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 U.S. stock market sank from its record heights on Thursday, as Wall Street sifted through mixed developments on everything from the U.S.-China trade war to profits for Big Tech behemoths.
Asia:
Asian shares are set for a seventh straight month of gains on Friday, after upbeat earnings from Amazon and Apple buoyed Wall Street futures and the dollar hovered near threemonth highs on uncertainty over further Federal Reserve rate cuts.
India:
On Thursday, the Indian stock market ended with steep losses, and the benchmark Nifty 50 closed below 25,900 level. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Washington’s decision to delay a rule on export restrictions for Chinese companies, announced by China after Thursday’s summit meeting with U.S. President Trump, could end up making the measure ineffective, former U.S. officials said. The one-year suspension of the so-called affiliates rule, which had sought to prevent sanctioned Chinese companies from using subsidiaries to bypass U.S. controls on tech exports
U.S. Federal Reserve Vice Chair for Supervision Michelle Bowman plans to reorganize the agency’s supervision and regulation division and cut the unit’s staff by about 30%, The reduction will be through attrition, retirements and voluntary separation incentives.
Japanese Minister of Finance Satsuki Katayama said the government has been monitoring foreign exchange movement with a high sense of urgency, her strongest comment on currency since assuming the role last week as the yen sits at a nine-month low
Commodities:
Oil prices eased on Friday, heading for a third straight monthly decline, as a stronger dollar capped commodities gains while rising supply from major producers globally offset the impact of Western sanctions on Russian exports
Gold prices edged higher on Friday, and were on track for a third straight monthly gain, as bargain hunting and a Federal Reserve interest rate cut lifted demand, while investors digested a tentative trade deal between China and the U.S.
Currency:
The U.S. dollar held its ground in early Asian trade on Friday after reaching a three-month high as traders processed mixed signals from this week's central bank decisions, tech sector earnings and a tentative U.S.-China tariff truce.
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