Economic Weekly Wrap
19 May 2025 - 23 May 2025
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19 May 2025
Consumer confidence in the US remains subdued as shown by University of Michigan index. The sentiment index fell to 50.8 in May'25 (est.: 53.4) from 52.2 in Apr'25. Short-term (1Y) inflation expectation jumped to 7.3% (est.: 6.5%), from 6.5% in the previous month. Even longer term (5-10Y) expectation edged higher. Housing starts also rose at a slower (1.6% MoM) than expected (3%) pace in Apr'25, thus reflecting weakness in both consumption and investment activity. Separately in China, while industrial activity is managing to hold some ground, domestic consumption continues to weaken. Industrial production rose by 6.1% in Apr'25 (7.7% in Mar'25), higher than estimated 5.7%, indicating less harsh impact of US tariffs. In contrast, retail sales growth slowed to 5.1% in Apr'25 (est.: 5.9%) from 5.9% in last month. FAI growth also eased to 4% (Jan-Apr'25) from 4.2% in Q1.
US and UK indices closed in green, while markets in Asia ended in red. Easing trade tensions between US and China boosted investor sentiments. In contrast, in China, weaker than expected corporate result of China's tech giant, dragged the markets down. Sensex too ended lower, led by tech and metal stocks. However, it is trading higher today, while other Asian markets are trading lower.
Fig 1 – Stock markets
15-05-2025 16-05-2025 Change, % Dow Jones 42,323 42,655 0.8 S & P 500 5,917 5,958 0.7 FTSE 8,634 8,685 0.6 Nikkei 37,756 37,754 0 Hang Seng 23,453 23,345 (0.5) Shanghai Comp 3,381 3,367 (0.4) Sensex 82,531 82,331 (0.2) Nifty 25,062 25,020 (0.2) Source: Bloomberg, Bank of Baroda Research
Except JPY and INR, other global currencies ended lower. DXY rose amidst rising bond yields. Rise in import price index and inflation expectations also led to firming up of DXY. EUR and GBP fell the most. INR ended flat, however, it is trading weaker today, in line with other Asian currencies.
Fig 2 – Currencies
15-05-2025 16-05-2025 Change, % EUR/USD (1 EUR / USD) 1.1187 1.1163 (0.2) GBP/USD (1 GBP / USD) 1.3305 1.3283 (0.2) USD/JPY (JPY / 1 USD) 145.67 145.70 0 USD/INR (INR / 1 USD) 85.55 85.52 0 USD/CNY (CNY / 1 USD) 7.2074 7.2136 (0.1) DXY Index 100.88 101.09 0.2 Source: Bloomberg, Bank of Baroda Research
Except US and China, 10Y yields elsewhere declined. US 10Y yield rose as University of Michigan consumer sentiment index showed build-up in short-term inflation expectations. Germany's 10Y yield eased by 3bps, as investors absorb government's increased bond supply. India's 10Y fell by 1bps, and is trading flat at 6.27% today, while the new benchmark security is trading at 6.22%.
Fig 3 – Bond 10Y yield
15-05-2025 16-05-2025 Change, bps US 4.43 4.48 5 UK 4.66 4.65 (1) Germany 2.62 2.59 (3) Japan 1.48 1.46 (2) China 1.68 1.68 1 India 6.27 6.27 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
15-05-2025 16-05-2025 Change, bps Tbill-91 days 5.80 5.77 (3) Tbill-182 days 5.79 5.77 (2) Tbill-364 days 5.80 5.77 (3) G-Sec 2Y 5.91 5.88 (3) India OIS-2M 5.77 5.77 0 India OIS-9M 5.65 5.63 (2) SONIA int rate benchmark 4.21 4.21 0 US SOFR 4.29 4.31 2 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
15-05-2025 16-05-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 2.2 2.5 0.3 Reverse Repo 0 0 0 Repo* 0.3 0.3 0 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
14-05-2025 15-05-2025 Change (US$ mn/Rs cr) FII (US$ mn) (37.2) 577.9 615.0 Debt (146.2) (93.6) 52.7 Equity 109.1 671.4 562.3 Mutual funds (Rs cr) 1,782.2 (3,750.6) (5,532.8) Debt (1,766.3) (4,661.1) (2,894.8) Equity 3,548.5 910.5 (2,638.0) Source: Bloomberg, Bank of Baroda Research| Note: Mutual Fund data as of 13 May and 14 May 2025
Oil prices rose, supported by easing trade tensions between US and China.
