Economic Weekly Wrap
18 Aug 2025 - 22 Aug 2025
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18 August 2025
All eyes were on the US-Russia Summit in Alaska last week, which appears to have ended on a positive note. Separately, investors also monitored mixed US macro data. Retail sales growth slowed to 0.5% (MoM) in Jul’25 (est.: 0.6%) from 0.9% in Jun’25, dragged by decline in sales at restaurant, and that of electronics and appliances. University of Michigan consumer sentiment index fell to 58.6 in Aug’25 from 61.7 in Jul’25. The current situation index noted a steeper decline. More worryingly, 1Y ahead inflation expectation rose to 4.9% from 4.5%. In China, retail sales, industrial production, FAI, all slowed notably in Jul’25, showing signs of stress. Domestically, S&P has upgraded India’s sovereign debt rating from BBB- to BBB, on account of its growth story and its adherence to fiscal discipline. GST overhaul is also expected to provide boost to consumption ahead of the festive season.
Global stocks ended mixed as investor shifted their focus towards the high stakes meeting between US and Russia. S&P 500 closed lower with losses noted in financials and technology stocks. Nikkei surged to a record high supported by better than expected GDP print. Sensex advanced with gains in consumer durable stocks. It is trading higher today, in line with Asian stocks
Fig 1 – Stock markets
14-08-2025 15-08-2025 Change, % Dow Jones 44,911 44,946 0.1 S & P 500 6,469 6,450 (0.3) FTSE 9,177 9,139 (0.4) Nikkei 42,649 43,378 1.7 Hang Seng 25,519 25,270 (1.0) Shanghai Comp 3,666 3,697 0.8 Sensex 80,540 80,598 0.1 Nifty 24,619 24,631 0 Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Barring CNY and INR, other global currencies closed higher. DXY fell as investors remained firm on rate cut expectations in Sep’25. JPY strengthened as upbeat GDP data raised prospects of rate hike. INR fell despite lower oil prices. It is trading further stronger today, in line with other Asian currencies.
Fig 2 – Currencies
14-08-2025 15-08-2025 Change, % EUR/USD (1 EUR / USD) 1.1648 1.1703 0.5 GBP/USD (1 GBP / USD) 1.3532 1.3554 0.2 USD/JPY (JPY / 1 USD) 147.76 147.19 0.4 USD/INR (INR / 1 USD) 87.49 87.57 (0.1) USD/CNY (CNY / 1 USD) 7.1815 7.1845 0 DXY Index 98.25 97.85 (0.4) Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Except India (lower), other global yields closed higher. US10Y yield rose by 3bps, as investors assessed mixed macro data (slowing retail sales, drop in consumer confidence index, rise in inflation expectations). India’s 10Y yield fell sharply by 8bps, following the news of S&P rating upgrade. However, it is trading higher at 6.44% today, tracking news of GST overhaul.
Fig 3 – Bond 10Y yield
14-08-2025 15-08-2025 Change, bps US 4.28 4.32 3 UK 4.64 4.70 5 Germany 2.71 2.79 8 Japan 1.55 1.57 3 China 1.74 1.75 1 India 6.48 6.40 (8) Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Fig 4 – Short term rates
13-08-2025 14-08-2025 Change, bps Tbill-91 days 5.48 5.45 (3) Tbill-182 days 5.56 5.53 (3) Tbill-364 days 5.58 5.55 (3) G-Sec 2Y 5.81 5.76 (5) India OIS-2M 5.50 5.50 0 India OIS-9M 5.47 5.47 0 SONIA int rate benchmark 3.97 3.97 0 US SOFR 4.33 4.34 1 Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Fig 5 – Liquidity
13-08-2025 14-08-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 2.9 3.0 0.1 Reverse Repo 1.9 0 (1.9) Repo* 0 0 0 Source: RBI, Bank of Baroda Research, *Includes LTRO | Note: markets in India were closed on 15 Aug 2025
Fig 6 – Capital market flows
12-08-2025 13-08-2025 Change (US$ mn/Rs cr) FII (US$ mn) (292.1) 217.8 509.8 Debt 10.1 476.0 466.0 Equity (302.1) (258.2) 43.9 Mutual funds (Rs cr) 1,434.9 1,094.0 2,528.9 Debt (7,524.7) (4,377.9) 3,146.9 Equity 6,089.8 5,471.8 (618.0) Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 8 Aug and 11 Aug 2025
Oil prices fell, amidst news of rise in US crude stockpiles.
