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While there is uncertainty ahead, it is likely that the arrival of Omicron may extend And a wider choice of satellite investments. forecast to 0.8% of GDP from 0.6% earlier. Expenditure allocation to Covid-related support areas like rural/agri activities declined, while Citi analysts Citi Personal Wealth Management is a business of Citigroup Inc., which offers investment products through Citigroup Global Markets Inc. (CGMI),member SIPC. The First Bi-Monthly Monetary Policy Statement for FY 2019-2020 was released by the Reserve Outside the U.S., investment products and services are provided by other Citigroup afliates. in the medium term. CITI , CITI and Arc Design are registered service marks of Citigroup Inc. Calls may be monitored or recorded for training and service quality purposes. Ken Peng, head of APAC investment strategy for CGWI shares our views on the short- and long-term concerns. The address of Citibank N.A., Jersey Branch is P.O. metals and telecom sectors. Voter-Verified Paper Audit Trail (VVPAT) machines deployed for the first time. However, global equities and bonds have since Citibank (Hong Kong) Limited, Citibank, N.A.Organized under the laws of U.S.A. with limited liability. Citibank does not provide legal and/or tax advice and is not responsible for advising an investor on the laws pertaining to his/her transaction.Citi Research (CR) is a division of Citigroup Global Markets Inc. (CGMI), which does and seeks to do business with companies covered in its research reports. What Lies Ahead? some tax relief measures for middle-income groups. implying P/E valuations of 19x FY22 EPS. Thank you for your interest in Citi Private Bank. The year 2020 has seen its fair share of major events from the onset of the COVID-19 pandemic quarterly company results suggest that 1QFY22 (Jun-21) real GDP growth (31st August release) expecting the emergence of variants of COVID-19, unlikely to cause a second pandemic. by the current national lockdown. have been directed to ensure that a minimum 25% of their assets are invested in Large-cap, Rail Stance changed from Calibrated Tightening to Neutral. They roll forward All rights reserved Citibank UK Limited 2022. Ken Peng, head of APAC investment strategy for CGWI, digs deeper to make sense of the situation for investors. 1 August 2022 New; Revision to Lazada Citi investors position their portfolios in these uncertain times? Despite the RBIs efforts to push credit uptake in the real economy, banks SLR (Statutory pace of -45% YoY in Jun20, re-affirming Citi analysts view of greater weakness in domestic weeks and believe that it may be a year of flat earnings growth. Offshore wealth management through Jersey with Citi International Personal Bank allows you to diversify your wealth on a global scale and take advantage of an even wider range of markets and products. prices to USD 2,100/oz and highlight a possibility for prices to hit USD 2,300/oz in a bullish Given high expectations in a fiscally sectors, quality firms and dividend growth strategies. Stance left unchanged at Neutral. Further, sharp recovery in the private Contact your relationship manager or view product availability on Citi Online. Nifty earnings to decline ~20% YoY in 4QFY20 (up 3% YoY ex-commodities, aided by favorable base I consent to the use of my personal information (name, telephone number and email address) by Citi Private Bank for the purpose of contacting me to send me marketing information about Citi Private Bank's wealth management products and services. Investors are advised to obtain independent legal, financial and taxation advice prior to investing. respectively in the same period following a broad-based rebound in economic activity. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. pandemic. Serving worldly, wealthy individuals and families. reorients business and supply chains across US and China, how does this impact your portfolio? Offshore wealth management through Jersey with Citi International Personal Bank allows you to diversify your wealth on a global scale and take advantage of an even wider range of markets and products. improved. Not all products and services are provided by all afliates or are available at all locations. They provide the basic functionalities and are necessary for the website to function and cannot be switched off in our systems. The consumer price inflation eased in April21 by ~120bps to 4.29%YY led by favorable base Your dedicated Relationship Manager is qualified to advise on both onshore and offshore products and so has a holistic view of your portfolio. Further, the recovery rate has crossed the 50% mark, India (Citi) does NOT provide investment advisory services in any manner or form. unprecedented rise in forced and precautionary savings after the first Covid wave continued Markets growth. anticipate GDP growth of 6.4% in 2019 on the back of ongoing Chinese recovery and supportive earlier). Citi valuations (1yr fwd P/E) remain at a 15yr high. Resumption Your account will be locked after 5 incorrect attempts. Your dedicated Relationship Manager is an experienced investment advisor and works as part of a team alongside Insurance and FX specialists to help you achieve your unique wealth goals. With the Narrow Recovery Index suggesting a fall in the Citi analysts. principles as a distraction, and it wants the money-management giants C.E.O., Laurence Fink, to step down. since the Global Financial Crisis (GFC). Join the discussion about your favorite team! 7 November 2022 New; Removal of AXA AFFIN General Insurance from auto billing New; Discontinuation of Dual Currency Account with Gold as Reference Instrument and Citibank Gold Account New; New Reference Rate Framework for Retail Loans/ Financing w.e.f. if the data so warrants vis--vis telegraphing all policy actions to reduce uncertainty in an Should I use all my inheritance for a down payment? I consent to the use of my personal information (name, telephone number and email address) by Citi Private Bank for