Festivities give lot of high finance followers a break on Dusshera and inflation reports for the week also seem to be slated for late night US/Pacific Time i.e. Friday late morning in India. in the meantime, investors and analysts continue looking askance at SBI/ICICI Bank's D+/C- ratings for Standalone Financial Strength ratings ascribed by Moody's. Rating for ICICI Bank were updated Wednesday during market hours. The long term ratings for SBI remain Baa2 as vehemently posited by the bank and the Standalone FSR rating seems to have applied to one 25 year bond issued 5 years back.

Spain and Italy continue to trade at two notches below even after the latest Moody's downgrade to A- (Italy) while the remaining AAA Eurozone credits come under focus in October , bboth Germany and Finland being looked at for credit stresses in the enhanced ECB role going forward. Anyway that and more is on Europe at advantages.us as we look at the saga of Euroland becominga defaulting credit with CDS trading 200 points higher than 350 points for India.

The Credit Valuation adjustments rpeorted in other geographies could become important to india too but currently global markets are seeing a wind down of Net Notionals in CDS because new regulations require collateral from sovereign debt desks around the world for traiding in sovereign risk and Sovereign notionals are a rather alternative diet offering.

India's trade figures were much higher and at continued 45% growth in exports, seem only to be adding to a deficit with imports growing faster despite the 20% drop in Oil globally in September. maruti sales continue to show the auto industry  in poor health even as Figo and the other small cars like Chevy Beat start puffing their chests at a 5000 cars amonth rate ahead of the festive season sales revelry likely from this weekend

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