Fig 7 – Commodities
14-08-2025 15-08-2025 Change, % Brent crude (US$/bbl) 66.8 65.9 (1.5) Gold (US$/ Troy Ounce) 3,335.4 3,336.2 0 Copper (US$/ MT) 9,677.3 9,679.8 0 Zinc (US$/MT) 2,848.0 2,789.8 (2.0) Aluminium (US$/MT) 2,619.5 2,607.0 (0.5) Source: Bloomberg, Bank of Baroda
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19 August 2025
Investors have shifted their focus towards meeting between the leaders of US, Ukraine and EU. While no outcome has been arrived so far, it is expected that there may be a tri-lateral meeting between the US, Russia and Ukraine. On the macro front, investors await minutes of the Fed meeting, to gauge the future rate trajectory of the central bank. Fed Chair Jerome Powell is also slated to speak at the Jackson Hole event later this week, which may further provide some insights regarding rates. Separately, in the UK, Rightmove data shows that house prices have declined by (-) 1.3% (MoM) in Aug’25, following (-) 1.2% decline in Jul’25. This is largely attributed to weak demand, resulting in oversupply. Domestically, while debt market investors are evaluating the impact of GST overhaul on fiscal balances, stocks are cheering boost this will provide to the domestic consumption.
Global stocks ended mixed. Nikkei, Shanghai Comp and Sensex rose the most (0.8%). S&P 500 ended flat, as investors await earnings reports of major US retailers. Sensex advanced with gains in auto (news of lower tax on smaller cars helped), consumer durables and real estate stocks. It is trading higher today, while other Asian stocks are trading mixed.
Fig 1 – Stock markets
15-08-2025 18-08-2025 Change, % Dow Jones 44,946 44,912 (0.1) S & P 500 6,450 6,449 0 FTSE 9,139 9,158 0.2 Nikkei 43,378 43,714 0.8 Hang Seng 25,270 25,177 (0.4) Shanghai Comp 3,697 3,728 0.8 Sensex 80,598 81,274 0.8 Nifty 24,631 24,877 1.0 Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Barring CNY and INR, other global currencies closed lower. DXY rose by 0.3%, as investors monitor developments around ongoing geo-political tensions. JPY fell the most by 0.5%. INR rose, supported by higher bond yields. It is trading further stronger today, while other Asian currencies are trading lower.
Fig 2 – Currencies
15-08-2025 18-08-2025 Change, % EUR/USD (1 EUR / USD) 1.1703 1.1661 (0.4) GBP/USD (1 GBP / USD) 1.3554 1.3504 (0.4) USD/JPY (JPY / 1 USD) 147.19 147.89 (0.5) USD/INR (INR / 1 USD) 87.57 87.35 0.2 USD/CNY (CNY / 1 USD) 7.1845 7.1849 0 DXY Index 97.85 98.17 0.3 Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Except Germany and Japan, other global yields closed higher. US 10Y yield rose by 2bps, as investors monitor developments around Russia-Ukraine peace deal, minutes of Fed meeting, and Chair Powell’s speech for signals regarding the rate trajectory. India’s 10Y yield rose sharply by 10bps, as investors monitor fiscal impact of GST overhaul. It is trading higher at 6.51% today.
