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.
Global Central Banks sprung in to action after Fed kick-started the monetary easing cycle after a span of 4-years by aggressively reducing rates by 50bps and bringing the benchmark rate to 4.75-5%. ECB had also delivered 25bps rate cut, a second reduction this year. According to the CME Fed watch tool there is a likelihood of 25bps cut in Nov’24. On the other hand, BoE, BoJ and PBoC maintained status quo. In the coming week, investors will turn their focus towards key data prints from US including consumer confidence, PCE index and report on manufacturing. On the domestic front, RBI’s bulletin noted the food price volatility continues to remain a contingent risk. It also noted the household consumption is expected to grow at a faster pace in Q2 amidst revival in rural demand and easing of headline inflation.
Global markets ended mixed as investors continue to monitor the slew of decisions by global Central Banks. FTSE closed lower despite better than expected retail sales data. Sensex rose further by 1.6%, led by strong gains in real estate and capital goods stocks. It is trading further higher today, in line with other Asian markets.
Source: Bloomberg, Bank of Baroda Research
Major global currencies ended mixed. JPY fell the most, while GBP and CNY gained and EUR ended flat. DXY was also unchanged. Yen depreciated as BoJ signalled that it was in no hurry to hike rates. GBP was supported by higher yields. INR rose by 0.1%, as oil prices eased. It is trading much stronger today, while other Asian currencies are trading mixed.
Source: Bloomberg, Bank of Baroda
Except yields in Asia (flat), 10Y yields elsewhere inched up. US 10Y yield rose the most, by 3bps. Lesser likelihood of a recession in the US (decline in jobless claims) fuelled the rally. BoE’s cautionary tone also impacted sentiments in the UK. India’s 10Y yield ended flat, even as oil prices fell. It is trading flat even today
Source: RBI, Bank of Baroda Research
Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 17th and 18th Sep 2024
Oil prices fell, as concerns regarding muted demand from China remain.
In a surprise move, PBoC announced a slew of measures, including cutting down of the short term 7-day reverse repo rate to 1.5% (from 1.7%) and lowering down the reserve requirement ratio (RRR) by 0.5%. This is expected to add liquidity of around US$140bn in the market. These measures have been announced with the objective to spur economic growth. In US, next non-farm payrolls report might offer more guidance in terms of assessing Feds’ rate cut expectations, with investors pricing in at least a 25bps cut in Nov’24. Eurozone business activity slipped in to contraction (48.9 from 51.2) owing to lower new orders and falling confidence. This in turn raised risk of hard landing. The focus will shift towards upcoming RBA’s decision and BoJ’s Governor speech scheduled later today.
Barring Hang Seng, other global markets ended higher. US indices climbed higher amidst dovish commentary by Fed policymakers and steady business activity (Flash composite PMI: 54.4 in Sep from 54.6 in Aug). Sensex ended in green, supported by a rally in oil & gas and real estate stocks. It is trading lower today, while other Asian indices are trading higher.
Except GBP and INR, other major global currencies fell against the US$. DXY was up by 0.1%, as investors turned cautious tracking tensions in the Middle East and signs of price build-up in PMI survey data. EUR fell by 0.5% as PMIs indicate worsening economic situation. INR ended flat, even as oil prices eased. It is trading lower today, while other Asian currencies are trading higher.
Global yields closed mixed. Both US and UK 10Y yield inched up, while it fell in Germany. US 10Y yield was impacted by PMI data showing signs of build-up in price pressures. Continued weakness in Eurozone (PMIs) is pointing towards need for more rate cuts by ECB to support growth. India’s 10Y yield rose by 1bps, and is trading at similar levels today.
Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 18th and 19th Sep 2024
Oil prices rose amidst escalating geopolitical tensions in the Middle East.
Policy announcement by PBoC was amongst the biggest stimulus measures since the pandemic and included more rate cuts along with funding packages. These measures by China fuelled global rally. Separately, US consumer confidence declined to 98.7 in Sep’24 (largest dip since Aug’21) from 105.6 in Aug’24. According to the CME Fed watch tool, the probability of 50bps rate cut in Nov’24 jumped to 60.4% (53% earlier). RBA in its latest policy meet has kept the rates on hold (at 4.35%) and maintained hawkish stance amidst higher inflation and uncertainty on economic outlook. On domestic front, Moody’s has revised India’s growth forecast from 6.8% (earlier 7.1%) in CY24 amidst expectation that growth in APAC region will outpace global economy.
