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 were mixed on Tuesday to begin a holidayshortened week of trading, with potential policy moves by the Fed Reserve and President Trump in focus.
Asia:
Asian equities fluctuated in early trade as the threat of a broader global trade war and geopolitical uncertainty outweighed a rally in chipmakers that drove the S&P 500 to a record.
India:
Benchmark equity indices gyrated in a narrow band, albeit with a negative bias on Tuesday tracking cues from global peers. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Japan clocked a bigger-than-expected trade deficit in Jan as improving domestic demand and a stronger yen sparked an outsized surge in imports, while export growth also slightly underwhelmed. Trade balance fell to a deficit of 2.76 trillion, govt data showed on Wednesday. The print was bigger than expectations for a deficit of 2.10 tn yen, and reversed course from a 132.5 bn yen surplus in the prior month.
The NY Empire State Manufacturing Index, a key indicator of general business conditions in New York State, has reported a surprising rebound. The actual figure came in at 5.70, a significant improvement from the previous -12.60. This outcome significantly outperformed the forecasted figure of - 1.90, marking a substantial turnaround for the manufacturing sector in New York.
Commodities:
Oil prices edged higher on Wednesday amid oil supply disruptions in the U.S. and Russia and as markets awaited clarity on the Ukraine peace talks.
Gold held steady near a record high on Wednesday, with investors closely watching U.S. President Donald Trump's tariff strategies that have intensified worries of a global trade war while awaiting the Federal Reserve's January meeting minutes.
Currency:
The U.S. dollar held firm on Wednesday, supported by tariff concerns and tense Russia-Ukraine negotiations, while the New Zealand dollar slid after the central bank delivered a super-sized interest rate cut.
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