Fig 3 – Bond 10Y yield
15-08-2025 18-08-2025 Change, bps US 4.32 4.33 2 UK 4.70 4.74 4 Germany 2.79 2.76 (2) Japan 1.57 1.57 0 China 1.75 1.78 4 India 6.40 6.50 10 Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Fig 4 – Short term rates
14-08-2025 18-08-2025 Change, bps Tbill-91 days 5.45 5.44 (1) Tbill-182 days 5.53 5.53 0 Tbill-364 days 5.55 5.55 0 G-Sec 2Y 5.76 5.86 10 India OIS-2M 5.50 5.50 0 India OIS-9M 5.47 5.50 3 SONIA int rate benchmark 3.97 3.97 0 US SOFR 4.34 4.36 2 Source: Bloomberg, Bank of Baroda Research | Note: markets in India were closed on 15 Aug 2025
Fig 5 – Liquidity
14-08-2025 18-08-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 3.0 3.1 0.1 Reverse Repo 0 1.8 1.8 Repo* 0 0 0 Source: RBI, Bank of Baroda Research, *Includes LTRO | Note: markets in India were closed on 15 Aug 2025
Fig 6 – Capital market flows
13-08-2025 14-08-2025 Change (US$ mn/Rs cr) FII (US$ mn) 217.8 370.9 153.1 Debt 476.0 509.1 33.1 Equity (258.2) (138.1) 120.1 Mutual funds (Rs cr) 893.7 6,404.5 5,510.8 Debt (1,842.9) 1,038.6 2,881.6 Equity 2,736.6 5,365.8 2,629.2 Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 12 Aug and 13 Aug 2025
Oil prices rose a tad, as investors monitor signals from US-Ukraine meet.
Fig 7 – Commodities
15-08-2025 18-08-2025 Change, % Brent crude (US$/bbl) 65.9 66.6 1.1 Gold (US$/ Troy Ounce) 3,336.2 3,332.7 (0.1) Copper (US$/ MT) 9,679.8 9,636.3 (0.4) Zinc (US$/MT) 2,789.8 2,768.4 (0.8) Aluminium (US$/MT) 2,607.0 2,588.5 (0.7) Source: Bloomberg, Bank of Baroda Research
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20 August 2025
In a data light week, investors are awaiting signals on US Fed rate trajectory from Fed Chair Jerome Powell’s speech later this week. Despite elevated rates, US housing starts rose in Jul’25 by 5.2% to 1.43mn (est.: 1.3mn), and higher than upwardly revised Jun’25 figure of 1.36mn. This increase is largely credited to multifamily housing starts. In contrast, building permits (proxy for future demand) fell to 5- year low of 1.35mn (est.: 1.39mn) in Jul’25, recording a (-) 2.8% decline. Separately in Asia, Japan’s export growth has slumped to 4-year low as it declined by (-) 2.6% in Jul’25 (YoY), higher than estimated (-) 2.1%. This was led by drop in exports of automobiles and parts, and steel. Exports to US fell the most (-10.1%), followed by decline in exports to China (-3.5%) and Europe (-3.4%). Imports also fell on account of crude oil, coal and natural gas.
Global stocks ended mixed. US indices closed lower as investors turned their focus towards upcoming Jackson Hole meeting which might provide some guidance on rates trajectory. Nikkei slipped from a record high. Sensex continued with its upward momentum with gains in oil & gas stocks. However, it is trading lower today, in line with other Asian stocks.
Fig 1 – Stock markets
18-08-2025 19-08-2025 Change, % Dow Jones 44,912 44,922 0 S & P 500 6,449 6,411 (0.6) FTSE 9,158 9,189 0.3 Nikkei 43,714 43,546 (0.4) Hang Seng 25,177 25,123 (0.2) Shanghai Comp 3,728 3,727 0 Sensex 81,274 81,644 0.5 Nifty 24,877 24,981 0.4 Source: Bloomberg, Bank of Baroda Research
Global currencies closed mixed. DXY edged up supported by strong US housing starts data and awaited the release of Fed minutes. INR strengthened supported by news of GST reform and recent credit rating upgrade. However, it is trading weaker today, while other Asian currencies are trading mixed.