Barring Sensex, other global markets ended higher. The announcement of stimulus measures by China boosted global sentiments. US indices continued the uptrend despite lower than expected consumer confidence data (98.7 from 105.6).Amongst other indices, Shanghai Comp rose the most followed by Hang Seng. Sensex ended flat. However, it is trading lower today while other Asian indices are trading higher.
Except INR (lower), other major global currencies rose against the US$. DXY fell by (-) 0.4%, tracking a decline in treasury yields. EUR and GBP appreciated the most. GBP rose to the highest levels since Mar’22, as BoE is expected to cut rates less aggressively than the Fed. INR depreciated as oil prices rose. However, it is trading sharply higher today, in line with other Asian currencies.
Except UK and China (higher), other global yields inched down. Japan’s 10Y yield fell the most, followed by US. Sharp decline in US consumer confidence impacted yields. In case of Japan, analysts expect delay in rate hike, as BoJ continues to signal a dovish stance. India’s 10Y yield also fell by 1bps. It is trading even lower today, at 6.75%, tracking global cues.
Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 19th and 20th Sep 2024
Oil prices rose, led by China’s stimulus announcement.
OECD in its economic outlook report for Sep’24 noted that global growth is likely to stabilize with a forecast of 3.2% in CY24 and CY25. It noted the headline inflation will decline in most countries led by lower prices of food, energy and goods. Following other Central Bank, Swiss Central Bank also reduced interest rates by 25bps to 3.25% with a dovish hint of 2 more rate cuts. The focus will shift towards the upcoming speech by Fed Chair which will offer guidance on rate outlook along with key data releases US GDP, PCE and jobless claims data. On domestic front, the ministry of agriculture released the final estimates of foodgrain production for 2023-24 indicating higher wheat and rice production. ADB has retained its India’s growth forecast for FY25 and FY26 at 7% and 7.2% from Apr’24.It was stated the economy is expected to grow at a steady pace despite geopolitical challenges.
Global indices ended mixed. US markets retreated from a recent record high as investors turned their attention towards upcoming key data releases. Hang Seng and Shanghai Comp continued to advance amidst announcement of economic stimulus measures. Sensex ended in green led by strong gains in power and real estate stocks. It is trading higher today in line with other Asian indices.
Global yields closed mixed. Asian bond yields closed lower/flat, while they inched up in US/Europe. US 10Y yield rose the most, followed by UK. Investors turned cautious as they await release of labour market (jobless claims) and price (PCE index) data. India’s 10Y yield fell by 2bps to reach its lowest level since Feb’22. It is trading even lower today, at 6.73%, tracking dip in oil prices.
Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 20th and 23rd Sep 2024
Oil prices fell as concerns regarding supply disruptions in Libya eased.
Upbeat data from the US reaffirmed resilience in the world’s largest economy. The weekly jobless claims dropped down more than anticipated to a 4-month low to 218k signalling strength in the labour market. US GDP growth rose by 3% (final estimate) in Q2 from 1.6% in Q1CY24. Additionally, a report highlighted about robust corporate profits (3.6% in Q2 against -1.7% in Q1 on QoQ basis). Against this backdrop, the expectations of 50bps rate cuts by Fed has been tempered down. In China, PBoC began the rate cut measures and authorities noted that more stimulus measures can be applied if needed in order to spur growth. Moreover, owing to unfavourable base, China’s industrial profits declined to 17.8% in Aug’24 after increasing by 4.1% in Jul’24. Separately, Tokyo’s headline inflation moderated down to 2.2% (2.6% in Aug’24) with core inflation easing further to 2% (2.4% inAug’24)
Global indices ended higher. US markets rebounded and closed at a record high, supported by strong economic releases. Amongst other indices, Hang Seng and Shanghai Comp advanced the most after the stimulus package was rolled out. Sensex notched up further led by strong rally in metal and auto stocks. It is trading higher today in line with other Asian indices.
Except India, other global yields inched up. US 10Y yield rose a tad by 1bps, tracking macro data (GDP data and better than expected jobless claims and durable goods orders). China’s 10Y yield rose the most, and is trading even higher today, despite PBOC’s 50bps RRR cut. India’s 10Y yield fell by 2bps (lowest since Feb’22). However, it is trading higher today, at 6.73%.
Source: Bloomberg, Bank of Baroda Research │Note: Data for Mutual Funds as of 23rd and 24th Sep 2024
Oil prices fell, following news that Saudi Arabia is planning to increase output.
@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