Market is expected to open gap up and likely to witness positive move during the day - Nirmal Bang Ltd
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Market Review
US: The Nasdaq and the S&P 500 ended lower on Friday as Netflix shares weighed, but American Express kept the Dow afloat after quarterly earnings from both companies, while growing pessimism that the Federal Reserve would cut interest rates soon also dented sentiment.
Asia: Asian markets traded higher on Monday as focus shifted to a slew of company earnings and economic data this week.
India: The Indian indices broke their four-day losing streak and ended higher as banks and metals displayed strong performances. Nifty ended 0.69% higher at 22,147.00 and the Sensex was up 0.83% at 73,088.33. Market is expected to open gap up and likely to witness positive move during the day.
Global Economy: The People’s Bank of China kept its benchmark loan prime rate unchanged on Monday as widely expected, amid some recent improvement in the Chinese economy, although the central bank is still expected to trim rates eventually. The PBOC kept its one-year LPR at 3.45%, while the five-year LPR , which is used to set mortgage rates, was left at 3.95%. Australia's treasurer warned on Monday that events in the Middle East are fueling concerns for the global economy and will shape the government's budget in May, with near-term outlook downgrades for its major trading partners. The treasury will also downgrade its growth forecasts for economies like China, Japan and Britain. The government is expected to report a budget surplus for the year ended June 30, although the revenue upgrade would be smaller than the year before as commodity prices fell and labour market softened.
Commodities: Gold prices edged lower on Monday as higher U.S. Treasury yields weighed on dollar-priced bullion, while investors kept a close watch on any potential escalation in the Middle East conflict. Oil prices fell at Asia's open on Monday, dragged down by a renewed focus on market fundamentals, as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel's apparently small strike on Iran.
Currency: The euro and yen were relatively steady in early Asian trading on Monday and the US dollar stayed near its highs after last week's hectic policy and geopolitical developments.
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