Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review
US:
The S&P 500 pulled back on Tuesday, weighed down by Nvidia shares and a broad decline in technology stocks.
Aisa:
Shares in Asia fell on Wednesday, weighed down by a tech-led selloff on Wall Street, while the dollar gained some ground ahead of a key meeting of central bankers later in the week.
India:
Indian markets closed higher on Tuesday, driven by Reliance and Bharti Airtel, optimism over GST reforms, and easing Russia-Ukraine tensions. Market is expected to open on a flattish note and likely to witness range bound move during the day
Economy:
Japan’s exports posted the biggest monthly drop in about four years in July, as the impact of U.S. tariffs intensified, raising concerns about the outlook for the export-reliant economy. Total exports from the world’s fourth-largest economy dropped 2.6% y-o-y in July in value terms, the biggest monthly drop since Feb 2021, when exports fell 4.5%. It was larger than a median market forecast for a 2.1% decrease and marks a third straight month of decline after a 0.5% drop in June
China kept benchmark lending rates unchanged for the third consecutive month on Wednesday, meeting market expectations, as authorities signalled they are in no rush to deliver monetary stimulus despite a string of recent disappointing economic data. The one-year loan prime rate (LPR) was kept at 3.0%, while the five-year LPR was unchanged at 3.5%.
The Reserve Bank of New Zealand lowered its interest rates on Wednesday, as widely expected, as slowing domestic activity and spare capacity weighed on the growth outlook. The central bank cut its official cash rate by 25 bps to 3.00%, following a hold in July.
Commodities:
Gold prices edged lower on Tuesday as the U.S. dollar firmed, while investors hunkered down for Federal Reserve Chair Jerome Powell's speech at Jackson Hole later this week
Oil prices inched higher after falling in the previous session, as traders bet that talks over a possible agreement to end the war in Ukraine could ease sanctions on Russian crude oil, boosting global supply.
Currency:
The U.S. dollar gained for a third straight session on Wednesday as traders awaited the Federal Reserve's annual Jackson Hole symposium this week for clues on the path of monetary policy.
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Market is expected to open on a flattish note and likely to witness range bound move during...
