Market is expected to open on a negative note and likely to witness negative move during the day - Nirmal Bang Ltd
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Market Review
US:
The stock market ended on a high note Wednesday, with the shortened trading session setting up a potential Santa Claus rally.
Asia:
Asia-Pacific markets opened higher Friday, with several exchanges in the region closed for the Boxing Day holiday.
India:
Domestic markets traded flat after recording moderate gains in the early session on Wednesday as investors stayed cautious ahead of the Christmas holiday, with persistent FPIs selling and profit booking offsetting supportive global cues. Market is expected to open on a negative note and likely to witness negative move during the day.
Global economy:
U.S. Treasury yields declined on Wednesday as investors positioned for a shortened trading day ahead of the holidays. The 10-year Treasury yield — the benchmark for U.S. government borrowing — was more than 3 basis points lower at 4.134%. The yield on the 2-year Treasury note fell more than 1 basis point to 3.51%. The 30-year bond yield slipped more than 3 basis points to 4.794%. One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
Tokyo’s inflation eased more than expected, as pressure from food and energy diminished compared to previous months. However, it is being said that this is unlikely to deter the Bank of Japan from further rate hikes. The CPI slowed sharply from 2.8% in the previous month, according to the Ministry of Internal Affairs and Communications on Friday.
Japanese Prime Minister Sanae Takaichi's cabinet on Friday approved a record $785 billion budget for the next fiscal year, aiming to strike a balance between her proactive fiscal policy and debt blowout concerns by limiting new bond issuance.
Commodities:
Oil prices climbed on Friday after the U.S. ordered increased economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in northwest Nigeria at the request of Nigeria's government.
Gold prices surged to a record high in early Asian trading on Friday, buoyed by safe-haven demand and rising expectations of further interest rate cuts by the U.S. Federal Reserve.
Currency:
The Indian rupee is expected to open nearly flat on Friday, tracking muted moves in regional currencies, with traders expecting the currency to remain rangebound around the 90 handle heading into year-end.
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