Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review
US:
US stocks hit another all-time closing high on Monday as tech stocks drove the market higher, reversing an early decline, while central bank speakers offered clues on the path of interest rates.
Asia:
Asian share markets looked to build on recent hefty gains on Tuesday as optimism around all things AI sucked money into the tech sector, while wagers on several more U.S. interest rate cuts kept gold on a hot streak.
India:
India's benchmark equity indices closed in the red for a second straight session on Monday. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global:
Turkey has terminated retaliatory tariffs imposed in 2018 on U.S. imports ranging from passenger cars to fruit, in a sign of warming bilateral ties as President Tayyip Erdogan travels to the United States.Erdogan is due to attend the United Nations General Assembly in New York this week ahead of a meeting at the White House on Thursday with U.S. President Donald Trump, who said he expected trade and military deals to be sealed during the visit.The cancellation of the tariffs, which, when they were introduced, had covered products including passenger cars, fruit, rice, tobacco, alcoholic beverages, solid fuels and chemical products
The U.S. Department of Agriculture’s decision to end its annual food insecurity survey will make it harder to measure the impact of the Trump administration’s cuts to nutrition programs such as food stamps, anti-hunger advocates said on Monday.The USDA on Saturday announced it was canceling the Household Food Security report because it was redundant, costly and politicized. It said it would instead use "the bevy of more timely and accurate data sets available.
Commodities:
Oil prices remained stable amidst geopolitical tensions in the Middle East and Russia, coupled with concerns over trade tariffs impacting fuel demand. Escalating conflict in Gaza and Ukrainian drone strikes on Russian energy facilities added to market uncertainty.
Gold prices reached a new record high. This surge happened amid expectations of U.S. rate cuts and a weaker dollar. Investors are keenly waiting for Federal Reserve Chair Jerome Powell's speech.
Currency:
The U.S. dollar experienced pressure in early Asian trading. Traders analyzed Federal Reserve comments for interest rate clues. The dollar remained stable against the yen. Argentina's peso strengthened. Other currencies like the Australian dollar and yuan saw slight changes.
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