IGI Logo

Market Review

US:

Wall Street extended its rally on Tuesday as a spate of economic data appeared to support the case for the U.S. Fed Reserve to implement its third and final rate cut of the year in Dec, while softness in the tech sector limited Nasdaq's gains

Asia:

Asian stocks rose on Wednesday, chasing gains on Wall Street as weaker-than-expected economic data spurred expectations that the Fed Reserve will cut interest rates at its policy meeting next month.

India:

Nifty and Sensex slipped into the red by the close, unable to sustain early gains on the monthly F&O expiry day. A sudden bout of late-session selling in banks dragged the indices lower, with the Nifty ending below 25,900 and the Sensex shedding more than 300 points. Market is expected to open on a gap up note and likely to witness positive move during the day.

Global economy:

The benchmark 10-year Treasury yield moved lower as the latest economic data showed signs of a weaker labor market. The 10-year Treasury yield was more than 3 basis points lower at 4.004%, while the 30-year bond yield slid more than 1 basis point to 4.661%. The 2-year note yield was down more than 2 basis points at 3.463%.

US Core wholesale prices rose less than expected in Sepr, indicating a potential cooling in pipeline inflation pressures. PPI increased a seasonally adjusted 0.3% on the month, in line with the Dow Jones consensus estimate. However, excluding food and energy, the index rose just 0.1%, below the 0.2% estimate. Both core and headline PPI had decreased 0.1% in Aug. Headline PPI was up 2.7% from a year ago, while core rose 2.6%.

Commodities:

Oil prices recovered slightly on Wednesday, after dipping to one-month lows in the previous session amid signs that Ukraine is nearing a peace deal with Russia that would likely lead to the end of intl sanctions on Russian supply.

Gold prices nudged higher during early Asian trade on Wednesday, driven by optimism over a possible December interest rate cut by the Fedl Reserve.

Currency:

The dollar eased on Wednesday after benign U.S. economic data reinforced expectations of a Dec rate cut, and as investors wagered that the leading candidate for the next Fed Reserve chair may guide policy in a more dovish direction.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH00000176