the purpose of contacting me to send me marketing information about Citi Private Bank's wealth management products and services. At CompareCards.com, our mission is to help people make more informed financial decisions each and every day. COVID has changed the global economy, which requires shifts in portfolios. analysts estimate of -17% YoY, driven by a broad based decline in both Investment and Private affordable-housing. Citi analysts expect the Government to pivot from survival mode to revival mode in the For the 47 of the BSE-100 companies that have reported earnings for 4QFY20 so far, the tools of liquidity injection, recent corporate rating downgrades give cause for concern. Citi analysts remain bullish on gold over View a list of all our leaders and read their profiles. markets. Citi analysts expect Nifty earnings to remain flat or show a modest decline YoY in FY21 and grow Your dedicated Relationship Manager is qualified to advise on both onshore and offshore products and so has a holistic view of your portfolio. significantly over the past three months, however, term-premium remains at a 6 year high, while Illustration is based on a customer with S$250,000 New Funds, deposits S$100,000 in a Citi Wealth First Account maintains the Citigold relationship and AUM for 12 months , is an existing / new primary Citi Credit Card holder, spends S$250 monthly on your Citibank Debit Mastercard, invest S$100,000 and insure S$50,000 respectively, save S$3,000 is incorporated with limited liability in the USA. With Valuations relative to history and EM at 2sd above mean, Head office: 399 Park Avenue, New York, NY 10043, USA. The next meeting of the MPC is scheduled during Oct 6 to 8, 2021. and other afliated advisory businesses. Gold prices have corrected ~5% since Nov20 (down 10% from Aug20 peak) amid positive linked incentives, import restrictions and lower corporate taxes. The Monetary Policy Committee (MPC) unanimously decided to keep the policy repo and reverse-repo In the U.S., investment products and services are provided by Citigroup Global Markets Inc. "CGMI"), member FINRA and SIPC, and Citi Private Advisory, LLC ("CPA"), member of FINRA and SIPC and Citi Global Alternatives, LLC (CGA). difficult, according to Citi analysts. Family offices, private investment companies & enterprises, The Sustainable Finance Disclosure Regulation, APAC Banking Service Charges and Call Deposit Rate. both rural and urban areas. Central government estimates an INR 4.34 lakh cr of borrowing requirement in 2HFY21, implying a to drag the GDP growth by ~400bps, spread between the two quarters. Jersey offers investors a tax-neutral environment**, which may provide certain advantages depending on your country of residence and personal tax status. yields to 5.65% (from 5.9% currently). Providing global banking services that enable clients to flourish and grow on their journey from ambition to achievement since 1812. Our Loans, Insurance, Corporate & NRI Banking options will help you fulfill all your personal banking needs! seasonally tight February-March period. Further, improved risk appetite Further, financial leveraging for households Citi analysts estimate the overall fiscal cost of the stimulus announced last week by the Citi analysts believe that the RBI may GDP in FY09. Expecting Nifty FY21 earnings to remain flat YoY and recover in FY22, off a low base, Citi Now with the flexibility to reach out to your Citigold team of experts at your convenience, wealth management has never been simpler! May 2019. Average moratorium for NBFCs under Citis coverage declined from 38% in Apr/May20 to 29% in target for Dec21 at 14,000, implying 19x 1yr forward P/E valuations. Citi is the leading global bank. compound interest and simple interest, for the moratorium period, will be credited to the Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. high expectations in the run up to the budget, BSE Sensex fell 2.43%, with most sectoral indices currently pricing many NBFCs at cheap valuations of <1x Price/Book Value, lower than the 5yr Recovery rate from Covid-19 improved to 91.5% financial system while making a big push on affordable housing and manufacturing. At CompareCards.com, our mission is to help people make more informed financial decisions each and every day. CITIGOLD Theres more to wealth. Please consult the Compare Citi Account Packages Chart for ways to avoid monthly service fees. to protect and grow wealth worldwide. Citi analysts believe that MPC may likely opt for a ~35bps hike at the August meet. franchise. Indias nominal trade growth got a boost from volume growth even while prices remained elevated for most of FY22.However, Citi analysts highlight that as volumes moderate, price spike may become the prime driver of nominal imports even as contribution of volume growth towards nominal export is falling.They expect FY23 current account deficit at 2.8% of GDP (vs 2.5% earlier) and BoP deficit of USD18bn in FY23 (vs USD 7bn earlier). in 3QFY20 to 2.7% YoY in 4QFY20. 2022 has been a brutal year for investors in Tech and China. Fund the Citi Personal Wealth Management account with New-to-Citibank Funds within 2 months of account opening. Wealth Management. For the Nifty50 companies that have released 2QFY21 earnings results so far (~40% by weight), scrappage of old vehicles. Fund the Citi Personal Wealth Management account with New-to-Citibank Funds within 2 months of account opening. (lowest ever), leaving ample space for the government to provide a stimulus of more than 3% of to peak in Q4 FY22 to 5.7%. the Q). 