Announcement for shifting branch premises of Bank of Baroda, Doliya Branch, Ta. Sayla, Dist. Surendranagar
Bank announces Financial Results for Quarter ended, 30th June 2026.
As an enhanced security measure, our official Corporate Website has migrated to a new domain : https://bankofbaroda.bank.in
With Bank Of Baroda personal loan, you get lowest interest rates, instant approval with minimal documentation. Checkout Bank of Baroda personal loan interest rates & eligibility. Apply now!
Apply for Bank of Baroda Home Loan online at the lowest interest rates. Checkout our home loan eligibility, interest rates, documentation. Get instant home loan approval. Apply now!
Car Loan: Apply for auto loan online by Bank of Baroda at an attractive interest rates & easy EMI option. Upto 90% financing on on-road price. Buy your dream car today!
Why should finance come in the way of future? Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice. Bank of Baroda is here to finance your dreams, education & career goals.
The easiest way to save for you, for your loved ones, and for your future. A savings account gives you the liberty to choose according to your needs and additionally give you benefits for all your transactions. With a gamut of savings account features on the table, Bank of Baroda is here to make your banking simple and easy!
Open Current Account online at Bank of Baroda to meet all your banking needs. Go to our website to learn more about the different types of current accounts we offer and apply now!
Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
An account for all. B3 Silver Account comes with maximum savings and zero Quarterly Average Balance (QAB). Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping.
Locate Us, Anytime, Anywhere
Bank of Baroda focuses on its employees, offering a career rather than just a job. Various initiatives are in place to groom employees throughout their life cycle. A comprehensive talent management system to groom future leaders of the bank.
Bank of Baroda offers various types of personal banking cards such as Credit, Debit, Prepaid, Business & Travel Cards. Choose the one best suited card for your needs.
A firmer dollar weighed on currency and equity markets globally. This is albeit a stronger case of rate cut expectations in the market (CME Fed watch tool pricing in a 94% probability for Sep’24 cut). Fed Governor (Chris Waller) also spoke of ideal scenarios (soft landing and softening core PCE deflator) for the beginning of an easing cycle. A shift in US political landscape with the current US President ending his re-election bid, will impart some degree of uncertainty to the rate outlook. Elsewhere, in UK, faster pace of public sector borrowing and piling up of debt impinged on its yield. ECB Chief on the other hand, spoke of Sep move being ‘wide open’ leading to speculation of data dependent approach by ECB in the near term. On domestic front, progress of southwest monsoon has been 2.4% below LPA, compared with 2% above LPA last year. Separately, People’s Bank of China lowered its 1 and 5Y LPR by 10bps to 3.35% and 3.85%, surprising markets.
Except China, stocks elsewhere declined. A global IT outage, simmering USChina trade conflict, political uncertainty in the US, and a downbeat growth outlook in China, weighed on investor sentiments. Hang Seng declined the most, followed by US stocks. Sensex too fell by 0.9%, led by losses in oil and gas and power stocks. It is trading lower today, in line with other Asian indices.
Source: Bloomberg, Bank of Baroda Research
Except INR, other global currencies ended weaker. DXY rose further even as a Fed rate cut is imminent in Sep’24. GBP fell by 0.2%, led by weakness in UK’s retail sales. INR ended at its record low, amid higher dollar demand. It is trading at similar levels today, while other Asian currencies are trading mostly weaker.
Source: Bloomberg, Bank of Baroda
UK’s 10Y yield rose the most as UK’s government debt reached its highest level since 1962. 10Y yields in US and Germany also firmed up. Germany’s 10Y yield exhibited some stickiness as ECB Chief’s comments led to speculation of a laggard in Sep’24 cut. India’s 10Y yield closed stable. However, it is opened higher at 6.98% today.
Source: RBI, Bank of Baroda Research
Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 15 Jul and 18 Jul 2024
Oil prices declined amidst demand concerns led by weaker growth in China
Global markets still centred around political developments in the US. Report suggested that the current VP of the US has enough pledged delegates to bag the nomination. On macro data front, there were no major releases. However, the coming days hold the cue as both growth and inflation data would shed some light on Fed’s Jun rhetoric. As of now, two rate cuts are priced in for CY24. On domestic front, the Economic Survey for FY 2023-24, laid the roadmap for Viksit Bharat. It pegged India’s growth rate at 6.5-7% in FY25, slightly lower than RBI’s projection. On inflation, it said that twin shocks of the pandemic and geopolitical conflict had impinged on its print. All eyes will be on Union Budget where fiscal prudence will hold the key along with a nudge in consumption and investment spending.
Global indices ended mixed. Investors assessed the political situation in the US after the current US President withdrew his re-election bid. Stocks in US rose, led by a rally in tech stocks. In China, stocks declined despite a rate cut by PBOC. Sensex declined by 0.1% led by losses in real estate and banking stocks. It is trading higher today ahead of the Budget announcement. Asian indices are also trading in green.
Global currencies ended mixed. DXY fell by 0.1% tracking political uncertainty in the US. JPY appreciated by 0.3% as investors have increased bets of a rate hike by BoJ next week. INR depreciated marginally to close at a fresh record low, despite steady foreign inflows. However, it is trading stronger today, while other Asian currencies are trading mixed.
Global yields broadly closed higher led by UK. Mounting public sector debt is weighing on UK’s yield. Even Germany’s 10Y yield firmed up awaiting comments of ECB official. India’s 10Y yield closed stable and is trading at the same level. It is likely to have a softening bias as Budget would continue to focus on fiscal consolidation.
Oil prices continued to decline led by expectations of muted demand.
