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:
US stocks extended declines on Thursday as the latest round of economic data failed to restart a rally and investors turned their focus to an inflation report that may shape Federal Reserve policy.
Asia:
Asian stocks retreated at the open after strong US economic data and mixed signals from the Federal Reserve officials on rate cuts sparked worries about lofty valuations on Wall Street
India:
India stocks were lower after the close on Thursday, as losses in the Real Estate, Power and Consumer Durables sectors led shares lower. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global:
President Donald Trump on Thursday unleashed a fresh round of punishing tariffs on a broad range of imported goods, saying the U.S. will impose 100% duties on branded drugs and 25% tariffs on heavy-duty trucks, among other import tariffs, starting next week.Tariffs have been a feature of Trump’s second term, with duties on trading partners ranging from 10% to 50% and other targeted tariffs on a wide variety of products, casting a shadow over the global economic outlook and paralyzing business decision-making.
China’s commerce ministry initiated an anti-dumping investigation into pecans imported from the United States and Mexico on Thursday, signalling more global trade tensions and increased friction with the two nations. Beijing’s move came as Mexico proposed to raise tariffs on goods across multiple sectors, including textiles, steel and automotive, from China and other countries, and as China and the U.S. eye further talks in a bid to ease their trade dispute.
Commodities:
Oil prices edged up on Friday, on track to rise at their steepest rate since early June as Ukraine's attacks on Russia's energy infrastructure push Moscow to restrict fuel exports and close to cutting crude output.
Gold edged lower on Friday after stronger-than-expected U.S. economic data cast doubt on the Federal Reserve's rate cut outlook and lifted the dollar, while investors awaited U.S. inflation data due later in the day for further direction.
Currency:
The dollar strengthened against major peers including the euro and yen on Thursday following U.S. economic data, which would likely restrain the future interest rate cuts by the Federal Reserve.
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