Invitation Of Applications For Empanelment Of Advocates/ Firms On Banks Panel
Mobile Number in account will be Mandatory for the issuance of Personalized Cheque Book
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.
Investors closely monitored the rate decision by global central banks. Fed maintained status quo and the ‘dot plot’ reflected the possibility of 3-rate cut this year. BoE also hinted at the likelihood of rate cuts. Swiss National Bank sprang into action as it announced a 25bps rate cut. On the other hand, BoJ ended the negative interest rate cycle after 17-years. The focus in the ongoing holiday-shortened week will shift towards PCE data. In Jan’24, headline PCE and core PCE inflation was at 2.4% and 2.8% respectively. It is expected to inch up to 2.5%. Thus, remaining far off from the Fed’s target of 2%. Separately in Japan, services PPI edged up to 2.1% in Feb’24 (same rate as Jan’24).
Source: Bloomberg, Bank of Baroda Research | Note: Markets in India were closed on 25.03.2024
Except JPY (flat) and INR (lower), other global currencies closed higher against the dollar. DXY fell by another 0.2%, as investors assess Fed’s rate cut trajectory. Dip in new home sales has increased the probability of rate cut in Jun’24. INR depreciated further. However it is trading much stronger today, while other Asian currencies are trading mixed.
Barring Japan, other global 10Y yields inched up. Remarks of Fed Chair Powell are keenly awaited to gauge the timing of Fed’s first rate cut. There is 65% chance of a rate cut in Jun’24. India’s 10Y yield rose by 5bps, as oil price increase picks up pace. It is trading at similar level (7.09%) today.
Source: Bloomberg, Bank of Baroda Research
Source: RBI, Bank of Baroda Research
Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 18 Mar 2024 and 19 Mar 2024
Oil prices gather momentum over fears of tight supply (Russia’s production cuts and refinery attacks).
In the US, durable goods orders made a recovery after rising by 1.4% in Feb’24 (-6.9% in Jan’24). Transportation and motor vehicles orders jumped up to 3.3% and 1.8% in Feb’24 respectively, signaling that the manufacturing sector could steadily be regaining its footing. However, there were mixed reports for the market, including a dip in home sales data, cooling off housing prices, and unchanged consumer confidence at 104.7 in Mar’24. In China, industrial profits for Jan-Feb’24 surged to 10.2%, with increases in manufacturing and electricity production industries. Profits for state-owned enterprises also rose by 0.5% for the same period. On the domestic front, India’s current account deficit dropped down to US$ 10.5bn (1.2% of GDP) in Q3 from US$ 11.4bn in Q2.
Barring China and India (flat), other global 10Y yields eased. Mixed macro data from the US (pickup in durable goods orders and flat consumer confidence) impacted investor sentiments. Inflation data is awaited for more guidance. India’s 10Y yield closed steady at 7.09%, as oil prices retreated. It is trading flat today as well.
Source: Bloomberg, Bank of Baroda Research | Note: Mutual funds data as of 18 Mar 2024 and 19 Mar 2024
Oil prices fell as investors weighed the impact of supply pressures and a stronger US$.
In India, Centre’s borrowing calendar was released for H1FY25. Out of the total gross borrowing of Rs 14.1 lakh crore, the centre is expected to borrow Rs 7.5 lakh crore (53% of the target) in H1. The proportion is lower than H1FY24 and is expected to be positive for the G-sec, with yield expected to fall down. Additionally, a new dated security of 15-year tenor has also been introduced and Centre also plans to issue green bonds in two tranches of Rs 6,000 crore (maturity of 10-year) each in FY25. Separately, in Europe, the economic sentiment indicator (ESI) jumped up to 96.2 (+0.7 points) and 96.3 (+0.8 points) levels in EU and Euro area respectively in Mar’24. The employment expectations indicator remained stable for both the regions.
Global currencies closed mixed against US$, with JPY and GBP appreciating. DXY ended flat. JPY, despite slight improvement, continues to hover at near 34-year low. Investors await US and UK macro data to gauge Fed and BoE’s rate trajectory. INR fell by 0.1%, despite easing oil prices. However, it is trading higher today, while other Asian currencies are trading mixed.
Global 10Y yields fell, with those in Germany, UK and US declining the most. Investors are expecting Central Banks outside the US to be able to cut rates early, with inflation correcting itself. In the US, investors await labour market and inflation data for more cues. India’s 10Y yield fell by 2bps. It is trading further lower today, as the centre announced a smaller than expected H1 borrowing plan.
Oil prices fell by 0.2%, as the latest data shows a jump in US stockpiles.
@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