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 fell on Tuesday as investors trod carefully on the eve of a closely watched consumer inflation report seen as key to the path of interest rates.
Asia:
Asia-Pacific markets were mixed on Wednesday, after major Wall Street benchmarks declined ahead of key inflation data that could influence the Federal Reserve’s interest rate decision.
India:
The benchmark equity indices ended Tuesday's choppy session on a flat note. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
The U.S. crude inventories have increased by 0.499 million barrels. This increase is less than the forecasted decline of 1.300 million barrels, suggesting a stronger demand for crude oil. The trend is generally bullish for crude prices, as lower than expected increases in crude inventories imply higher demand. When compared to the previous week, the current crude stock shows a significant shift. The previous report showed an increase of 1.232 million barrels. This week's increase of 0.499 million barrels is considerably less, further indicating a strengthened demand for crude oil in the U.S. China’s trade balance unexpectedly grew in November, although disappointing readings on exports and imports suggested that overseas and local demand still remained sluggish. Trade balance rose to $97.44 billion in November. The reading was higher than expectations of $94 billion and increased from the $95.27 billion seen in the prior month. Exports grew 6.7% year-on-year, still a relatively fast pace but slower than the 8.5% forecast by analysts.
Commodities:
Oil prices rose slightly early on Wednesday, with market participants expecting to see demand rising in China next year after Beijing announced a looser monetary policy to stimulate economic growth. Gold prices nudged higher to touch a two-week peak on Wednesday, supported by escalating geopolitical tensions and expectations of another rate cut by the Federal Reserve next week, ahead of a closely watched U.S. inflation report.
Currency:
The dollar traded close to a two-week high versus the yen on Wednesday ahead of a highly anticipated reading of U.S. inflation that could provide clues on the pace of Federal Reserve interest rate cuts.
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Market is expected to open on a flattish note and likely to witness range bound move during ...
