by Martin Armstrong
Armstrong Economics
ASIA:
India on Monday didn’t join other members of the Shanghai Cooperation Organization (SCO) in backing China’s Belt and Road Initiative (BRI), which New Delhi has consistently opposed as a key part of it passes through Pakistan-occupied Kashmir (PoK).
India’s central bank monetary policy committee is expected to leave interest rates unchanged when it meets on Friday, after data showing the economy contracting less than expected and persistently high inflation. Economists and market participants are closely watching the commentary from the RBI around liquidity. The overnight call money rate has fallen below the reverse repo rate on days on account of the excess liquidity in the banking system. Inflation has remained consistently above the upper end of RBI’s mandated 2%-6% target range every month barring March this year while core inflation has also remained sticky.
The major Asian stock markets had a green day today: