01-01-1970 12:00 AM | Source: Nirmal Bang Ltd
Market is expected to open gap down and likely to witness negative move during the day - Nirmal Bang
News By Tags | #879 #9

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Market Review

US: The S&P 500 ended modestly higher in a choppy session on Thursday, with gains in tech shares countering losses in cyclical sectors, as investors took the pulse of the economic rebound and gauged when the Federal Reserve might temper its monetary stimulus.

Asia: Asia Pacific stocks were mostly down on Friday morning, with concerns about the spread of COVID-19's Delta strain and the possibility of earlier-than-expected central bank asset tapering continuing to dim the economic outlook.

India: Domestic equity market benchmarks BSE Sensex and Nifty 50 snapped a 4-day winning streak on Wednesday, a day of weekly F&O expiry. BSE Sensex fell 163 points from yesterday’s close to end at 55,629, after hitting a new record high of 56,118. Market is expected to open gap down and likely to witness negative move during the day.

Economy: Japan's core consumer prices narrowed their annual pace of falls for three straight months in July, a sign global commodities inflation was offsetting some of the deflationary pressure from a pandemic-induced spending slump. CPI, which includes oil but excludes fresh food prices, fell 0.2% in July from a year earlier, marking the 12th straight month of declines The number of Americans filing new claims for unemployment benefits fell to a 17-month low last week, pointing to another month of robust job growth, though surging COVID-19 infections pose a risk to the labor market recovery. Initial claims for state unemployment benefits fell 29,000 to a seasonally adjusted 348,000 for the week ended Aug. 14.

The German economy is on track for a lasting, probably stronger recovery in the third quarter driven by lively domestic demand after GDP expanded by 1.5% on the quarter from April to June. A third wave of coronavirus infections and a longerthan-expected lockdown caused the economy, Europe's largest, to shrink by 2.1% in the first three months of the year compared to the previous quarter.

Commodities: Oil prices came off three-month lows but were on track for a weekly decline of around 6% as new lockdowns in countries with low vaccination rates facing surging cases of the Delta variant dimmed the outlook for fuel demand. Gold prices were flat on Friday, as a firmer dollar eclipsed support from rising anxiety over increasing cases of coronavirus’ Delta variant that could delay economic recovery.

Currency: The safe-haven U.S. dollar hovered near a 9-1/2- month high against major peers on Friday, buoyed by fears that the Delta coronavirus variant could delay the global economic recovery.

 

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