Fig 7 – Commodities
15-05-2025 16-05-2025 Change, % Brent crude (US$/bbl) 64.5 65.4 1.4 Gold (US$/ Troy Ounce) 3240.1 3203.7 (1.1) Copper (US$/ MT) 9616.7 9479.0 (1.4) Zinc (US$/MT) 2702.1 2670.6 (1.2) Aluminium (US$/MT) 2489.0 2481.5 (0.3) Source: Bloomberg, Bank of Baroda Research
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20 May 2025
Moody's has downgraded US sovereign credit rating by one notch from its highest level of 'Aaa' to 'Aa1', and changed its outlook to "stable" from "negative". This decision was taken keeping in mind growing debt burden of the government and expanding fiscal deficit. Owing to continuously rising spending and flat revenue growth, primary deficit is set to rise by US$ 4tn in the next 10 years. Moody's is the last of the 3 big rating agencies to downgrade US rating, following S&P's downgrade in Aug'11 and Fitch's downgrade in Aug'23. Separately in China, PBOC reduced its Loan Prime Rates (LPR) by 10bps—a first since Oct'24. The 1Y LPR has been brought down to 3% (3.1% earlier) and 5Y LPR to 3.5% (3.6%). This has been possible in the wake of easing trade tensions between US and China and stronger Yuan. As a result, lenders have also reduced deposit rates by 25bps.
Global indices closed mixed. US stocks closed higher amidst rising optimism over waning trade tensions. Asian stocks remained watchful eyeing China's mixed macro data and ongoing trade negotiations between US-Japan and US-India. Nikkei fell the most. Sensex also moderated led by technology stocks. It is trading lower today, while other Asian stocks are trading higher.
Fig 1 – Stock markets
16-05-2025 19-05-2025 Change, % Dow Jones 42,655 42,792 0.3 S & P 500 5,958 5,964 0.1 FTSE 8,685 8,699 0.2 Nikkei 37,754 37,499 (0.7) Hang Seng 23,345 23,333 (0.1) Shanghai Comp 3,367 3,368 0 Sensex 82,331 82,059 (0.3) Nifty 25,020 24,945 (0.3) Source: Bloomberg, Bank of Baroda Research
Except CNY, other global currencies ended higher. DXY fell by 0.7% following downgrade of US credit rating. Dip in US treasury yields also added to the pressure. EUR and GBP gained the most. INR too rose by 0.1%, tracking global cues. However, it is trading weaker today, in line with other Asian currencies.
Fig 2 – Currencies
16-05-2025 19-05-2025 Change, % EUR/USD (1 EUR / USD) 1.1163 1.1240 0.7 GBP/USD (1 GBP / USD) 1.3283 1.3361 0.6 USD/JPY (JPY / 1 USD) 145.70 144.86 0.6 USD/INR (INR / 1 USD) 85.52 85.40 0.1 USD/CNY (CNY / 1 USD) 7.2136 7.2138 0 DXY Index 101.09 100.43 (0.7) Source: Bloomberg, Bank of Baroda Research
US 10Y yield softened as sentiments were impacted by Moody's downgrade of country's credit rating. Elsewhere, Fed officials remained cautious on outlook of rates which largely capped its yield. Japan's 10Y yield inched up amidst reports of BoJ mulling the pace of bond purchase. India's 10Y yield rose by 2bps. It is trading lower at 6.27% today, while the new benchmark security is at 6.23%.
