[Investors Please Listen] Monday Market Monitor_Feb 23, 2009

Key Highlights Japan's GDP declined sharply in 4Q. A series of downside surprises now point to a contraction of global GDP in excess of 6% annualized in 4Q08. Global Equity markets declined 7.8% last week. News about nationalization of banks and Fed slashing economic growth projection hurt the US market sentiment.   The Sensex lost over 8% last week, the largest weekly fall since Oct 2008. The bond market was hurt as investors feared that the flood of dated securities in FY10 will not be absorbed by market. OMO purchase and rumours about rate cut brought in temporary relief. The INR depreciated vs USD driven by weak Indian stock markets prompting fears of capital outflows and strong USD. The outlook on base metals remains bearish as industrial production remains weak. Gold continues to be supported by massive ETF inflows.

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