Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review
US:
US stocks closed at record highs on Friday as investors reacted to the December jobs report and awaited potential Fed guidance. The S&P 500 gained 0.6% and the Dow rose 0.5%, both hitting new highs, while the Nasdaq added 0.8%.
Asia:
Asian shares opened in the green on Monday after US jobs data catalysed in pushing stocks to new highs in the previous session.
India:
Indian equities ended lower for the fifth consecutive day on Friday. Nifty had fallen below the 25,700 levels. Sensex settled 604.72 points 0.72% down at 83,576.24. Market is expected to open on a flattish note and likely to witness range bound move during the day
Global economy:
The Trump administration has threatened to indict Federal Reserve Chair Jerome Powell over Congressional testimony he gave last summer about a Fed building project, an action Powell called a pretext to gain more influence over the central bank and monetary policy.
Qatar and the United Arab Emirates will soon join a U.S.-led initiative to secure AI and semiconductor supply chains, Undersecretary of State for Economic Affairs Jacob Helberg told Reuters in an interview. The addition of those two countries is notable given the Middle East’s history of political divisions and reflects a U.S.-led effort to bring Israel and Gulf states into the same technology-focused economic framework.
German Foreign Minister Johann Wadephul emphasised the importance of transatlantic relations on Sunday as he left for a trip to Washington that takes place at a delicate time due to tensions over U.S. interests in Greenland and Venezuela. Never before has it been so crucial to invest in the transatlantic partnership in order to remain capable of shaping the world order, Wadephul said in Berlin before his departure.
Commodities:
Oil prices extended gains on Monday on growing concerns that intensifying protests in Iran could disrupt supply from the OPEC producer although efforts to quickly resume oil exports from Venezuela are limiting price gains.
Gold jumped to a record high as the US Justice Department threatened the Federal Reserve with a criminal indictment, while intensifying protests in Iran kept geopolitical tensions elevated
Currency:
The dollar index slipped to around 98.9 on Monday, ending a four-day rally after federal prosecutors opened a criminal investigation on Federal Reserve Chair Jerome Powell, putting the central bank’s independence into question.
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