Market is expected to open gap down and likely to witness profit booking during the day - Nirmal Bang Ltd
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Market Review
US: US stock market indices ended sharply lower on Tuesday as 10-year Treasury yields jumped to their multi-year highs amid worries over a long period of high interest rates and the economic fallout.
Asia: Asian markets traded mixed on Wednesday following overnight losses on Wall Street amid concerns over a longer period of higher interest rates. Investors await China’s industrial data and Australia’s August inflation figures due today.
India: India's benchmark stock indices closed lower on Tuesday after opening marginally higher. The telecommunications and industrial sectors advanced, while shares of information and technology and banks were under pressure. Market is expected to open gap down and likely to witness profit booking during the day.
Global Economy: Australian consumer inflation grew as expected in August, picking up pace from the prior month on surging energy and housing costs and spurring some bets that the Reserve Bank will need to hike interest rates further. CPI inflation grew 5.2%, as expected, in the 12 months to August.Increased housing costs- amid more expensive new dwellings and surging rents- were the biggest contributors to August’s inflation increase. Fuel costs also shot up tracking an increase in global oil prices, although government subsidies on some energy expenses helped limit their impact on inflation. Profits at China's industrial firms extended a double-digit drop for the first eight months, but the pace of declines eased slightly as a flurry of policy support steps has started to stabilise parts of the stuttering economy.The 11.7% year-on-year fall in profits narrowed from a 15.5% contraction for the first seven months
Commodities: Gold prices were pressured on Wednesday and traded near their weakest levels in a month touched in the previous session as the U.S. dollar firmed on the back of a higher-for-longer interest rate scenario. Oil prices rose slightly in Asian trade on Wednesday, extending a rebound from the prior session as the prospect of tighter supplies helped markets look past concerns over rising interest rates and their impact on the economy
Currency: The dollar traded near a 10-month high against its major peers on Wednesday as Treasury yields stayed elevated on the prospect of higher-for-longer U.S. rates, while the yen stumbled towards a closely-watched intervention zone.
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