Market is expected to open on a gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review
US:
Wall Street stocks advanced and U.S. Treasury yields rebounded on Friday as investors assessed the health of regional banks and President Donald Trump said his face-toface trade talks with Chinese President Xi Jinping were still on.
Asia:
Asian market opened higher on Monday following two consecutive weeks of declines as easing trade tensions between the world’s largest economies bolstered sentiment.
India:
The Indian market extended its winning streak on Friday, supported by foreign inflows, easing U.S. bond yields, a stronger rupee, and festive optimism. Market is expected to open on a gap up note and likely to witness positive move during the day.
Global economy:
Copper consumption in the United States and India is set to emerge from China’s shadow over the next decade as demand growth in the world’s largest consumer of the industrial metal slows.Beijing’s industrial and infrastructure expansion has helped fuel a rally that has seen copper prices rise to above $10,000 a metric ton from $1,500 25 years ago.
China’s rare earth magnet exports fell 6.1% in September from August, ending three months of gain before the government in October expanded controls of rare earth exports targeting users in defence and chips sectors. Shipments from the world’s largest rare earth magnet supplier stood at 5,774 metric tons in September, down from a seven-month high of 6,146 tons in August
Consumer price inflation rose 2.2% in the eurozone on an annual basis in September, offering the European Central Bank few reasons to further ease monetary policy.The eurozone’s consumer price index (CPI) rose by 2.2% annually last month, up from 2.0% in September, confirming the flash release seen earlier this month.
Commodities:
Oil prices dipped on Monday, pressured by worries over a global glut as escalating U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.
Gold prices experienced a modest boost on Monday, marking a recovery from last week's significant drop. This uptick comes on the heels of gold's best weekly performance in months, driven primarily by geopolitical unrest and robust buying from central banks.
Currency:
The yen weakened on Monday as Sanae Takaichi, an advocate of fiscal and monetary stimulus, appeared all but certain to become Japan's next prime minister after reportedly securing crucial political backing for the top job.
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