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:
U.S. stocks ended sharply higher on Friday as traders boosted bets on an interest rate cut by the Federal Reserve next month.
Asia:
Asian markets rallied after Nvidia’s strong earnings, which eased fears about an AI valuation bubble.
India:
The Indian stock market closed lower on Friday, with Sensex down 400 points and Nifty 50 down 124 points due to poor global indicators. Market is expected to open on a gap up note and likely to witness positive move during the day.
Global economy:
Treasury Secretary Scott Bessent said the 43-day government shutdown caused an $11 bn permanent hit to the U.S. economy, but he was optimistic about growth prospects next year given easing interest rates and tax cuts.Bessent told NBC’s "Meet the Press" program that parts of the U.S. economy.
South Korea sees room for cooperation with Taiwan on U.S. President Trump’s tariffs on chips. South Korea finalised this month a trade deal to reduce U.S. tariffs in return for large South Korean investments in U.S. strategic sectors, while Taiwan’s trade negotiations are in progress.
Japan’s annual wage negotiations for next year point to another round of solid pay hikes despite profit pressure from U.S. tariffs. Despite hefty increases in recent years, real wage growth has remained negative as core consumer inflation has held above the BOJ’s 2% target. Rengo, Japan’s largest labour union, with 7 mn members, is seeking wage hikes of 5% or more in 2026.
A federal employees union asked a federal judge to order the Trump administration to fund the top U.S. consumer watchdog. In a court filing, lawyers for the National Treasury Employees Union and other plaintiffs disputed officials’ claim that they cannot legally fund the Consumer Financial Protection Bureau.
Commodities:
Oil prices slipped Monday, extending losses from last week, as Russia-Ukraine peace talks edged closer to a solution and the U.S. dollar strengthened.
Gold prices fell on Monday. A strong US dollar near six-month highs impacted the precious metal. Hopes for a December interest rate cut by the US Federal Reserve diminished. This development is significant for investors. Other precious metals like silver, platinum, and palladium also saw price movements.
Currency:
The dollar rose to a three-month high against the euro on Monday, extending its gains from last week on doubts about the outlook for another Fed rate cut this year.
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