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Rajan’s last decision, U.K. industry barely grows, and it’s been one year since the yuan’s surprise devaluation. Here are some of the things people in markets are talking about today.

Rajan’s last RBI decision

The Reserve Bank of India decided to maintain its benchmark repurchase rate at 6.5 percent in its last decision before Governor Raghuram Rajan steps down to return to academia. Yields on Indian sovereign bonds dropped the most in two weeks after the governor said that the bank’s policy stance would remain accommodative. Rajan, who has a reputation for tackling inflation and is leaving the RBI on Sept. 4, urged his yet-to-be-named successor to continue the fight against rising prices. That person’s task may not be made any easier by Prime Minister Narendra Modi’s win on the introduction of a national sales tax for the first time. The tax, depending on the rate it’s set at, could work counter to the RBI’s efforts.

U.K. data

The day after the Bank of England began purchases under its enlarged quantitative easing program, more data showed the economy there softened somewhat in June. Industrial production for the month rose 0.1 percent, with manufacturing output dropping 0.3 percent. The trade deficit unexpectedly widened to 12.5 billion pounds in the second quarter. There was some good news for the post-Brexit economy, however, as the British Retail Consortium reported a 1.1 percent same-store increase in sales in July. The pound was trading at $1.2976 as of 6:09 a.m. ET.

Yuan, one year on

One year since China roiled markets by devaluing its currency there is little sign of the yuan’s decline ending. The main difference between the steady drop that has occurred since March of this year and the sudden shock of a year ago is the lack of apparent investor concern at the weakness. While the yuan is within 1 percent of a five-year low against the U.S. dollar, the global effect seems limited, with the S&P 500 Index climbing to an all-time high. There is still at least one investor, however, who is convinced that the currency is going to crash.

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Markets say ‘meh’

It’s August, and even though markets are pretty quiet, gains are still being eked out. Overnight, the MSCI Asia Pacific Index added 0.5 percent to extend a one-year high amid optimism over China’s economic stability. In Europe, the Stoxx 600 Index was 0.25 percent higher in trading that saw volume almost 40 percent lower than the 30-day average. S&P 500 futures were flat.

Valeant miss

aleant Pharmaceuticals International Inc. reported sales and earnings for the second quarter this morning that fell short of analyst expectations. Nonetheless the stock is rising over 7 percent in pre-market activity. The company, which is facing a debt pile built up after an acquisition spree, may now have to sell some of the assets purchased in order to meet repayments on $5 billion that will fall due by the end of 2018. Another company that disappointed after the bell yesterday was LendingClub Corp., reporting a loss of $81.4 million in the second quarter and the departure of Chief Financial Officer Carrie Dolan.

Fuente

Tomas elías Gonzalez Benitez

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