IGI Logo

US: The Dow Jones Industrial Average rose on Monday as Charles Schwab led banks higher.

Asia: Asia-Pacific markets were mixed as China’s economy grew more than expected at 4.5% year-on-year.

India: The BSE IT index plunged 4.7 %, while the FMCG and Bankex gained 1 % and 0.3 %, respectively.

Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:: China’s economy grew more than expected in the first quarter of 2023, indicating that a recovery was largely on track after the country relaxed most anti-COVID restrictions at the beginning of the year. China’s first quarter GDP grew 4.5 on an annual basis in the first three months of 2023, more than expectations of 4% and 2022’s growth of 3%. GDP grew 2.2% from the prior quarter, in line with expectations. Indonesia posted a 128.5 trillion rupiah ($8.69 billion) budget surplus in the first quarter on strong tax collection and the recent strengthening of the rupiah currency could help further reduce this year's deficit. Indonesia's tax take rose dramatically in 2022 amid high global commodity prices and this year's revenues have remained strong, amid improvement in the domestic economy after pandemic restrictions were lifted late last year. The first quarter's surplus was equivalent to 0.61% of gross domestic product (GDP) and compared with a 0.06% surplus in 2022's first three months.

Commodities: Gold prices hovered below key levels in early Asian trade on Tuesday, coming under pressure from a firmer dollar and Treasury yields as markets reconsidered expectations for an imminent pause in the Federal Reserve’s interest rate hikes. Oil prices held steady in early trading on Tuesday after falling 2% in the previous session, with markets awaiting the release of economic data in China, looking for signs of economic recovery and growth to offset weakening demand elsewhere.

Currency: The dollar eased on Tuesday after rallying overnight as strong U.S. economic data reinforced expectations that the Federal reserve will hike interest rates again in May, while investors awaited data from China that will highlight the extent of the recovery of the world's second biggest economy.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer