IGI Logo

Market Review

US:

The indexes closed near days low after having a muted open. S&P 500 ended 1.73% lower at 5,408.42, extending its decline for the fourth day following weaker than expected jobs data. The Dow Jones ended 1.01% lower at 40,345.41 and the Nasdaq Composite ended 1.14% lower at 18,664.14.

Asia:

Asia-pacific benchmarks declined on Monday due to concerns about recession in the US following weaker than expected jobs data.

India:

India's benchmark indices extended losses on Friday, recording its worst week in over three months as fears griped over the health of the US economy ahead of the release of jobs data. The selloff was broad-based, with the banking and energy sectors taking the biggest hit. Market is expected to open on a negative note and likely to witness range bound move during the day.

Global economy:

The US economy added fewer jobs than anticipated in August, but rose from a sharply revised July figure, according to Labor Department data that could factor into the Federal Reserve's next policy decisions. Non-farm payrolls came in at 142,000 last month, up from a heavily downwardly-revised mark of 89,000 in July. Friday's release also showed the US unemployment rate at 4.2%, compared to July's figure of 4.3%. The level was in line with estimates. On a monthly basis, average hourly earnings growth also ticked up to 0.4% after contracting by 0.1% in July. Canadian economic activity contracted for the first time in 13 months in August as employment growth slowed and price pressures heated up, Ivey Purchasing Managers Index data showed on Friday. The seasonally adjusted index fell to 48.2 from 57.6 in July. It was the first time since July 2023 that the index was below the 50 threshold, indicating a decrease in activity.

Commodities:

Oil rose from its lowest close since 2021 after a deep weekly loss pushed futures close to levels regarded as oversold, with the focus this week on three reports that may clarify the demand outlook. The price of 24-carat gold dipped Rs 10 in early trade on Monday, with ten grams of the precious metal trading at Rs 72,860.The price of silver also fell Rs 100, with one kilogram of the precious metal selling at Rs 84,400.

Currency:

The dollar held to tight ranges on Monday while the yen pared some of its safe-haven gains, as investors were undecided on the scale of a Federal Reserve rate cut expected later this month and looked to this week’s U.S. inflation reading for more clues.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766