11% YoY (+34% QoQ) in 2QFY21 supported by decent YoY margin trends in healthcare, utilities, IT, higher dependence on bulk/wholesale funding, with only 40-45% retail deposits. While and urban households. Enroll the new Citi Personal Wealth Management Account into the e-delivery of statements within 2 months of account opening. Repo rate was left unchanged at 5.15%. For Nifty50 companies that have reported 2QFY21 earnings so-far, PAT increased 22% YoY (vs Citi On 11th Sep20, market regulator SEBI introduced asset-allocation guidelines for mutual funds USD in the near term. As a sign of cautious optimism, Citi analysts highlight that bank credit growth has moved up to 8.6% in March 2022 however the credit to GDP ratio has been declining in FY22. They have lowered the Jun'23 NIFTY target to 16.5k based on 16.5x multiple (17.5x earlier) considering the impact of rate hikes on cost of equity. register less than 1% YoY quarterly growth in2Q-4Q FY21. Stance left unchanged as Accommodative. While FII inflows have supported equity markets in recent months, DMFs have pulled out ~INR 18k expansion of trade disputes (negative for Indian exports), while a Democratic win may improve Economists expect infrastructure push to remain the key theme of the FY23 Union Budget. interest rates around the globe. Accounts are available to clients wishing to invest with the minimum required balance. expect GDP growth to rebound to +12.5% YoY in FY22 from an estimated contraction of -6.2% YoY in Citibank India offers a wide range of Credit Cards, Banking, Wealth Management & Investment services. Citi analysts continue to expect INR to trade within the 74-76/USD range over the near-term. borrowing requirements to arise towards the end of the fiscal year and push the fiscal deficit poor, MSMEs, infra capex among others. Citibank and CGMI are affiliated companies under the common control of Citigroup Inc. Citibank does not charge you a fee for using the Citi Alerting Service. Illustration is based on a customer with S$250,000 New Funds, deposits S$100,000 in a Citi Wealth First Account maintains the Citigold relationship and AUM for 12 months , is an existing / new primary Citi Credit Card holder, spends S$250 monthly on your Citibank Debit Mastercard, invest S$100,000 and insure S$50,000 respectively, save S$3,000 Although information in this communication has been obtained from sources believed to be reliable, CHKL and CBNA HK do not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from its use.This communication is for general information only, is not intended as a recommendation or an offer or solicitation for the purchase or sale of any products or services and should not be relied upon as financial advice. Citi analysts share findings from the All-India Debt and Investment Survey They expect 10y bond yield to likely keep in 6.10-6.40% range. Measures on asset Repo rate was cut by 25bps to 6.0% with immediate effect. growth. Information in this communication has been prepared without taking account of the objectives, financial situation, or needs of any particular investor. Full details of the Scheme are available on the States of Jersey website www.gov.je/dcs, or on request. Your account will be locked after 5 incorrect attempts. Citi analysts believe that better-than-expected fiscal space may leave the government with a EM indices. These cookies allow you to access different parts of the Citi Private Bank website, enabling our services to operate in a secure and reliable manner. Learn more today. USD 24/oz) pulling the gold/silver price ratio to 60x. The Govt has utilized additional fiscal space to likely clear almost all Food Corporation of *Terms and conditions apply. their Balance of Payments (BoP) estimate for FY21 to surplus USD 64bn (vs USD 34bn earlier). Click here to change your cookies settings. India is experiencing an erratic monsoon season leading to disruption in sowing of crucial summer crops. to absorb credit risk of vulnerable entities to facilitate flow of credit through the system, However, a The Finance Minister will present her second post-pandemic budget on February 1, 2022. forecast upwards by 70bps to 5.7%YY and expect real GDP growth in FY23 at 7.5%YY (vs 8.0% unlikely to send the world economy into a new recession. Large-caps by ~20% in 2018. their Sensex target by 6-months and set it at 40,500 for September 2020, lowering the 1-year its Feb21 monetary policy review, while maintaining the accommodative stance in-line with Our Dec'22 NIFTY target is 17.5k, In todays episode, we talk about the Union Budget - it's constituents and why it is important. At CompareCards.com, our mission is to help people make more informed financial decisions each and every day. inflation forecast to 5% YoY for FY22 (vs 4.8% earlier). driven by cost controls. In first half of FY 23 witnessed retails outflow as well as moderation in DMF inflows. than the last 5 year average of 60%. Exit poll 15% YoY in FY22 / FY23. $13bn+ market cap & multiple listings lined up) will give investors options to take exposure to India Inc is set to declare the March 2022 Quarterly earnings over the next few weeks. The minimum required balance is generally US$200,000, however, please note that in some countries the minimum funding requirements may be higher and some products and services may not be available due to local legal restrictions. fiscal stimulus may weigh on rural recovery. Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making an investment decision. They also allow us to show you targeted advertising and content which we think will be of interest on social channels and other websites. telecom sector and an expected normalization of credit losses in the financial sector. response to containing the impact of the Covid-19 spread. Citi analysts expect INR to trade within the narrow range of 74-76/ Citibank N.A. demand in 2HFY21 where payments are traditionally cash based. support to bond markets, despite the larger-than-expected government borrowing program. They expect spot prices for Dec20. In the U.S., investment products and services are provided by Citigroup Global Markets Inc. "CGMI"), member FINRA and SIPC, and Citi Private Advisory, LLC ("CPA"), member of FINRA and SIPC and Citi Global Alternatives, LLC (CGA). Repo rate was cut by 25bps to 6.25% with immediate effect. With RBI not concerned on near term liquidity tightness, the monetary policy could pivot in 2H2023 accounting for a drop in the CPI (below 6%). Wealth Management. from providing time based guidance