are needed for a majority. The official results are due out on Friday.
    • However, it's worth noting that Indian exit polls have been notoriously inaccurate in previous elections.
    • Still, shares continued to rally at the prospect of a stable business-friendly government led by a party whose leader, Narendra Modi, has pledged reform to revive the country's stumbling economy.
    • Data highlighted how India is facing stagflationary conditions. April CPI strengthened to +8.6% on year from 8.3% in March and topped consensus of 8.5%. Industrial production fell 0.5% in March, although that was better than consensus of -1.5%.
    • The Sensex is +1.5%, but the rupee is weaker and the USD-INR is +0.6% to 59.866 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • May. 12, 2014, 4:18 AM
    • Indian shares and the rupee continue to rise as polling booths close in the world's largest election following weeks of voting.
    • Results are due on Friday, with the business-friendly Bharatiya Janata Party, led by Narendra Modi, expected to win handsomely. Shares could climb further if he gets anywhere near or above the 272 seats required for a majority in parliament.
    • "The markets are expecting the BJP-led alliance will get around 230-240 seats and anything above that will be a bonus," says investment officer David Pezarkar.
    • However, should Modi win, he will inherit a high-inflation economy suffering its worst slowdown since the 1980s, with GDP growth almost halving to under 5% over the previous two years. It has been Modi's pledges to fix the economy that have made him the frontrunner in the election.
    • The Sensex stock index is +1.9%, while the USD-INR is -0.2% to 59.733 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | 3 Comments
  • May. 9, 2014, 9:27 AM
    • Investors are placing bets ahead of next week's election results which are expected to show a win for the opposition party's Narendra Modi and the worst-ever defeat for the ruling Congress Party amid a wave of graft scandals, rising inflation, and slowing growth.
    • The Sensex - up 2.9% last night - is ahead by 17% since the opposition BJP party named Modi as its PM candidate last September.
    • Leading last night's advance was ICICI Bank (IBN +5.2% premarket). HDFC Bank (HDB +2.9% premarket)
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, INCO, SMIN
    | 11 Comments
  • Apr. 7, 2014, 4:40 PM
    • The return of money to emerging markets in general and Brazil in particular has been well-covered. What other countries are working?
    • Indonesia: EIDO +24.3% YTD; other ETFs IDX, IDXJ.
    • Philippines: EPHE +9.7% YTD.
    • Thailand: THD +7.3% YTD.
    • Vietnam: VNM +18% YTD.
    • India: EPI +8.7% YTD; other ETFs EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    • What's not: Mexico (EWW) is off 5.5% and Chile (ECH) is down 4.1% YTD.
    | 1 Comment
  • Apr. 7, 2014, 3:14 AM
    • Indians have begun to vote in the world's largest election, with the electorate consisting of 815M people.
    • The ballot comprises nine rounds and will take five weeks, and results are due on May 16.
    • The favorite to win is the Bharatiya Janata Party, led by Narendra Modi. The prospect that Modi, who has business support, can form a stable coalition and revive India's moribund economy has boosted Indian markets recently.
    • The slowing economy, as well as high inflation and corruption scandals, has hit the popularity of the ruling Congress Party, which is led by Sonia Gandhi and her son Rahul.
    • The Sensex is +0.1%, and the USD-INR is +0.2% 59.99 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | 1 Comment
  • Apr. 2, 2014, 3:44 PM
    • The Reserve Bank of India approved the applications of infrastructure finance company IDFC and microlender Bandhan Financial Services to begin banking operations. The two were among 25 vying for licenses being offered for the first time in several years.
    • "RBI's approach in this round of bank licenses could well be categorized as conservative," says the central bank. "At a time when there is public concern about governance, and when it comes to licenses for entities that are intimately trusted by the Indian public, this may well be the most appropriate stance." The most recent census data in 2011 showed only 59% of Indian households had access to banking services.
    • A couple of current players: ICICI Bank (IBN +0.2%) and HDFC Bank (HDB +0.5%).
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | Comment!
  • Apr. 1, 2014, 2:12 AM
    • As expected, the Reserve Bank of India (RBI) has kept its benchmark repurchase rate at 8% and its cash-reserve ratio at 4%. The latter is closely watched and determines how much capital reserves banks should keep.
    • The decision follows a fall in inflation and is the last before India starts a month-long general-election process on Sunday.
    • The Sensex is -0.1%, while the USD-INR is -0.1% at 60.060 rupees. (PR)
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
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INXX Description
The EGShares India Infrastructure exchange-traded fund (ETF) seeks investment results that generally correspond performance of the Indxx India Infrastructure Index. The Indxx India Infrastructure Index is a free-float market capitalization weighted stock market index comprised of 30 leading companies that Indxx, LLC determines to be representative of India's Infrastructure industries, as defined by the Industry Classification Benchmark (ICB).
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Country: India
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