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2025-02-01 09:53:53 am | Source: Nirmal Bang Ltd
Market is expected to open on a flattish note and likely to witness volatile session during the day, ahead of Union Budget 2025 - Nirmal Bang Ltd
Market is expected to open on a flattish note and likely to witness volatile session during the day, ahead of Union Budget 2025 - Nirmal Bang Ltd

Market Review

US:

U.S. stocks ended lower on Friday, with indexes losing ground after the White House said U.S. President Donald Trump will implement on Saturday tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods.

Asia:

Asia markets to remain closed on Saturday.

India:

Benchmark indices gained for a fourth consecutive day on Friday, rebounding nearly 3 per cent from their seven-month lows, buoyed up by optimism that the Union Budget 2025-26 (FY26) will include measures to spur economic growth. Market is expected to open on a flattish note and likely to witness volatile session during the day, ahead of Union Budget 2025.

Global economy:

The Trump administration confirmed it is preparing to impose new tariffs on imports from Mexico, Canada, and China. President Trump confirmed that tariffs will start on Saturday. The tariffs are in part in retaliation for “the illegal fentanyl that they have sourced and allowed to distribute into our country.” Trump has floated a 25% tariff on imports from Mexico and Canada and a 10% duty on China. The President said that, eventually, the U.S. would put tariffs on "chips," and tariffs for oil and gas would be coming "fairly soon." He mentioned the 18th of February. Trump also said that the U.S. would have additional tariffs on steel, aluminum, and ultimately copper. Original tariffs on steel "saved the U.S. steel industry," Trump said. Brazil's gross debt rose less than expected in 2024, supported by the central bank's sale of foreign reserves in December, a month marked by intense exchange rate volatility amid fiscal concerns, official data showed on Friday. A key indicator of fiscal solvency, the gross debt-to-GDP ratio decreased to 76.1% in December from 77.7% in November, while economists polled by Reuters had anticipated it would close the year at 77.0% of gross domestic product.

Commodities:

Oil prices eased on Friday and closed the week lower as investors awaited 25 per cent tariffs by the United States on Canada and Mexico, expected on Saturday. Gold prices have reached a record high as investors buy the precious metal in response to growing concerns over US president Donald Trump’s tariff plans and broader economic uncertainty, reported Reuters.

Currency:

The U.S. dollar advanced against major currencies on Friday, while the Canadian dollar weakened and the Mexican peso edged higher after the White House reiterated that President Donald Trump will impose tariffs on Saturday.

 

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