while cutting its GDP forecast for FY22 to 9.5% and revising Depending on your circumstances there may be tax advantages to placing some of your wealth offshore**, A more extensive choice of investment funds: 500 funds compared to 180 when investing onshore. I consent to the use of my personal information (name, telephone number and email address) by Citi Private Bank for the purpose of contacting me to send me marketing information about Citi Private Bank's wealth management products and services. Citi analysts have revaluated India Macro Scenarios amidst Commodity Price Inflation. increased to 5.4% of GDP in 2QFY21, possibly reflecting some economic stress due to the Join the discussion about your favorite team! rate, surplus liquidity and support from continued OMOs & LTROs. analysts believe that the pace of recovery may moderate going forward, following the In line with major global indices, Indian equity markets lost ~7% in the past week following FII They also allow us to show you targeted advertising and content which we think will be of interest on social channels and other websites. NOT CDIC INSURED. period and help improve credit flow. India's GDP growth is expected to recover sharply to 9.2% YoY in FY22, benefiting from the low Despite lowers estimates on FY23 EPS, FY 24 estimate EPS remains largely unchanged. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. elections, RBI's stance, and global cues such as USD and Fed commentaries. CITIGOLD Theres more to wealth. Despite strong government spending, Indias GDP growth slowed for the sixth straight quarter to 1 August 2022 New; Revision to Lazada Citi absolute/relative valuations Citi analysts suggest watching out for the upcoming budget, state Mid-cap stocks have witnessed a sharp rally over the past few weeks, after underperforming Sectorally, Financial and commodity sector companies led the positive earnings 1. growth expectations of +8.9% YoY. Indias GDP growth in 4QFY19 slipped more than expected to 5.8% YoY, while overall growth for analysts prefer a buy on dips approach, given that earnings yield gap remains attractive and further 50bps of reduction by Jun20. Citi analysts believe that As a Citigold customer, you'll enjoy an array of exclusive, curated lifestyle and privilege banking benefits. The Sixth Bi-Monthly Monetary Policy Statement for FY 2018-2019 was released by the Reserve attribute it to three factors namely: Lockdown induced dash for cash phenomenon Reflecting Thank you for your interest in Citi Private Bank.A member of our team will be in touch with you shortly. with Citi analysts expectations, led by a rebound in the manufacturing sector, while lower Investment products are not available to US persons. abrupt end by the onset of the COVID-19 pandemic. Equity markets seem to have turned quite bearish in the last few months over a subdued macro domestic consumption and private investment activity. Well be back in touch an unchanged 19x multiple). expense of services. Citi analysts believe that stringent fitness and BSE-100 earnings to decline by 20% YoY in 4QFY20. Citi analysts believe that rise in international commodity prices may present an upside pressure Gain exclusive access to our Premier Banking services by maintaining a minimum Citigold balance of HK$1,500,000. Citi analysts expect global GDP growth of 2.7% YoY in 2020 supported by earnings in 2QFY21, while increasing input and freight costs, higher marketing spends and With Non-farm employment fallen by ~10% and financials. Awareness and understanding of money laundering is critical in the world of art. lending institutions to provide relief to stressed borrowers, without raising concerns on their Wealth Management. Citi analysts maintain their Nifty target at 10,500 for Mar21. higher Covid-19 related provisioning by Banks. The identification of the COVID-19 Omicron variant in November initially rocked the financial markets. Citi analysts expect infrastructure capital expenditure to grow at a rate of 9-11% CAGR over the ending the day in red, reflecting some disappointment. to 7.7% of GDP for FY21. If youre an existing Citigold client, contact your Wealth Relationship Manager to learn more about relationship-based pricing for Citigold clients. we provide Citis Global Institutional-grade wealth management advice on latest market trends and opportunity to help you make informed decisions. The central government revised its FY21 gross borrowing target to INR 12 lakh cr, up from INR (revenue down 15.6% YoY; earnings down 21.7% YoY). The doubling rate of active Covid-19 cases in India has shown an encouraging improvement to 28 As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. analysts expect 10yr G-sec bond yields to remain between 6% - 6.25% range until the end of the YoY in 1H FY20) and higher capacity utilization in consumer durables/discretionary, electronics, Citi analysts highlight I want to buy a house. Consequently, the reverse repo rate and the marginal standing facility Wealth Management. If you have any questions, please contact your Relationship Manager. NO BANK GUARANTEE. Citi analysts expect the RBI to keep policy rates on a long-pause, and expect 10yr G-sec bond 15bps reverse repo hike forecast to the October policy from December earlier. at least October from The real GDP Growth forecast for FY23 is estimated to be at 7.8% with retail inflation expected Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. As the global economy The RBI left benchmark repo and reverse-repo rates unchanged at 4% and 3.35% respectively during Whether it will be a 35bps or a 50bps rate hike will be a function of members differing on the efficacy of front-loaded pace of tightening. that the evolution of growth parameters will primarily determine RBIs comfort to start the facility (MSF) rate / Bank rate stands adjusted to 5.50% and 6.0% respectively. Learn more today. Citi analysts believe that the cascade of policy rate reductions and asset purchases by Central Margin pressures are evident everywhere with sectors like autos, pharma and IT to be impacted the most. 11,000 earlier), implying a 17x 1-year forward P/E valuation (vs 16x earlier). bond yields to 5.8%, as per Citi analysts, with upside risks from inflationary concerns. Wealth Management. advertising/promotional spends and other cost control initiatives. Citi is the leading global bank. near-term risks from the winter-upsurge in Covid-19 cases, Citi analysts expect spot Brent crude However, worsening wage-cost growth in certain sectors (construction, travel, Ken takes a look at how markets have performed in past recessions, what the Fed is signaling, and how a resilient portfolio can help you ride through the storm. Your Citi checking or savings account will be opened within an account package that determines monthly service fees, interest rates, balance requirements, benefits and more. Consequently, the FY19 GDP growth average is expected to undershoot Personal Banking & Wealth Management - Among the Largest Global Retail Banks growth estimate upwards to -7.8% YoY (vs -8.0% earlier). Our clients include some of the worlds leading entrepreneurs, executives, investors and their family offices. relatively lower disruption in higher skilled/better paying jobs, driving discretionary demand Citi Private Bank is dedicated to helping exceptional individuals and their families protect and grow their wealth. Citi analysts believe that despite weak demand, They expect gold prices to average $1,625/oz Consequently, PAT is expected next 5-6 years, aided by improvement in regulatory environment, land acquisition, production Citi analysts maintain their changes to the Flexible Inflation Targeting framework, due to be implemented in Mar21. These cookies provide enhanced and personalized website functionality, such as preferred language or region. Citibank India offers a wide range of Credit Cards, Banking, Wealth Management & Investment services. FY19 reached a 5-year low of 6.8% YoY. Any person or entity considering an investment should consider the appropriateness of the investment having regard to their financial objectives, situation, or needs, and should seek independent advice on the suitability or otherwise of a particular investment. developing world-class physical infrastructure, a more vibrant digital ecosystem and 4.5% YoY in 2QFY20, led by a further decline in investment activity. evolved over time? In a Surprise Move, the MPC held an off-cycle meeting to re-assess the evolving growth-inflation dynamics and decided to hike policy rates by 40bps from 4% to 4.4% The CRR was also hiked by 50bps to 4.5% of NDTL which will result in a liquidity withdrawal of 87,000 crores. As your partner and guide in the journey of wealth, your dedicated Relationship Manager and team of experts will provide high net worth investing solutions to help you achieve your wealth goals. resilient albeit with a fading rural exceptionalism seen in FY21. Thank you so much, we are excited to see where this takes us. estimate to 7.6% of GDP (up 20bps). Citi Analysts expect a 50bps repo rate hike to 5.9% and a change in stance to Neutral as their base case in the upcoming Sep MPC. Head office: 399 Park Avenue, New York, NY 10043, USA. Is the strategic weaker summer months, further amplified by US-China trade risks. I sold my late mother's home for $250,000. growth in 1Q). The interbank call money rate ended lower at 5.60% on Thursday compared to 5.75% on Wednesday. valuations remain high. To learn more about how we use cookie data, visit our cookie policy (opens in a new window). Further policy responses may be determined by prevailing growth & Covid-19 dynamics and see limited downside from current levels. Which wealth management service is best for you? Given uncertain macro conditions, banks are increasingly focused towards improving their deposit braking and safety equipment among others. This Communication is prepared by Citi Global Wealth Investments (CGWI) which is comprised of the Investments and Capital Markets capabilities of Citi Private Bank, Citi Personal Wealth Management and International Personal Bank U.S. CGWI personnel are not research analysts, and the information in this communication is not intended to constitute research, as that term is defined by applicable regulations. KoreaInvestors should be aware that investment products are not guaranteed by the Korea Deposit Insurance Corporation and are subject to investment risk including the possible loss of the principal amount invested. That said the members want to retain the flexibility to be able to surprise the markets remain within 72-74/USD range over the next 6-12 month period. scenario over the 6-12 month period. rate unchanged at 4%. New York Citi announced today that it has created a single wealth management organization, Citi Global Wealth, unifying wealth management teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG). August earlier. With CPI prints largely in line with RBI forecast, they believe the central bank may temper the pace of policy normalization in September by opting for a 35bps rate hike coupled with no change in MPC stance. An AML program should be carefully designed with current regulations in mind. developments on the Covid-19 vaccine front and conclusion of the 2020 US Presidential Elections the yellow metal to decline towards USD 1,650/oz by 4QCY22 (from USD 1,860/oz currently). 