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Thursday, April 15, 2010

South Asia monsoon seen normal - IMD

Monsoon rains in south Asia are expected to be normal this year, helped by weakening El Nino weather phenomenon, a senior Indian weather official said on Thursday.

"El Nino conditions have started weakening and we expect the south Asia summer monsoon to be within the normal range," A.K. Srivastava, director of the Indian Meteorological Department, told reporters on the sidelines of South Asia Climate Outlook Forum.

Last month, the Geneva-based World Meteorological Organisation (WMO) said the El Nino had peaked, but was expected to influence climate patterns up to mid-year before dying out.

India's annual June-September monsoon rains, which delivers 75-90 percent of total rainfall, were the weakest in 37 years in 2009, ravaging rice and oilseed crops.

Lower output hit food supplies in the domestic market and triggered a sharp rise in prices. The food price index rose an annual 17.22 percent in the 12 months to early April.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Apr 16
20:00 EIA Crude Oil Stocks Change 1 0.515M 0.400M 2.553M
20:00 BoC Press Conference 3
21:30 Fed's Hammack speech 2
22:30 20-Year Bond Auction 1 4.810% 4.632%
23:00 Fed's Chair Powell speech 3
Thursday, Apr 17
01:30 Total Net TIC Flows 1 $-48.8B
01:30 Net Long-Term TIC Flows 1 $35.2B $-45.2B
04:15 Consumer Price Index (YoY) 3 2.3% 2.2%
04:15 Consumer Price Index (QoQ) 3 0.7% 0.5%
04:30 Fed's Schmid speech 2
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