IGI Logo

US:

U.S. stocks took a breather on Wednesday, pausing a twoday rally as the tenuous Israel-Iran cease fire continued to hold and investors pored over a second day of congressional testimony from Federal Reserve Chair Jerome Powell.

Asia:

Asian stock markets are trading mixed on Thursday, as traders remain concerned about the fragile ceasefire in the Middle East that appears to hold and shift focus to the looming U.S. tariff pause deadline on July 9.

India:

On Wednesday, the Indian equity markets posted strong gains amid reduced volatility and improving global sentiment. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global economy:

China will act more aggressively to boost laggard consumption in the country, likely heralding more stimulus measures from Beijing. China will take forceful steps to boost consumption, Li said in an address at the Asian Infrastructure Investment Bank’s annual meeting. Li also highlighted resilience in the Chinese economy, and said that growth had remained stable in the second quarter. Beijing had through late-2024 rolled out a slew of measures aimed at boosting laggard consumer spending in the country, most notably subsidies on electronics and household goods.

U.S. Treasury Secretary Bessent extended the deptt’s authority to continue extraordinary cash management measures to keep from breaching the federal debt ceiling by nearly a month. Bessent said in a letter to congressional leaders that he had determined that the debt issuance suspension period previously scheduled to expire on Friday needed to continue. The declaration allows the Treasury to suspend funding from govt pension and retiree healthcare funds that are not needed to pay immediate benefits.

Commodities:

Oil prices inched higher, extending gains from the previous day as a larger-than-expected draw in U.S. crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East.

Gold prices nudged higher on Thursday, supported by a softer dollar, as investors looked ahead to upcoming U.S. economic data for hints on the Federal Reserve's potential direction on interest rates.

Currency:

The dollar eased to a fresh 3-1/2-year low on the euro on Thursday as concerns about the future independence of the U.S. Federal Reserve undermined faith in the soundness of the country's monetary policy.

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