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.
Flash PMIs signalled a sharp deterioration in economic activity in both the Eurozone and UK, even as US economy continued to power ahead led by the buoyant services sector. Flash composite PMI for Eurozone and UK dipped to a 10-month and 13-month low respectively in Oct’24, falling below the 50-mark. Additionally, retail sales in the UK declined more than expected by 0.7% in Oct’24 versus an estimated 0.3% drop, providing further signs of economic stress in the country. In Japan, the flash PMI signalled a marginal uptick led by a pickup in services sector. Separately, the government also announced a ¥ 21.9tn stimulus package to support growth. In India, flash composite PMI rose to 59.5 in Oct’24 from 59.1 in Sep’24, led by sustained demand in the service sector.
Source: Bloomberg, Bank of Baroda Research
Global yields softened as global data (PMI reading in UK and Eurozone, GDP data in Germany and retail sales in UK) showed loss of momentum. Germany’s 10Y yield softened the most, followed by UK. India’s 10Y yield inched a tad by 1bps. It is however trading lower at 6.85%, today.
Source: RBI, Bank of Baroda Research
Source: Bloomberg, Bank of Baroda Research | Note: Mutual Funds data as of 8 Nov and 11 Nov 2024
Investor focus remained firmly on developments in the US. Markets favourably viewed President Elect’s pick for the Treasury secretary post, with stocks in the US inching up and treasury yields cooling off. However, global markets are likely to see increased volatility as the incoming President reiterated his promise of increasing tariffs on imports from China, Mexico and Canada. With prospects of a full-blown trade resurfacing, global growth and inflation dynamics will once again be brought into question. Separately, growth concerns continue to linger for the Eurozone as Germany’s Ifo business climate index dipped more than expected to 85.7 in Nov’24 (est. 86) from 86.5 in Oct’24. In India, the government remains “cautiously optimistic” on the growth outlook led by improvement in agriculture sector. The monthly report also noted an improvement in high-frequency indicators in Oct’24.
Global indices monitored US President elect’s move on tariffs with reports indicating additional/higher tariffs on imports from China, Mexico and Canada. Thus, stocks in Hang Seng and Shanghai Comp took the hit. US stocks rallied supported by selection of new Treasury Secretary. Sensex inched up led by real estate stocks. It is trading higher today, while Asian stocks are trading mixed.
Global yields softened with US 10Y yield falling at the sharpest pace. This was supported by US President elect’s new choice of Treasury secretary which was viewed as largely positive for financial stability by investors. Yields in UK and Germany also felt the ripple effect. India’s 10Y yield moderated and is trading at 6.84% today
Fed minutes indicated the FOMC members broadly agree on going easing on future rate cuts. While welcoming the moderation in inflation and the resilient labour market, Committee members remained cautious over the outlook and are likely to continue with a data dependent approach. Market participants still expect the Fed to lower rates by 25bps in Dec’24, however rate cut expectations in 2025 have been scaled back. Separate data showed a sharp increase in US Conference Board consumer confidence index to a 16-month high of 111.7 in Nov’24 (est. 111.3) from 108.7 in Oct’24. On the other hand, new home sales declined by 9.4% in Oct’24 as high mortgage costs dented demand. In China, industrial profits declined by 10.1% in Oct’24, after a 27.1% decline last month. The marginal improvement was attributed to the stimulus measures announced by the government.
Global indices closed mixed monitoring US President elect’s Cabinet appointments and Fed’s minutes cautious approach. Stocks in Japan moderated amidst fear of rising rate differentials. In China, stocks declined due to risks from higher US tariffs. US stocks gained. Sensex edged down led by power stocks. It is trading higher today, while Asian stocks are trading mixed.
Global yields closed mixed. US 10Y yield inched up as Fed minutes reflected some restrictiveness in future policy course. Germany’s 10Y yield softened as a key ECB official spoke of the need for looser monetary policy. 10Y yields in Japan, China and India’s traded in a narrow range in absence of fresh cues. India’s 10Y yield is trading at 6.85% today.
Note: Mutual funds data as of 21 Nov and 22 Nov 2024
US GDP growth was left unchanged at 2.8% in Q3CY24 led by buoyant consumer spending (3.5%). Inflationary concerns were reignited as PCE index advanced 2.3% in Oct’24 from 2.1%. Core PCE index, Fed’s preferred gauge of inflation also picked up to 2.8% (2.7% in Sep’24). Separately, jobless claims rose by 9,000 to the highest level since Nov’21. Core capital goods orders declined by 0.2% in Oct’24, after rising by 0.2% in Sep’24 (MoM). While the data has not dented hopes of a rate cut in Dec’24, analysts are likely to rejig their rate cut expectations in 2025. Separately, Bank of Korea surprised markets by effecting a first back-to-back rate cut since 2009. Policy rate was reduced by 25bps to 3%, citing moderation in inflation and stalling growth. In Australia, a strong labour market is likely to delay the possibility of a rate cut by the RBA. In the Eurozone as well, a key ECB member emphasised the need for gradual rate cuts, allowing the policy rate to move towards a ‘neutral’ rate.
Global indices closed mixed monitoring host of macro releases in the US which gave diverging signals. Stickiness in US core PCE led to a fall in US stocks. Hang Seng and Shanghai Comp firmed up assessing China’s macro data. Sensex was supported by power stocks. It is trading lower today, while Asian stocks are trading mixed.
Global yields softened. UK’s 10Y yield fell the most supported by a strengthening currency which led to some asset allocation. Mixed data in the US led to some tilt towards sovereign debt. In Germany as well, yields moderated despite hawkish comments from ECB board member. India’s 10Y yield fell a tad and is trading further lower at 6.83%.
Note: Mutual funds data as of 22 Nov and 25 Nov 2024
Oil prices were stable eyeing geopolitical developments and OPEC+ meeting
Trading volumes in global markets were largely muted as US markets remained closed for Thanksgiving holidays. In the Eurozone, CPI inflation in Germany rose to 2.2% in Nov’24 (est. 2.3%) from 2% in Oct’24. However, in sequential terms, inflation declined by 0.2%, marking the largest monthly drop in 12-months and suggesting that the disinflationary trend remains intact. On the other hand, core CPI in Tokyo rose by 2.2% in Nov’24 (est. 2.1%) from 1.8% in Oct’24. With underlying price pressures intensifying, expectations of a rate hike by BoJ in Dec’24 have increased. Separate data also showed an improvement in both retail sales and industrial production in Japan, even as the jobless rate inched up. In India, release of the GDP estimate for Q2 FY25 is scheduled today (BoB estimate 6.9%).
Global indices closed mixed. US stocks moderated monitoring US President elect’s political moves and assessing macro data. Nikkei inched up, supported by a weakening yen. Hang Seng fell the most as fears of US tariff fears continued to linger. Sensex ended weaker, led by losses in technology and auto stocks. It is trading higher today, while Asian stocks are trading mixed evaluating Japan’s CPI data
Note: Markets in US were closed on 28 Nov 2024
Global yields softened. US 10Y yield fell the most as rate cut expectations for Dec’24 policy remained intact. 10Y yields of UK and Germany also moderated despite central bank officials hinting at risks from excessive easing. Risk off sentiments are at play, driving direction of global yields at this juncture. India’s 10Y yield fell a tad and is trading at the same level today.
Note: Mutual funds data as of 25 Nov and 26 Nov 2024
Oil prices inched up tracking reports of Israel-Hezbollah ceasefire violations.
@2022 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