Market is expected to open on a flattish note and likely to witness a range bound move during the day - Nirmal Bang Ltd
Market Review
US:
The S&P 500 edged higher on Wednesday following President Donald Trump’s announcement of a trade deal between the US and Vietnam.
Asia:
Asia-Pacific markets traded mixed Thursday as investors await details on the U.S.-Vietnam trade agreement that President Donald Trump announced Wednesday.
India:
Indian benchmark equity indices closed lower on Wednesday, dragged by share prices of HDFC Bank Ltd. and Larsen & Toubro Ltd. Market is expected to open on a flattish note and likely to witness a range bound move during the day.
Global Economy:
China’s services sector grew less than expected in June, private purchasing managers as sluggish overseas and domestic demand weighed heavily on new business activity. The Caixin services PMI read 50.6 in June, less than expectations of 51.0 and slower than the 51.1 seen in the prior month. A reading above 50 indicates expansion in the sector, with services activity still expanding for a thirtieth consecutive month.
Mortgage applications in the U.S. increased 2.7% for the week ending June 27, 2025. The Market Composite Index, which measures mortgage loan application volume, rose 2.7% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the Index jumped 13% compared to the week before. Last week’s results included an adjustment for the Juneteenth holiday. Refinance applications saw a notable 7% increase from the previous week and were 40% higher than the same week one year ago. The seasonally adjusted Purchase Index edged up slightly by 0.1%, while the unadjusted Purchase Index rose 10% from the previous week and was 16% higher than the same week last year.
Commodities:
Oil prices eased on Thursday, reversing gains from the previous session, on concerns over weak U.S. demand after government data showed a surprise build in inventories in the world's biggest crude consumer.
Gold prices declined on Thursday after a U.S.-Vietnam trade deal eased tensions, while investors awaited the U.S. payroll data for clues about the Fed Reserve's policy path.
Currency:
The dollar loses momentum ahead of an expected decline in U.S. job creation, as investors expect the Fed to start cutting interest rates in coming months. President Trump’s announcement of a trade deal with Vietnam seems to contribute to dollar indexes falling from morning highs.
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