|S&P 500 returns||+6.32%|
|Nikkei 225 (9:11 AM IST)||+2.70%|
|US Financials index||+3.93%|
|ICICI Bank ADR||+15.53%|
|Call rate on 22nd||6.98|
|Currency futures (9:11 AM IST)||50.1475|
- Editorial in Financial Express on SEBI and short selling.
- Mahesh Vyas in Financial Express on the financing of firms.
- Samir Arora in Economic Times on what India does right.
- Rajendra Palande in Hindustan Times on the dollar liquidity required by Indian borrowers in coming months.
- Benn Steil on how to be safe.
- This story from The Economist on Russia is interesting. They are selling reserves in order to defend the currency and have lost monetary policy autonomy owing to this quest for a currency target. In these difficult times, they have raised interest rates to avoid depreciation. It is an interesting demo of what could happen in India if RBI tries to manipulate the exchange rate.
- Joshua Kurlantzick on the interplay between economic crisis and political stress in China.
- Paul Krugman worries about the handover from Bush to Obama.
- Read The Economist on what's happening in the US.
- Daniel Ikenson says that Detroit should not be rescued, and Joshua Rauh and Luigi Zingales have an article A bankruptcy to Save GM suggesting a better bankruptcy mechanism for GM.