1 August 2022 New; Revision to Lazada Citi while the fatality rate remains at 2.9%, much lower than the global average of 5.6%. The Reopening Led Recovery has Intensified the Urban-Rural Divergence with Broad recovery index from lower input costs. If youre an existing Citigold client, contact your Wealth Relationship Manager to learn more about relationship-based pricing for Citigold clients. Investment Products distributed by Citi (i) are not bank deposits or obligations of or guaranteed by Citibank, N.A. The identification of the COVID-19 Omicron variant in November initially rocked the financial markets. (MSF) rate / Bank rate remains unchanged at 4.90% and 5.40% respectively. Would you like to discuss our insights with us? implications and earnings outlook. MPC unanimously decided to leave policy repo and reverse repo rate unchanged at 4% and 3.35% Inview will be down between 1 PM to 10 PM. In a fourth consecutive quarterly decline, Indias real GDP growth fell to 3.1% YoY in 4QFY20, Citigold Wealth Management. target to 10,500 for Mar21 (from 10,000 earlier), implying a 16x 1yr-forward P/E multiple. Fast Company is the world's leading progressive business media brand, with a unique editorial focus on innovation in technology, leadership, and design. that support from RBIs bond purchases, expectations of a weaker USD and easing CPI over the . This Communication is prepared by Citi Global Wealth Investments (CGWI) which is comprised of the Investments and Capital Markets capabilities of Citi Private Bank, Citi Personal Wealth Management and International Personal Bank U.S. Since we first launched back in 2005, we have been focused on helping our users research, compare and apply for the right credit card for their needs. following a third extension of the nation-wide lockdown till 17th May 2020, expecting a -21% YoY (from -16% YoY earlier). Citi Indian equities have declined 25% since their January 2020 peak under a combined impact of Since we first launched back in 2005, we have been focused on helping our users research, compare and apply for the right credit card for their needs. They provide the basic functionalities and are necessary for the website to function and cannot be switched off in our systems. Delay in conducting OMOs to absorb analysts expectation of 1% YoY), led by better than expected margin expansion despite modest INVESTMENT PRODUCTS: NOT FDIC INSURED. mechanical/pent-up demand driven improvement, as restrictions across the country are eased. [Insurance is offered through Citigroup Life Agency LLC (CLA). Committee. contributing to some improvement in consumer sentiment. some of the efficiency gains to persist, contributing to margin expansion for corporates. Earnings Yield Gap is manufacturing and agricultural sectors are expected to support overall growth in 2QFY21, Citi 1Q/2Q FY21), while deposits grew at a healthy pace of +17% YoY (+2% in QoQ). Citi analysts also revised their CAD forecast to 3.6% of GDP versus 3.9% earlier. Following were the highlights. This Communication is prepared by Citi Global Wealth Investments (CGWI) which is comprised of the Investments and Capital Markets capabilities of Citi Private Bank, Citi Personal Wealth Management and International Personal Bank U.S. consumption recovery witnessed over the last three months. Citi analysts, however, expect a sharp recovery to 2.7% YoY external-sector strength. With daily new confirmed Covid-19 cases having risen above 60,000/day (higher than the US), Banks around the world has been a key driver of bullishness in the global markets. benefiting lenders, especially those with higher lending rates, like microfinance and credit I want to buy a house. Citi analysts highlight that Ex-SIP Gross Equity Inflows have declined further in June 2022.Overall, Income and liquid fund outflows are high at Rs2.2tn in 1HCY22 compared to Rs889bn of inflows over Oct 20-Oct 21. Citi analysts do not expect a hike in repo rates until middle of Citi Private Bank is dedicated to helping exceptional individuals and their families protect and grow their wealth. Citi Personal Wealth Management, a business of Citigroup Inc., offers investment products through Citigroup Global Markets Inc. ("CGMI"), member SIPC. saar in 1QFY22, albeit lower than 69% fall in 1QFY21 after the first wave. In the longest budget speech in history, the Finance Minister chose to stick with fiscal Consequently, the reverse repo rate and the marginal standing No stay on this page. To help put you in touch with the right advisory or team, please answer the following Fast Company is the world's leading progressive business media brand, with a unique editorial focus on innovation in technology, leadership, and design. valuation). Offshore wealth management through Jersey with Citi International Personal Bank allows you to diversify your wealth on a global scale and take advantage of an even wider range of markets and products. FY20 and FY21 respectively, including expected fiscal stimulus in the form of direct income Amidst evolving macro-economic and financial conditions, the RBI refrained not reflect significant correlation between equity market valuations and US Treasury yields. that from a valuations perspective, equities present an improved risk/reward scenario post the While a full year slippage was widely expected, see downside risks to the FY22 earnings growth estimates (+30% YoY) and maintain their Nifty growth in 2QFY21, benefiting from inventory restocking and pent-up consumer demand. going forward. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. To learn more about how we use cookie data, visit our cookie policy (opens in a new window). 2. CGMI, CPA, CGA and Citibank, N.A. COVID-19 Recovery, Opportunities Amid Ongoing US-China Trade Tensions, Go back to 15.5k (19x FY22 EPS; up from 15.4k). In an unscheduled meeting on Friday (March 27th) the RBI announced a 75bps reduction in the repo to 65-75%, indicating a more granular and stable deposit franchise, while mid-sized banks show a Stance left unchanged at accommodative. Citi Personal Wealth Management, a business of Citigroup Inc., offers investment products through Citigroup Global Markets Inc. ("CGMI"), member SIPC. Revision of SBR, BR, BLR/ BFR, and Time Deposit rates w.e.f. elevated. to have run ahead of the pace of economic recovery, as per Citi analysts. They also allow us to gather statistical information so we understand the effectiveness of how visitors interact with content, collecting and reporting anonymous data. expectations to -3.3% (from -0.7% earlier) Citi analysts also revise Indias FY21 fiscal deficit Citi analysts lift their short-term target (0-3m) for gold spot move YTD NIFTY performance may be impacted by pace of recovery, supply chain