April fool’s month turn #April full of positive surprises for the Indian Stock Market
New April day and New life Time highs for both Sensex and Nifty …Deja vu
#IndiaStockMarket Indexes #BseSensex #NseNifty performance for Trading Day 22nd April 2014
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Angola Central Bank holds Policy rates , cuts standing, raises absorption rate in the first week of April
1st April 2014
Angola’s central bank maintained its BNA policy rate at 9.25 percent but continued to adjust its other policy rates “in order to continue to influence the reduction of the costs of financial intermediation, in particular mortgage interest rates.”
The National Bank of Angola (BNA) cut the rate on its standing lending liquidity facility by 25 basis points to 10.0 percent while it raised the rate on its liquidity absorption facility by 25 basis points to 1.50 percent.
Last month the BNA also raised the liquidity absorption rate by 50 basis points and cut the reserve requirement on local currency deposits to 12.5 percent from 15.0 percent. The BNA has maintained its policy rate since November 2013 and cut it by 100 basis points last year.
Angola’s inflation rate eased to 7.48 percent in February from 7.84 percent in January while credit to the economy rose by 12.31 percent over the last 12 months to 2.963 billion kwanza.
The central bank added that the kwanza’s exchange rate had remained stable, with an average rate of 97.60 to the U.S. dollar. In 2013 the kwanza depreciated by only 1.8 percent against the dollar.
In 2013 Angola’s economy expanded by 7.4 percent, up from 2012’s 5.2 percent growth
28th March 2014
Zambia’s central bank raised its policy rate by a further 175 basis points to 12.0 percent on persistent inflationary pressures and said it expects “the passthrough effects from the depreciation of the exchange rate will impact on inflation.”
The Bank of Zambia, which has now raised its rate by 225 basis points this year after raising it by 50 basis points in 2013, added that the increase in the supply of select food items in the coming harvest should have a moderating impact on inflation.
“The Committee expects that this adjustment (to policy rates) to buttress the measures implemented in the recent past and consequently contribute to moderating inflationary pressures,” the bank said.
Zambia’s inflation rate rose to 7.7 percent in March, up from 7.6 percent in February and the fifth consecutive month of rising inflation.
Last month the central bank said the rate rise and recent increases in reserve ratio to 14 percent from 8 percent should help put inflation on the path toward the bank’s 2014 target of 6.5 percent.
Zambia’s kwacha currency has been depreciating since late October due to lower copper prices - which account for some 60 percent of the country’s exports - in reaction to slower growth in China.
The kwacha’s exchange rate has been volatile this month, hitting a low of 6.43 to the U.S. dollar on March 20 compared with 5.83 end-February. Today it was trading at 6.21, down 11.3 percent this year.
In January the central bank held an emergency meeting with lenders to examine the decline in the currency and on March 6 the bank issued a statement, saying it was continuing to pursue a flexible exchange rate policy, but this did not imply the absence of intervention by the bank in response to “disorder and panic among market participants.”
The central bank attributed the decline in the currency to a combination of domestic and international market developments with the growing integration of the country in the world economy having the effect that it is affected by foreign developments.
“Specifically, the Federal Reserve’s course of action has led to fears of slower growth of major emerging economies, particularly China,” the bank said, and as a consequence the price of copper has remained subdued and there has been a slowdown in portfolio flows that help finance the country’s current account deficit.
“The Bank observes at this stage that panic has gripped market participants, thereby undermining the smooth operation of the foreign exchange market. Left unattended to, such panic sentiments might eventually undermine the Banks efforts of delivering low an stable rates of inflation,” the bank said.
On March 13 the bank said it had sold $178 million of foreign exchange to moderate the currency’s volatile exchange rate.
Foreign Tourist Arrivals to India for January to March 2014 …
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Australia Stock Market Benchmark Index S&P/ASX200 performance last 2 Trading sessions to give you a picture of Trend and changes
ASX = Australia Stock Exchange and S&P/ASX200 = Australian Stock Index
#JapanStockExchange #TokyoStockExchange #BenchmarkStockIndex #JapanNikkei225 performance last 2Trading sessions
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China Stock Market Index #ShanghaiCompositeIndex performance for last 5 days
SSE or Shanghai Stock Exchange Composite Index also called SSE Composite Index
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