Global equity and currency markets remained under pressure while yields softened. A stronger dollar ahead of GDP and core PCE data of the region weighed on sentiments. Among major data releases, new homes sales in the US showed some downward momentum. Manufacturing PMI in Japan remained in contraction while services activity gained pace. Market is pricing in a meagre probability of a rate hike by BoJ in the coming week. On domestic front, Union Budget focussed on fiscal prudence. Quality spending has been the top priority with focus on employment generation and upskilling. Other flash points were boost to domestic manufacturing, improved credit access for MSMEs and thrust to housing.
Global indices ended weaker. Stocks in the US declined led by weak earnings reports by major tech companies. Caution also prevailed ahead of key data from the US and central bank meetings next week. Markets in Asia were subdued tracking weakness in China’s growth and possible escalation in US-China trade conflict. Sensex declined by 0.1%, after the Union Budget. Real estate and capital goods stocks fell the most. It is trading further lower today, in line with other Asian indices
US 10Y yield closed stable awaiting fresh cues from growth and inflation report scheduled this week. Germany’s 10Y yield fell the most as ECB official has hinted at a possible rate cut in Sep’24. In UK, 10Y yield showed some correction after witnessing increase post the release of public debt data. India’s 10Y yield closed stable and is trading at the same level.
Oil prices declined further amidst possible cease fire in Middle East
Flash PMIs of major economies painted an optimistic picture of global economy. Composite PMIs in US, UK, Japan and India improved significantly in Jul’24, while it dipped in Eurozone. The improvement in US and Japan was led by services activity, even as manufacturing activity contracted. In India, there was an improvement in both services and manufacturing PMI. On the global front, focus of investors remains on US core PCE data and Q2 GDP data. This will set the tone for the Fed meeting next week. BoJ meeting is also scheduled for next week, with expectations that the policy makers are likely to set the tone for interest rate hikes in later part of the year. In India, markets continue to evaluate the impact of Budget announcements. Progress of monsoon has been good, with rainfall now 1.4% above LPA.
Global stocks declined. Lacklustre earnings results from major US firms led to a sell-off in US equity markets. Technology stocks led the decline. Investors also monitored flash PMI readings of major economies. Stocks in Asia also ended in red, led by Hang Seng. Sensex declined further by 0.3%, led by heavy losses in banking stocks. It is trading further lower today, in line with other Asian indices.
Global currencies ended mixed. DXY declined by 0.1% amidst mixed macro data. Traders await US PCE and GDP data due later in the week. On the other hand, JPY rose further by 1.1% ahead of BoJ meeting. INR slipped further to another historic low. It is trading flat today, while other Asian currencies are trading mixed.
Except India, other global yields broadly closed higher. 10Y yields in both US and UK increased by 3bps each. Investors assessed improvement in composite PMIs in the respective regions. Germany’s 10Y yield ended flat as economic activity in the region continued to remain muted. India’s 10Y yield declined by 1bps. It opened flat at 6.96% today.
Source: Bloomberg, Bank of Baroda Research | Note: Mutual Fund data as of 18 Jul and 19 Jul 2024
Oil prices rose amidst a decline in US crude inventories.
Global markets remained on vigil tracking host of macro releases. In the US, growth indicators pointed towards resilience with annualised GDP QoQ rising more than expected by 2.8% (est.: 2%) in Q2. This was supported by buoyant recovery in consumption demand. To supplement, even jobless claims especially the continuing claims moderated. Traders are likely to balance these events against the anticipation of rate cut by Fed. Elsewhere, in Germany, IFO business climate index softened indicating a bleak economic recovery. In Japan, core Tokyo CPI remained sticky, thus rate hike expectations for BoJ still reigned in. On domestic front, short end part of India’s yield curve is showing some downward momentum. Government’s move to pay off its short-term debt has acted as a positive market signal.
Barring FTSE and Dow Jones, other major global indices ended lower. US stocks were mixed as investors assessed varied macro prints such as higher GDP growth, decline in durable goods orders and lower jobless claims. In Asia, Nikkei saw a sharp sell-off, as a rally in Yen weighed on investor sentiments. Sensex declined by 0.1%, led by losses in real estate and banking stocks. It is however trading higher today, in line with other Asian indices.
Global currencies ended mixed. DXY ended broadly stable as investors monitored US macro data. Amongst other currencies, GBP depreciated the most. INR recovered marginally but traded close to its record-low amidst weakness in domestic equity markets. It is trading weaker today, while other Asian currencies are trading mixed.
Global yields closed lower. US 10Y yield has fallen the most albeit resilient economic data as market has already priced in a Sep cut by Fed. Germany and UK’s 10Y yield softened tracking weaker IFO and CBI Trends order data, respectively. China’s 10Y yield hit its record low as woes over recovery continued. India’s 10Y yield inched a tad lower and is trading at 6.94% today.
Source: Bloomberg, Bank of Baroda Research, Note: Mutual Fund data as of 19th and 22nd Jul
Oil prices increased amid expectations of strong demand from US.
@2024 Bank of Baroda. All rights reserved
Important disclosures are provided at the end of this report.
Disclaimer
The views expressed in this research note are personal views of the author(s) and do not necessarily reflect the views of Bank of Baroda. Nothing contained in this publication shall constitute or be deemed to constitute an offer to sell/ purchase or as an invitation or solicitation to do so for any securities of any entity. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. Bank of Baroda Group or its officers, employees, personnel, directors may be associated in a commercial or personal capacity or may have a commercial interest including as proprietary traders in or with the securities and/ or companies or issues or matters as contained in this publication and such commercial capacity or interest whether or not differing with or conflicting with this publication, shall not make or render Bank of Baroda Group liable in any manner whatsoever & Bank of Baroda Group or any of its officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time
Connect with Us
For further details about this publication, please contact: Economics Research Department Bank of Baroda +91 22 6698 5794 chief.economist@bankofbaroda.bank.in
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Related Articles
Request Call Back