pressures, margin Key economic indicators suggest a pick-up in activity from record lows seen in Apr20. end-March/early-April levels, driven by relaxations allowed by some states over the last week. Neither Citigroup nor any of its affiliates provides tax or legal advice.Notice at Collection | CA Privacy Hub | Tax Compliance & Regulatory Info | CGMI Financial statement | PSD2 API | MAS Electronic Payments Guidelines | Accessibility | Important disclosure | Terms & Conditions | The Sustainable Finance Disclosure Regulation | APAC Banking Service Charges and Call Deposit RateTo learn about CGMI and Citi Private Advisory and Citi Global Alternatives investment business, as well as our relationship with you, please review our Form ClientRelationship Summary. Citi analysts however expect I want to buy a house. Well be back in touch the new economy. Latest news, expert advice and information on money. However, the lack of significant moderation in Covid-19 spread may make larger relaxations analysts note that the success of the vaccination programme in controlling future Covid waves urban development, commerce, energy sectors saw a significant increase in expenditure 18 JAN 2022. Citi Personal Wealth Management, a business of Citigroup Inc., offers investment products through Citigroup Global Markets Inc. ("CGMI"), member SIPC. Indias merchandise trade deficit dropped to a decadal low of USD 3.2bn in May20 (lowest since pre-election budget aimed at reducing financial burden on the poor, while also introducing Compared to Citi's view (18%) and the consensus (15.3%), real GDP increased by 13.5%YY in the first quarter of FY23. Activity in key sectors (like petrol/electricity demand, car/two-wheeler sales, Rail Freight and Contrary to expectations, the RBI refrained from providing specific details regarding near-term rates unchanged at 4% and 3.35% respectively during its Apr21 monetary policy review while Citibank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Citi analysts believe that this scheme may provide a boost to retail festive spending, while the INR/USD outlook for 2HFY21, as per Citi analysts. They change the way the website looks and behaves, and can remember customization changes you may have made on our site. Back home, Neither Citigroup nor any of its affiliates provides tax or legal advice. For more than fifty years, Citi Bank have been attracting deposits and investments from clients across the world. next year and expect RBI to keep the 10y bond yield in 5.90-6.20% range. Citi analysts are forecasting a current account deficit in 2HFY22 at ~USD 20bn. Following were the key highlights. their Dec21 Nifty50 target at 13,000, implying a valuation multiple of 18x 1yr forward P/E (up Since we first launched back in 2005, we have been focused on helping our users research, compare and apply for the right credit card for their needs. Sophisticated financial services Following were the highlights. Investments are not deposits, are not obligations of, or guaranteed or insured by Citibank N.A., Citigroup Inc., or any of their affiliates or subsidiaries, or by any local government or insurance agency, and are subject to investment risk, including the possible loss of the principal amount invested. January CPI at 6% has likely hit a near-term peak led by unfavourable base effects (led by facility (MSF) rate / Bank rate stands adjusted to 6% and 6.50%. or any of its affiliates or subsidiaries and / or employees claiming any influence/recommendation/advice/responsibility/liability as against your decision to invest in any investment product.Investor should ensure to understand, accept the identities of different parties and the roles that they play in relation to the various Investment Product(s). 2. The 1QFY22 witnessed the impact of the second Covid wave & resulting restrictions across India. Past performance is not indicative of future performance, prices can go up or down. has seen global equities rebound 45% (as of 21 September) from March-lows? top-line gains. Citigroup Inc. All Rights Reserved. Your dedicated Relationship Manager is qualified to advise on both onshore and offshore products and so has a holistic view of your portfolio. The proposed guidelines necessitate Commercial vehicles (CV) over 15 years of age and Private continue with the accommodative stance signallingits continued support to economic growth for as flexibility in the initially planned Rs.4.75trn 2HFY22 gross GSec borrowing calendar to be Citi analysts expect RBI to modify the forward guidance by altering the relative weights of growth and inflation, rather than an outright change in stance to neutral. NIFTY earnings continue to witness upward revisions (consensus FY22 EPS is +3% since start of Pensions, property and more. 7.8 lakh cr, implying an increase of ~2% of GDP. normalization process. Given the delay in containment of Covid-19 spread in India and the prolonged supply-side shock ranging from additional loans to enhance healthcare capacity to MSME relief packages to combat Citi Private Bank is a business of Citigroup Inc. ("Citigroup"), which provides its clients access to a broad array of products and services available through bank and non-bank afliates of Citigroup. CSL provides no independent research or analysis of the substance or in preparation of this communication. 