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:
The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating Trump was pushing for steep new tariffs on European Union products.
Asia:
Asia-Pacific markets traded mixed Monday, after the People’s Bank of China stood pat on its 1-year and 5-year loan prime rates.
India:
Indian equity indices extended the losing streak on the second consecutive session on July 18 with Nifty falling below 25,000, hitting a one-month low amid selling across the sectors barring metal and media. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
U.S. consumer sentiment touched its highest point in five months in July, but remains well below its historical average, as concerns swirl around the impact of sweeping U.S. tariffs. The University of Michigan’s closely-watched consumer sentiment index came in at 61.8 for the month, up from 60.7 in May and higher than economists estimates of 61.4. One-year inflation outlook also cooled for the second consecutive month to 4.4%, down from 5.0%, while the five-year gauge inched down to 3.6% from 4.0%. Both readings are the lowest since Feb, but are still higher than Dec’24, in a sign that Americans may be perceiving continued inflation risks in the future.
China kept benchmark lending rates unchanged on Monday, as forecast, after it reported slightly better-than-expected secondquarter economic data. The one-year loan prime rate (LPR) was kept at 3.0%, while the five-year LPR was unchanged at 3.5%. Signs of economic resilience effectively reduced any urgency for further stimulus, while analysts widely expect persistent weak domestic demand warrants some monetary easing later this year.
Commodities:
Oil prices barely budged on Monday as traders eyed the impact of new European sanctions on Russian oil supply, rising output from Middle East producers and concerns about fuel outlook as tariffs weighed on global economic growth.
Gold prices were little changed in early Asian trade on Monday, with investors eyeing further developments on U.S. trade talks and the European Central Bank's policy decision this week.
Currency:
The yen firmed on Monday after Japan's ruling coalition lost its majority in the upper house as investors braced for a period of policy paralysis and market tumult in the world's fourth-largest economy ahead of a deadline on tariff negotiations with the U.S.
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