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Published on 16/11/2019 1:38:08 PM | Source: ICICI Direct

Global markets await fresh triggers with US-China trade details keenly awaited - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

* S&P index is hovering near the psychological level of 3100. It is mildly changed from the previous week. Investors await the details of US-China phase one of trade deal. A positive outcome could see the index continuing its up momentum. Similarly any unexpected adverse outcome or threat from US President of further tariffs on Chinese imports may lead to significant profit booking

* Emerging markets (EM) have mostly seen mixed flows this week amid strength in US$. India saw decent inflows of $430 million while Taiwan also witnessed inflows of almost $430 million. Indonesia, Malaysia witnessed outflows of $70, $85 million, respectively

* MSCI Emerging equity snapped its winning streak of five weeks amid profit booking as well as upbeat dollar. The index is down almost over 2% this week. Similarly MSCI Emerging market currency index is also down over 0.50% capping consecutive winning streak of six weeks. US President’s fresh threat of massive tariffs on Chinese imports if it fails to stich a deal led to some weakness in CNY

* Brent crude oil continued to trade in a narrow range even as Brent oil hovers around $62/bl. US agency Energy information administration (EIA)’s weekly report showed inventory addition of 2.2 mb against expectation of 1.44 mb

 

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