Fig 3 – Bond 10Y yield
16-05-2025 19-05-2025 Change, bps US 4.48 4.45 (3) UK 4.65 4.66 1 Germany 2.59 2.59 0 Japan 1.46 1.49 3 China 1.68 1.66 (2) India 6.27 6.29 2 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
16-05-2025 19-05-2025 Change, bps Tbill-91 days 5.77 5.76 (1) Tbill-182 days 5.77 5.75 (2) Tbill-364 days 5.77 5.81 4 G-Sec 2Y 5.88 5.83 (5) India OIS-2M 5.77 5.75 (2) India OIS-9M 5.63 5.65 2 SONIA int rate benchmark 4.21 4.21 0 US SOFR 4.31 4.30 (1) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
16-05-2025 19-05-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 2.5 1.9 (0.6) Reverse Repo 0 0 0 Repo* 0.3 0.3 0 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
15-05-2025 16-05-2025 Change (US$ mn/Rs cr) FII (US$ mn) 577.9 792.0 214.1 Debt (93.6) (82.6) 11.0 Equity 671.4 874.6 203.2 Mutual funds (Rs cr) (4,762.9) (8,142.7) (3,379.7) Debt (4,227.5) (6,905.3) (2,677.8) Equity (535.4) (1,237.3) (701.9) Source: Bloomberg, Bank of Baroda Research| Note: Mutual Fund data as of 14 May and 15 May 2025
Oil prices rose a tad, tracking uncertainty around US-Iran talks.
Fig 7 – Commodities
16-05-2025 19-05-2025 Change, % Brent crude (US$/bbl) 65.4 65.5 0.2 Gold (US$/ Troy Ounce) 3203.7 3229.6 0.8 Copper (US$/ MT) 9479.0 9539.0 0.6 Zinc (US$/MT) 2670.6 2644.7 (1.0) Aluminium (US$/MT) 2481.5 2450.0 (1.3) Source: Bloomberg, Bank of Baroda Research
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21 May 2025
In a period of heightened global uncertainty, the Reserve Bank of Australia (RBA), lowered its policy rates by 25bps to 3.85%, in line with market expectations. This was done keeping in mind cooling inflation (Q1CY25 inflation eased to 2.4% from 3.2% in Q4CY24). However, Governor Bullock cautioned that uncertainty around US tariffs remains a key concern for future rate trajectory. Separately in Japan, trade data shows that impact of US tariffs is notable. Exports rose by 2% in Apr'25—slowest since Oct'24, while imports fell by (-) 2.2%. Its exports to US also fell (-1.8% versus 3.1% in Mar'25) for the first time since Oct'24. Auto exports to the US, which account for ~28% of total exports, fell most sharply by (-) 4.1% in Apr'25. Domestically, India's eight core industry growth eased to 0.5% in Apr'25, down from 4.6% in Mar'25, led by slowdown in steel and cement industries.
Global indices closed mixed. US stocks moderated as debt concerns mounted. Apart from this Fed officials signalling of wait and watch approach on rates also pared gains in stocks. Asian stocks broadly closed higher supported by monetary policy support from China. Sensex closed lower led by auto stocks. It is trading higher today, while other Asian stocks are trading mixed.
Fig 1 – Stock markets
19-05-2025 20-05-2025 Change, % Dow Jones 42,792 42,677 (0.3) S & P 500 5,964 5,940 (0.4) FTSE 8,699 8,781 0.9 Nikkei 37,499 37,529 0.1 Hang Seng 23,333 23,681 1.5 Shanghai Comp 3,368 3,380 0.4 Sensex 82,059 81,186 (1.1) Nifty 24,945 24,684 (1.0) Source: Bloomberg, Bank of Baroda Research
Except INR and CNY, other global currencies ended higher. DXY fell by 0.3% led by uncertainty around economic outlook and Fed rate path. UK-EU post Brexit deal has supported their currencies. INR fell by 0.3%, despite weaker oil prices. However, it is trading stronger today, in line with other Asian currencies.
