Sectoral Equity Indices & Market Analysis

CPI Inflation (YOY) 5 Classification - Restricted US Interest rates continue to rise as Inflation and other key macro data remains strong, while steady fundamentals, expectations of Fed Pivot and bottom fishing led to strong rally in the US markets 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 US Fed Interest Rate Vs US Bond Yield % 4.49 No. of unemployed persons per job opening, seasonally adjusted is at 0.5 whereas, unemployment rate stands at 3.5%. US's GDP on annualised basis has improved in Q3CY23 after declining in the previous quarter Quarterly GDP Growth % (Annualised) 4.05 40.0 33.4 30.0 3.25 20.0 10.0 4.3 6.4 6.7 6.9 2.3 0.0 -1.6 -0.9 -10.0 -20.0 16.0 14.0 12.0 2.6 10.0 8.0 6.0 4.0 2.0 0.0 Source: US Bureau of Economic Analysis Source: Bloomberg Jan 31, 2020 Mar 04, 2020 Apr 05, 2020 Jun 09, 2020 Jul 14, 2020 May 07, 2020 Aug 16, 2020 Sep 17, 2020 Oct 21, 2020 Nov 23, 2020 Dec 27, 2020 Jan 29, 2021 Mar 03, 2021 Apr 04, 2021 May 05, 2021 Jun 07, 2021 2021 Jul 09, 2021 Aug 12, Sep 14, 2021 Oct 17, 2021 Nov 17, Dec 19, 2021 2021 Jan 21, 2022 Feb 24, 2022 Mar 28, 2022 Apr 29, 2022 Jun 01, 2022 Jul 05, 2022 Aug 05, 2022 Sep 07, 2022 Oct 10, 2022 US 10-Yr Bond Yield (%) US 10-Yr Bond Yield (%) US Fed Rate (%) -30.0 -40.0 -31.4 Q2CY20 Q3CY20 Q4CY20 Q1CY21 Q2CY21 Q3CY21 Q4CY21 Q1CY22 Q2CY22 Q3CY22 01-03-20 20 01-05-20 20 01-07-20 20 01-09-2020 Umemployment Rate in the US 01-11-20 20 01-01-2021 01-03-2021 01-05-2021 Source: US Bureau of Labor Statistics 01-07-2021 01-09-2021 01-11-2021 01-01-2022 01-03-2022 01-05-2022 01-07-2022 01-09-2022 3.5 10 9 8 7 Jan-21 Feb-21 Mar-21 Apr-21 CPI based Inflation (YoY %) in US remained elevated May-21 Confidential/Restricted Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 20.0% 8.3 15.0% 10.0% 5.0% 0.0% % Change -5.0% -10.0% -8.6% -15.0% -20.0% -25.0% Jul-22 Aug-22 Sep-22 Source: U.S. Bureau of Labor Statistics -30.0% Performance of US Equity Market 14.0% 3.9% -15.9% 8.0% Manufacturing PMI 45 칡gggg 40 35 30 65 60 55 50 -29.1% -35.0% USA (Dow jones) USA (NASDAQ) 25 USA (S&P 500) ■1 Year Oct-22 Source: Bloomberg HDFC BANK RESEARCH Classification - Restricted Manufacturing PMI witnessing expansion on back of demand improvement 61.1 60.7 58.4 58.3 57.7 57.3 55.5 58.8 59.2 57.0 52.7 52.2 51.5 52.0 Aug'21 Sept'21 Oct-21 Nov-21 Dec-21 Jan-22 HDFC BANK We understand your world Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Source: Bloomberg Sept

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