Market is expected to open on a positive note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review
US:
US stock market ended mixed on amid worries that the Federal Reserve may hold off on cutting interest rates in December.
Asia:
Asian markets traded mixed on Monday amid the release of a slate of economic data in the region.
India:
On Friday, the Indian stock market ended higher, rebounding from the day’s low. Market is expected to open on a positive note and likely to witness positive move during the day.
Global economy:
Australia’s biggest banks are ramping up efforts to reduce their reliance on mortgage brokers in the nation’s $1.6 trillion home loan market, looking to offset pressure on profit margins from lower interest rates, higher costs and intensifying competition. Mortgage brokers account for almost 80% of new home loans in Australia, up from about 50% six years ago, UBS estimates, making the country one of the most broker-reliant markets globally.
China will strengthen fiscal policy over the next five years, said the country’s finance minister on Saturday in an interview with Xinhua News Agency. Finance Minister Lan Foan said the country will strengthen counter-cyclical and cross-cyclical regulation and set the deficit-to-GDP ratio and scale of government borrowing to suit evolving conditions.
Japan’s economy shrank almost 2% in the three months through September, as a drop in exports in the face of U.S. tariffs resulted in the first contraction in six quarters, The reversal may complicate any central bank plan to raise its policy interest rate.
Asking prices for British homes have fallen by more than usual for the time of year ahead of finance minister Rachel Reeves’ budget next week, Average prices for homes put on the market fell by 1.8% in the four weeks to November 8 - the largest drop for the time of year since 2012 - leaving prices 0.5% below their level a year earlier.
Commodities:
Oil prices fell in early Asian trade on Monday, erasing last week's gains, as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.
Gold prices inched higher on Monday as investors waited for a series of U.S. economic data this week that could shed more light on the Federal Reserve's interest rate path.
Currency:
The dollar firmed slightly on Monday as investors braced for the release of a slew of U.S. economic data following the ending of the government's shutdown, hoping it will add clarity to the Federal Reserve's rate outlook in December.
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