Fig 2 – Currencies
19-05-2025 20-05-2025 Change, % EUR/USD (1 EUR / USD) 1.1240 1.1283 0.4 GBP/USD (1 GBP / USD) 1.3361 1.3393 0.2 USD/JPY (JPY / 1 USD) 144.86 144.51 0.2 USD/INR (INR / 1 USD) 85.40 85.64 (0.3) USD/CNY (CNY / 1 USD) 7.2138 7.2170 0 DXY Index 100.43 100.12 (0.3) Source: Bloomberg, Bank of Baroda Research
Global yields rallied led by higher fiscal deficit concerns in the US. BoE Chief Economist's hinting of not being too hasty on rate cuts, impacted sentiments in the UK. Even Germany's yield rose by 2bps albeit ECB officials' signalling of softer policy. India's 10Y yield fell by 3bps. It is trading lower at 6.28% today, while the new benchmark security is at 6.24%.
Fig 3 – Bond 10Y yield
19-05-2025 20-05-2025 Change, bps US 4.45 4.49 4 UK 4.66 4.70 4 Germany 2.59 2.61 2 Japan 1.49 1.51 2 China 1.66 1.67 1 India 6.29 6.27 (3) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
19-05-2025 20-05-2025 Change, bps Tbill-91 days 5.76 5.67 (9) Tbill-182 days 5.75 5.74 (1) Tbill-364 days 5.81 5.80 (1) G-Sec 2Y 5.83 5.80 (3) India OIS-2M 5.75 5.73 (2) India OIS-9M 5.65 5.61 (4) SONIA int rate benchmark 4.21 4.21 0 US SOFR 4.30 4.29 (1) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
19-05-2025 20-05-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 1.9 1.9 0 Reverse Repo 0 0 0 Repo* 0.3 0.3 0 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
16-05-2025 19-05-2025 Change (US$ mn/Rs cr) FII (US$ mn) 792.0 10.1 (781.8) Debt (82.6) (99.6) (17.0) Equity 874.6 109.7 (764.9) Mutual funds (Rs cr) (4,762.9) (8,142.7) (3,379.7) Debt (4,227.5) (6,905.3) (2,677.8) Equity (535.4) (1,237.3) (701.9) Source: Bloomberg, Bank of Baroda Research| Note: Mutual Fund data as of 14 May and 15 May 2025
Oil prices continue to slid, driven by demand side uncertainties.
Fig 7 – Commodities
19-05-2025 20-05-2025 Change, % Brent crude (US$/bbl) 65.5 65.4 (0.2) Gold (US$/ Troy Ounce) 3229.6 3290.1 1.9 Copper (US$/ MT) 9539.0 9522.7 (0.2) Zinc (US$/MT) 2644.7 2680.7 1.4 Aluminium (US$/MT) 2450.0 2471.5 0.9 Source: Bloomberg, Bank of Baroda Research
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22 May 2025
Investors remain wary of the fiscal health of the US government, as Trump administration plans to pass the new tax bill this week. The revised version of the bill includes: increasing state and local tax deduction limit to US$ 40,000, with 1% increase each year; cuts to Medicaid; end of tax breaks for clean energy projects; and reimbursement to states for border security expenses. This led to sell-off in the US treasury market. Separately in the UK, inflation surprised on the upside in Apr’25 (3.5% versus 2.6% in Mar’25 and est.: 3.3%). This was due to higher inflation for household services, transportation and recreation. In Asia-Pacific, Japan’s manufacturing activity (Markit PMI) contracted further in May’25, while in Australia it held ground. Services sector registered a slowdown in both economies.
US stocks moderated as anticipation over tax cut raised concerns on burgeoning fiscal deficit. Nikkei moderated on account of stronger Yen. Hang Seng and Shanghai Comp maintained momentum supported by monetary stimulus in China. Sensex inched up led by capital goods and real estate stocks. It is trading lower today, while other Asian stocks are trading mixed.
