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:
Two of the three main US stock market indices opened in the green on Monday, marking a positive start to the Christmasshortened trading week.
Asia:
Shares opened higher in mainland China, while they were mixed in Japan and Australia. Taiwan Semiconductor Manufacturing Co. shares touched a record high in Taipei, extending a bumper year.
India:
Benchmark equity indices tracked the gains in US and Asian markets to close higher on the first session of Christmas week. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Canada's economy exceeded market expectations with 0.3% growth in October, led by increases in oil and gas extraction and manufacturing, but gross domestic product likely contracted in November, data showed on Monday. September's growth rate was upwardly revised to 0.2% from an initial report of 0.1%, Statistics Canada (Statscan) data showed.
The U.S. economic data released recently shows an encouraging trend in the housing market, with New Home Sales figures exceeding expectations. The actual number of new single-family homes sold in the previous month reached an annualized rate of 664K.This figure not only surpassed the forecasted number but also showed a significant improvement compared to the previous data. Analysts had been predicting a more conservative figure, but the actual sales volume has proven these estimates to be on the conservative side.
Commodities:
Oil prices rose in Asian trade on Tuesday but stuck to a tight trading range as traders remained uncertain over a potential supply glut and softening demand in the coming year.
Gold prices held steady on Tuesday, with investors bracing for a less aggressive path of interest rate cuts from the Federal Reserve next year, ahead of a shortened trading week due to the Christmas holiday.
Currency:
The dollar was on the front foot on Tuesday as the prospect of higher-for-longer U.S. interest rates remained top of investors' minds, leaving other currencies struggling near milestone lows.
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