Market is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review US:
US stock market ended higher on Friday as Amazon’s strong earnings countered a significant drop in US job growth in October.
Asia:
Most Asian stocks rose on Monday with investors looking to more cues on fiscal stimulus from a meeting of China’s top policymakers this week, although risk aversion before the U.S. elections kept gains limited.
India:
On Friday, the Indian stock market indices ended the special Diwali Muhurat trading session higher amid across the board gains. Market is expected to open on a negative note and likely to witness range bound move during the day.
Global Economy:
U.S. job growth almost stalled in October as strikes in the aerospace industry depressed manufacturing employment while hurricanes shortened the collection period for payrolls, making it hard to get a clear picture of the labor market ahead of next week's presidential election. The labor market is cooling, with employment gains for August and September revised down by 112,000 jobs. While the unemployment rate held steady at 4.1% in October, that was because more people left the labor force. U.S. manufacturing activity slumped to a 15-month low in October and factories faced higher prices for inputs. The Institute for Supply Management (ISM) said on Friday its manufacturing PMI fell to 46.5 last month, the lowest level since July 2023, from 47.2 in September. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.3% of the economy. The decline in the PMI could be reflecting a strike by factory workers at plane maker Boeing, which has halted the production of its best-selling 737 MAX as well as 767 and 777 wide-body programs. The labor strife contributed to depressing industrial production in September.
Commodities:
Oil prices rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month. Gold prices held steady on Monday, as investors prepared for a crucial week for the global economy, marked by the U.S. presidential election and the likelihood of further interest rate cuts.
Currency:
The dollar slipped in Asia on Monday as investors braced for a potential pivot this week for the global economy as the United States chooses a new leader, and as it likely cuts interest rates again with major implications for bond yields.
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