Fig 1 – Stock markets
20-05-2025 21-05-2025 Change, % Dow Jones 42,677 41,860 (1.9) S & P 500 5,940 5,845 (1.6) FTSE 8,781 8,786 0.1 Nikkei 37,529 37,299 (0.6) Hang Seng 23,681 23,828 0.6 Shanghai Comp 3,380 3,388 0.2 Sensex 81,186 81,597 0.5 Nifty 24,684 24,813 0.5 Source: Bloomberg, Bank of Baroda Research
Except INR, other global currencies ended higher. DXY fell (-0.6%) for the 3rd consecutive time this week, as investors sound concerns regarding the fiscal health of the US government. Safe-haven demand fuelled the rise in Yen. INR was flat, balancing pressure from rising US treasury yield and fall in oil prices. However, it is trading stronger today, in line with other Asian currencies.
Fig 2 – Currencies
20-05-2025 21-05-2025 Change, % EUR/USD (1 EUR / USD) 1.1283 1.1331 0.4 GBP/USD (1 GBP / USD) 1.3393 1.3420 0.2 USD/JPY (JPY / 1 USD) 144.51 143.68 0.6 USD/INR (INR / 1 USD) 85.64 85.64 0 USD/CNY (CNY / 1 USD) 7.2170 7.2015 0.2 DXY Index 100.12 99.56 (0.6) Source: Bloomberg, Bank of Baroda Research
Global yields firmed up extensively led by the US. Its 10Y yield rose at the sharpest pace by 11bps as expectation of tax cut and likely impact on fiscal position, led to higher sell off. For UK, sticky inflation data was an added macro factor. India’s 10Y yield fell by 2bps. It is trading steady at 6.25% today, while the new benchmark security is at 6.20%.
Fig 3 – Bond 10Y yield
20-05-2025 21-05-2025 Change, bps US 4.49 4.60 11 UK 4.70 4.76 5 Germany 2.61 2.65 4 Japan 1.51 1.53 2 China 1.67 1.68 1 India 6.27 6.25 (2) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
20-05-2025 21-05-2025 Change, bps Tbill-91 days 5.67 5.70 3 Tbill-182 days 5.74 5.70 (4) Tbill-364 days 5.80 5.71 (9) G-Sec 2Y 5.80 5.75 (5) India OIS-2M 5.73 5.70 (3) India OIS-9M 5.61 5.58 (3) SONIA int rate benchmark 4.21 4.21 0 US SOFR 4.29 4.27 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
20-05-2025 21-05-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 1.9 1.3 (0.6) Reverse Repo 0 0 0 Repo* 0.3 0.3 0 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
19-05-2025 20-05-2025 Change (US$ mn/Rs cr) FII (US$ mn) 10.1 (1,180.2) (1,190.3) Debt (99.6) (5.1) 94.4 Equity 109.7 (1,175.0) (1,284.7) Mutual funds (Rs cr) (2,798.3) (7,463.0) (4,664.7) Debt (7,065.1) (7,025.3) 39.8 Equity 4,266.8 (437.7) (4,704.5) Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 16 May and 19 May 2025
Oil prices dipped further, tracking news of higher than expected US inventories.
Fig 7 – Commodities
20-05-2025 21-05-2025 Change, % Brent crude (US$/bbl) 65.4 64.9 (0.7) Gold (US$/ Troy Ounce) 3290.1 3315.0 0.8 Copper (US$/ MT) 9522.7 9547.5 0.3 Zinc (US$/MT) 2680.7 2664.1 (0.6) Aluminium (US$/MT) 2471.5 2471.5 0 Source: Bloomberg, Bank of Baroda Research
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23 May 2025
Global flash PMIs show that while manufacturing activity picked up pace in the US in May'25 (52.3 versus 50.2 in Apr'25), it contracted at a slower pace in the Eurozone (49.4 versus 49), and at a steeper pace in the UK (45.1 versus 45.4). However the impact of tariffs was more visible in the US on the price front, with both input and output prices increasing quite sharply in May'25. In contrast, prices were seen easing in the manufacturing sector in both UK and Eurozone, while services inflation remained elevated. Separately, the US labour market appears to be steady. Initial jobless claims for the week ending 17 May fell by 2k to 227k (est.: 230k). Continuing claims (4-week moving avg) however rose to 1.89mn—highest since Nov'21, from 1.87mn the previous week. Domestically, both manufacturing and services activity improved in May'25. Rise in domestic demand also led to higher business optimism.
