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06-08-2021 08:50 AM | Source: Nirmal Bang Ltd
Market is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang
News By Tags | #879 #9

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Market Review:

US

The Nasdaq composite traded up about 0.5% while the S&P 500 held a loss of less than 0.1%. The Dow Jones industrials were down 0.4%. The small-cap Russell 2000 index rose 1.4% and was leading the major indexes.

Asia:

Shares in Asia-Pacific were mixed in Tuesday morning trade, as investors reacted to the release of Japan’s revised first-quarter gross domestic product figures.

India:

The domestic equity markets swung sharply on the upside in the afternoon deals on Monday after a tweet by the Prime Minister's Office said PM Narendra Modi will address the nation at 5 PM later in the day. Investors' confidence resonated in the markets as participants hoped the PM would throw a light on the state of the economy and may provide clarity on the vaccination drive. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

China's imports grew at their fastest pace in 10 years in May, fuelled by surging demand for raw materials, although export growth slowed more than expected amid disruptions caused by COVID-19 cases at the country's major southern ports. While a brisk recovery in developed markets has bolstered demand for Chinese products, a global semiconductor shortage, higher raw material and freight costs, logistics bottlenecks and a strengthening yuan have dimmed the outlook for the world's largest exporting nation. China's exports in dollar terms in May grew 27.9% from a year earlier, slower than the 32.3% growth reported in April and missing analysts' forecast of 32.1%. Imports increased 51.1% on year last month in dollar terms, the fastest growth since January 2011.

Commodities:

Oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May. Gold prices hovered near the key level of $1,900 an ounce on Tuesday, supported by a weaker dollar and lower bond yields, while investors awaited U.S. data later this week to gauge inflationary pressure.

Currency:

The U.S. dollar was subdued on Tuesday as investors looked to U.S. inflation data due later in the week after softerthan-expected jobs data quelled expectations of an early tapering in the Federal Reserve’s stimulus.

 


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