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 Markets were closed for trading on 17th February 2025 due to President’s birthday, also known as Washington’s Birthday.
Asia:
Asia-Pacific markets traded mixed Tuesday, a day after Chinese President Xi Jinping signaled support to the country’s private sector and urged businesses to show their talents.
India:
Benchmark equity indices reversed their early losses to end the 8-day losing streak, settling in positive territory on Monday. Banking, oil & gas, metals and power stocks helped local benchmarks recover from their early lows. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Singapore's private home sales recorded their best performance in January in four years. The robust sales come ahead of the city-state's budget, with markets keenly observing for potential policy changes and cooling measures for the property sector. In January, developers sold 1,083 private units, excluding executive condominiums.
Japan's preliminary GDP data for the fourth quarter of the previous year revealed a 0.7% QoQ increase, outstripping the Refinitiv consensus forecast of 0.3% and Capital Economics' estimate of 0.2%. This jump followed an upward-revised 0.4% rise in Q3, leading to a 1.2% annual output rise - double the Bank of Japan's sustainable growth rate estimate.
Commodities:
Brent crude oil prices paused in early trading on Tuesday after gaining in the previous session following a drone attack on an oil pipeline pumping station in Russia that reduced flows from Kazakhstan.
Gold prices edged higher on Tuesday as uncertainty over U.S. President Donald Trump's tariffs continued to dominate sentiment, reinforcing bullion's appeal as a safe-haven asset amid fears of a potential global trade war.
Currency:
The dollar wobbled near two-month lows on Tuesday as traders weighed tariff worries and the path to U.S. rate cuts, while the Australian dollar managed to stay close to its highest level in two months even as markets bet on an imminent rate cut.
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