Market is expected to open gap down and likely to witness selling pressur during the day - Nirmal Bang
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Market Review
US:
Wall Street's major averages fell more than 1% on Wednesday after a morning rally faded as investor angst about the latest coronavirus variant soared with the first U.S. case confirmation while the market also digested Fed comments on inflation
Asia:
Asia Pacific stocks were mixed on Thursday morning, with U.S. equivalents reversing a recent rally. Concerns about the risks posed by the new omicron COVID-19 variant continue to mount, and U.S. Fed Chairman Jerome Powell reiterated his stance of wrapping up asset tapering earlier than planned.
India:
Domestic benchmark indices witnessed a much-awaited pull-back on Dalal Street on Wednesday. S&P BSE Sensex added 619 points to close at 57,684 while NSE Nifty 50 was up 183 points to finish the day at 17,166. Both the benchmarks zoomed more than 1%. Bank Nifty was up 1.88% while broader markets mirrored the up-move. Market is expected to open gap down and likely to witness selling pressur during the day.
Global Economy:
The Mexican government has agreed to increase the daily minimum wage next year by 22%, Mexican industry associations said on Wednesday, marking another step by President Andres Manuel Lopez Obrador to combat the country's vast wealth disparity. Lopez Obrador has steadily lifted wages since taking office three years ago with a vow to prioritize the poor, hiking wages by 20% in 2020 followed by 15% in 2021. U.S. manufacturing activity picked up in November amid strong demand for goods, keeping inflation high as factories continued to struggle with pandemic-related shortages of raw materials. The index of national factory activity increased to a reading of 61.1 last month from 60.8 in October. The ISM survey's measure of supplier deliveries slipped to a reading of 72.2 from 75.6 in October. A reading above 50% indicates slower deliveries.
Commodities:
Oil prices rose on Thursday, reversing the previous day's losses, on expectations OPEC+ may pause supply additions amid growing concern the spread of the Omicron coronavirus variant could weigh on the global economy and fuel demand. Gold rebounded from a three-week low as traders weighed the spread of the omicron coronavirus variant against comments by Federal Reserve Chair Jerome Powell on the need to curb inflation.
Currency:
The U.S. dollar recovered from a loss on Wednesday after reports the Omicron coronavirus variant is spreading and oil prices turned down, hurting commodity currencies.
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