News for A Thursday
Interesting news today
Crude at $72. This is now half of the $144 price when the fear was of peak-oil and $200 oil.
Ted Spread still doing 4.29, staying high.
RBI Auctioning 10,000 cr. of t-bills/bonds on Monday. Interesting for gilt funds.
RBI says FIIs can get $6 bn into corp bonds, from the earlier limit of $3 bn. With yields here being very very high, this should help dollars flow in. Alongside, RBI has increased limits on interest rates paid to NRIs.
Citadel’s hedge fund falls 30% this year. Seems it’s their only loss making year since 1993 or something.
Slow U.S. retail sales continue in September, with a 1% drop again.
Indian Mutual Funds are trying to stop people from redeeming their money.
ABN Amro MF has now put a cap on redemption on its long-term FMP schemes. All investors in these schemes can redeem only Rs 1 lakh per folio per day.
“As a short-term measure, the trustees of the mutual fund, in order to safeguard the interest of the investors who want to remain invested till the maturity of the long-term FMPs, today have decided to limit the redemption to 5% of the size of these schemes per day, with a further limit of Rs 1 lakh per investor, per day,” said ABN Amro India-AMC managing director Nikhil Johri.
Indian markets opened 6% down, closed 2% down - recovered most losses, and then lost the 2% in the last half hour. Such craziness.