"Chinese electric auto maker BYD is looking at setting up a factory for making batteries in India in partnership with BK Modi's Smart group and the total investments in the project could be over $2 billion."
Great news out of China too from the National People's conference, Xinhua reports that:
"China will increase deficit-to-GDP ratio to 3 percent this year from 2.3 percent last year, and cut taxes across the board, Premier Li Keqiang said Saturday at the annual parliamentary session.
China will pursue a more proactive fiscal policy, with government deficit for 2016 projected to be 2.18 trillion yuan (335 billion U.S. dollars), an increase of 560 billion yuan over last year."
This equates to additional stimulus of AUD 115.40 billion for 2016 compared to 2015; hopefully this results in a sentiment shift for commodities.
KNL Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