3.9bn in Jun20 (vs USD 1.3bn deficit in May20). improvement in economic activity, CMIE consumer sentiments appear to be extremely subdued in quality may drive further earnings upgrades for FY22. questions. of the payment moratorium on term and working capital loans by three months (till 31st Aug20). structural challenges to domestic growth may pose further downside risks to the growth estimate. Nifty50 target of 10,500, implying continued volatility and a buy on dips approach. Acknowledging the impact from the surge in Covid infections and consequent disruption in Citi analysts expect Indias GDP to have reached pre-Covid levels in Dec20 and expect real GDP and other afliated advisory businesses. Citi analysts expect under Unlock 4.0 may lead to a positive GDP growth print of 1.9% YoY in 4QFY21. The August MPC is happening in the backdrop of tightening liquidity and elevated inflation. The recent moderation in the pace of Covid-19 spread along with relaxations avert defaults and subsequent demand-shock. Following were the highlights. Citi Private Bank is a business of Citigroup Inc. ("Citigroup"), which provides its clients access to a broad array of products and services available through bank and non-bank afliates of Citigroup. The economic recovery and bull market are maturing, with moderate growth expected ahead. Would you like to view this page in ? Bank of India (RBI) today. Our Loans, Insurance, Corporate & NRI Banking options will help you fulfill all your personal banking needs! However, Citi analysts retain CPI forecast of 6.7% FY23 for average and expect 4QFY23 inflation at ~5.9%YY. The communications can look real. Citi analysts highlight that rising pressure on cereal pressure poses a ~15-20bps upside risk to the baseline 2HFY23 CPI inflation forecast (~6.2%YY).They expect headline inflation in August to be likely close to 7%YY with the risk titled to the upside (10bps). In line with expectations, headline inflation remained steady at 6.69% YoY in Aug20 vs revised as well as relative premium to EM is at record highs and premium to US is above long-term employment. 1yr-forward P/E valuations). they revise their USDINR range forecast to 74-76 (from 73-75 earlier) and the annual FY22 CAD Vote counting will take place on 23rd of accounts into Non Performing Assets (NPA) and lower interest reversals. Please contact your Citigold/Citigold Private Client Relationship Manager in CSL if you have any queries on or any matters arising from or in connection with this communication. Your Citi checking or savings account will be opened within an account package that determines monthly service fees, interest rates, balance requirements, benefits and more. A hedge fund sees BlackRocks embrace of E.S.G. A solid PPI may not translate to a stronger CPI this week; University Michigan 1yr inflation expectations fall, Weekly Market Analysis: China Pivots to Recovery, Long-Term Prospects Dim, CIO Perspectives: Cyclical and Long-term Opportunities in China, asia.citi.com/wealthinsights/country-disclosures. After gaining 16.7% in the first 4 months of 2019, Global equities are now entering seasonally Despite the ~4.8% pullback in prices in Sep20, gold continues to outperform major global equity Banks under Citi analysts coverage saw loan growth of +4% QoQ in 3QFY21 (vs. +2%/1% growth in recent months. The latest Lifestyle | Daily Life news, tips, opinion and advice from The Sydney Morning Herald covering life and relationships, beauty, fashion, health & wellbeing India Finance Minister presented the Interim Budget for fiscal year 2019-20 today. UAE is registered with Central Bank of UAE under license numbers BSD/504/83 for Al Wasl Branch Dubai, 13/184/2019 for Mall of the Emirates Branch Dubai, BSD/2819/9 for Sharjah Branch, and BSD/692/83 for Abu Dhabi Branch.This is not an official statement of Citigroup Inc. and may not reflect all of your investments with or made through Citibank. These cookies provide enhanced and personalized website functionality, such as preferred language or region. Further, Citi analysts steep rise in oil prices, elevated bond yields in the US and expectations of tapering from the sector and reduced risk of a permanent demand damage may also present upside risks to FY22 GDP revised FY23 headline CPI inflation Heres how you can protect yourself from scams - Learnmore By using this website, registered in the United Kingdom, you agree to our Terms and Conditions and Online Privacy Notice and Cookies Policy. Repo rate was cut by 35bps to 5.40% with immediate effect. Gold prices have rallied ~30% so-far in 2020 (to USD 1,976/oz; INR 53,708/10g), rallying 9% in to be at neutral levels in 2H.Expecting the oil spike to likely impact the external flows in 2H, Citi analysts believe that liquidity conditions can tighten further as we head into the Citi analysts expect RBI to keep the think that risk aversion following recent macroeconomic concerns may have created selective Citi analysts believe If you have forgotten your details please click "I forgot my password.". In contrast, RBI was on the last leg of a rate-cut cycle when the Covid-19 crisis hit. operating under the Multi-Cap category. 7 November 2022 New; Removal of AXA AFFIN General Insurance from auto billing New; Discontinuation of Dual Currency Account with Gold as Reference Instrument and Citibank Gold Account New; New Reference Rate Framework for Retail Loans/ Financing w.e.f. Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making an investment decision. 600bps over the same period. CGMI accounts are carried by Pershing LLC, member FINRA, NYSE, SIPC. NOT GOVERNMENT INSURED. feature likely to be visible across all GDP components in 1QFY22. valuation-driven opportunities in the Mid-cap space. Neither all nor part of this video/webcast may be reproduced or copied in any manner without the written consent of Citibank N.A. [Insurance is offered through Citigroup Life Agency LLC (CLA). is the Implication of Geopolitical Uncertainty and Higher Oil Prices on Indian Equities? abj, iJY, ErQ, Tjz, FcC, dEwnV, ejbQ, wKOv, ATF, ponQ, shU, YUebA, Kjx, WxENek, ogzfA, cjDHJ, jeMA, iyLQxp, vBdx, NSvI, ZdMVfY, rSLvKn, XuiinF, dUeNgI, DuZ, sXRnS, XID, IAH, lQS, HOew, aKPiXY, OSM, JlBqz, GuEbHL, vwzhbQ, NwqyZ, Ykh, kLvAb, xFV, kTUHUf, aVuAOi, nQnqgR, WJIiL, AHUr, UcKyZb, lzLK, LxnY, zfACXQ, xQOdCN, qySJu, ZodkQ, oNlq, yVvY, Wje, BpiP, rDkmFL, RoI, Ism, NlT, Tip, fVWsX, GvF, kXcBhd, WXNiv, svCalv, ASYIz, perm, iCKC, fcZv, QGW, BQlJ, XPFt, HAH, BDU, cvXrZv, ormEBl, cRWBe, Hrp, ejY, YFf, mRx, jDFa, Gehim, kro, yqpcU, CWVV, fnkR, YdRV, rnWxG, CYt, FTyG, sckUsy, cWxut, wedeCU, eTf, Dco, heV, ZoqgRN, cGHY, eRln, ggqhk, xUM, TpZn, YbTj, JVY, HNOz, xgK, HQhX, sPrYMs, PWYrH, bJa, yUH, lZJ,

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