Fig 2 – Currencies
18-08-2025 19-08-2025 Change, % EUR/USD (1 EUR / USD) 1.1661 1.1647 (0.1) GBP/USD (1 GBP / USD) 1.3504 1.3491 (0.1) USD/JPY (JPY / 1 USD) 147.89 147.67 0.1 USD/INR (INR / 1 USD) 87.35 86.96 0.4 USD/CNY (CNY / 1 USD) 7.1849 7.1824 0 DXY Index 98.17 98.27 0.1 Source: Bloomberg, Bank of Baroda Research
Major global yields closed mixed. US 10Y yield fell by 3bps, as investors track mixed real estate data (rise in housing starts/decline in building permits). India’s 10Y yield rose by another 2bps, as markets continue to focus upon the fiscal health of the central government. It is trading a tad lower at 6.50% today.
Fig 3 – Bond 10Y yield
18-08-2025 19-08-2025 Change, bps US 4.33 4.31 (3) UK 4.74 4.74 0 Germany 2.76 2.75 (1) Japan 1.57 1.60 3 China 1.78 1.77 (1) India 6.50 6.51 2 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
18-08-2025 19-08-2025 Change, bps Tbill-91 days 5.44 5.47 3 Tbill-182 days 5.53 5.54 1 Tbill-364 days 5.55 5.56 1 G-Sec 2Y 5.86 5.86 0 India OIS-2M 5.50 5.51 1 India OIS-9M 5.50 5.51 1 SONIA int rate benchmark 3.97 3.97 0 US SOFR 4.36 4.34 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
18-08-2025 19-08-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 3.1 3.0 (0.1) Reverse Repo 1.8 1.8 0 Repo* 0 0.2 0.2 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
14-08-2025 18-08-2025 Change (US$ mn/Rs cr) FII (US$ mn) 370.9 249.7 (121.2) Debt 509.1 133.5 (375.5) Equity (138.1) 116.2 254.3 Mutual funds (Rs cr) 6,404.5 2,951.3 (3,453.1) Debt 1,038.6 (772.2) (1,810.8) Equity 5,365.8 3,723.5 (1,642.3) Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 13 Aug and 14 Aug 2025
Oil prices fell, amidst hopes of easing geopolitical tensions.
Fig 7 – Commodities
18-08-2025 19-08-2025 Change, % Brent crude (US$/bbl) 66.6 65.8 (1.2) Gold (US$/ Troy Ounce) 3,332.7 3,315.8 (0.5) Copper (US$/ MT) 9,636.3 9,595.2 (0.4) Zinc (US$/MT) 2,768.4 2,758.2 (0.4) Aluminium (US$/MT) 2,588.5 2,563.5 (1.0) Source: Bloomberg, Bank of Baroda Research
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21 August 2025
FOMC minutes of the Jul’25 revealed that some members argued it was too early to lower rates as Fed should await more clarity on the impact of tariffs on inflation, while others argued that cracks in the labour market warrant a rate cut. Majority believed that the upside risks to inflation are stronger than downside risks to growth and employment. However, noting the macro data released since then, CME FedWatchtool shows ~82% chance of a rate cut in Sep’25. Separately, in the UK, chance of rate cut in Sep’25 have dimmed, with inflation in Jul’25 coming in hotter than expected (3.8% versus 3.7%). Domestically, RBI’s MPC minutes revealed that members agreed that transmission from previous rate cuts was still underway. Also, heightened uncertainty due to ongoing tariff tensions and waning favourable base effect keeping inflation low, led members to vote for a pause in Aug’25.
Barring US indices and Nikkei, other global indices closed higher. S&P 500 ended lower as the sell-off in the technology stocks continued for the second straight day amidst concerns over higher valuations. Nikkei dropped tracking weaker trade data and losses in chip related stocks. Sensex advanced with gains in IT stocks. It is trading higher today in line with other Asian indices.
