View on Global Market Update By Heena Naik, Angel One Ltd
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Below are Views On Global Market Update by Heena Naik, Research Analyst - Currency, Angel One Ltd
Global Update*
* The Indian government is likely to set a capital expenditure target of more than Rs 6.5 trillion for 2022-23 in the upcoming budget to be presented in Parliament on February 1. The finance minister had raised capital expenditure to Rs 5.54 trillion in the last budget. This year, another hike of more than 20 percent is expected.
* The number of Americans filing new claims for unemployment benefits increased to an eight-week high in the first week of January amid raging COVID-19 infections, but remained at a level consistent with a rapidly tightening labor market.
* China’s Dec trade balance surplus expands amid a bigger-than-expected drop in imports. In USD terms, China reported a bigger-than-expected growth in the trade surplus, as imports dropped while exports outpaced expectations.
* Oil prices eased for a second session today on growing concerns that Washington may soon act to cool prices, while movement controls in China to rein in a COVID-19 outbreak weighed on fuel demand.
* The Dollar Index headed for its largest weekly fall in eight months as investors trimmed long positions and deemed, for now, that several U.S. rate hikes this year are fully priced in.
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