Market is expected to open on a positive note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review
US:
The US markets closed higher on Tuesday as markets welcomed Trump’s inaugural address, which considered taking pro-economic steps to boost the economy.
Asia:
Asian markets traded mixed on Wednesday morning, with Japanese and Korean indices in green and Chinese indices in the red.
India:
Benchmark equity indices lost their 3-day winning streak to end the week's last trading session in negative territory. Market is expected to open on a positive note and likely to witness range bound move during the day.
Global economy:
In December, Canadian consumer prices continued their gentle upward trend. This was largely due to a sales tax break that began in the middle of the month, which resulted in reduced prices for items such as alcohol, restaurant foods and children's clothing. Statistics Canada said that the annual inflation rate fell to 1.8%, slightly lower than anticipated and a slight decrease from November's 1.9%.
The US industrial production has reported a significant increase, surpassing both forecasted and previous numbers. The actual increase came in at a notable 0.9%, a figure that has exceeded the expectations of many. The forecasted increase for industrial production was a modest 0.3%, demonstrating a cautious optimism in the market. However, the actual rise of 0.9% has not only outperformed this forecast but also shown a substantial growth in the sector. When compared to the previous figure of 0.2%, the current figure of 0.9% indicates a robust upward trend in the industrial production. This jump from 0.2% to 0.9% is a clear indication of the sector's robust performance and its potential for driving economic growth.
Commodities:
Oil prices were little changed in early trading on Wednesday as markets weighed U.S. President Donald Trump's declaration of a national energy emergency on his first day in office and its impact on supply.
Gold prices climbed to a fresh 11-week high on Wednesday, buoyed by a weaker dollar and as uncertainty surrounding U.S. President Donald Trump's trade policies boosted safe-haven demand.
Currency:
The dollar drifted slightly lower on Wednesday in indecisive trading as a lack of clarity on President Donald Trump's plans for tariffs kept financial markets guessing.
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