인도 민간 부문 활동 3월에 둔화

What happened: India's merchandise exports plummeted 7% in March, driven by the Iran war, following a year already marked by U.S. tariffs. The HSBC flash India Composite PMI indicated a slowdown in private sector activity to its lowest since October 2022, due to weaker domestic demand despite record international orders.

Market impact: The slowdown in exports and private sector activity negatively impacted Indian equities, with the "Inside India" newsletter suggesting the worst might not be over. This slowdown affects sectors like manufacturing and services, which rely on both domestic and international demand. Companies with significant exposure to exports and domestic consumption, such as Tata Consultancy Services, Reliance Industries, and Maruti Suzuki, may face headwinds.

What to watch next: Investors should monitor the April PMI data release to confirm the slowdown's extent and duration. The Reserve Bank of India's monetary policy meeting on April 7 will provide insights into the central bank's response to the economic slowdown. Additionally, earnings reports from major Indian corporates in the coming weeks will offer a more granular view of the impact on company performance.