In short: India, a major oil importer, has one of the worst-performing stock markets this year — high oil hits inflation and the current account, and the rupee has been very weak.
INDA is an ETF of Indian stocks. India imports most of its oil, so expensive oil pushes up inflation, widens the gap between what the country buys and sells abroad, and weakens the rupee. Woo notes that this has made India's stock market one of the worst performers of the year.
15:12this big problem. I mean this is also the reason why India is buying oil from Russia, maybe even from Iran for that matter, I don't know, but the point here is that the Indian stock market as you probably know has been one of the worst performing stock markets this year mainly because of the impact of high oil price on inflation, on current account, and the rupee has been very weak.
In short: Cohen (January pick, struggling; holds): India has disappointed — expected reforms haven't happened, the IPO market is flat (dearth of new capital), and as an energy-dependent lower-income nation it's squeezed by higher energy/fertilizer/food costs. "Let's wait to see what happens in the second half."
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