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PowerShares India Portfolio ETF (PIN)

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  • Mar. 18, 2014, 4:48 AM
    • European shares and U.S. stock futures are lower after Vladimir Putin authorized a draft treaty for Crimea to join Russia.
    • Markets are also eying Janet Yellen's first FOMC meeting as Chair of the Fed, which is expected to continue the tapering but possibly abandon the 6.5% unemployment trigger for considering a rate hike.
    • Earlier, Asian shares fell following a strong session on Wall Street as markets shrugged off concerns about the Ukraine crisis.
    • Indian shares have hit record highs amid strong buying by foreign investors ahead of general elections.
    • Japan +0.9%, Hong Kong +0.5%, China +0.1%, India +0.1%.
    • Euro Stoxx 50 -0.7%, London -0.5%, Paris -0.4%, Frankfurt -0.7%, Milan -0.4%, Madrid -0.6%.
    • U.S. stock futures: Dow -0.2%. S&P -0.2%. Nasdaq -0.3%
    • India ETFs: EPI, INDY, PIN, INP, INDL, ICN, INR, INDA, INXX, INCO
    | Comment!
  • Mar. 14, 2014, 4:12 AM
    • India's wholesale-price index weakened to a nine-month low of +4.68% on year in February from +5.05% in January and came in below consensus of +4.9%.
    • The falling WPI adds to declining CPI as the the Reserve Bank of India focuses on reducing inflation, with the RBI hiking interest rates three times since September.
    • “We need to see a sustained drop in inflation for the central bank to start cutting rates," strategist Tirthankar Patnaik said before the WPI report. "We don't expect the RBI to change its stance in a hurry as price pressures remain in the economy."
    • The Sensex is -0.8% and the USD-INR is -0.2% 61.371 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Mar. 13, 2014, 3:43 AM
    • Indian consumer inflation fell for the third consecutive month, dropping to 8.1% on year in February from 8.79% in January and coming in below consensus of 8.3%.
    • The decline comes as the Reserve Bank of India  considers setting a CPI target after having raised interest rates three times since September.
    • Meanwhile, industrial output surprisingly grew for the first time in four months, expanding 0.1% in January vs expectations for a contraction of 0.9%.
    • The Sensex is +0.4% and the USD-INR is +0.1% 61.026 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Mar. 5, 2014, 4:58 AM
    • India's government has called the what is set to be world's largest ever election, with 814M people registered to vote. A nine-stage process is due to start on April 7 and the results are scheduled for May 16.
    • The favorite to gain the most seats in parliament is the Bharatiya Janata Party (BJP) led by Narendra Modi, who has the backing of big business and has built up support amongst the middle classes. He touts a strong economic record as chief minister of the state of Gujarat, and has pledged job creation, efficient government, and to make trade a focus of foreign policy.
    • However, the BJP is not expected to win a majority in parliament, which could make enacting reform tricky.
    • Modi is up against the ruling center-left Congress Party headed by Rahul Gandhi of the Nehru-Gandhi dynasty.
    • Companies have delayed investments until after the election, and while this might slow the economy before the ballot, as HSBC says, "pent-up demand is set to be released after the elections are over."
    • The Sensex is +0.3%.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • Feb. 21, 2014, 7:55 AM
    • Count Goldman Sachs Asset Management and William Blair Investment Management as buyers of the rupee as it tries to recover from record lows set last summer (it's up about 10% since).  It looks "cheap" relative to India's improving external finances, says Goldman, taking a "small long" position.
    • William Blair has poured 20% of its foreign-exchange holdings  into the rupee - enticed by the higher yield and inexpensive valuation, says its Brian Singer. A dollar-based investor will 9% interest owning the rupee this year, the 2nd-largest return in Asia, according to Bloomberg.
    • "Current-account numbers have been the key driver because it’s a very transparent measure of whether the policy prescriptions are having an impact," says Goldman's Philip Moffitt, “If you can find something that’s relatively cheap and the fundamentals appear to be improving, it’s usually a good mix.”
    • Rupee ETFs: ICN, INR, INCO
    • India stock ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | 1 Comment
  • 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
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PIN Description
The PowerShares India Portfolio (Fund) is based on the Indus India Index (Index). The Fund will normally invest at least 90% of its total assets in securities that comprise the Index and ADRs based on the securities in the Index. The Index is designed to replicate the Indian equity markets as a whole, through a group of 50 Indian stocks selected from a universe of the largest companies listed on two major Indian exchanges. The India Index has 50 constituents, spread among the following sectors: Information Technology, Health Services, Financial Services, Heavy Industry, Consumer Products and Other. The India Index is supervised by an index committee, comprised of representatives of the Index Provider and members of academia specializing in emerging markets.
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Country: India
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