Global indices broadly closed lower. US stocks closed stable counter-balancing mixed macro performance. Among Asian stocks, Hang Seng fell the most, followed by Nikkei, dampened by worries over fiscal health of the US and its repercussion on key financial metrics. Sensex also moderated, led by consumer durables stocks. It is trading higher today; Asian stocks are trading mixed.
Fig 1 – Stock markets
21-05-2025 22-05-2025 Change, % Dow Jones 41,860 41,859 0 S & P 500 5,845 5,842 0 FTSE 8,786 8,739 (0.5) Nikkei 37,299 36,986 (0.8) Hang Seng 23,828 23,544 (1.2) Shanghai Comp 3,388 3,380 (0.2) Sensex 81,597 80,952 (0.8) Nifty 24,813 24,610 (0.8) Source: Bloomberg, Bank of Baroda Research
Except GBP, other global currencies ended lower. DXY rose by 0.4% as labour market data shows steady momentum, and manufacturing activity improved. EUR and INR depreciated the most. INR fell by 0.4%, tracking global cues. However, it is trading stronger today, in line with other Asian currencies.
Fig 2 – Currencies
21-05-2025 22-05-2025 Change, % EUR/USD (1 EUR / USD) 1.1331 1.1281 (0.4) GBP/USD (1 GBP / USD) 1.3420 1.3419 0 USD/JPY (JPY / 1 USD) 143.68 144.01 (0.2) USD/INR (INR / 1 USD) 85.64 86.01 (0.4) USD/CNY (CNY / 1 USD) 7.2015 7.2056 (0.1) DXY Index 99.56 99.96 0.4 Source: Bloomberg, Bank of Baroda Research
US 10Y yield showed some correction supported by comments of Fed Governor Christopher Waller. He has hinted at some monetary easing in H2 of CY25 if the base case of tariff on all trading partners of the US settles at 10%. Japan's 10Y yield firmed up awaiting its CPI data. India's 10Y yield rose by 3bps. It is trading lower at 6.25% today, while the new benchmark security is at 6.21%.
Fig 3 – Bond 10Y yield
21-05-2025 22-05-2025 Change, bps US 4.60 4.53 (7) UK 4.76 4.75 (1) Germany 2.65 2.64 0 Japan 1.53 1.57 5 China 1.68 1.69 1 India 6.25 6.27 3 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
21-05-2025 22-05-2025 Change, bps Tbill-91 days 5.70 5.70 0 Tbill-182 days 5.70 5.68 (2) Tbill-364 days 5.71 5.67 (4) G-Sec 2Y 5.75 5.77 1 India OIS-2M 5.70 5.70 0 India OIS-9M 5.58 5.58 0 SONIA int rate benchmark 4.21 4.21 0 US SOFR 4.27 4.26 (1) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
21-05-2025 22-05-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) 1.3 1.0 (0.3) Reverse Repo 0 0 0 Repo* 0.3 0.3 0 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
20-05-2025 21-05-2025 Change (US$ mn/Rs cr) FII (US$ mn) (1,180.2) 139.2 1,319.4 Debt (5.1) (126.4) (121.2) Equity (1,175.0) 265.6 1,440.6 Mutual funds (Rs cr) (7,463.0) (1,597.8) 5,865.2 Debt (7,025.3) (7,200.2) (174.9) Equity (437.7) 5,602.4 6,040.1 Source: Bloomberg, Bank of Baroda Research| Note: Mutual Fund data as of 19 May and 20 May 2025
Oil prices reacted to news that OPEC+ may increase production in Jul'25.
Fig 7 – Commodities
21-05-2025 22-05-2025 Change, % Brent crude (US$/bbl) 64.9 64.4 (0.7) Gold (US$/ Troy Ounce) 3315.0 3294.5 (0.6) Copper (US$/ MT) 9547.5 9516.4 (0.3) Zinc (US$/MT) 2664.1 2673.3 0.3 Aluminium (US$/MT) 2471.5 2456.0 (0.6) Source: Bloomberg, Bank of Baroda Research
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