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 slipped on Tuesday, as investors awaited a testimony from Fed Reserve Chair Jerome Powell for insight on interest rates and trade tariffs, and inflation data.
Asia:
Markets in the Asia-Pacific region climbed on Wednesday as investors digested Trump’s tariff impact on regional economies.
India:
Benchmark equity indices continued their southward move to end Tuesday's trading session in negative territory, settling down by over 1 percent each as investors showed concern over US President's tariff moves. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
In a surprising turn of events, the American Petroleum Institute's weekly crude stock report revealed a significant increase in the inventory levels of US crude oil, gasoline, and distillate stocks. The actual figure came in at 9.043 million barrels, a jump that far exceeded the forecasted 2.800 million barrels. This unexpected surge in crude inventories is indicative of a weaker demand, which is a bearish signal for crude prices.
The unemployment rate in France saw a slight decrease in the last quarter of the previous year, contrary to expectations. The unemployment rate dropped to 7.3% of the active population in the period between Oct and Dec, down from 7.4% in the preceding quarter. This goes against the anticipated slight increase in the unemployment rate. This rate is near its lowest level in over 40 years.
Commodities:
Oil prices fell in Asian trading on Wednesday after hitting a two-week high, as an unexpected surge in U.S. crude stockpiles eased supply disruption fears arising from sanctions.
Gold eased on Wednesday, after hitting an all-time high in the previous session on global trade war fears triggered by U.S. President's new tariffs, as the market's focus shifted to a key U.S. inflation report.
Currency:
The dollar took a step back from its tariff-driven rally, leaving it below recent peaks as traders waited on U.S. inflation data and news on the broader trade front.
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