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“I don’t carry the burden of the past or the madness of the future. I live in the present.” Narendra Modi
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Futures are in positive territory today as the S&P 500 looks to extend its streak of daily gains to seven in a row. It’s a relatively busy morning for economic data, and Retail Sales just kicked things off. The headline report came in better than expected at +0.1% m/m versus expectations for a decline of 0.2%. Not only that but last month’s report was revised slightly higher from 1.0% to 1.1%. While the headline report was better than expected, stripping out autos and gas, the numbers were somewhat weaker than expected. All in all, this was a decent report at the surface and doesn’t suggest that the consumer is showing signs of significant weakness.
Outside of the Retail Sales report, we’ll get Industrial Production and Capacity Utilization at 9:15 Eastern and then Business Inventories and Homebuilder sentiment at 10 AM.
One of the topics covered in the commentary section of today’s Morning Lineup is economic data from India covering trade and wholesale prices. Today is also the birthday of Indian Prime Minister Narendra Modi who turned 74 years old today. While not directly connected, Modi no doubt is appreciative of the fact that Indian equities traded at all-time highs yesterday ahead of his 74th birthday. Indian stocks have also done right by US investors as well. The chart below shows the performance of India’s Sensex over the last 12 months in dollar-adjusted terms, and during that span, the SENSEX is up 21.5%
Relative to other international stocks, India has also done well under Modi. The chart below compares the performance of Indian equities to other major global equity benchmarks on a dollar-adjusted basis since Modi assumed office in May 2014. With a gain of 138%, no other region of the world has come even close. Japan, the next best-performing market is up ‘only 81%’ while Europe is up just 22% – or about the same that India has gained in just the last year! Relative to other BRIC countries, India is also blowing both Brazil and China out of the water.
While India may be ahead of the rest of the world, it still trails the US. With a gain of 195%, the S&P 500 leads India by 57 percentage points.
