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:
U.S. stocks rose on Monday as Wall Street regained some of its footing after a week in which the artificial intelligence trade lost a bit of steam.
Asia:
Asian stocks rose as US Commerce Secretary Howard Lutnick suggested the Trump administration may walk back some tariffs that sparked a global selloff in markets.
India:
The Indian equity market extended its losing streak for the seventh consecutive session on Monday. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global Economy
British consumer borrowing rose at the fastest annual pace since October 2024 in August, in a sign that household demand remains solid ahead of potential tax rises in November’s budget. Unsecured consumer borrowing in August was 7.1% higher than a year earlier, up from an annual increase of 7.0% in July and the highest since last October
Japan’s factory output fell more than expected while retail sales declined for the first time in over three years in August, heightening uncertainties about the economic outlook. Although Tokyo struck a trade deal with Washington, U.S. tariffs could still affect Japan’s production and the global economy, which is keeping the Bank of Japan on edge in terms of when to next raise rates. Industrial output fell 1.2% in August from a month earlier.
China’s new K visa beckons foreign tech talent as US hikes H1B fee, a move seen boosting Beijing’s fortunes in its geopolitical rivalry with Washington as a new U.S. visa policy prompts would-be applicants to scramble for alternatives. While China has no shortage of skilled local engineers, the programme is part of an effort by Beijing to portray itself as a country welcoming foreign investment and talent.
Commodities:
Oil prices fell on Tuesday. This decline follows expectations of increased global supply. OPEC+ plans to approve a production boost this weekend. Iraq's Kurdistan region also resumed crude oil exports via Turkey.
Gold prices reached a record high. A potential US government shutdown created uncertainty for Federal Reserve policy. This situation increased investor demand for safe assets. Gold gained this year. Central bank purchases and expected interest rate cuts support the rise. Gold producers also changed leaders.
Currency:
The U.S. dollar weakened on Monday, as investors eyed the prospect of a federal government shutdown as well as a slate of fresh U.S. economic data points this week.
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