Fig 1 – Stock markets
19-08-2025 20-08-2025 Change, % Dow Jones 44,922 44,938 0 S & P 500 6,411 6,396 (0.2) FTSE 9,189 9,288 1.1 Nikkei 43,546 42,889 (1.5) Hang Seng 25,123 25,166 0.2 Shanghai Comp 3,727 3,766 1.0 Sensex 81,644 81,858 0.3 Nifty 24,981 25,051 0.3 Source: Bloomberg, Bank of Baroda Research
Global currencies ended mixed. The dollar index closed flat. Commentary by Fed Chair is awaited ahead of the Central Bank meeting which will offer guidance on rate trajectory and economic outlook. INR depreciated, given the rise in oil prices. It is trading stronger today; Asian currencies are trading mixed.
Fig 2 – Currencies
19-08-2025 20-08-2025 Change, % EUR/USD (1 EUR / USD) 1.1647 1.1652 0 GBP/USD (1 GBP / USD) 1.3491 1.3457 (0.3) USD/JPY (JPY / 1 USD) 147.67 147.33 0.2 USD/INR (INR / 1 USD) 86.96 87.08 (0.1) USD/CNY (CNY / 1 USD) 7.1824 7.1758 0.1 DXY Index 98.27 98.22 0 Source: Bloomberg, Bank of Baroda Research
Except Japan and China, other major global 10Y yields closed lower. US 10Y yield fell by 2bps, as investors digest FOMC minutes. UK’s yield fell sharply, even as Jul’25 inflation came in hotter than expected. Investors await central bank’s decision on QT in Sep’25. India’s 10Y yield fell by 2bps, tracking global cues. It is trading flat today at 6.50%.
Fig 3 – Bond 10Y yield
19-08-2025 20-08-2025 Change, bps US 4.31 4.29 (2) UK 4.74 4.67 (7) Germany 2.75 2.72 (3) Japan 1.60 1.61 1 China 1.77 1.79 1 India 6.51 6.50 (2) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
19-08-2025 20-08-2025 Change, bps Tbill-91 days 5.44 5.47 3 Tbill-182 days 5.53 5.54 1 Tbill-364 days 5.55 5.56 1 G-Sec 2Y 5.86 5.86 0 India OIS-2M 5.50 5.51 1 India OIS-9M 5.50 5.51 1 SONIA int rate benchmark 3.97 3.97 0 US SOFR 4.36 4.34 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
19-08-2025 20-08-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 3.0 2.6 (0.4) Reverse Repo 1.8 2.0 0.2 Repo* 0.2 0 (0.2) Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
18-08-2025 19-08-2025 Change (US$ mn/Rs cr) FII (US$ mn) 249.7 45.4 (204.3) Debt 133.5 46.8 (86.7) Equity 116.2 (1.4) (117.6) Mutual funds (Rs cr) 2,951.3 3,845.9 894.5 Debt (772.2) (1,345.1) (572.9) Equity 3,723.5 5,191.0 1,467.5 Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 14 Aug and 18 Aug 2025
Oil prices rose, following higher than expected drawdown of US oil inventories.
Fig 7 – Commodities
19-08-2025 20-08-2025 Change, % Brent crude (US$/bbl) 65.8 66.8 1.6 Gold (US$/ Troy Ounce) 3,315.8 3,348.4 1.0 Copper (US$/ MT) 9,595.2 9,629.8 0.4 Zinc (US$/MT) 2,758.2 2,777.7 0.7 Aluminium (US$/MT) 2,563.5 2,576.5 0.5 Source: Bloomberg, Bank of Baroda Research
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22 August 2025
US labour market continues to show signs of weakness. Initial jobless claims for the week ending 16 Aug 2025 rose by 11k to 235k (est.: 225k). Continuing claims (4- week moving average) also rose to 1.95mn, up by 6.5k from the previous week. Thus, supporting the case of a rate cut in Sep’25 (~75% chance). In contrast, existing home sales surprised on the upside as it rose by 2% in Jul’25 to 4.01mn units (est.: 3.92mn) from 3.93mn in Jun’25. This was largely due to dip in 30Y fixed mortgage rates (6.72% in Jul’25 versus 6.82% in Jun’25). Separately, flash PMIs indicate that while manufacturing activity appears to be recovering in the US, Eurozone and Japan in Aug’25, it weakened in the UK. Service sector growth slipped in the US, while is seen improving in the UK, Eurozone and Japan. Domestically, both services and manufacturing activity gained pace in Aug’25
Global indices closed mixed. US indices closed lower as investors tracked subdued macro data (jobless claims). Nikkei slipped further. Sensex continued its upwards momentum with gains in real estate stocks. However, it is trading lower today while other Asian indices are trading mixed.
