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India 'Pumped' On Intervention Speculation; Everyone Else 'Dumped'

Tyler Durden's picture





 

Equity markets across AsiaPac are once again a sea of crimson with India and Indonesia taking front of stage... but in divergent ways for a change. After slamming lower to new record lows (not surprising given the forwards weakness all day), speculation was rife that the RBI intervened in the Rupee and Indian stocks jumped exuberantly on the news (NIFTY +1.3%). But no such luck for Indonesia where the Jakarta Comp is -2%. Conversely (for now), Indonesia's Rupiah is relatively well bid (+1.28%) and the Rupee is still -0.6%. Elsewhere, the Philippines are being hit FX down and stocks -1.9% and even the larger equity markets of China, Australia, and Japan are red. US Treasuries are leaking higher in yield (10Y +2bps at 2.88%) and US equity futures are limping higher (now +1pt). Silver is pushing lower (-0.8%) while gold and Crude are only modestly lower.

 

The Rupee ttested up to another all-time low and then by magic started to rally...

 

The speculation of RBI intervention provided the BTFD courage for Indian equity traders... but no such luck for Indonesia...

 

Silver is suffering though...

 

Charts: Bloomberg

 


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