Global & Domestic Macro Snapshot
US: President Trump plans to cut several government programs and announce job reductions amid the shutdown. However, optimism remains high over resolving steel, aluminium, and auto tariffs with Canada — a move that could ease trade tensions.
AI Credit Surge: AI-driven firms now account for $1.2 trillion (14%) of US investment-grade debt, surpassing banks (11.7%). Capital is clearly rotating toward AI and tech innovation.
Emerging Markets: EM bond spreads have fallen to 278 bps, a 7-year low, reflecting strong investor risk appetite. High-yield EMs now trade near their tightest levels since 2020.
Thailand: A $1.36 billion co-payment program aims to spur consumption ahead of elections.
Japan: Strong demand for 30-year bonds shows confidence in fiscal policy and post-election stability.
Germany: Industrial orders declined 0.8%, the fourth monthly fall, led by autos and weak export demand.
India: Q2FY26 GDP growth is tracking above 7% YoY, supported by robust consumption, public capex, and low inflation. Full-year growth likely stays near 7% despite GST-related disruptions.
A new ₹24,634 crore railway expansion plan across Maharashtra, MP, Gujarat, and Chhattisgarh aims to decongest routes and lift logistics efficiency — a positive for RVNL and IRCON.
Meanwhile, Uttar Pradesh and Assam plan 7 GW of new coal capacity by 2030, signalling continued reliance on coal despite the clean-energy push — sentimentally supportive for