Fig 1 – Stock markets
20-08-2025 21-08-2025 Change, % Dow Jones 44,938 44,786 (0.3) S & P 500 6,396 6,370 (0.4) FTSE 9,288 9,309 0.2 Nikkei 42,889 42,610 (0.6) Hang Seng 25,166 25,105 (0.2) Shanghai Comp 3,766 3,771 0.1 Sensex 81,858 82,001 0.2 Nifty 25,051 25,084 0.1 Source: Bloomberg, Bank of Baroda Research
Global currencies ended lower. The dollar index strengthened ahead of the speech by the Fed Chair which might provide some cues on rates. Yen drifted lower amidst rate hike uncertainty by BoJ. INR depreciated, amidst higher oil prices. It is trading weaker today; Asian currencies are trading mixed.
Fig 2 – Currencies
20-08-2025 21-08-2025 Change, % EUR/USD (1 EUR / USD) 1.1652 1.1606 (0.4) GBP/USD (1 GBP / USD) 1.3457 1.3412 (0.3) USD/JPY (JPY / 1 USD) 147.33 148.37 (0.7) USD/INR (INR / 1 USD) 87.08 87.26 (0.2) USD/CNY (CNY / 1 USD) 7.1758 7.1805 (0.1) DXY Index 98.22 98.62 0.4 Source: Bloomberg, Bank of Baroda Research
Except Japan and China, other major global 10Y yields closed higher. US 10Y yield rose by 4bps, tracking hawkish FOMC minutes. UK’s yield rose by 6bps, as investors pare their rate cut bets following better than expected flash PMI data. India’s 10Y yield rose by 2bps, tracking global cues and rise in oil prices. It is trading further higher today at 6.55%.
Fig 3 – Bond 10Y yield
20-08-2025 21-08-2025 Change, bps US 4.29 4.33 4 UK 4.67 4.73 6 Germany 2.72 2.76 4 Japan 1.61 1.61 0 China 1.79 1.77 (2) India 6.50 6.53 3 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
20-08-2025 21-08-2025 Change, bps Tbill-91 days 5.48 5.46 (2) Tbill-182 days 5.56 5.55 (1) Tbill-364 days 5.59 5.58 (1) G-Sec 2Y 5.83 5.81 (3) India OIS-2M 5.49 5.50 1 India OIS-9M 5.49 5.49 0 SONIA int rate benchmark 3.97 3.97 0 US SOFR 4.33 4.31 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
20-08-2025 21-08-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 2.6 2.2 (0.4) Reverse Repo 2.0 1.8 (0.2) Repo* 0 0 0 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
19-08-2025 20-08-2025 Change (US$ mn/Rs cr) FII (US$ mn) 45.4 75.4 30.0 Debt 46.8 109.6 62.8 Equity (1.4) (34.2) (32.8) Mutual funds (Rs cr) 3,845.9 1,503.6 (2,342.2) Debt (1,345.1) (261.6) 1,083.6 Equity 5,191.0 1,765.2 (3,425.8) Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 18 Aug and 19 Aug 2025
Oil prices rose due to uncertainty around the Russia-Ukraine peace deal.
Fig 7 – Commodities
20-08-2025 21-08-2025 Change, % Brent crude (US$/bbl) 66.8 67.7 1.2 Gold (US$/ Troy Ounce) 3,348.4 3,338.7 (0.3) Copper (US$/ MT) 9,629.8 9,643.5 0.1 Zinc (US$/MT) 2,777.7 2,758.0 (0.7) Aluminium (US$/MT) 2,576.5 2,585.0 0.3 Source: Bloomberg, Bank of Baroda Research
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